Common use of Casualty or Taking Clause in Contracts

Casualty or Taking. In the event of casualty or loss or a Taking at any of the Individual Properties, Borrowers shall give immediate written notice of the same to the insurance carrier and to Lender and shall promptly commence and diligently prosecute to completion, in accordance with the terms hereof, all Legal Requirements, the repair and restoration of the affected Individual Property as nearly as possible to the Pre-Existing Condition (hereinafter defined) (a “Restoration”). Borrowers shall pay all costs of such Restoration whether or not such costs are covered by insurance or Condemnation Proceeds. Borrowers hereby authorize and empower Lender (a) to make proof of loss, to adjust and compromise or settle any claim under insurance policies, including business interruption or rent loss insurance, or in connection with a Taking, (b) to appear in and prosecute any action arising from any insurance policies or Taking, (c) to collect and receive insurance proceeds and Condemnation Proceeds, and (d) to deduct therefrom Lender’s expenses incurred in the collection of such proceeds; provided however, that nothing contained in this Section shall require Lender to incur any expense or take any action hereunder. Borrowers further authorize Lender, at Lender’s option, (i) to hold the balance of such proceeds to be used to pay for the cost of Restoration of the applicable Individual Property or (ii) subject to Section 5.5(C), to apply such proceeds to payment of the Obligations whether or not then due, in any order, and, provided that no Event of Default has occurred and is continuing, upon any such application of insurance proceeds or Condemnation Proceeds to the Obligations pursuant to the foregoing, no Prepayment Consideration shall be due and payable. Notwithstanding the foregoing, in the event of a casualty or Taking with respect to an Individual Property where the loss does not exceed the Restoration Threshold for such Individual Property, and the casualty or Taking (as applicable), in Lender’s reasonable judgment, has no material impact on the remainder of such Individual Property, Borrowers may settle and adjust such claim; provided that (a) no Event of Default has occurred and is continuing and (b) such adjustment and the Restoration are carried out in a commercially reasonable and timely manner, and further provided that Lender’s reasonable consent shall be required for the adjustment or settlement by any Borrower of any claim the settlement or adjustment of which may reasonably be anticipated to result in proceeds in excess of $500,000.

Casualty or Taking. 8.1 In case during the event Term all or any substantial part of the Premises or the Building or the Lot are damaged materially by fire or other casualty or loss by action of public or a Taking other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done in pursuance of public or other authority, this Lease shall terminate at Landlord’s election, which may be made notwithstanding Landlord’s entire interest may have been divested, by notice given to Tenant within sixty (60) days after the election to terminate arises, specifying the effective date of termination. The effective date of termination specified by Landlord shall be not less than fifteen (15) nor more than thirty (30) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage or taking, subject, however, to the following provisions. If in any such case the Premises are rendered unfit for use and occupation and this Lease is not so terminated, Landlord shall use reasonable efforts (following the expiration of the Individual Properties, Borrowers shall give immediate written notice of the same to the insurance carrier and to Lender and shall promptly commence and diligently prosecute to completion, sixty (60) day period in accordance with the terms hereof, all Legal Requirements, the repair and restoration of the affected Individual Property as nearly as possible to the Pre-Existing Condition (hereinafter defined) (a “Restoration”). Borrowers shall pay all costs of such Restoration whether or not such costs are covered by insurance or Condemnation Proceeds. Borrowers hereby authorize and empower Lender (awhich Landlord may terminate this Lease) to make proof of loss, to adjust put the Premises and compromise or settle any claim under insurance policies, including business interruption or rent loss insurancethe Building, or in connection with a Taking, case of taking what may remain thereof into proper condition for use and occupation (b) excluding in case of both casualty and taking any items installed or paid for by Tenant which Tenant may be required to appear remove pursuant to this Lease). Landlord shall not be required to expend sums in and prosecute any action arising from any insurance policies or Taking, (c) to collect and receive insurance excess of the net proceeds and Condemnation Proceeds, and (d) to deduct therefrom Lender’s expenses incurred in the collection received on account of such proceeds; provided howevercasualty or taking. A just proportion of the Fixed Rent and Additional Rent according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been put by Landlord in such condition. In case of a taking which permanently reduces the area of the Premises, that nothing contained in this Section a just proportion of the Fixed Rent and Additional Rent shall require Lender to incur any expense or take any action hereunder. Borrowers further authorize Lender, at Lender’s option, (i) to hold the balance of such proceeds to be used to pay abated for the cost of Restoration remainder of the applicable Individual Property or (ii) subject to Section 5.5(C), to apply such proceeds to payment of the Obligations whether or not then dueTerm. However, in any orderevent, andTenant may terminate this Lease, provided that without penalty, if the Premises are not restored to its original condition no Event of Default has occurred and is continuing, upon any such application of insurance proceeds later than one hundred eighty (180) days after the fire or Condemnation Proceeds to the Obligations pursuant to the foregoing, no Prepayment Consideration shall be due and payable. Notwithstanding the foregoing, in the event of a casualty or Taking with respect to an Individual Property where the loss does not exceed the Restoration Threshold for such Individual Property, and the casualty or Taking (as applicable), in Lender’s reasonable judgment, has no material impact on the remainder of such Individual Property, Borrowers may settle and adjust such claim; provided that (a) no Event of Default has occurred and is continuing and (b) such adjustment and the Restoration are carried out in a commercially reasonable and timely manner, and further provided that Lender’s reasonable consent shall be required for the adjustment or settlement by any Borrower of any claim the settlement or adjustment of which may reasonably be anticipated to result in proceeds in excess of $500,000other casualty.

