Casualty and Restoration. (a) If the Premises (other than Leasehold Improvements or Tenant’s Property) or the Building shall be damaged by fire or other casualty (collectively, “Casualty”) in such a manner that materially interferes with Tenant’s use of the Premises for general office use or reasonable access to the Premises and, in the case of the Premises, if Tenant shall give prompt notice thereof to Landlord, then Landlord shall (or to the extent required under the Condominium Documents, cause the Board of Managers to) diligently repair the damage to the Building and the Premises (not including any Leasehold Improvements or Tenant’s Property), and Tenant shall repair the damage to any Leasehold Improvements and Tenant’s Property. At the request of Tenant, Landlord shall, from time to time, inform Tenant of the progress of Landlord’s (or the Board of Manager’s) restoration work and of the estimated date of substantial completion of the same and otherwise consult with Tenant with respect thereto. Until the earlier to occur of (herein referred to as the “Casualty Rent Commencement Date”) (i) the date which is 90 days after such repairs which are required to be performed by Landlord shall be substantially completed (of which substantial completion Landlord shall promptly notify Tenant) and (ii) the date on which Tenant shall move into such portion of the Premises for the conduct of its business, the Base Rent and Additional Rent shall be reduced by the proportion which the Rentable Square Footage of the part of the Premises Tenant’s use of or access to which is materially affected bears to the total Rentable Square Footage of the Premises. Upon the substantial completion of such repairs, Landlord shall diligently prosecute to completion, within 60 days after the date of substantial completion, any agreed upon items of repair work not completed (i.e. “punchlist” items). Landlord shall have no obligation to repair any damage to, or to replace, any Leasehold Improvements or Tenant’s Property, which shall be Tenant’s obligation to repair. Landlord’s (or the Board of Manager’s) obligation to repair the Premises pursuant to this Section 16.01 shall be limited to the repair of the structural components of the Premises, the floor slabs of the Premises, Common Areas, the Building core areas of the Premises, the curtain wall of the Building and the Building Systems to substantially the condition that existed immediately prior to the applicable casualty, vacant and free of tenancies (other th...
Casualty and Restoration. 70 7.2.3 Condemnation .................................. 72
Casualty and Restoration. 14 Section 3.4 Disbursement of Net Proceeds...............................................................15 Section 3.5 Builders' Risk.............................................................................16 Section 3.6 Application of Net Proceeds................................................................17
Casualty and Restoration. (a) In the event of any casualty to the Property, Borrower shall promptly commence and diligently prosecute to completion the repair, replacement, restoration and rebuilding of the Property (the "Restoration Work") so damaged, destroyed or taken in full compliance with all Legal Requirements and the provisions of this Article III, and free and clear from any and all Liens, claims and encumbrances.
(b) Following (i) the occurrence of a Taking in which Lender approves, in its sole discretion, Borrower's request to rebuild, or (ii) an insured casuxxxx, Xxnder shall apply the Net Proceeds to pay the cost of the Restoration Work in accordance with Section 3.4 hereof provided:
(i) no Event of Default exists;
(ii) Borrower has provided its written (A) agreement to proceed promptly and diligently with the Restoration Work in compliance with all Legal Requirements and plans and specifications approved by an Architect, the applicable Governmental Authority and, if requested, Lender and (B) certification setting forth a reasonable estimate of the cost of completing the Restoration Work and time schedule therefor;
(iii) the Restoration Work can be completed prior to the earlier of (A) one year prior to the Maturity Date, or (B) the date occurring six (6) months after the date of the casualty or Taking;
(iv) in Lender's sole judgment, there are sufficient proceeds xx xxxiness interruption, rent insurance or cash available to pay the Debt through the completion of the Restoration Work and any reasonable period thereafter for leasing the Property;
(v) in the event of a casualty, Borrower provides substantiation requested by and satisfactory to Lender with respect to:
(A) the feasibility and reasonability of the schedule and costs;
(B) the restoration of the Property resulting in an economically viable project at least equivalent to the quality and character of the Property immediately prior to the casualty;
(C) the projected income and cash flow of the Property after the restoration being at least equivalent to the levels prior to the casualty;
(D) the sufficiency of the Net Proceeds to complete the Restoration Work during all phases of such work; and
(E) this Deed of Trust remaining a first priority lien on the Property.
(c) If the cost of the Restoration Work exceeds the Net Proceeds, Borrower shall deliver to Lender either: (i) cash collateral; (ii) an unconditional, irrevocable, transferable letter of credit in form, substance, amount and issued by a bank acceptable ...
