Common use of Landlord’s Election Clause in Contracts

Landlord’s Election. In the event of an Insured Casualty where the extent of damage or destruction is equal to or greater than thirty-three and one-third percent (33 and 1/3%) of the then full replacement cost of the Premises, Landlord may, at its option and at its sole discretion, rebuild or restore the Premises to the condition existing immediately prior to the damage or destruction (which, if so elected, shall be performed promptly following receipt of all required governmental permits and approvals and with all due diligence), or terminate this Lease. Landlord shall notify Tenant in writing within sixty (60) days after the event of damage or destruction of Landlord’s election to either rebuild or restore the Premises or terminate this Lease. Notwithstanding the foregoing to the contrary, Landlord shall not have the right to terminate this Lease pursuant to this subparagraph if Landlord failed to carry the insurance required by Section 8.1 of this Lease. Notwithstanding anything to the contrary contained in this Lease, if Landlord carried the required insurance by this Lease but elects to terminate this Lease pursuant to this subparagraph due to lack of funds, Tenant shall have the right, at Tenant’s sole election, to contribute any shortfall, in which case Landlord’s election to terminate shall be of no further force or effect and Landlord shall rebuild or restore the Premises pursuant to the provisions of this Article 15. If Landlord is obligated to rebuild or restore the Premises pursuant to the terms of the immediately preceding sentence, then, as a condition precedent to such obligation, Tenant shall contribute to Landlord in cash the shortfall in funds prior to the date that Landlord notifies Tenant that Landlord is ready to commence, or cause to be commenced, the rebuilding or restoration of the Premises. Such notice by Landlord to Tenant shall be given to Tenant at least thirty (30) days prior to the date that Landlord intends to commence, or cause to be commenced, the rebuilding or restoration of the Premises.

Landlord’s Election. In the event Upon each occurrence of an Insured Casualty where Event of Default and so long as such Event of Default shall be continuing, Landlord may at any time thereafter, at its election by written notice to Tenant: (i) terminate this Lease or Tenant’s right of possession, but Tenant shall remain liable as hereinafter provided; and/or (ii) pursue any remedies provided for under this Lease or at law or in equity. Upon the extent termination of damage this Lease or destruction is equal termination of Tenant’s right of possession, it shall be lawful for Landlord, without formal demand or notice of any kind, to reenter the Premises by summary dispossession proceedings or greater than thirty-three any other action or proceeding authorized by law and one-third percent (33 to remove Tenant and 1/3%) of the then full replacement cost of all persons and property therefrom. If Landlord reenters the Premises, Landlord may, at its option and at its sole discretion, rebuild or restore the Premises to the condition existing immediately prior to the damage or destruction (which, if so elected, shall be performed promptly following receipt of all required governmental permits and approvals and with all due diligence), or terminate this Lease. Landlord shall notify Tenant in writing within sixty (60) days after the event of damage or destruction of Landlord’s election to either rebuild or restore the Premises or terminate this Lease. Notwithstanding the foregoing to the contrary, Landlord shall not have the right to terminate keep in place and use, or remove and store all of the fixtures, equipment and other property of Tenant left at the Premises or elsewhere at the Site. If Landlord terminates this Lease or terminates Tenant’s right of possession, Landlord may recover from Tenant the sum of (i) all Base Rent, Additional Rent and all other amounts accrued hereunder to the date of such termination, (ii) the costs set forth in Section 10.3 below, and (iii) an amount equal to (A) the Base Rent and Additional Rent which would have been payable by Tenant under this Lease had this Lease not been so terminated (or had Tenant’s right of possession not been terminated) for the period commencing after said termination and ending on the last day of the Lease Term with such amounts becoming due and payable by Tenant on such dates as Base Rent would otherwise become due and payable hereunder, less (B) the net rents received by Landlord from re-letting the Premises (or any portion(s) thereof) for the period commencing after said termination and ending on the last day of the Lease Term, such net rents to be determined by first deducting from the gross rents received by Landlord from such reletting the expenses incurred or paid by Landlord in connection with said termination and in reentering the Premises and in securing possession thereof, as well as the actual expenses of reletting (including, without limitation, altering and preparing the Premises for new tenants and any broker’s commission as determined pursuant to this subparagraph if Section 10.3 below). Subject to the provisions of Section 10.4 below, any such re-letting may be for a shorter or longer period than the remaining Lease Term, and in no event shall Tenant be entitled to receive any excess of such net rents over the Base Rent payable by Tenant to Landlord failed to carry the insurance required by Section 8.1 of under this Lease. Notwithstanding anything Even though Tenant has breached this Lease and abandoned the Premises, this Lease shall continue in effect for so long as Landlord does not terminate Tenant’s right to the contrary contained in possession, and Landlord may enforce all its rights and remedies under this Lease, if including the right to recover Base Rent and Additional Rent as it becomes due. Any such payments due Landlord carried shall be made on the required insurance by dates that Base Rent or such Additional Rent would otherwise come due under this Lease but elects Lease, and Tenant agrees that Landlord may file suit to recover any sums falling due from time to time. Notwithstanding any such re-letting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease pursuant to this subparagraph due to lack of funds, Tenant shall have the right, at Tenant’s sole election, to contribute any shortfall, in which case Landlord’s election to terminate shall be of no further force or effect and Landlord shall rebuild or restore the Premises pursuant to the provisions of this Article 15. If Landlord is obligated to rebuild or restore the Premises pursuant to the terms of the immediately preceding sentence, then, as a condition precedent to for such obligation, Tenant shall contribute to Landlord in cash the shortfall in funds prior to the date that Landlord notifies Tenant that Landlord is ready to commence, or cause to be commenced, the rebuilding or restoration of the Premises. Such notice by Landlord to Tenant shall be given to Tenant at least thirty (30) days prior to the date that Landlord intends to commence, or cause to be commenced, the rebuilding or restoration of the Premisesprevious breach.

