Casualty and Insurance. (a) In the event of partial or total destruction of the Building or the Demised Premises by reason of fire or any other cause Tenant shall immediately after it becomes aware of such destruction notify Landlord of same and Landlord shall promptly restore and rebuild the Building or the Demised Premises at Landlord’s expense (but only to the extent of the insurance proceeds covering such damage), unless Landlord elects by notice to Tenant within ninety (90) days of said destruction not to restore and rebuild the Building or the Demised Premises, and, in such case, this Lease shall terminate. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease if the destruction is limited to the Common Areas of the Building or, if in Landlord’s reasonable opinion, the Demised Premises can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45) days after such destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Demised Premises are not restored within two hundred seventy (270) days of the casualty (subject to Force Majeure), or if more than fifty percent (50%) of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Demised Premises are totally or materially destroyed during the last twelve (12) months of the Term or last twelve (12) months of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease by providing written notice to the other of such cancellation within ten (10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the dat...
Casualty and Insurance. (a) The Sellers shall maintain until Closing all existing insurance policies relating to the Business or the Purchased Assets (the “Seller Policies”), at their sole cost and expense. If, between the Execution Date and the Closing, any of the Purchased Assets shall be damaged or destroyed by fire, theft, vandalism or other casualty event, or become subject to any condemnation or eminent domain proceeding, the Sellers shall promptly notify the Purchaser in writing of such fact and the Purchaser shall have the option to (i) acquire such Purchased Assets on an “as is” basis and take an assignment from the Sellers of any and all insurance proceeds payable to the Sellers, and any and all third party claims of Sellers, in respect of such event, (ii) elect to exclude such Purchased Asset from this Agreement, or (iii) in the event such event would have a Seller Material Adverse Effect, terminate this Agreement and the transactions contemplated hereby.
(b) The Sellers shall add the Purchaser (or cause the Purchaser to be added) as an additional insured or loss payee, as applicable, on each Seller Policy for the duration of each Seller Policy as is in effect on the Execution Date, effective as of the Closing Date. For the avoidance of doubt, except for insurance policies that expire prior to the Closing Date (which Sellers shall be required to maintain through the Closing Date in accordance with Section 8.2), the Sellers shall not be required to renew any Seller Policy beyond the duration that is in effect on the Execution Date. The Purchaser shall be entitled to insurance proceeds paid under such Seller Policies with respect to any claim relating to a Purchased Asset or an Assumed Liability or the Business generally from and after the Closing Date.
Casualty and Insurance. 15 11. Indemnification.............................................18 12.
Casualty and Insurance. (a) If the Lease Property is damaged or destroyed by fire, flood, tornado or other element, or by any other casualty, this Lease shall continue in full force and effect and Lessee shall, as promptly as possible, restore, repair or rebuild the Lease Property to substantially the same condition as it existed before the damage or destruction. Lessee shall for this purpose use all, or such part as may be necessary, of the insurance proceeds received from insurance policies carried on the Premises under the provision of subparagraph 10(b) hereinbelow. If such insurance proceeds are not sufficient to pay such costs, Lessee shall pay such deficit. Notwithstanding the foregoing, in the event there is a damage or destruction to the Improvements on the Leased Property to the extent of fifty percent (50%) or more of the then existing value thereof, the Lessee may, at its option, terminate this Lease and elect not to repair and rebuild the damaged Improvements; but in any such event, all of the proceeds from the insurance policies required to be obtained pursuant to the provisions in Subparagraph 10(b) herein below shall belong exclusively to the Landlord. If Lessee elects to so terminate this Lease, written notice must be given to Landlord within thirty (30) days following the damage or destruction to the Improvements. During that period after destruction until restoration of the Premises, rent shall xxxxx to the extent set forth in the Prime Lease.
(b) Lessee shall procure and maintain at all times during the terms of this Lease from companies authorized to do business in South Carolina, and reasonably acceptable to Landlord, hazard insurance against all risk of physical loss in an amount not less than the full replacement value of the improvements of the Leased Property and shall include loss of rent coverage. The Landlord and Lessee, as their interest may appear shall be named as insureds. Before Lessee takes possession of the Leased Property, Lessee shall deliver to Landlord an original insurance policy or a certificate of insurance evidencing coverage as set forth herein. If a certificate is delivered, Lessee agrees to provide to Landlord a true copy of the policy when issued and upon any renewal thereof. Lessee also agrees to provide a paid statement at the time of occupancy reflecting that all premiums have been paid. Each insurance policy required to be carried under this Lease Agreement by Lessee shall provide at least thirty (30) days written notice to Land...
Casualty and Insurance. (a) The Acquired Companies shall maintain until Closing all existing insurance policies (the “Company Policies”) relating to the Plant, and the Acquired Companies’ other assets, at their sole cost and expense.
