Common use of Damage at End of Term Clause in Contracts

Damage at End of Term. Notwithstanding the foregoing, if such damage or destruction (i) shall occur during the last five (5) Lease Years of the initial term of this Lease Term, as the same may be extended, and (ii) shall cost more than twenty-five percent (25%) of the full replacement cost of the Building (minus the cost of excavation, footings and foundations) to restore, then either party may terminate this Lease as of the date of such damage or destruction by giving written notice to the other party within sixty (60) days thereafter of its election to so terminate, unless Tenant within thirty (30) days after receipt of any such notice from Landlord shall give notice to Landlord of its intention to extend the term of this Lease in accordance with any option or right Tenant may have as provided in Article 4 hereof, in which case this Lease shall not be terminated although notice of termination may previously have been given by Landlord; in such case, Landlord's notice of termination shall be void and of no effect and Tenant shall repair and restore the Premises as required by this Lease.