Landlord's Option to Terminate Lease. If the Premises are (a) rendered wholly untenantable, or (b) damaged as a result of any cause which is not covered by Landlord's insurance or (c) damaged or destroyed in whole or in part during the last three (3) years of the Term, or if Landlord's Building is damaged to the extent of fifty percent (50%) or more of Landlord's Floor Area, then, in any of such events, Landlord may elect to terminate this Lease by giving to Tenant notice of such election within ninety (90) days after the occurrence of such event. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and Rental (other than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such termination.
Landlord's Option to Terminate Lease. Notwithstanding anything to the contrary in this Article XIV, in the event that any of the Improvements are damaged or destroyed by fire or other casualty, Landlord shall have the right to terminate this Lease, which termination shall be deemed to be effective as of the date of such casualty, upon the occurrence of any of the following events:
Landlord's Option to Terminate Lease. Notwithstanding any provision herein to the contrary, if for any reason whatsoever the Premises shall not be delivered to Tenant on or before the outside Delivery Date specified in Section 1.12 hereof, Landlord may elect to terminate this Lease by giving notice of such election to Tenant. If such notice is given, this Lease and the rights and obligations of the parties hereunder shall thereupon cease and terminate without need for the execution of any further or other instrument but, if Landlord shall request, Tenant shall execute an instrument, in recordable form, whereby Tenant releases and surrenders all right, title and interest which it may have in and to the Premises under this Lease or otherwise.
Landlord's Option to Terminate Lease. If (a) the Premises or Building or Project are rendered wholly untenantable and cannot be repaired within nine (9) months, or (b) the Premises are damaged as a result of any cause which is not covered by Landlord's insurance and the cost to repair the Premises would reasonably exceed $500,000, or (c) the Premises are damaged or destroyed in whole or in part during the last twelve (12) months of the Term (unless Tenant exercises its renewal option, if applicable), or (d) the Building is so substantially damaged that Landlord determines, in Landlord's sole judgment, to demolish the Building, then and in any of such events, Landlord may elect to terminate this Lease by giving Tenant notice of such election within sixty (60) days after the occurrence of such event. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and Rent (other than any Additional Rent due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such termination. Tenant shall vacate the Premises within thirty (30) days after the date of such termination.
Landlord's Option to Terminate Lease. Notwithstanding any provision herein to the contrary, if, for any reason whatsoever the Premises shall not be Ready for Occupancy on or before March 31, 1999, Landlord may elect to terminate this Lease by giving notice of such election to Tenant. If such notice is given, this Lease and the rights and obligations of the parties hereunder shall thereupon cease and terminate without need for the execution of any further or other instrument but, if Landlord shall request, Tenant shall execute an instrument, in recordable form, whereby Tenant releases and surrenders all right, title and interest which it may have in and to the Premises under this Lease or otherwise.
Landlord's Option to Terminate Lease. (a) In the event Landlord enters into a bona fide contract to sell the Premises to a non-Affiliated Person, Landlord may terminate the Lease by giving not less than ninety (90) days' prior Notice to Tenant of Landlord's election to terminate the Lease effective upon the closing under such contract. Effective upon such closing, this Lease shall terminate and be of no further force and effect except as to any obligations of the parties existing as of such date that survive termination of this Lease. As compensation for the early termination of its leasehold estate under this Section 23.17(a), Landlord shall within 180 days of such closing, pay to Tenant the fair market value of Tenant's leasehold estate hereunder, plus twenty percent (20%). In addition, in the event if such early termination as provided herein in this Section 23.17 (a) Landlord shall deliver the Retained Funds to Tenant. In the event Landlord and Tenant are unable to agree upon the fair market value of an original or replacement leasehold estate, it shall be determined by appraisal using the appraisal procedure set forth in Section 23.17(b). For the purposes of this Section, fair market value of the leasehold estate (i) means, as applicable, an amount equal to the price that a willing buyer not compelled to buy would pay a willing seller not compelled to sell for Tenant's leasehold estate under this Lease or an offered replacement leasehold estate, and (ii) shall not contemplate the existence of a third party management agreement with respect to which management fees are paid.
Landlord's Option to Terminate Lease. If the Premises are (a) rendered wholly untenantable, or (b) damaged as a result of any cause which is not covered by Landlord's insurance or (c) damaged or destroyed in whole or in part during the last three (3) years of the Term, or if the Building is damaged to the extent of fifty percent (50%) or more of the rentable area within, then, in any of such events, Landlord or Tenant may elect to terminate this Lease by giving to Tenant notice of such election within ninety (90) days after the occurrence of such event. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and Rent (other than any Additional Rent due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such occurrence which renders the Premises wholly untenantable, damaged or destroyed.
Landlord's Option to Terminate Lease. Notwithstanding Section 14.1, (a) if any damage to the Premises or Landlord's Building is not fully covered by Landlord's insurance; (b) if the Premises are rendered wholly or partially untenantable during the last two (2) years of the Term; or (c) if Landlord's Building is damaged to the extent of fifty percent (50%) or more of Landlord's Floor Area, then in any of such events, Landlord may elect to terminate this Lease by giving to Tenant notice of such election within ninety (90) days after the occurrence of the fire or other casualty causing the damage. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and Rental (other than Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such termination.
Landlord's Option to Terminate Lease. In the event Landlord enters into a bona fide contract to sell the Leased Property to a non-Affiliate, Landlord may terminate the Lease as to any Leased Property prior to the Expiration Date by giving to Tenant not less than thirty (30) days prior Notice of Landlord’s election to terminate this Lease upon the closing of such contract. Effective upon the termination date set forth in the Notice, this Lease shall terminate and be of no further force and effect except as to any obligations of the parties existing as of such date that survive termination of this Lease. As compensation for the early termination of Tenant’s leasehold estate under this Section 37, Landlord shall, within one hundred eighty (180) days following the termination date, either (a) pay to Tenant the Fair Market Value of Tenant’s leasehold estate hereunder as of the closing date of the sale of the Leased Property or (b) within one (1) year following the termination date offer to lease to Tenant one or more substitute hotel facilities pursuant to one or more leases that would create for the Tenant leasehold estates that have an aggregate Fair Market Value of no less than the Fair Market Value of the leasehold estate for the Leased Property being terminated hereunder, both such values as determined as of the termination date of the Lease. If Landlord elects and complies with the option described in (b) above, regardless of whether Tenant enters into the lease(s) described therein, Landlord shall have no further obligations to Tenant with respect to compensation for the early termination of the Lease. In the event Landlord and Tenant are unable to agree upon the fair market value of an original or replacement leasehold estate, it shall be determined by appraisal using the appraisal procedure set forth in Section 32.
Landlord's Option to Terminate Lease. In the event of the vacation or abandonment of the Premises by Tenant or in the event that Landlord shall elect to re-enter as provided above or shall take possession of the Premises pursuant to legal proceeding or pursuant to any notice provided by law, then if Landlord does not elect to terminate this Lease as provided in this Paraxxxxx 00, Xxxxxxxx xxx from time to time, without terminating this Lease, either recover all rental as it becomes due or relet the Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion may deem advisable with the right to make alterations and repairs to the Premises.
