Common use of Tenant’s Option to Terminate Clause in Contracts

Tenant’s Option to Terminate. (a) Within forty-five (45) days after notice to Landlord of any damage described in Section 12.1 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor (the "Contractor's Statement") setting forth such contractor's estimate as to the time required to repair such damage. If the estimated time period exceeds nine (9) months from the date of such statement, Tenant may elect to terminate this Lease by notice to Landlord not later than thirty (30) days following receipt of such statement. If Tenant makes such election, the Term shall expire upon a date set by Tenant, but not sooner than the tenth (10th) day nor later than the sixtieth (60th) day after notice of such election is given by Tenant, and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with the provisions of Section 24.21 hereof If Tenant shall not have elected to terminate this Lease pursuant to this Article 12 (or is not entitled to terminate this Lease pursuant to this Article 12), the damage shall be diligently repaired by and at the expense of Landlord as set forth in Section 12.1 hereof Except as expressly set forth in this Section 12.3(a), Tenant shall have no other options to cancel this Lease under this Article 12. (b) Notwithstanding the foregoing, if the Premises shall be substantially damaged during the last two (2) years of the Term and the Contractor's Statement indicates that the estimated time required to repair such damage equals or exceeds nine (9) months, either party may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this Lease and if either party makes such election, the Term shall expire upon the thirtieth (30th) day after notice of such election is given, and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with the provisions of Section 24.21 hereof

Tenant’s Option to Terminate. (If a) Within forty-five the Repair Period Notice provided by Landlord indicates that the anticipated period for repairing the Casualty exceeds one hundred and eighty (45180) days after notice to Landlord of any damage described in Section 12.1 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor the Casualty (the "Contractor's StatementRepair Period"), or b) setting forth such contractor's estimate as the Casualty to the time required to repair such damage. If Premises occurs during the estimated time period exceeds nine last twelve (912) months from of the date of such statementTerm; then Tenant shall have the option, Tenant may elect but not the obligation, to terminate this Lease by providing written notice ("Tenant's Termination Notice") to Landlord not later than within thirty (30) days following receipt after receiving the Repair Period Notice in the case of such statement. If Tenant makes such election, the Term shall expire upon a date set by Tenant, but not sooner than the tenth 12.4 (10th) day nor later than the sixtieth (60th) day after notice of such election is given by Tenant, and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with the provisions of Section 24.21 hereof If Tenant shall not have elected to terminate this Lease pursuant to this Article 12 (a); or is not entitled to terminate this Lease pursuant to this Article 12), the damage shall be diligently repaired by and at the expense of Landlord as set forth in Section 12.1 hereof Except as expressly set forth in this Section 12.3(a), Tenant shall have no other options to cancel this Lease under this Article 12. (b) Notwithstanding the foregoing, if the Premises shall be substantially damaged during the last two (2) years of the Term and the Contractor's Statement indicates that the estimated time required to repair such damage equals or exceeds nine (9) months, either party may elect by notice, given within thirty (30) days after the occurrence Casualty, in the case of such damageSection 12.4 (b). Furthermore, if: c) Landlord does not complete the repairs required hcreinabove within the Repair Period, and d) farther provided Landlord has not diligently commenced and continued to prosecute to completion repair of the damage and/or destruction caused by the Casualty, and e) Landlordhas not completed the repairs thereafter on or before thirty (30) days after the expiration of the Repair Period, then Tenant shall also have the option, but not the obligation, to terminate this Lease and if either party makes such election, the Term shall expire upon the thirtieth (30th) day after by giving Landlord written notice of such election is givenits intention to so terminate, and which notice shall be given not more than forty-five (45) dayS after expiration of the Repair Period. Tenant's failure to provide Landlord with Tenant's Termination Notice within the time periods specified hereinabove shall be deemed conclusive evidence that Tenant shall vacate the Premises and surrender the same has waived its option to Landlord in accordance with the provisions of Section 24.21 hereofterminate this Lease.

Tenant’s Option to Terminate. In the event that the Premises is destroyed or damaged to any substantial extent (a) Within forty-five for purposes of this Section 11.3, damage "to any substantial extent" shall mean that more than sixty (4560) days after notice to Landlord of any damage described in Section 12.1 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor (the "Contractor's Statement") setting forth such contractor's estimate as to the time are reasonably required to repair such damage. If ), as reasonably determined by Landlord, during the estimated time period exceeds nine last twelve (912) months from of the date of such statementLease Term, then notwithstanding anything contained in this Article 11, Tenant may elect shall have the option to terminate this Lease by giving written notice to Landlord not later than thirty (30) days following receipt of the exercise of such statement. If Tenant makes such election, the Term shall expire upon a date set by Tenant, but not sooner than the tenth (10th) day nor later than the sixtieth (60th) day after notice of such election is given by Tenant, and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with the provisions of Section 24.21 hereof If Tenant shall not have elected to terminate this Lease pursuant to this Article 12 (or is not entitled to terminate this Lease pursuant to this Article 12), the damage shall be diligently repaired by and at the expense of Landlord as set forth in Section 12.1 hereof Except as expressly set forth in this Section 12.3(a), Tenant shall have no other options to cancel this Lease under this Article 12. (b) Notwithstanding the foregoing, if the Premises shall be substantially damaged during the last two (2) years of the Term and the Contractor's Statement indicates that the estimated time required to repair such damage equals or exceeds nine (9) months, either party may elect by notice, given option within thirty (30) days after the occurrence date of such damagedamage or destruction, to in which event this Lease shall cease and terminate as of the date of such notice. If the Premises is damaged or destroyed such that the Premises cannot be substantially repaired or restored by Landlord within one hundred eighty (180) days after the casualty, then Tenant may terminate this Lease and upon notice thereof to Landlord, which notice shall be given, if either party makes at all, within thirty (30) days after Landlord's reasonable determination that the Premises cannot be restored within one hundred eighty (180) days after the casualty without incurring overtime or similar charges. Upon any such electiontermination of this Lease pursuant to Sections 11.2 or 11.3, Tenant shall pay, if any, the Term shall expire upon the thirtieth (30th) day after notice Base Rent and Additional Rent, properly apportioned up to such date of such election is giventermination, and Tenant both parties hereto shall vacate the Premises thereafter be freed and surrender the same to Landlord discharged of all further obligations hereunder, except as provided for in accordance with the provisions of Section 24.21 hereofthis Lease which by their terms survive the expiration or earlier termination of the Lease Term.