Common use of Casualty Damage or Destruction Clause in Contracts

Casualty Damage or Destruction. (1) In the event that the Premises or any part thereof shall be damaged or destroyed by casualty, Grantor shall notify Grantee in writing within one (1) day of the damage or destruction, such notification to include what, if any, emergency work has already been completed. For purposes of this Deed and Agreement, the term “casualty” is defined as such sudden damage or loss as would qualify for a loss deduction pursuant to Section 165(c)(3) of the Code (construed without regard to the legal status, trade or business of Grantor or any applicable dollar limitation). No repairs or reconstruction of any type, other than temporary emergency work to prevent further damage to the Premises and to protect public safety, shall be undertaken by Grantor without Grantee’s prior written approval. Within thirty (30) days of the date of the damage or destruction, Grantor shall submit to Grantee a written report prepared by a qualified restoration architect and, if required, a qualified engineer, acceptable to Grantor and Grantee, which report shall include the following: (a) an assessment of the nature and extent of the damage; (b) a determination of the feasibility of the restoration of the Facades or reconstruction of the damaged or destroyed portions of the Improvements; and (c) a report of such restoration or reconstruction work necessary to return the Premises to the condition existing at the date hereof [or the date of completion of the Rehabilitation]. (2) If in the opinion of Grantee, after reviewing such report, the purpose and intent of the easement granted hereby will be served by such restoration or reconstruction, Grantor shall, within such time as Grantee may reasonably direct, complete the restoration or reconstruction of the Premises in accordance with plans and specifications approved by Grantee up to at least the total of the proceeds of the casualty insurance covering the loss. Grantee has the right, but not the obligation, to raise funds toward the cost of restoration or reconstruction of the Premises above and beyond the total of the casualty insurance proceeds for the purpose of restoring the appearance of the Facades, and, if such additional funds are raised and applied to the restoration or reconstruction of the Premises, Grantee shall have a lien on the Premises to the extent of any funds so advanced. (3) In the event of casualty damage to the Premises which is of such magnitude and extent as to render repairs or reconstruction of the Improvements impossible using all applicable insurance proceeds and other funds that may be raised by Grantee, as determined by Grantee by reference to bona fide cost estimates, or if in the opinion of Grantee, restoration or reconstruction would not serve the purpose and intent of this Deed and Agreement, then: (a) Until such time as the easement granted by this Deed is extinguished as provided in Article VI below, Grantor shall continue to comply with the provisions of this Deed and Agreement and obtain the prior written consent of Grantee in the event Grantor wishes to alter, demolish, remove or raze the Improvements or construct new buildings on the Premises; and (b) Grantee may elect to choose any salvageable portion of the Facades and remove them from the Premises at Grantee’s cost and expense, and Grantor shall deliver to Grantee a good and sufficient xxxx of sale for such salvaged portions of the Facades.

