Common use of ABSOLUTE RIGHT TO TERMINATE Clause in Contracts

ABSOLUTE RIGHT TO TERMINATE. If by fire or other casualty the Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the insurable value thereof, or the Building is damaged or destroyed to the extent of twenty-five per cent (25%) or more of the insurable value thereof, Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant within one hundred and eighty (180) days from the date of the casualty and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest.

ABSOLUTE RIGHT TO TERMINATE. If by fire or other casualty the Premises are damaged or destroyed to the extent of twenty five-fifty percent (2550%) or more of the insurable value replacement cost thereof, or the Building is damaged or destroyed to the extent of twenty-five per cent fifty percent (2550%) or more of the insurable value replacement cost thereof, Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant within one hundred and eighty (180) days from the date of the casualty and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest.