Common use of Substantial Damage Clause in Contracts

Substantial Damage. In the event the Demised Premises or the Real Property of which the Demised Premises constitute a part shall be damaged or destroyed by fire or other casualty to the extent that the cost of repairing or replacing the same will equal or exceed (Check one) ☐ __________% ☐ $__________ of the then replacement value thereof, then the parties may, at their option, within __________ days after the occurrence of such casualty, terminate this Agreement upon written notice.

Substantial Damage. In the event the Demised Premises or the Real Property of which the Demised Premises constitute a part shall be damaged or destroyed by fire or other casualty to the extent that the cost of repairing or replacing the same will equal or exceed (Check one) ☐ __________% ☐ $__________ of the then replacement value thereof, then the parties may, at their option, within __________ days after the occurrence of such casualty, terminate this Agreement Lease upon written notice.

Substantial Damage. In the event the Demised Premises or the Real Property of which the Demised Premises constitute a part shall be damaged or destroyed by fire or other casualty to the extent that the cost of repairing or replacing the same will equal or exceed (Check one) ☐ __________% ☐ $__________ $ of the then replacement value thereof, then the parties may, at their option, within __________ days after the occurrence of such casualty, terminate this Agreement Lease upon written notice.