Common use of Termination Options Clause in Contracts

Termination Options. (i) Anything in Subsection A of this Article to the contrary notwithstanding, if the Building shall be so damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) in Landlord’s opinion either: (x) substantial alteration, demolition or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or (y) the Building, after its repair, alteration or restoration shall not be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.

Termination Options. (i) Anything If Landlord determines, in Subsection A of this Article to its reasonable opinion, that the contrary notwithstanding, if the Building damage shall be so damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) in Landlord’s opinion either: (x) substantial alteration, demolition or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or (y) the Building, after its repair, alteration or restoration shall extensive that repairs cannot be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than completed within one hundred eighty (180) days after from the date of the damagecasualty, give then either Landlord or Tenant a may elect to terminate this Lease as of the date of such casualty by written notice in writing terminating this Leasedelivered to the other not later than twenty (20) days after notice of Landlord’s estimate of the time required for restoration is given by Landlord. If Landlord elects shall provide such notice as soon as is practicable after the fire or other casualty occurs. Landlord also shall have the right to terminate this Lease, as of the Term date of such damage, by notice given to Tenant within sixty (60) days following the casualty loss in the event: (a) the cost to repair the damage shall expire upon exceed twenty-five percent (25%) of the tenth full replacement value of the Building (10thregardless of the degree of damage to the Premises); or (b) day after more than forty percent (40%) of the Building is damaged (regardless of the degree of damage to the Premises). If this Lease is terminated, Rent shall be adjusted to the date of such notice is given, damage and Tenant shall vacate the Premises and surrender the same to LandlordPremises. Upon the If notice of termination of is not timely given, this Lease under the conditions provided for shall remain in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damagefull force and effect.

Termination Options. (i) Anything in Subsection A of this Article to the contrary notwithstanding, if the Premises are totally damaged or are rendered wholly untenantable, and if Landlord shall decide not to restore the Premises, or if the Building shall be so damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) , in Landlord’s opinion either: (x) opinion, either substantial alteration, demolition or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or (y) the Building, after its repair, alteration or restoration shall not be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.

Termination Options. (i) Anything in Subsection subsection A of this Article 10 to the contrary notwithstanding, if forty (40%) percent of the office space within the Building, inclusive of the Premises, is totally damaged or rendered wholly untenantable, or if the Building shall be so damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent , in the reasonable opinion of the rentable square foot area of the office portion of the Building; Landlord's independent architect or (b) in Landlord’s opinion either: (x) substantial alterationengineer, either demolition or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable), and the cost of such demolition or reconstruction shall exceed forty (40%) percent of the then insured value of the Building, or (y) if the Building, after its proposed repair, alteration or restoration restoration, shall not be economically viable as an office buildingfor its current use, then in any of such events, Landlord, at Landlord’s 's option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. If In addition, (i) if any damage shall occur to the Premises during the last two (2) years of the Term, Landlord elects shall have the option to terminate this Lease, Lease by thirty (30) days prior written notice to Tenant and (ii) Landlord shall not be obligated to repair or restore the Term shall expire upon Premises or the tenth (10th) day after such notice is givenBuilding if a holder of a mortgage or underlying leasehold applies proceeds of insurance to the loan or lease payment balance, and Tenant shall vacate the Premises and surrender the same remaining proceeds, if any, available to Landlord. Upon the termination of this Lease under the conditions provided Landlord are insufficient to pay for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.repair or