(b) Notwithstanding any provision of this Agreement to the contrary, if, before the Closing, all or any portion of the assets of any Acquired Company is (a) condemned or taken by eminent domain or (b) damaged or destroyed by fire, flood or other casualty, the Seller shall promptly notify the Purchaser in writing of such fact. In the case of condemnation or taking, the Seller shall promptly assign or pay, as the case may be, any proceeds thereof to the Purchaser at the Closing. In the case of fire, flood or other casualty, the Seller shall promptly assign the insurance proceeds therefrom to the Purchaser at Closing. Notwithstanding the foregoing, this Section 9.7(b) shall not in any way modify the Purchaser’s other rights under this Agreement, including any applicable right to terminate the Agreement if any condemnation, taking, damage or other destruction results or resulted in a Company Material Adverse Effect or otherwise causes the failure of any of the Purchaser’s conditions to Closing set forth in Article X.
(c) The Acquired Companies shall add the Purchaser (or cause the Purchaser to be added) as an additional insured or loss payee, as applicable, on each Company Policy for the duration of each Company Policy as is in effect on the Agreement Date, effective as of the Closing Date. The Purchaser shall be entitled to insurance proceeds paid under such Company Policies arising from and after the Closing Date.
Casualty and Insurance. 12.1 If any portion of the Cable is damaged or destroyed by casualty at any time during the term of this Agreement, Grantor will perform (or cause to have performed) the repairs in accordance with Section 6, and except to the extent such damage warrants termination of this Agreement pursuant to Section 14.3. Grantee shall not be required to pay any cost of such repair due to damage or construction of the Cable or Cable Accessories caused by-casualty.
12.2 Prior to execution of this contract, each of the Parties, at its own expense, shall provide and maintain in force during the term of this Agreement insurance in forms acceptable to the other Party, with the following minimum levels of coverage: Commercial general liability and automobile liability $1,000,000 per person per occurrence Property damage $1,000,000 per occurrence Umbrella/Excess Coverage $15,000,000 Employer's liability: $500,000 per occurrence,
Casualty and Insurance. Upon the occurrence of any casualty loss, damage or destruction material to the operation of the Station, Licensee shall use its reasonable efforts to promptly commence and thereafter to diligently proceed to repair or replace any such lost, damaged or destroyed property, at its expense. In the event Licensee is unable to complete the repairs within one hundred twenty (120) days, Programmer shall have the option to terminate this Agreement. During the Term hereof, Licensee shall use reasonable commercial efforts to maintain insurance upon all of the tangible personal property of the Station in such amounts and of such kind to cover the full amount of any loss with respect to such property and with respect to the operation of the Station, with insurers of substantially the same or better financial condition as are currently insuring that property.
Casualty and Insurance. 7.1 SUBSTANTIAL DESTRUCTION 9 7.2 PARTIAL DESTRUCTION 9 7.3 PROPERTY INSURANCE 9 7.4 WAIVER OF SUBROGATION 10 7.5 HOLD HARMLESS 10 7.6 PUBLIC LIABILITY INSURANCE 10
Casualty and Insurance. (a) Neither Chevron nor RHC shall have any obligation to insure the Designated Facilities, but either may do so at its option. In the event of any casualty to the Designated Facilities, Chevron shall have no obligation to repair or replace the Designated Facilities unless such casualty was the result of gross negligence or willful misconduct by Chevron or its employees or agents. In the event of any casualty to the Designated Facilities, RHC shall have no obligation to repair or replace the Designated Facilities, but shall have the right to do so should it so elect.
(b) In the event of any material casualty to the Designated Facilities or the Chevron Refinery, the obligations of the parties under Sections 3 and 4 (and, if applicable, Section 5) hereof shall be suspended for such period of time as would be required for Chevron with due diligence to repair the effect of the casualty. If the Combined Facility is able to operate at a reduced level despite such casualty, RHC’s entitlement to process crude oil and to receive petroleum products pursuant to Section 3 shall be adjusted in a fair and equitable manner to properly allocate the effect of the casualty between the parties.
(c) Notwithstanding Section 7(b), Chevron shall have no obligation to repair or replace any casualty to the Designated Facilities or to the Chevron Refinery; provided that following that time period which would be reasonably required with due diligence to repair the effect of such casualty, Chevron’s obligations to provide products to RHC as provided in Section 3 shall resume.
(d) If any casualty renders any of the Designated Facilities inoperable and Chevron elects to reconstruct any such facility, such facility shall be rebuilt on the EPR Refinery and shall thereafter be deemed to be part of the Designated Facilities.
Casualty and Insurance. Upon the occurrence of any casualty loss, damage or destruction material to the operation of the Station, Licensee shall use its reasonable efforts to promptly commence and thereafter to diligently proceed to repair or replace any such lost, damaged or destroyed property, at its expense. During the Term hereof, Licensee shall use reasonable commercial efforts to maintain insurance upon all of the tangible personal property of the Station in such amounts and of such kind to cover the full amount of any loss with respect to such property and with respect to the operation of the Station, with insurers of substantially the same or better financial condition as are currently insuring that property.