Casualty Damage or Destruction. (1) In the event that the Premises or any part thereof shall be damaged or destroyed by casualtycasualty in a way that materially and negatively impacts the Easement, Grantor shall notify Grantee in writing within one five (15) day days of the damage or destruction, such notification to include including what, if any, emergency work has already been completed. For purposes of this Deed and Agreementinstrument, the term “casualty” is defined as such sudden damage or loss as would qualify for a loss deduction pursuant to Section 165(c)(3) of the Code IRC (construed without regard to the legal status, trade trade, or business of Grantor or any applicable dollar limitation). No repairs or reconstruction of any type, other than temporary emergency work to prevent further damage to the Premises and to protect public safety, shall be undertaken by Grantor without Grantee’s prior written approvalapproval of the work. Within thirty twenty-eight (3028) days of the date of the damage or destruction, Grantor shall submit to Grantee a written report prepared by a qualified restoration architect andand an engineer, if required, a qualified engineer, acceptable to Grantor and Grantee, which report shall include the followinginclude: (a) an assessment of the nature and extent of the damage; (b) a determination of the feasibility of the restoration of the Facades or Façades and/or reconstruction of the damaged or destroyed portions of the ImprovementsPremises; and (c) a report of such restoration or and/or reconstruction work necessary to return the Premises to the condition existing at the date hereof [immediately prior to the damage or the date of completion of the Rehabilitation]. (2) If destruction. If, in the reasonable opinion of Grantee, Grantor and Grantee after reviewing such report, the purpose and intent of the easement granted hereby Easement will be served by such restoration or and/or reconstruction, Grantor shall, shall within eighteen (18) months after the date of such time as Grantee may reasonably direct, change or destruction complete the restoration or and/or reconstruction of the Premises in accordance with plans and specifications approved consented to by Grantee up to at least the total of the proceeds of the casualty insurance covering the lossproceeds. Grantor shall not be obligated to expend any funds in excess of insurance proceeds it actually receives. Grantee has the right, but not the obligation, right to raise funds toward the cost costs of restoration or and/or reconstruction of the Premises above and beyond the total of the casualty insurance proceeds for the purpose of restoring as may be necessary to restore the appearance of the FacadesFaçades, and, if and such additional funds are raised and applied to the restoration or reconstruction of the Premises, Grantee costs shall have constitute a lien on the Premises to the extent of any funds so advanceduntil repaid by Grantor. (3) In the event of casualty damage to the Premises which is of such magnitude and extent as to render repairs or reconstruction of the Improvements impossible using all applicable insurance proceeds and other funds that may be raised by Grantee, as determined by Grantee by reference to bona fide cost estimates, or if in the opinion of Grantee, restoration or reconstruction would not serve the purpose and intent of this Deed and Agreement, then: (a) Until such time as the easement granted by this Deed is extinguished as provided in Article VI below, Grantor shall continue to comply with the provisions of this Deed and Agreement and obtain the prior written consent of Grantee in the event Grantor wishes to alter, demolish, remove or raze the Improvements or construct new buildings on the Premises; and (b) Grantee may elect to choose any salvageable portion of the Facades and remove them from the Premises at Grantee’s cost and expense, and Grantor shall deliver to Grantee a good and sufficient xxxx of sale for such salvaged portions of the Facades.

Casualty Damage or Destruction. (1) In the event that the Premises Building or any part thereof shall be materially damaged or destroyed by casualty, Grantor shall notify Grantee in writing within one (1) day of the damage or destruction, such notification to include including a description of what, if any, emergency work has already been completed. For purposes of this Deed and Agreementinstrument, the term “"casualty” " is defined as such sudden damage or loss as would qualify for a loss deduction pursuant to Section 165(c)(3) of the Code (construed without regard to the legal status, trade trade, or business of Grantor or any applicable dollar limitation). No repairs or reconstruction of any type, other than temporary emergency work to prevent further damage to the Premises Property and to protect public safety, shall be undertaken by Grantor without Grantee’s 's prior written approvalapproval of the work. Within thirty four (304) days weeks of the date of the damage or destruction, Grantor shall submit to Grantee a written report prepared by a qualified restoration architect andand an engineer, if required, a qualified engineer, acceptable to Grantor and Grantee, Grantee which report shall include the following: (a) an assessment of the nature and extent of the damage; (b) a determination of the feasibility of the restoration of the Facades or Protected