Common use of Total or Substantial Destruction Clause in Contracts

Total or Substantial Destruction. Tenant shall promptly notify Landlord in case of damage to or destruction of the Premises due to fire or other casualty (collectively, “Casualty”). In the event that such Casualty causes the destruction of all or substantially all of the Buildings on the Premises (“Major Casualty”), Landlord or Tenant may terminate this Lease effective as of the date of such Major Casualty, by so notifying the other party in writing within fifteen (15) days after the date of such Major Casualty and such termination shall be effective as of the date of such notice. If this Lease is terminated by Landlord or Tenant pursuant to this Section 7.1 or Section 7.2, (a) Tenant shall pay Landlord (or, as directed by Landlord, its Lender) the amount of all Base Rent and Additional Rent for the remainder of the Term from the proceeds of Tenant’s rental/business interruption insurance, (b) Tenant shall assign to Landlord (or, as directed by Landlord, its Lender) the proceeds, if any, of Tenant’s property insurance required by Schedule B except to the extent that the proceeds relate to personal property that Landlord or a Licensed Designee does not own or acquire at the end of the Term, (c) Tenant shall pay to Landlord the amount equal to the lesser of (i) the deductible under Tenant’s and Landlord’s property insurance policies or (ii) the estimated cost of restoration and repair of the Buildings and the contents owned by Landlord or acquired by Landlord or a Licensed Designee at the end of the Term, (d) Tenant shall refund to Landlord the portion of any Extension Fee paid by Landlord to Tenant for the portion of the Extension Term subsequent to the termination date, (e) such termination shall be effective as of the date such termination notice is given, and (f) neither Tenant nor Landlord shall have any further liability to the other under this Lease except for those rights and obligations that, by their terms, survive the termination of this Lease.

Total or Substantial Destruction. Tenant For purposes of this ----------------------------------------------- Lease, total or substantial destruction shall promptly notify Landlord in case be defined to include destruction of or damage to or destruction the Premises, the repair of which would cost in excess of 33- 1/3% of the replacement cost. If the Premises due to fire or other casualty (collectively, “Casualty”). In the event that such Casualty causes the destruction of all are totally or substantially all of the Buildings on destroyed by any cause whatsoever, or if the Premises are in a building which is substantially destroyed (“Major Casualty”even though the Premises are not totally or substantially destroyed), Landlord or Tenant may terminate this Lease effective shall terminate as of the date the destruction occurred regardless of whether Landlord receives any insurance proceeds. However, if the Premises can be rebuilt within one (1) year after the date of destruction, Landlord may elect to rebuild the Premises at Landlord's own expense, in which case, this Lease shall remain in full force and effect. Landlord shall notify Tenant of such Major Casualtyelection within thirty (30) days after the occurrence of total or substantial destruction. If the Premises are totally or substantially destroyed, by so notifying and Landlord does not elect to rebuild within thirty (30) days of the other party occurrence of the destruction and Tenant may elect to continue to Lease in writing full force and effect, in which case Tenant shall repair any damage to the Premises at Tenant's expense. Tenant shall make its election within fifteen thirty (1530) days after the date of such Major Casualty and such termination Landlord's notice. Provided that Landlord gives timely notice to Tenant, as required, of its election not to rebuild, Tenant shall be effective as of have one (1) year from the date of destruction to complete the rebuilding of the Premises. Disbursement of any insurance proceeds shall be made to Tenant in stages during the course of rebuilding, or in accordance with such noticeother procedure as may be the policy of the insurer, and shall be subject to Landlord's right to demand customary assurances that the work to date has been completed according to plans and specifications, and lien free. If this Lease is terminated the destruction was caused by Landlord an act or Tenant pursuant to this Section 7.1 or Section 7.2omission of Tenant, (a) Tenant shall pay Landlord (or, as directed the difference between the actual cost of rebuilding and any insurance proceeds received by Landlord, its Lender) the amount of all Base Rent and Additional Rent for the remainder of the Term from the proceeds of Tenant’s rental/business interruption insurance, (b) Tenant shall assign to Landlord (or, as directed by Landlord, its Lender) the proceeds, if any, of Tenant’s property insurance required by Schedule B except to the extent that the proceeds relate to personal property that Landlord or a Licensed Designee does not own or acquire at the end of the Term, (c) Tenant shall pay to Landlord the amount equal to the lesser of (i) the deductible under Tenant’s and Landlord’s property insurance policies or (ii) the estimated cost of restoration and repair of the Buildings and the contents owned by Landlord or acquired by Landlord or a Licensed Designee at the end of the Term, (d) Tenant shall refund to Landlord the portion of any Extension Fee paid by Landlord to Tenant for the portion of the Extension Term subsequent to the termination date, (e) such termination shall be effective as of the date such termination notice is given, and (f) neither Tenant nor Landlord shall have any further liability to the other under this Lease except for those rights and obligations that, by their terms, survive the termination of this Lease.