Casualty and Insurance Sample Clauses

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...
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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 date hereof 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 Purchaser in writing of such fact and Purchaser shall have the option to (a) 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 in respect of such event, (b) elect to exclude such Purchased Asset from this Agreement, or (c) 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 Purchaser (or cause Purchaser to be added) as an additional insured or loss payee, as applicable, on each Seller Policy (other than directors’ and officers’ liability insurance terminable upon the Closing) for the duration of each Seller Policy as is in effect on the Effective Date, effective as of the Closing Date. For the avoidance of doubt, the Sellers shall not be required to renew any Seller Policy beyond the duration that is in effect on the Effective Date. 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.
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Casualty and Insurance. 15 11. Indemnification.............................................18 12.
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Casualty and Insurance. Lessee shall carry property and casualty insurance on the Property in an amount of $600,000. Additionally, Lessee shall carry liability insurance in the amount of $2 Million with an umbrella policy of $5 Million, naming Lessor as an additional insured. Lessee agrees to provide Lessor proof of such insurance.
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Casualty and Insurance. [confirm with DIRM]
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Casualty and Insurance. (a) If the Sublease Property is damaged or destroyed by fire, flood, tornado or other element, or by any other casualty , this Sublease shall continue in full force and effect and Tenant shall, as promptly as possible, restore, repair or rebuild the Sublease Property to substantially the same condition as it existed before the damage or destruction. Tenant 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, Tenant shall pay such deficit. Notwithstanding the foregoing, in the event there is damage or destruction to the Improvements on the Subleased Property to the extent of fifty percent (50%) or more of the then existing value thereof, the Tenant may, at its option, terminate this Sublease 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 of Subparagraph 10(b) herein below shall belong exclusively to the Landlord. If Tenant elects to so terminate this Sublease, written notice must be given to Landlord within thirty (30) days following the damage or destruction to the Improvements.
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Casualty and Insurance. Partial destruction of the leased premises shall not render this lease void or voidable, or terminate it except as herein provided. If the leased premises are partially destroyed during the term of this lease, Lessor shall repair same, to the extent that he receives any insurance proceeds for such repairs; provided however, Lessor shall do so only if such repairs can be made in conformity with local, state and federal laws and regulations within one hundred twenty (120) days of the partial destruction. Rent for the leased premises will be reduced proportionately to the extent to which the repair operations interfere with the Lessee’s normal use and occupancy of the premises. If the repairs cannot be so made within the time limited, Lessor has the option to make them within a reasonable time and continue this lease in effect with proportional rent rebated to Lessee as provided for herein. If the repairs cannot be so made in one hundred twenty (120) days and if Lessor does not elect to make them within a reasonable time, either party hereto has the option to terminate this lease. If the leased premises are totally destroyed, either party hereto has the option to terminate this lease.
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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.
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Casualty and Insurance. Paragraphs 7.01 and 7.02 are modified to change "ninety (90) working days" to "one hundred eighty (180) days."
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