Common use of Landlord’s Election Clause in Contracts

Landlord’s Election. If Landlord determines that the necessary repairs cannot be completed within one hundred eighty (180) days after the date that Landlord obtains the required building permits for the repair of such damage or destruction, or if such damage or destruction arises from causes not covered by Landlord’s insurance policy then in force, and would cost in the aggregate more than $2,000,000 to repair, Landlord may elect, in its notice to Tenant pursuant to Section 12.1, to (i) terminate this Lease or (ii) repair the Premises or the portion of the Building 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, then this Lease shall terminate as of the date of occurrence of the damage or destruction.

Landlord’s Election. If Landlord determines estimates that the necessary repairs cannot be completed within one hundred eighty (180) days after the date that Landlord obtains of the required building permits for the repair of such damage or destruction, or if insurance proceeds are insufficient for such purpose, or if Landlord does not otherwise have the obligation to repair or restore the damage or destruction arises from causes not covered by Landlord’s insurance policy pursuant to Section 12.1 above, then in force, and would cost in the aggregate more than $2,000,000 to repair, any such event Landlord may elect, in its notice to Tenant pursuant to Section 12.112.1 above, to (i) terminate this Lease or (ii) repair the Premises or the portion of the Building 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, then this Lease shall terminate as of the date of occurrence of the damage or destruction.12.1

Landlord’s Election. If Landlord determines estimates that the necessary repairs cannot be completed within one hundred eighty ninety (18090) days after the date that Landlord obtains the required building permits for the repair of such damage or destructionLandlord’s Casualty Notice, or if insurance proceeds are insufficient for such purpose, or if Landlord does not otherwise have the obligation to repair or restore the damage or destruction arises from causes not covered by Landlord’s insurance policy pursuant to Section 12.1, then in force, and would cost in the aggregate more than $2,000,000 to repair, any such event Landlord may elect, in its notice Landlord’s Casualty Notice to Tenant pursuant to Section 12.1, 12.1 to (i) terminate this Lease or (ii) repair the Premises or the portion of the Building 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, then this Lease shall terminate as of the date of occurrence of the damage or destructionspecified in Landlord’s Casualty Notice.

Landlord’s Election. If Landlord determines that the necessary repairs cannot be completed within one hundred eighty (180) days after the date that Landlord obtains the required building permits for the repair of such damage or destruction, or if such damage or destruction arises from causes not covered by Landlord’s 's insurance policy then in force, and would cost in the aggregate more than $2,000,000 *** to repair, Landlord may elect, in its notice to Tenant pursuant to Section 12.1, to (i) terminate this Lease or (ii) repair the Premises or the portion of the Building necessary for Tenant’s 's use and occupancy of the Premises pursuant to the applicable provisions of Section 12.1 above. If Landlord terminates this Lease, then this Lease shall terminate as of the date of occurrence of the damage or destruction.12.1