Common use of Damage or Destruction of Leased Property Clause in Contracts

Damage or Destruction of Leased Property. If, during the Term, any Project shall be totally or partially destroyed and (i) is thereby rendered Unsuitable for its Permitted Use, and (ii) in Tenant's reasonable estimate, based on the evaluation of an independent architect engaged by Landlord to evaluate such damage, cannot reasonably be expected to be restored to substantially the same condition as existed immediately before such damage or destruction within twelve (12) months following such damage or destruction, then in such event Tenant may, by the giving of Notice thereof to the Landlord, terminate this Agreement with respect to such Property, in which event this Agreement shall terminate with respect to the affected Property, Landlord shall be entitled to retain the insurance proceeds payable on account of such damage, and Tenant shall pay to Landlord on demand as an Operating Expense the amount of any deductible in connection therewith; and Tenant shall thereafter have no obligation to pay the Base Rent allocable to such Property, as determined in accordance with Section 3.3(c) hereof, for periods arising after the effective date of such termination, and the Additional Rent Base shall be adjusted in accordance with Section 3.4(b).

Damage or Destruction of Leased Property. If, during the Term, any Project shall be totally or partially destroyed and (i) is thereby rendered Unsuitable for its Permitted Use, and (ii) in Tenant's ’s reasonable estimate, based on the evaluation of an independent architect engaged by Landlord to evaluate such damage, cannot reasonably be expected to be restored to substantially the same condition as existed immediately before such damage or destruction within twelve (12) months following such damage or destruction, then in such event Tenant may, by the giving of Notice thereof to the Landlord, terminate this Agreement with respect to such Property, in which event this Agreement shall terminate with respect to the affected Property, Landlord shall be entitled to retain the insurance proceeds payable on account of such damage, and Tenant shall pay to Landlord on demand as an Operating Expense the amount of any deductible in connection therewith; and Tenant shall thereafter have no obligation to pay the Base Rent allocable to such Property, as determined in accordance with Section 3.3(c) hereof, for periods arising after the effective date of such termination, and the Additional Rent Base shall be adjusted in accordance with Section 3.4(b).