Common use of Failure to Reinstate Clause in Contracts

Failure to Reinstate. (a) If reinstatement in accordance with sub-clause (4) has not commenced within 9 months of the date of the destruction or damage and provided the Tenant is not prevented from commencing reinstatement because of a supervening event (as defined in sub-clause (10) below) and the Tenant does not within 10 working days of the expiry of that 9 month period exercise the option contained in the Option Deed or if the Tenant exercises the option but subsequently fails to complete the purchase in accordance with the Option Deed the Landlord may at any time after the expiry of the 10 working days or the failure to complete serve written notice on the Tenant terminating the Lease with immediate effect and the provisions of clause 12(3) of the Lease will apply to such termination. (b) If reinstatement by the Tenant has not been completed in accordance with sub-clause (4) above by the date 3 years from the date of damage or destruction of the Property either party may at any time after the expiry of the 3 year period serve 10 days written notice on the other terminating the Lease, such termination to take effect on the expiry of the Landlord's written notice and the provision of clause 12(3) of the Lease will apply to such termination. On the termination of the Lease under sub-paragraph (a) or (b) of this sub-clause the Tenant shall pay all insurance monies together with an amount equal to any shortfall in the full reinstatement value of the Property (save as set out in sub- clause 8(12)(a) below) and the cost of architects and other professional fees in relation to the reinstatement of the Property and the cost of demolition and removal of debris to the Landlord save to the extent that the Tenant has properly applied any portion of the insurance monies with the prior written approval of the Landlord to the reinstatement of the Property up to the date of termination of the Lease by the Landlord. Any dispute as to the amount to be paid by the Tenant shall be referred to arbitration. Any Landlord's notice to terminate the Lease served under this sub-clause shall not take effect if at any time prior to the expiry of the notice the Tenant exercises its option to purchase the freehold of the Property pursuant to the Option Deed provided that if the Tenant subsequently fails to complete the purchase in accordance with the Option Deed the Landlord may at any time serve a further notice on the Tenant terminating the Lease with immediate effect and the provisions of clause 12(3) of the Lease will apply to such termination.

Failure to Reinstate. (a) If reinstatement in accordance with sub-clause (4) has not commenced within 9 months of the date of the destruction or damage and provided the Tenant is not prevented from commencing reinstatement because of a supervening event (as defined in sub-clause (10) below) and the Tenant does not within 10 working days of the expiry of that 9 month period exercise the option contained in the Option Deed or if the Tenant exercises the option but subsequently fails to complete the purchase in accordance with the Option Deed the Landlord may at any time after the expiry of the 10 working days or the failure to complete serve written notice on the Tenant terminating the Lease with immediate effect and the provisions of clause 12(3) of the Lease will apply to such termination. (b) If reinstatement by the Tenant has not been completed in accordance with sub-sub- clause (4) above by the date 3 years from the date of destruction or damage or destruction of the Property either party may at any time after the expiry of the 3 year period serve 10 days written notice on the other terminating the Lease, such termination to take effect on the expiry of the Landlord's written notice and the provision provisions of clause 12(3) of the Lease will apply to such termination. On the termination of the Lease under sub-paragraph paragraphs (a) or (b) of this sub-sub- clause the Tenant shall pay all insurance monies together with an amount equal to any shortfall (save as set out in sub-clause 8(12)(a) below) in the full reinstatement value of the Property (save as set out in sub- clause 8(12)(a) below) and the cost of architects and other professional fees in relation to the reinstatement of the Property and the cost of or demolition and removal of debris to the Landlord save to the extent that the Tenant has properly applied any portion of the insurance monies with the prior written approval of the Landlord to the reinstatement of the Property up to the date of termination of the Lease by the Landlord. Any dispute as to the amount to be paid by the Tenant shall be referred to arbitration. Any Landlord's notice to terminate the Lease served under this sub-clause shall not take effect if at any time prior to the expiry of the notice the Tenant exercises its option to purchase the freehold of the Property pursuant to the Option Deed provided that if the Tenant subsequently fails to complete the purchase in accordance with the Option Deed the Landlord may at any time serve a further notice on the Tenant terminating the Lease with immediate effect and the provisions of clause 12(3) of the Lease will apply to such termination.