Common use of Rights to Terminate Clause in Contracts

Rights to Terminate. In the event that the Leased Premises, or any material part thereof (i.e., more than 20% thereof or damages requiring more than nine (9) months from date of loss to repair), shall be destroyed or damaged by fire or unavoidable casualty, then this Lease may be terminated at the election of Lessor. Such election shall be made by the giving of written notice by Lessor to Lessee within thirty (30) days after the right of election accrues. If by such fire or other casualty more than 20% of the floor area shall be rendered untenantable, or if the Leased Premises are so damaged as to create a material risk that Lessee’s property will be subject to loss, and if Lessor does not within five (5) days after notice from Lessee commence and diligently pursue repairs sufficient to protect Lessee’s property, or if the damage to the Leased Premises are material and substantial and will take more than nine (9) months from date of casualty or loss to repair then Lessee may at its option terminate this Lease by notice in writing to Lessor within thirty (30) days after the date of such damage or destruction. If Lessee exercises such option, this Lease shall terminate in the case of such damage or destruction on that date designated in its notice of termination, which shall not be less than fifteen (15) nor more than (30) days after the date of such notice.

Rights to Terminate. In the event that all the Leased Premises, or any material part thereof (i.e., more than 20% thereof or damages requiring more than nine (9) months from date of loss to repair), shall be destroyed or damaged by fire or unavoidable casualtyare subject to a Casualty, then this Lease may be terminated at the election of Lessor. Such election shall be made by the giving of written notice by Lessor to Lessee within thirty (30) days after the right of election accrues. If by such fire or other casualty Casualty more than 20% of the floor area shall be rendered untenantable, or if the Leased Premises are so damaged as to create a material risk that Lessee▇▇▇▇▇▇’s property will be subject to loss, and if Lessor does not within five (5) days after notice from Lessee commence and diligently pursue repairs sufficient to protect Lessee’s property, or if the damage to the Leased Premises are material and substantial and will take more than nine (9) months from date of casualty or loss Casualty to repair repair, then Lessee may at its option terminate this Lease by notice in writing to Lessor within thirty (30) days after the date of such damage or destruction. If Lessee exercises such option, this Lease shall terminate in the case of such damage or destruction on that date designated in its notice of termination, which shall not be less than fifteen (15) nor more than (30) days after the date of such notice.