Casualty or Taking. 8.1 In case during the event Term all or any substantial part of the Premises or the Building or the Lot are damaged materially by fire or other casualty or loss by action of public or a Taking other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done in pursuance of public or other authority, this Lease shall terminate at Landlord's election, which may be made notwithstanding Landlord's entire interest may have been divested, by notice given to Tenant within forty-five (45) days after the election to terminate arises, specifying the effective date of termination. The effective date of termination specified by Landlord shall be not less than fifteen (15) nor more than thirty (30) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this lease shall remain in full force and effect following any such damage or taking, subject, however, to the following provisions. If in any such case the Premises are rendered unfit for use and occupation and this lease is not so terminated, Landlord shall use reasonable efforts (following the expiration of the Individual Properties, Borrowers shall give immediate written notice of the same to the insurance carrier and to Lender and shall promptly commence and diligently prosecute to completion, forty-five (45) day period in accordance with the terms hereof, all Legal Requirements, the repair and restoration of the affected Individual Property as nearly as possible to the Pre-Existing Condition (hereinafter defined) (a “Restoration”). Borrowers shall pay all costs of such Restoration whether or not such costs are covered by insurance or Condemnation Proceeds. Borrowers hereby authorize and empower Lender (awhich Landlord may terminate this lease) to make proof of loss, to adjust and compromise or settle any claim under insurance policies, including business interruption or rent loss insuranceput the Premises, or in connection with a Taking, case of taking what may remain thereof into proper condition for use and occupation (b) excluding in case of both casualty and taking any items installed or paid for by Tenant which Tenant may be required to appear remove pursuant to this lease). Landlord shall not be required to expend sums in and prosecute any action arising from any insurance policies or Taking, (c) to collect and receive insurance excess of the net proceeds and Condemnation Proceeds, and (d) to deduct therefrom Lender’s expenses incurred in the collection received on account of such proceeds; provided however, that nothing contained in this Section shall require Lender to incur any expense casualty or take any action hereundertaking. Borrowers further authorize Lender, at Lender’s option, (i) to hold the balance of such proceeds to be used to pay for the cost of Restoration A just proportion of the applicable Individual Property or (ii) subject Fixed Rent and Additional Rent according to Section 5.5(C), to apply such proceeds to payment the nature and extent of the Obligations whether or not then due, in any order, and, provided that no Event of Default has occurred and is continuing, upon any such application of insurance proceeds or Condemnation Proceeds to the Obligations pursuant to the foregoing, no Prepayment Consideration injury shall be due and payableabated until the Premises or such remainder shall have been put by Landlord in such condition. Notwithstanding the foregoing, in the event In case of a casualty or Taking with respect to an Individual Property where taking which permanently reduces the loss does not exceed area of the Restoration Threshold Premises, a just proportion of the Fixed Rent and Additional Rent shall be abated for such Individual Property, and the casualty or Taking (as applicable), in Lender’s reasonable judgment, has no material impact on the remainder of such Individual Property, Borrowers may settle and adjust such claim; provided that (a) no Event of Default has occurred and is continuing and (b) such adjustment and the Restoration are carried out in a commercially reasonable and timely manner, and further provided that Lender’s reasonable consent shall be required for the adjustment or settlement by any Borrower of any claim the settlement or adjustment of which may reasonably be anticipated to result in proceeds in excess of $500,000Term.