Elements and/or reconstruction of the damaged or destroyed portions of the ImprovementsPremises; and (c) a report of such restoration or reconstruction work necessary to return the Premises to the condition existing at immediately prior to the date hereof [or the date of completion of the Rehabilitation]. (2) casualty. If in the opinion of Grantee, after reviewing such report, the purpose and intent of the easement granted hereby this Conservation Right will be served by such restoration or reconstruction, Grantor shall, shall within eighteen (18) months after the date of such time as Grantee may reasonably direct, change or destruction complete the restoration or reconstruction of the Premises in accordance with plans and specifications approved by Grantee up to at least the total of the proceeds of the casualty insurance covering the lossproceeds. Grantee has the right, but not the obligation, right to raise contribute funds toward the cost costs of restoration or reconstruction of the Premises partially destroyed premises above and beyond the total of the casualty insurance proceeds for the purpose of restoring as may be necessary to restore the appearance of the FacadesPremises, and, if and such additional funds are raised and applied to the restoration or reconstruction of the Premises, Grantee costs shall have constitute a lien on the Premises to the extent of any funds so advanceduntil repaid by Grantor. (3) In the event of casualty damage to the Premises which is of such magnitude and extent as to render repairs or reconstruction of the Improvements impossible using all applicable insurance proceeds and other funds that may be raised by Grantee, as determined by Grantee by reference to bona fide cost estimates, or if in the opinion of Grantee, restoration or reconstruction would not serve the purpose and intent of this Deed and Agreement, then: (a) Until such time as the easement granted by this Deed is extinguished as provided in Article VI below, Grantor shall continue to comply with the provisions of this Deed and Agreement and obtain the prior written consent of Grantee in the event Grantor wishes to alter, demolish, remove or raze the Improvements or construct new buildings on the Premises; and (b) Grantee may elect to choose any salvageable portion of the Facades and remove them from the Premises at Grantee’s cost and expense, and Grantor shall deliver to Grantee a good and sufficient xxxx of sale for such salvaged portions of the Facades.

Casualty Damage or Destruction. 1. In case of any damage to or destruction of the buildings, structures and equipment on the Leased Premises, or any part thereof, Lessee will promptly give written notice thereof to Lessor, generally describing the nature and extent of such damage and/or destruction. 2. In case of any damage to or destruction of the buildings, structures and equipment on the Leased Premises, or any part thereof, Lessee, whether or not the insurance proceeds, if any, payable on account of such damage and/or destruction shall be sufficient for such purpose, at Lessee’s sole cost, risk and expense, will promptly commence and complete the restoration, repair and replacement of said buildings, structures and equipment as nearly as possible to their value, condition and character immediately prior to such damage and/or destruction, with such alterations in and additions thereto as may be approved in writing by Xxxxxx (hereinafter sometimes referred to as the “Restoration”). 3. All insurance proceeds, if any, payable on account of such damage to or destruction of the buildings, structures and equipment on the Leased Premises shall be held by Lessor. Lessor shall be protected in acting upon any certificate believed by Xxxxxx to be genuine and to have been executed by the proper party and shall receive such certificate as conclusive evidence of any fact or as to any matter therein set forth. Such certificate shall be full warranty, authority and protection to Lessor in acting thereon, and Lessor shall be under no duty to take any action other than as set forth in this Section. 4. Insurance proceeds received by Lessor on account of any damage to or destruction of the buildings, structures and equipment on the Leased Premises, or any part thereof (less the costs, fees and expenses incurred by Lessor and Lessee in the collection thereof, including, without limitation, adjuster’s and attorney’s fees and expenses) shall be applied as follows: A. Net insurance proceeds as above defined shall be paid to Lessee or as Lessee may direct from time to time as Restoration progresses to pay (or reimburse Lessee for) the cost of Restoration, upon written request of Lessee to Lessor accompanied by: (1) a certificate of a supervising architect or engineer approved by Lessor, describing in reasonable detail the work and material in question and the cost thereof, stating that the same were necessary or appropriate to the Restoration and constitute a complete part thereof, and that no part of the cost thereof has theretofore been reimbursed, and specifying the additional amount, if any, necessary to complete the Restoration; and (2) an opinion of counsel satisfactory to Lessor that there exist no mechanics’, materialmen’s or similar liens for labor or materials except such, if any, as are discharged by the payment of the amount requested. B. Upon receipt by Lessor of evidence of the character required by the foregoing paragraphs (A)(1) and (2) that Restoration has been completed and the cost thereof paid in full, and that there are no mechanics’, materialmen’s or similar liens for labor or materials supplied in connection therewith, the balance, if any, of such proceeds shall be paid to Lessee or as Lessee may direct. 