Landlord’s Election. In the event Upon each occurrence of an Insured Casualty where Event of Default and so long as such Event of Default shall be continuing, Landlord may at any time thereafter, at its election by written notice to Tenant: (i) terminate this Lease or Tenant’s right of possession, but Tenant shall remain liable as hereinafter provided; and/or (ii) pursue any remedies provided for under this Lease or at law or in equity. Upon the extent termination of damage this Lease or destruction is termination of Tenant’s right of possession, it shall be lawful for Landlord, without formal demand or notice of any kind, to re-enter the Premises by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Tenant and all persons and property therefrom. If Landlord re-enters the Premises, Landlord shall have the right to keep in place and use, or remove and store all of the fixtures, equipment and other property of Tenant left at the Premises or elsewhere at the Site. If Landlord terminates this Lease or terminates Tenant’s right of possession, Landlord may recover from Tenant the sum of (i) all Base Rent, Additional Rent and all other amounts accrued hereunder to the date of such termination, (ii) the costs set forth in Section 10.3 below, and (iii) an amount equal to (A) the Base Rent and Additional Rent which would have been payable by Tenant under this Lease had this Lease not been so terminated (or greater than thirty-three had Tenant’s right of possession not been terminated) for the period commencing after said termination and one-third percent (33 and 1/3%) ending on the last day of the then full replacement cost Lease Term with such amounts becoming due and payable by Tenant on such dates as Base Rent would otherwise become due and payable hereunder, less (B) the net rents received by Landlord from re-letting the Premises (or any portion(s) thereof) for the period commencing after said termination and ending on the last day of the Lease Term, such net rents to be determined by first deducting from the gross rents received by Landlord from such re-letting the expenses incurred or paid by Landlord in connection with said termination and in re-entering the Premises and in securing possession thereof, as well as the actual expenses of re-letting (including, without limitation, altering and preparing the Premises for new tenants and any broker’s commission as determined pursuant to Section 10.3 below). Subject to the provisions of Section 10.5 below, any such re-letting may be for a shorter or longer period than the remaining Lease Term, and in no event shall Tenant be entitled to receive any excess of such net rents over the Base Rent payable by Tenant to Landlord under this Lease. Even though Tenant has breached this Lease and abandoned the Premises, this Lease shall continue in effect for so long as Landlord does not terminate Tenant’s right to possession, and Landlord may enforce all its rights and remedies under this Lease, including the right to recover Base Rent and Additional Rent as it becomes due. Any such payments due Landlord shall be made on the dates that Base Rent or such Additional Rent would otherwise come due under this Lease, and Tenant agrees that Landlord may file suit to recover any sums falling due from time to time. Notwithstanding any such re-letting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous breach. Notwithstanding the foregoing, Landlord may, at its option election and in lieu of the amounts set forth in subclause (iii) above, recover from Tenant, as liquidated damages for the then-unexpired portion of the Lease Term, a sum that at its sole discretionthe time of termination of the Lease on account of such Tenant default or at the time to which installments of such amounts shall have been paid, rebuild or restore represents the excess of the Base Rent and Additional Rent and other payments herein named over the then-rental value of the Premises to for the condition existing immediately prior to residue of the damage or destruction (which, if so elected, shall be performed promptly following receipt of all required governmental permits and approvals and with all Lease Term. Tenant’s liability for sums due diligence), or terminate this Lease. Landlord shall notify Tenant in writing within sixty (60) days after the event of damage or destruction of Landlord’s election to either rebuild or restore the Premises or terminate this Lease. Notwithstanding the foregoing to the contrary, Landlord shall not have the right to terminate this Lease pursuant to this subparagraph if Landlord failed to carry the insurance required by Section 8.1 of this Lease. Notwithstanding anything to the contrary contained in this Lease, if Landlord carried the required insurance by this Lease but elects to terminate this Lease pursuant to this subparagraph due to lack of funds, Tenant 10.2 shall have the right, at Tenant’s sole election, to contribute survive any shortfall, in which case Landlord’s election to terminate shall be of no further force or effect and Landlord shall rebuild or restore the Premises pursuant to the provisions of this Article 15. If Landlord is obligated to rebuild or restore the Premises pursuant to the terms termination of the immediately preceding sentence, then, as a condition precedent to such obligation, Tenant shall contribute to Landlord in cash the shortfall in funds prior to the date that Landlord notifies Tenant that Landlord is ready to commence, or cause to be commenced, the rebuilding or restoration of the Premises. Such notice by Landlord to Tenant shall be given to Tenant at least thirty (30) days prior to the date that Landlord intends to commence, or cause to be commenced, the rebuilding or restoration of the PremisesLease.

