Common use of Substantial Casualty Clause in Contracts

Substantial Casualty. If the Premises are damaged by fire or other casualty, Lessee shall promptly notify Lessor thereof. If the Premises or any part thereof shall be so damaged to the extent that more than fifty (50%) percent of the rentable area of the Premises then occupied by the named Lessee itself is rendered unusable by Lessee for the operation of its business in the Premises (whether by reason of direct or indirect damage from the casualty), or if the Building is so damaged (regardless of whether or not the Premises are damaged) that Lessee is deprived of all reasonable access to the Premises or all reasonable use of the Premises, then in either case either Lessor or Lessee may terminate this Lease by giving written notice of such termination to the other party within sixty (60) days after the date of such damage, in which event this Lease shall terminate on the date set forth in such notice. In the event that this Lease is terminated pursuant to this Section 14.3: (i) Rent shall be abated, to the extent the Premises are unusable for the Permitted Uses, from and after the date of such damage to the date of such termination of this Lease, and no further Rent shall accrue or be payable after the date of such termination; and (ii) Lessee shall turn over and assign to Lessor all insurance proceeds (and rights to receive the same) relating to Lessee's Work and any Alterations EXCEPT for the portion (if any) of such proceeds which is allocable to the actual cash value of the components thereof which had previously been designated in writing to by one party to the other as items to be removed upon the expiration of the Lease Term.

Substantial Casualty. If the Premises are damaged by fire or other casualty, Lessee shall promptly notify Lessor thereof. If the Premises Building or any part thereof shall be so damaged by fire or other casualty to the extent that substantial alteration or reconstruction of the Building shall, in Lessor's sole opinion, be required (whether or not the Premises shall have been damaged), or if such casualty renders more than fifty (50%) percent of the rentable area of the Premises then occupied by the named Lessee itself is rendered unusable by Lessee for the operation of its business in the Premises (whether by reason of direct or indirect damage from the casualty)Premises, or if as a result of such casualty any mortgagee of the Building is so damaged (regardless of whether or not requires that insurance proceeds payable in connection with such casualty be used to retire the Premises are damaged) that Lessee is deprived of all reasonable access to the Premises or all reasonable use of the Premisesmortgage debt, then then, except as set forth in either case either Section 12.5, Lessor or Lessee may may, at its option, terminate this Lease by giving written notice notifying Lessee in writing of such termination to the other party within sixty (60) days after the date of such damage, in which event this Lease shall terminate on the date set forth in such notice. If such casualty renders more than fifty (50%) percent of the rentable area of the Premises unusable by Lessee for the operation of its business in the Premises, in the reasonable determination of Lessee, then Lessee may terminate this Lease by written notice thereof to Lessor within sixty (60) days after the date of such damage, or if, after such casualty, Lessor is excused from restoring the Premises under Section 12.5 and notifies Lessee that it will not restore the Premises, then Lessee may terminate this Lease by written notice thereof to Lessor within thirty (30) days after receipt of such notice by the Lessee. In the event that this Lease is terminated pursuant to this Section 14.3: (i) 12.4, Rent shall be abated, to the extent the Premises are unusable for the Permitted Uses, from and after the date of such damage to the date of such termination of this Lease, and no further Rent shall accrue or be payable after the date of such termination; and (ii) Lessee shall turn over and assign to Lessor all insurance proceeds (and rights to receive the same) relating to Lessee's Work and any Alterations EXCEPT for the portion (if any) of such proceeds which is allocable to the actual cash value of the components thereof which had previously been designated in writing to by one party to the other as items to be removed upon the expiration of the Lease Term.

Substantial Casualty. If the Premises are damaged by fire or other casualty, Lessee shall promptly notify Lessor thereof. If the Premises Building or any part thereof shall be so damaged by fire or other casualty to the extent that substantial alteration or reconstruction of the Building shall, in Lessor's sole opinion, be required (whether or not the Premises shall have been damaged), or if such casualty renders more than fifty (50%) percent of the rentable area of the Premises then occupied by the named Lessee itself is rendered unusable by Lessee for the operation of its business in the Premises (whether by reason of direct or indirect damage from the casualty)Premises, or if as a result of such casualty any mortgagee of the Building is so damaged (regardless of whether or not requires that insurance proceeds payable in connection with such casualty be used to retire the Premises are damaged) that Lessee is deprived of all reasonable access to the Premises or all reasonable use of the Premisesmortgage debt, then in either case either Lessor or Lessee may may, at its option, terminate this Lease by giving written notice notifying Lessee in writing of such termination to the other party within sixty (60) days after the date of such damage, in which event this Lease shall terminate on the date set forth in such notice. If such casualty renders more than fifty (50%) percent of the rentable area of the Premises unusable by Lessee for the operation of its business in the Premises, in the reasonable determination of Lessee, then Lessee may terminate this Lease as of the date of the occurrence of such damage by written notice thereof to Lessor within sixty (60) days after the date of such damage. In the event that this Lease is terminated pursuant to this Section 14.3: (i) 13.4 Rent shall be abated, to the extent the Premises are unusable for the Permitted Uses, from and after the date of such damage to the date of such termination of this Lease, and no further Rent shall accrue or be payable after the date of such termination; and (ii) Lessee shall turn over and assign to Lessor all insurance proceeds (and rights to receive the same) relating to Lessee's Work and any Alterations EXCEPT for the portion (if any) of such proceeds which is allocable to the actual cash value of the components thereof which had previously been designated in writing to by one party to the other as items to be removed upon the expiration of the Lease Term.

Substantial Casualty. If the Premises are damaged by fire or other casualty, Lessee shall promptly notify Lessor thereof. If the Premises Building or any part thereof shall be so damaged by fire or other casualty to the extent that substantial alteration or reconstruction of the Building shall, in Lessor's sole opinion, be required (whether or not the Premises shall have been damaged), or if such casualty renders more than fifty thirty-three (5033%) percent of the rentable area of the Premises then occupied by the named Lessee itself is rendered unusable by Lessee for the operation of its business in the Premises (whether by reason of direct or indirect damage from the casualty)Premises, or if as a result of such casualty any mortgagee of the Building is so damaged (regardless of whether or not requires that insurance proceeds payable in connection with such casualty be used to retire the Premises are damaged) that Lessee is deprived of all reasonable access to the Premises or all reasonable use of the Premisesmortgage debt, then in either case either Lessor or Lessee may may, at its option, terminate this Lease by giving written notice notifying Lessee in writing of such termination to the other party within sixty (60) days after the date of such damage, in which event this Lease shall terminate on the date set forth in such notice. If, in the reasonable determination of Lessee, such casualty renders more than thirty-three (33%) percent of the rentable area of the Premises unusable by Lessee for the operation of its business in the Premises, or deprives Lessee of all reasonable access to the Premises, then Lessee may terminate this Lease as of the date of the occurrence of such damage by written notice thereof to Lessor within sixty (60) days after the date of such damage. In the event that this Lease is terminated pursuant to this Section 14.3: (i) 13.4 Rent shall be abated, to the extent the Premises are unusable for the Permitted Uses, from and after the date of such damage to the date of such termination of this Lease, and no further Rent shall accrue or be payable after the date of such termination; and (ii) Lessee shall turn over and assign to Lessor all insurance proceeds (and rights to receive the same) relating to Lessee's Work and any Alterations EXCEPT for the portion (if any) of such proceeds which is allocable to the actual cash value of the components thereof which had previously been designated in writing to by one party to the other as items to be removed upon the expiration of the Lease Term.