5. In the event that Lessee does not promptly commence Restoration, or after commencement Lessee does not diligently proceed to the Premises or any part thereof completion of same, Lessee shall be damaged or destroyed by casualty, Grantor shall notify Grantee in writing within one (1) day of the damage or destruction, such notification to include what, if any, emergency work has already been completed. For purposes default as described in Section 17 of this Deed Lease and Agreement, Lessor shall have the term “casualty” is defined as such sudden damage right to commence or loss as would qualify for a loss deduction pursuant to Section 165(c)(3) of the Code (construed without regard to the legal status, trade or business of Grantor or any applicable dollar limitation). No repairs or reconstruction of any type, other than temporary emergency work to prevent further damage to the Premises and to protect public safety, shall be undertaken by Grantor without Grantee’s prior written approval. Within complete Restoration after Lessor has given Lessee thirty (30) days prior written notice requesting the commencement of the date of the damage Restoration or destruction, Grantor shall submit to Grantee a written report prepared by a qualified restoration architect and, if required, a qualified engineer, acceptable to Grantor and Grantee, which report shall include the following: (a) an assessment of the nature and extent of the damage; (b) a determination of the feasibility of the restoration of the Facades or reconstruction of the damaged or destroyed portions of the Improvements; and (c) a report of such restoration or reconstruction work necessary to return the Premises that Lessee diligently proceed to the condition existing at the date hereof [or the date of completion of the Rehabilitation]. (2) If in the opinion of Grantee, after reviewing same if Lessee during such report, the purpose and intent of the easement granted hereby will be served by such restoration or reconstruction, Grantor shall, within such time as Grantee may reasonably direct, complete the restoration or reconstruction of the Premises in accordance with plans and specifications approved by Grantee up to at least the total of the proceeds of the casualty insurance covering the loss. Grantee has the right, but not the obligation, to raise funds toward the cost of restoration or reconstruction of the Premises above and beyond the total of the casualty insurance proceeds for the purpose of restoring the appearance of the Facades, and, if such additional funds are raised and applied to the restoration or reconstruction of the Premises, Grantee shall have a lien on the Premises to the extent of any funds so advanced. (3) In the event of casualty damage to the Premises which is of such magnitude and extent as to render repairs or reconstruction of the Improvements impossible using all applicable insurance proceeds and other funds that may be raised by Grantee, as determined by Grantee by reference to bona fide cost estimates, or if in the opinion of Grantee, restoration or reconstruction would not serve the purpose and intent of this Deed and Agreement, then: (a) Until such time as the easement granted by this Deed is extinguished as provided in Article VI below, Grantor shall continue to comply with the provisions of this Deed and Agreement and obtain the prior written consent of Grantee in the event Grantor wishes to alter, demolish, remove or raze the Improvements or construct new buildings on the Premises; and (b) Grantee may elect to choose any salvageable portion of the Facades and remove them from the Premises at Grantee’s cost and expense, and Grantor shall deliver to Grantee a good and sufficient xxxx of sale for such salvaged portions of the Facades.thirty

Casualty Damage or Destruction. (1) A. In case of any damage to or destruction of the event that buildings, structures, fixtures and equipment, or any other improvements, on or at the Premises Premises, or any part thereof, Tenant shall promptly give written notice thereof shall be damaged or destroyed by casualtyto Landlord, Grantor shall notify Grantee in writing within one (1) day of the damage or destruction, such notification to include what, if any, emergency work has already been completed. For purposes of this Deed and Agreement, the term “casualty” is defined as such sudden damage or loss as would qualify for a loss deduction pursuant to Section 165(c)(3) of the Code (construed without regard to the legal status, trade or business of Grantor or any applicable dollar limitation). No repairs or reconstruction of any type, other than temporary emergency work to prevent further damage to the Premises and to protect public safety, shall be undertaken by Grantor without Grantee’s prior written approval. Within thirty (30) days of the date of the damage or destruction, Grantor shall submit to Grantee a written report prepared by a qualified restoration architect and, if required, a qualified engineer, acceptable to Grantor and Grantee, which report shall include the