Landlord’s Election. In the event of an Insured Casualty where the extent of damage or destruction is equal to or greater than thirty-three and one-third percent (33 and 1/3%) of the then full replacement cost of the PremisesBuilding, Landlord shall promptly inform Tenant of such fact in writing. In such case, Landlord may, at its option and at its sole discretion, rebuild or restore the Building and Premises to the condition existing immediately prior to the damage or destruction (which, if so elected, shall be performed promptly following receipt of all required governmental permits and approvals and with all due diligence), or terminate this Lease. Landlord shall notify Tenant in writing within sixty (60) days after the event of damage or destruction of Landlord’s election to either rebuild or restore the Premises or terminate this Lease. Notwithstanding the foregoing to the contrary, Landlord shall not have the right to terminate this Lease pursuant to this subparagraph if Landlord failed to carry the insurance required by Section 8.1 of this Lease. Notwithstanding anything to the contrary contained in this Lease, if Landlord carried the required insurance by this Lease but elects to terminate this Lease pursuant to this subparagraph due to lack of funds, Tenant shall have the right, at Tenant’s sole election, to contribute any shortfall, in which case Landlord’s election to terminate shall be of no further force or effect and Landlord shall rebuild or restore the Premises and the Building pursuant to the provisions of this Article 15. If Landlord is obligated to rebuild or restore the Premises and Building pursuant to the terms of the immediately preceding sentence, then, as a condition precedent to such obligation, Tenant shall contribute to Landlord in cash the shortfall in funds prior to the date that Landlord notifies Tenant that Landlord is ready to commence, or cause to be commenced, the rebuilding or restoration of the Premises. Such notice by Landlord to Tenant shall be given to Tenant at least thirty (30) days prior to the date that Landlord intends to commence, or cause to be commenced, the rebuilding or restoration of the Premises.

Landlord’s Election. In If Landlord estimates that the event necessary repairs cannot be completed within one hundred eighty (180) days after the date of an Insured Casualty where the extent of damage or destruction destruction, or if insurance proceeds are insufficient for such purpose (or, for so long as a Landlord Entity is equal to or greater both an owner and an occupant of the Building, if the uninsured portion of any necessary repairs is less than thirty-three and one-third ten percent (33 and 1/310%) of the then full replacement cost of the PremisesBuilding), or if Landlord may, at its option and at its sole discretion, rebuild does not otherwise have the obligation to repair or restore the Premises to the condition existing immediately prior to the damage or destruction pursuant to Section 12.1 above, then in any such event Landlord may elect, in its notice to Tenant pursuant to Section 12.1 above, to (which, if so elected, shall be performed promptly following receipt of all required governmental permits and approvals and with all due diligence), or i) terminate this Lease or (ii) repair the Premises or the portion of the Project necessary for Tenant’s use and occupancy of the Premises pursuant to the applicable provisions of Section 12.1 above. If Landlord terminates this Lease. Landlord , then this Lease shall notify Tenant in writing within sixty (60) days after terminate as of the event date of such damage or destruction unless Tenant has continued to use all or a portion of the Premises for the Permitted Use following the date of such damage or destruction, in which case this Lease shall terminate as of the date of Tenant’s receipt of Landlord’s election to either rebuild or restore the Premises or terminate this Lease. Notwithstanding the foregoing to the contrary, Landlord shall not have the right to terminate this Lease pursuant to this subparagraph if Landlord failed to carry the insurance required by Section 8.1 of this Leasetermination notice. Notwithstanding anything to the contrary contained in this Leasecontrary, if Landlord carried the required insurance by this Lease but elects to either party may terminate this Lease by delivering written notice to the other party within ten (10) Business Days after Landlord’s delivery of the Repair Notice or the expiration of Landlord’s deadline to deliver the Repair Notice, if the Premises are damaged during the last eighteen (18) months of the Term and it will take more than six (6) months to repair or restore such damage. to replace such