Tenant Terminated Lease in Bad Faith

June 30, 2008
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Facts: A tenant signed a 15-year lease agreement that included a provision allowing for termination of the lease within 60 days if, after any casualty, the repair and reconstruction costs of the leased space totaled or exceeded 35 percent of the total reconstruction costs.

Four years into the lease, two tornadoes damaged the tenant's space. After an assessment, the tenant and owner agreed that $1,960,067 would be the total reconstruction cost, 35 percent of which equals $686,023.

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