following: (a) an assessment of generally describing the nature and extent of such damage and/or destruction. B. If the damage; Premises (b) a determination the hangar building or structure, excluding Tenant's fixtures, furniture, equipment, personal property and leasehold improvements made by or on behalf of Tenant or any assignee, subtenant or other occupant of the feasibility Premises) should be substantially, totally, or partially destroyed or damaged by fire, tornado or other casualty, this Lease shall not terminate, but Landlord may, at Landlord’s sole option and at Landlord's sole cost, expense and risk, proceed forthwith and use reasonable diligence to rebuild or repair the Premises (the hangar building or structure, but excluding Tenant's fixtures, furniture, equipment, personal property and leasehold improvements made by or on behalf of Tenant or any permitted assignee, subtenant or other occupant or user of the restoration of Premises) to substantially the Facades condition in which it existed prior to such destruction or reconstruction of the damaged damage; provided, however, that if Landlord elects not to rebuild or destroyed portions of the Improvements; and (c) a report repair such damage or destruction and notifies Tenant in writing of such restoration or reconstruction work necessary to return election, then this Lease shall terminate and rent shall be abated for the Premises to the condition existing at the date hereof [or unexpired portion of this Lease, effective from the date of actual receipt by Landlord of the written notification of the damage or destruction from Tenant. If Landlord elects to rebuild or repair the Premises and the Premises are untenantable in whole or in part following such destruction or damage, during the period of such rebuilding or repair the Rent payable hereunder shall be equitably adjusted for that period during which the Premises are untenantable. However, if the destruction or damage was caused by the negligence, gross negligence, or willful or wanton act or omission of Tenant, or any of Tenant’s officers, employees, agents, subtenants, licensees, contractors, subcontractors, or invitees, or any other person for whom Tenant is responsible, Rent shall not be abated and Tenant shall have the continuing obligation to pay Rent during the period of such rebuilding or repair. If Landlord elects to rebuild or repair the Premises (the hangar building or structure) as set forth above, Tenant shall, immediately upon notice from Landlord, remove from the Premises its equipment and property as reasonably required by Landlord to complete such rebuilding or repair. Upon the completion of such rebuilding or repair, Tenant shall restore the Rehabilitation]Premises and Tenant's property and promptly reopen for business. Tenant shall use the proceeds from Tenant's insurance policies for restoration of improvements made by Tenant to the Premises, for restoration and/or replacement of Tenant's equipment, trade fixtures, and inventory, and to cover any business interruption loss. (2) If in C. Xxxxxxxx’s election to pay for the opinion of Grantee, after reviewing such report, the purpose and intent cost of the easement granted hereby will be served by such restoration repair or reconstruction, Grantor shall, within such time as Grantee may reasonably direct, complete the restoration or reconstruction rebuilding of the Premises in accordance with plans and specifications approved by Grantee up to (the hangar building or structure) or any part thereof may, at least the total of Landlord’s option, not extend beyond or exceed the proceeds of the any casualty or property damage insurance covering the losspayable and actually collected in connection with such damage or destruction. Grantee has the right, but not the obligation, to raise funds toward the cost of restoration or reconstruction of the Premises above and beyond the total of the casualty All insurance proceeds for the purpose of restoring the appearance of the Facades, andproceeds, if such additional funds are raised and applied to the restoration or reconstruction of the Premisesany, Grantee shall have a lien payable on the Premises to the extent of any funds so advanced. (3) In the event of casualty damage to the Premises which is account of such magnitude damage or destruction shall be held and extent as to render repairs retained by Landlord (whether or reconstruction of the Improvements impossible using all applicable insurance proceeds and other funds that may be raised by Grantee, as determined by Grantee by reference to bona fide cost estimates, not such repair or if in the opinion of Grantee, restoration rebuilding occurs or reconstruction would not serve the purpose and intent of this Deed and Agreement, then: (a) Until such time as the easement granted by this Deed is extinguished as provided in Article VI below, Grantor shall continue to comply with the provisions of this Deed and Agreement and obtain the prior written consent of Grantee in the event Grantor wishes to alter, demolish, remove or raze the Improvements or construct new buildings on the Premises; and (b) Grantee may elect to choose any salvageable portion of the Facades and remove them from the Premises at Grantee’s cost and expense, and Grantor shall deliver to Grantee a good and sufficient xxxx of sale for such salvaged portions of the FacadesLease terminates).