Casualty and Restoration. If the building or other improvements on the Leased Premises are destroyed or damaged by fire, flood, or other casualty, Lessee shall give immediate written notice thereof to Lessor. Subject to Section 6.02 below, Lessor will proceed with reasonable diligence to restore, repair, replace and rebuild the Leased Premises as the same existed prior to the destruction or damage, reasonable wear and tear excepted.
Casualty and Restoration. If the Premises, or any part thereof, shall be damaged or destroyed by fire or other casualty then Sublessee shall promptly notify Prime Lessor and Sublessor. Under the Prime Lease the Prime Lessor is obligated, as soon as possible thereafter, to repair or restore the Premises to the extent and in the manner set forth in Section 17 of the Prime Lease. If damage is of the type which entitles Prime Lessor or Sublessor to terminate the Prime Lease and either such party so elects to terminate the Prime Lease, then the Prime Lease shall cease and come to an end and this Sublease shall similarly terminate. In addition, if damage is of the type which would entitle Sublessor to terminate the Prime Lease, Sublessee shall have the right to terminate this Sublease by giving both Sublessor and the Prime Lessor written notice of such termination within the applicable notice period set forth in Section 17 of the Prime Lease. Sublessee acknowledges that Sublessor shall, in no event, have any obligation whatsoever to rebuild or restore any damage to the Premises. If during the Sublease Term the Building shall be partially or substantially damaged by fire or casualty and if such partial or substantial damage shall materially interfere with the Sublessee's use of the Premises as contemplated by this Sublease, a just amount of the rent and other charges payable by the Sublessee hereunder shall be equitably abated or adjusted for the period in which, by reason of such damage, there is such interference with the use of the Premises, but only to the extent that Sublessor is also entitled to an abatement under the Prime Lease on account of such fire or casualty that is equitably allocable to the Premises subleased hereunder.
Casualty and Restoration. If during the Lease Term all or a part of the Premises should be destroyed partially or totally by fire or other casually, Landlord shall notify Tenant within Unify (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed one hundred eighty (180) days, either party may terminate this Lease by promptly notifying the other party and this Lease shall be terminated effective as of the date of the casualty. If neither party elects to terminate the Lease or if Landlord estimates that restoration will take one hundred eighty (180) days or less, then Landlord shall, subject to Force Majeure events and except for improvements made by or paid for by Tenant, restore Premises within one hundred eighty (180) days following such destruction to substantially the same condition in which it existed at the time immediately preceding such destruction. Tenant’s, obligation to pay Base Rent and Operating Expenses shall xxxxx for the period of repair in the proportion to which the area of the Premises that is not useable by Tenant bears to the total area of the Premises, Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than sixty (60) days to repair such damage.
Casualty and Restoration. Damage to or destruction of any Common Area actually owned by the Association due to fire or any other casualty or disaster shall be promptly repaired and reconstructed by the Association and the proceeds of insurance, if any, shall be applied for that purpose. The same obligation shall apply to an Owner, and not the Association, for damage or destruction to the Owner’s Dwelling Unit. For purposes of this Section, repair, reconstruction and restoration shall mean construction or rebuilding of the damaged property to as near as possible the same condition as it existed immediately prior to the damage or destruction, with the same or a similar type of architecture.
Casualty and Restoration. If the building or other improvements on the Premises should be damaged or destroyed by fire or other casualty, Tenant shall give immediate written notice thereof to Landlord. If the Premises are damaged by fire or other insured casualty to the extent of less than one-third of the then value of the Premises and if the holder of any deed of trust, mortgage, or security interest covering the Premises does not require that the insurance proceeds payable on account of such fire or casualty be
Casualty and Restoration. If the Premises, or any part thereof, shall be damaged or destroyed by fire or other casualty then Sublessee shall promptly notify Prime Lessor and Sublessor. If damage is of the type which entitles Prime Lessor or Sublessor to terminate the Prime Lease and Prime Lessor or Sublessor so elects to terminate the Prime Lease, then upon such termination this Sublease shall similarly terminate. In addition, Sublessee shall have the right to terminate this Sublease in the manner and under the circumstances set forth in Article VII(b) of the Prime Lease as if fully set forth herein. Sublessee acknowledges that Sublessor shall, in no event, have any obligation whatsoever to rebuild or restore any damage to the Premises. If during the Sublease Term the Building shall be partially or substantially damaged by fire or casualty and if such partial or substantial damage shall materially interfere with the Sublessee's use of the Premises as contemplated by this Sublease, a just amount of the rent and other charges payable by the Sublessee hereunder shall be equitably abated or adjusted for the period in which, by reason of such damage, there is such interference with the use of the Premises, but only to the extent that Sublessor is also entitled to an abatement under the Prime Lease on account of such fire or casualty that is equitably allocable to the Premises subleased hereunder.