items. Tenant shall be responsible for insuring one hundred percent (100%) of the cost of repair and replacement of Tenant’s Alterations, furniture, equipment, trade fixtures and other personal property in the Premises under this Section 12.3. If this Lease is terminated pursuant to this subparagraph due to lack of fundsArticle 12, then Tenant shall have the right, at assign and/or pay over to Landlord any insurance proceeds from Tenant’s sole election, property insurance attributable to contribute any shortfall, in which case LandlordTenant’s election to terminate shall be of no further force or effect and Landlord shall rebuild or restore the Premises pursuant to the provisions of this Article 15. If Landlord is obligated to rebuild or restore the Premises pursuant to the terms of the immediately preceding sentence, then, as a condition precedent to such obligation, Tenant shall contribute to Landlord in cash the shortfall in funds prior to the date that Landlord notifies Tenant that Landlord is ready to commence, or cause to be commenced, the rebuilding or restoration of the Premises. Such notice by Landlord to Tenant shall be given to Tenant at least thirty (30) days prior to the date that Landlord intends to commence, or cause to be commenced, the rebuilding or restoration of the PremisesAlterations.

Landlord’s Election. In If Landlord determines that the event of an Insured Casualty where the extent of damage or destruction is equal to or greater than thirty-three and one-third percent necessary repairs cannot be completed within two hundred seventy (33 and 1/3%) of the then full replacement cost of the Premises, Landlord may, at its option and at its sole discretion, rebuild or restore the Premises to the condition existing immediately prior to the damage or destruction (which, if so elected, shall be performed promptly following receipt of all required governmental permits and approvals and with all due diligence), or terminate this Lease. Landlord shall notify Tenant in writing within sixty (60270) days after the event date of damage or destruction, or if such damage or destruction of arises from causes not covered by Landlord’s election insurance policy then in force and such uninsured costs to either rebuild repair exceeds Twenty Five Thousand and 00/100 Dollars ($25,000.00), Landlord may elect, in its notice to Tenant pursuant to Section 12.1, to (i) terminate this Lease or restore (ii) repair the Premises or terminate the portion of the Building or the Project necessary for Tenant’s use and occupancy of the Premises pursuant to the applicable provisions of Section 12.1 above. If Landlord terminates this Lease. Notwithstanding the foregoing to the contrary, Landlord shall not have the right to terminate then this Lease pursuant to this subparagraph if Landlord failed to carry shall terminate as of the insurance required by Section 8.1 date of this Leaseoccurrence of the damage or destruction. Notwithstanding anything to the contrary contained in this LeaseSection 12.2, if Landlord carried the required insurance by this Lease but elects to may terminate this Lease pursuant to this subparagraph due Section 12.2 only if Landlord shall terminate the leases of all other tenants in the Building similarly affected by the casualty and with respect to lack which Landlord has a comparable termination right, it being agreed that Landlord shall not be entitled to use its rights under this Section to terminate only “below market” leases. If Landlord elects to terminate the Lease as a result of fundsan uninsured casualty, Tenant shall have the right, at Tenant’s sole election, right to contribute any shortfall, in which case nullify such termination by depositing with Landlord within ten (10) days after Landlord’s election notice of termination the estimated amount to terminate shall be repair the damage or destruction arising from causes not covered by Landlord’s insurance policy in excess of no further force or effect Twenty Five Thousand and Landlord shall rebuild or restore the Premises pursuant to the provisions of this Article 15. If Landlord is obligated to rebuild or restore the Premises pursuant to the terms of the immediately preceding sentence, then, as a condition precedent to such obligation, Tenant shall contribute to Landlord in cash the shortfall in funds prior to the date that Landlord notifies Tenant that Landlord is ready to commence, or cause to be commenced, the rebuilding or restoration of the Premises. Such notice by Landlord to Tenant shall be given to Tenant at least thirty 00/100 Dollars (30) days prior to the date that Landlord intends to commence, or cause to be commenced, the rebuilding or restoration of the Premises$25,000.00).