Casualty Damage or Destruction. (1) A. In case of any damage to or destruction of the event that buildings, structures, fixtures and equipment, or any other improvements, on or at the Premises Premises, or any part thereof, Tenant shall promptly give written notice thereof shall be damaged or destroyed by casualtyto Landlord, Grantor shall notify Grantee in writing within one (1) day of the damage or destruction, such notification to include what, if any, emergency work has already been completed. For purposes of this Deed and Agreement, the term “casualty” is defined as such sudden damage or loss as would qualify for a loss deduction pursuant to Section 165(c)(3) of the Code (construed without regard to the legal status, trade or business of Grantor or any applicable dollar limitation). No repairs or reconstruction of any type, other than temporary emergency work to prevent further damage to the Premises and to protect public safety, shall be undertaken by Grantor without Grantee’s prior written approval. Within thirty (30) days of the date of the damage or destruction, Grantor shall submit to Grantee a written report prepared by a qualified restoration architect and, if required, a qualified engineer, acceptable to Grantor and Grantee, which report shall include the following: (a) an assessment of generally describing the nature and extent of such damage and/or destruction. B. If the damage; Premises (b) a determination the hangar building or structure, excluding Tenant's fixtures, furniture, equipment, personal property and leasehold improvements made by or on behalf of Tenant or any assignee, subtenant or other occupant of the feasibility Premises) should be substantially, totally, or partially destroyed or damaged by fire, tornado or other casualty, this Lease shall not terminate, but Landlord may, at Landlord’s sole option and at Landlord's sole cost, expense and risk, proceed forthwith and use reasonable diligence to rebuild or repair the Premises (the hangar building or structure, but excluding Tenant's fixtures, furniture, equipment, personal property and leasehold improvements made by or on behalf of Tenant or any permitted assignee, subtenant or other occupant or user of the restoration of Premises) to substantially the Facades condition in which it existed prior to such destruction or reconstruction of the damaged damage; provided, however, that if Landlord elects not to rebuild or destroyed portions of the Improvements; and (c) a report repair such damage or destruction and notifies Tenant in writing of such restoration or reconstruction work necessary to return election, then this Lease shall terminate and rent shall be abated for the Premises to the condition existing at the date hereof [or unexpired portion of this Lease, effective from the date of actual receipt by Landlord of the written notification of the damage or destruction from Tenant. If Landlord elects to rebuild or repair the Premises and the Premises are untenantable in whole or in part following such destruction or damage, during the period of such rebuilding or repair the Rent payable hereunder shall be equitably adjusted for that period during which the Premises are untenantable. However, if the destruction or damage was caused by the negligence, gross negligence, or willful or wanton act or omission of Tenant, or any of Tenant’s officers, employees, agents, subtenants, licensees, contractors, subcontractors, or invitees, or any other person for whom Tenant is responsible, Rent shall not be abated and Tenant shall have the continuing obligation to pay Rent during the period of such rebuilding or repair. If Landlord elects to rebuild or repair the Premises (the hangar building or structure) as set forth above, Tenant shall, immediately upon notice from Landlord, remove from the Premises its equipment and property as reasonably required by Landlord to complete such rebuilding or repair. Upon the completion of such rebuilding or repair, Tenant shall restore the Rehabilitation]Premises and Tenant's property and promptly reopen for business. Tenant shall use the proceeds from Tenant's insurance policies for restoration of improvements made by Tenant to the Premises, for restoration and/or replacement of Tenant's equipment, trade fixtures, and inventory, and to cover any business interruption loss. (2) If in C. Landlord’s election to pay for the opinion of Grantee, after reviewing such report, the purpose and intent