Landlord's Option to Terminate Lease. If the Premises are (a) rendered wholly untenantable, or (b) damaged as a result of any cause which is not covered by Landlord's insurance or (c) damaged or destroyed in whole or in part during the last three (3) years of the Term, or if Landlord's Building is damaged to the extent of fifty percent (50%) or more of Landlord's Floor Area, then, in any of such events, Landlord may elect to terminate this Lease by giving to Tenant notice of such election within ninety (90) days after the occurrence of such event. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and Rental (other than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such termination.
Landlord's Option to Terminate Lease. Notwithstanding anything to the contrary in this Article XIV, in the event that any of the Improvements are damaged or destroyed by fire or other casualty, Landlord shall have the right to terminate this Lease, which termination shall be deemed to be effective as of the date of such casualty, upon the occurrence of any of the following events:
Landlord's Option to Terminate Lease. Notwithstanding any provision herein to the contrary, if for any reason whatsoever the Premises shall not be delivered to Tenant on or before the outside Delivery Date specified in Section 1.12 hereof, Landlord may elect to terminate this Lease by giving notice of such election to Tenant. If such notice is given, this Lease and the rights and obligations of the parties hereunder shall thereupon cease and terminate without need for the execution of any further or other instrument but, if Landlord shall request, Tenant shall execute an instrument, in recordable form, whereby Tenant releases and surrenders all right, title and interest which it may have in and to the Premises under this Lease or otherwise.
Landlord's Option to Terminate Lease. If the Premises are (a) rendered wholly untenantable, or (b) damaged as a result of any cause which is not covered by Landlord's insurance or (c) damaged or destroyed in whole or in part during the last three (3) years of the Term, or if the Building is damaged to the extent of fifty percent (50%) or more of the rentable area within, then, in any of such events, Landlord or Tenant may elect to terminate this Lease by giving to Tenant notice of such election within ninety (90) days after the occurrence of such event. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and Rent (other than any Additional Rent due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such occurrence which renders the Premises wholly untenantable, damaged or destroyed.
Landlord's Option to Terminate Lease. If (a) the Premises or Building or Project are rendered wholly untenantable and cannot be repaired within nine (9) months, or (b) the Premises are damaged as a result of any cause which is not covered by Landlord's insurance and the cost to repair the Premises would reasonably exceed $500,000, or (c) the Premises are damaged or destroyed in whole or in part during the last twelve (12) months of the Term (unless Tenant exercises its renewal option, if applicable), or (d) the Building is so substantially damaged that Landlord determines, in Landlord's sole judgment, to demolish the Building, then and in any of such events, Landlord may elect to terminate this Lease by giving Tenant notice of such election within sixty (60) days after the occurrence of such event. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and Rent (other than any Additional Rent due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such termination. Tenant shall vacate the Premises within thirty (30) days after the date of such termination.
Landlord's Option to Terminate Lease. (a) In the event Landlord enters into a bona fide contract to sell the Premises to a non-Affiliated Person, Landlord may terminate the Lease by giving not less than ninety (90) days' prior Notice to Tenant of Landlord's election to terminate the Lease effective upon the closing under such contract. Effective upon such closing, this Lease shall terminate and be of no further force and effect except as to any obligations of the parties existing as of such date that survive termination of this Lease. As compensation for the early termination of its leasehold estate under this Section 23.17(a), Landlord shall within 180 days of such closing, pay to Tenant the fair market value of Tenant's leasehold estate hereunder, plus twenty percent (20%). In addition, in the event if such early termination as provided herein in this Section 23.17 (a) Landlord shall deliver the Retained Funds to Tenant. In the event Landlord and Tenant are unable to agree upon the fair market value of an original or replacement leasehold estate, it shall be determined by appraisal using the appraisal procedure set forth in Section 23.17(b). For the purposes of this Section, fair market value of the leasehold estate (i) means, as applicable, an amount equal to the price that a willing buyer not compelled to buy would pay a willing seller not compelled to sell for Tenant's leasehold estate under this Lease or an offered replacement leasehold estate, and (ii) shall not contemplate the existence of a third party management agreement with respect to which management fees are paid.
Landlord's Option to Terminate Lease. Notwithstanding any provision herein to the contrary, if, for any reason whatsoever the Premises shall not be Ready for Occupancy on or before March 31, 1999, Landlord may elect to terminate this Lease by giving notice of such election to Tenant. If such notice is given, this Lease and the rights and obligations of the parties hereunder shall thereupon cease and terminate without need for the execution of any further or other instrument but, if Landlord shall request, Tenant shall execute an instrument, in recordable form, whereby Tenant releases and surrenders all right, title and interest which it may have in and to the Premises under this Lease or otherwise.
Landlord's Option to Terminate Lease. Notwithstanding anything to the contrary in this Article XIV, in the event that any of the Improvements 103 Landlord shall have the right to terminate this Lease, which termination shall be deemed to be effective as of the date of such casualty, upon the occurrence of any of the following events:
Landlord's Option to Terminate Lease. Notwithstanding Section 14.1, (a) if any damage to the Premises or Landlord's Building is not fully covered by Landlord's insurance; (b) if the Premises are rendered wholly or partially untenantable during the last two (2) years of the Term; or (c) if Landlord's Building is damaged to the extent of fifty percent (50%) or more of Landlord's Floor Area, then in any of such events, Landlord may elect to terminate this Lease by giving to Tenant notice of such election within ninety (90) days after the occurrence of the fire or other casualty causing the damage. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and Rental (other than Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such termination.
Landlord's Option to Terminate Lease. Upon the occurrence of an ------------------------------------- Event of Bankruptcy, or if Tenant takes advantage of any Insolvency Laws, then in any such event Landlord at its option and sole discretion may terminate this Lease by written notice to Tenant (subject, however, to applicable provisions of the Bankruptcy Code or Insolvency Laws during the pendency of any action thereunder involving Tenant as the subject debtor). If this Lease is terminated under this paragraph, Tenant shall immediately surrender to Landlord possession of and vacate the demised premises, waives all statutory and other notice to quit, and agrees that Landlord's obligations under this Lease shall cease from such termination date, and Landlord may recover possession by process of law or in any other lawful manner. Furthermore, if this Lease is terminated under this paragraph, Landlord shall have all rights and remedies against Tenant provided in case of defaults of Tenant in payment of rent (subject, however, to applicable provisions of the Bankruptcy Code or Insolvency Laws).
