Common use of Termination Options Clause in Contracts

Termination Options. If the Premises are damaged by fire or other casualty Landlord will, promptly after learning of such damage, notify Tenant in writing of the time necessary to repair or restore such damage, as estimated by Landlord’s architect, engineer or contractor. If such estimate states that repair or restoration of all of such damage that was caused to the portion of the Premises that is necessary for Tenant’s occupancy cannot be completed within 90 days from the date of such damage, or if such damage occurred within the last 12 months of the Term and such estimate states that repair or restoration of all such damage that was caused to the Premises or to any other portion of the Premises necessary for Tenant’s occupancy cannot be completed within 30 days from the date of such damage, then Tenant will have the option to terminate this Lease. If Tenant exercises its option to terminate this Lease, the Term will expire and this Lease will terminate 10 days after notice of termination is delivered; provided, however, that Rent for the period commencing on the date of such damage until the date this Lease terminates will be reduced to the reasonable value of any use or occupation of the Premises by Tenant during such period.

Termination Options. If the Premises, the Building or a portion of the Project reasonably necessary for the continued use of the Building and/or the Premises are damaged by fire or other casualty Landlord will, promptly after learning of such damage, notify Tenant in writing of the time necessary to repair or restore such damage, as reasonably estimated by Landlord’s architect, engineer or contractor. If such estimate states that repair or restoration of all of such damage that was caused to the portion of the Premises that is necessary for Tenant’s occupancy cannot reasonably be completed within 90 180 days from the date of such damage, or if such damage occurred within the last 12 months of the Term and such estimate states that repair or restoration of all such damage that was caused to the Premises or to any other portion of the Premises necessary for Tenant’s occupancy cannot reasonably be completed within 30 days from the date of such damage, then either Landlord or Tenant will have the option to terminate this Lease. Any option to terminate granted above must be exercised by written notice to the other party given within 10 business days after Landlord delivers to Tenant the notice of estimated repair time. If Tenant either party exercises its option to terminate this Lease, the Term will expire and this Lease will terminate 10 business days after notice of termination is delivered; provided, however, that Rent for the period commencing on the date of such damage until the date this Lease terminates will be reduced to the reasonable value of any use or occupation of the Premises by Tenant during such period.

Termination Options. If the Leased Premises are damaged by fire or other casualty Landlord Lessor will, promptly after learning of such damage, notify Tenant Lessee in writing of the time necessary to repair or restore such damage, as estimated by LandlordLessor’s architect, engineer or contractor. If such estimate states that repair or restoration of all of such damage that was caused to the portion of the Leased Premises that is necessary for TenantLessee’s occupancy cannot be completed within 90 180 days from the date of such damage, or if such damage occurred within the last 12 months of the Term and such estimate states that repair or restoration of all such damage that was caused to the Leased Premises or to any other portion of the Leased Premises necessary for TenantLessee’s occupancy cannot be completed within 30 90 days from the date of such damage, then Tenant Lessee will have the option to terminate this Lease. If Tenant Lessee exercises its option to terminate this Lease, the Term will expire and this Lease will terminate 10 30 days after notice of termination is delivered; provided, however, that Rent for the period commencing on the date of such damage until the date this Lease terminates will be reduced to the reasonable value of any use or occupation of the Leased Premises by Tenant Lessee during such period.