cost of the easement granted hereby will be served by such restoration repair or reconstruction, Grantor shall, within such time as Grantee may reasonably direct, complete the restoration or reconstruction rebuilding of the Premises in accordance with plans and specifications approved by Grantee up to (the hangar building or structure) or any part thereof may, at least the total of Landlord’s option, not extend beyond or exceed the proceeds of the any casualty or property damage insurance covering the losspayable and actually collected in connection with such damage or destruction. Grantee has the right, but not the obligation, to raise funds toward the cost of restoration or reconstruction of the Premises above and beyond the total of the casualty All insurance proceeds for the purpose of restoring the appearance of the Facades, andproceeds, if such additional funds are raised and applied to the restoration or reconstruction of the Premisesany, Grantee shall have a lien payable on the Premises to the extent of any funds so advanced. (3) In the event of casualty damage to the Premises which is account of such magnitude damage or destruction shall be held and extent as to render repairs retained by Landlord (whether or reconstruction of the Improvements impossible using all applicable insurance proceeds and other funds that may be raised by Grantee, as determined by Grantee by reference to bona fide cost estimates, not such repair or if in the opinion of Grantee, restoration rebuilding occurs or reconstruction would not serve the purpose and intent of this Deed and Agreement, then: (a) Until such time as the easement granted by this Deed is extinguished as provided in Article VI below, Grantor shall continue to comply with the provisions of this Deed and Agreement and obtain the prior written consent of Grantee in the event Grantor wishes to alter, demolish, remove or raze the Improvements or construct new buildings on the Premises; and (b) Grantee may elect to choose any salvageable portion of the Facades and remove them from the Premises at Grantee’s cost and expense, and Grantor shall deliver to Grantee a good and sufficient xxxx of sale for such salvaged portions of the FacadesLease terminates).

Casualty Damage or Destruction. (1) A. In case of any damage to or destruction of the event that buildings, structures, fixtures and equipment, or any other improvements, on or at the Premises Premises, or any part thereof, Tenant shall promptly give written notice thereof shall be damaged or destroyed by casualtyto Landlord, Grantor shall notify Grantee in writing within one (1) day of the damage or destruction, such notification to include what, if any, emergency work has already been completed. For purposes of this Deed and Agreement, the term “casualty” is defined as such sudden damage or loss as would qualify for a loss deduction pursuant to Section 165(c)(3) of the Code (construed without regard to the legal status, trade or business of Grantor or any applicable dollar limitation). No repairs or reconstruction of any type, other than temporary emergency work to prevent further damage to the Premises and to protect public safety, shall be undertaken by Grantor without Grantee’s prior written approval. Within thirty (30) days of the date of the damage or destruction, Grantor shall submit to Grantee a written report prepared by a qualified restoration architect and, if required, a qualified engineer, acceptable to Grantor and Grantee, which report shall include the following: (a) an assessment of generally describing the nature and extent of such damage and/or destruction. B. If the damage; Premises (b) a determination the hangar building or structure, excluding Tenant's fixtures, furniture, equipment, personal property and leasehold improvements made by or on behalf of Tenant or any assignee, subtenant or other occupant of the feasibility Premises) should be substantially, totally, or partially destroyed or damaged by fire, tornado or other casualty, this Lease shall not terminate, but Landlord may, at Landlord’s sole option and at Landlord's sole cost, expense and risk, proceed forthwith and use reasonable diligence to rebuild or repair the Premises (the hangar building or structure, but excluding Tenant's fixtures, furniture, equipment, personal property and leasehold improvements made by or on behalf of Tenant or any permitted assignee, subtenant or other occupant or user of the restoration