Common use of Excessive Damage or Destruction Clause in Contracts

Excessive Damage or Destruction. Landlord or Tenant may terminate this Lease if the Premises, Building(s) or Project is damaged or destroyed to the extent that the Premises, Building(s) or Project cannot, with reasonable diligence, be fully repaired or restored by Landlord within twelve (12) months after the date of the damage or destruction and Tenant reasonably determines that it cannot engage in the normal conduct of its business. Within forty-five (45) days after any damage or destruction, Landlord shall notify Tenant whether the Premises, Building(s) or Project, as the case may be, can be fully repaired or restored within the twelve (12) month period and if such notice states a period greater than twelve (12) months, Tenant must, within 10 days either terminate or waive, subject to Section 15.d. hereof, its right to terminate. If the Premises, Building(s) or Project, as the case may be, can be fully repaired or restored within the twelve (12) month period, Landlord promptly shall commence the process of obtaining necessary permits and approvals, shall commence repair of the Premises, Building(s) or Project, as the case may be, as soon as practical, and shall, subject to Section 15.a. hereof, prosecute the repair to completion.