Tenant’s Option to Terminate. If damage to the Premises or to the Building renders the Premises substantially unsuitable for Tenant’s use thereof immediately prior to the occurrence of such fire or casualty, and provided that the damage was not due to the fault or neglect of Tenant or Tenant’s Agents, then Tenant may elect to terminate this Lease prior to the time such damage is repaired if and only if either: a. Landlord fails to give written notice within sixty (60) days of said fire or casualty of its intention to restore the Premises; or b. Landlord fails to restore the Premises to a condition suitable for the Permitted Use within one hundred eighty (180) days of said fire or casualty, provided such failure is not due to the action or inaction of Tenant, Tenant’s Agents, or causes beyond the reasonable control of Landlord. Tenant shall exercise its option to terminate by giving written notice to Landlord within thirty days after Landlord’s failure to notify or failure to restore, as specified above.
Appears in 3 contracts
Sources: Assignment, Assumption, Amendment and Consent, Assignment, Assumption, Amendment and Consent (Paratek Pharmaceuticals, Inc.), Assignment, Assumption, Amendment and Consent (Paratek Pharmaceuticals Inc)