of Premises) to substantially the Facades condition in which it existed prior to such destruction or reconstruction of the damaged damage; provided, however, that if Landlord elects not to rebuild or destroyed portions of the Improvements; and (c) a report repair such damage or destruction and notifies Tenant in writing of such restoration or reconstruction work necessary to return election, then this Lease shall terminate and rent shall be abated for the Premises to the condition existing at the date hereof [or unexpired portion of this Lease, effective from the date of actual receipt by Landlord of the written notification of the damage or destruction from Tenant. If Landlord elects to rebuild or repair the Premises and the Premises are untenantable in whole or in part following such destruction or damage, during the period of such rebuilding or repair the Rent payable hereunder shall be equitably adjusted for that period during which the Premises are untenantable. However, if the destruction or damage was caused by the negligence, gross negligence, or willful or wanton act or omission of Tenant, or any of Tenant’s officers, employees, agents, subtenants, licensees, contractors, subcontractors, or invitees, or any other person for whom Tenant is responsible, Rent shall not be abated and Tenant shall have the continuing obligation to pay Rent during the period of such rebuilding or repair. If Landlord elects to rebuild or repair the Premises (the hangar building or structure) as set forth above, Tenant shall, immediately upon notice from Landlord, remove from the Premises its equipment and property as reasonably required by Landlord to complete such rebuilding or repair. Upon the completion of such rebuilding or repair, Tenant shall restore the Rehabilitation]Premises and Tenant's property and promptly reopen for business. Tenant shall use the proceeds from Tenant's insurance policies for restoration of improvements made by Tenant to the Premises, for restoration and/or replacement of Tenant's equipment, trade fixtures, and inventory, and to cover any business interruption loss. (2) If in X. Xxxxxxxx’s election to pay for the opinion of Grantee, after reviewing such report, the purpose and intent cost of the easement granted hereby will be served by such restoration repair or reconstruction, Grantor shall, within such time as Grantee may reasonably direct, complete the restoration or reconstruction rebuilding of the Premises in accordance with plans and specifications approved by Grantee up to (the hangar building or structure) or any part thereof may, at least the total of Landlord’s option, not extend beyond or exceed the proceeds of the any casualty or property damage insurance covering the losspayable and actually collected in connection with such damage or destruction. Grantee has the right, but not the obligation, to raise funds toward the cost of restoration or reconstruction of the Premises above and beyond the total of the casualty All insurance proceeds for the purpose of restoring the appearance of the Facades, andproceeds, if such additional funds are raised and applied to the restoration or reconstruction of the Premisesany, Grantee shall have a lien payable on the Premises to the extent of any funds so advanced. (3) In the event of casualty damage to the Premises which is account of such magnitude damage or destruction shall be held and extent as to render repairs retained by Landlord (whether or reconstruction of the Improvements impossible using all applicable insurance proceeds and other funds that may be raised by Grantee, as determined by Grantee by reference to bona fide cost estimates, not such repair or if in the opinion of Grantee, restoration rebuilding occurs or reconstruction would not serve the purpose and intent of this Deed and Agreement, then: (a) Until such time as the easement granted by this Deed is extinguished as provided in Article VI below, Grantor shall continue to comply with the provisions of this Deed and Agreement and obtain the prior written consent of Grantee in the event Grantor wishes to alter, demolish, remove or raze the Improvements or construct new buildings on the Premises; and (b) Grantee may elect to choose any salvageable portion of the Facades and remove them from the Premises at Grantee’s cost and expense, and Grantor shall deliver to Grantee a good and sufficient xxxx of sale for such salvaged portions of the FacadesLease terminates).