Common use of Damage at End of Term Clause in Contracts

Damage at End of Term. If (a) the Premises are Damaged (i) after the last date Tenant may, but did not, exercise an Extension Option pursuant to Section 4.3.3, or (ii) during the last twenty-four (24) months of the third Extension Term, and (b) the Estimated Repair Cost exceeds, if such Damage occurs during the first twelve (12) months of the last twenty-four (24) months of the Term, fifty percent (50%), or if such Damage occurs during the last twelve (12) months of the Term, fifteen percent (15%), of the replacement cost of the Building above ground level, then either Landlord or Tenant may terminate this Lease by giving written notice thereof to the other party given within thirty (30) days after the Trigger Date. Such termination shall, subject to Section 20.7, be effective not less than thirty (30) nor more than sixty (60) days after such notice of termination is given.

Appears in 2 contracts

Sources: Lease Agreement (Wells Real Estate Investment Trust Inc), Office Lease (Piper Jaffray Companies)