Casualty or Taking. 12.1 LANDLORD to Repair or Rebuild in the Event of Casualty. In case the Demised Premises or any part thereof shall be damaged or destroyed by fire or other casualty, taken (which term or reference to an eminent domain action generally, for the purposes of this article, shall include a sale in lieu of the exercise of the right of eminent domain) or ordered to be demolished by the action of any public authority in consequence of a fire or other casualty, this Lease shall, unless it is terminated as provided below in Section 12.2 or 12.3, remain in full force and effect, except as provided below, and LANDLORD shall, at its expense, proceed with due diligence to repair or rebuild the Demised Premises, or what may remain thereof, so as to restore it as nearly as practicable to the condition it was in immediately prior to such damage or destruction. Said repair or rebuilding shall relate to the work to be performed by LANDLORD in connection with the Building and shall not relate to the Tenant fit-up work described in this Lease. In the event, however, that the destruction to the Demised Premises exceeds fifty percent (50%) of the insurable value thereof, then the LANDLORD shall have the right to terminate the Lease upon sixty (60) days notice to TENANT. In the event of casualty or loss or a Taking at any that the LANDLORD is not able to repair the Demised Premises for full use and operation by the TENANT within eight (8) months of the Individual Propertiesdate of said casualty, Borrowers then the TENANT shall give immediate have the right to terminate this Lease upon sixty (60) days written notice to the LANDLORD. In the event that as a result of said casualty, TENANT is not able to occupy any part of the same Demised Premises, then TENANT'S rental obligations to LANDLORD with regard to its base rent payments shall cease until the insurance carrier and TENANT is able to Lender and shall promptly commence and diligently prosecute re-occupy the Demised Premises. In the event that as a result of said casualty, TENANT is only able to completion, in accordance with the terms hereof, all Legal Requirements, the repair and restoration occupy a part of the affected Individual Property as nearly as possible Demised Premises, then TENANT'S rental obligations to LANDLORD with regard to its base rent payments shall be reduced on a pro-rata basis based upon the Pre-Existing Condition (hereinafter defined) (a “Restoration”). Borrowers shall pay all costs of such Restoration whether or not such costs are covered by insurance or Condemnation Proceeds. Borrowers hereby authorize and empower Lender (a) to make proof of loss, to adjust and compromise or settle any claim under insurance policies, including business interruption or rent loss insurance, or in connection with a Taking, (b) to appear in and prosecute any action arising from any insurance policies or Taking, (c) to collect and receive insurance proceeds and Condemnation Proceeds, and (d) to deduct therefrom Lender’s expenses incurred in the collection of such proceeds; provided however, that nothing contained in this Section shall require Lender to incur any expense or take any action hereunder. Borrowers further authorize Lender, at Lender’s option, (i) to hold the balance of such proceeds to be used to pay for the cost of Restoration percentage of the applicable Individual Property or (ii) subject to Section 5.5(C), to apply such proceeds to payment of the Obligations whether or not then due, in any order, and, provided that no Event of Default has occurred and is continuing, upon any such application of insurance proceeds or Condemnation Proceeds to the Obligations pursuant to the foregoing, no Prepayment Consideration shall be due and payable. Notwithstanding the foregoing, in the event of a casualty or Taking with respect to an Individual Property where the loss does not exceed the Restoration Threshold for such Individual Property, and the casualty or Taking (as applicable), in Lender’s reasonable judgment, has no material impact on the remainder of such Individual Property, Borrowers may settle and adjust such claim; provided that (a) no Event of Default has occurred and is continuing and (b) such adjustment and the Restoration are carried out in a commercially reasonable and timely manner, and further provided that Lender’s reasonable consent shall be required for the adjustment or settlement Demised Premises still usable by any Borrower of any claim the settlement or adjustment of which may reasonably be anticipated to result in proceeds in excess of $500,000TENANT.

Casualty or Taking. In the event of a Taking, or a casualty or loss or a Taking reasonably estimated to exceed $100,000, at any of the Individual PropertiesProperty, Borrowers Borrower shall give immediate written notice of the same to the insurance carrier and to Lender and shall promptly commence and diligently prosecute to completion, in accordance with the terms hereof, all Legal Requirements, the repair and restoration of the affected such Individual Property as nearly as possible to the Pre-Existing Condition (hereinafter defined) (a “Restoration”). Borrowers Borrower shall pay all costs of such Restoration whether or not such costs are covered by insurance or Condemnation Proceeds. Borrowers Borrower hereby authorize authorizes and empower Lender empowers Lender, if an Event of Default exists or if the casualty or Taking involves a loss in excess of the Restoration Threshold, (a) to make proof of loss, to adjust and compromise or settle any claim under insurance policies, including without limitation business interruption or rent loss insurance, or in connection with a Taking, (b) to appear in and prosecute any action arising from any insurance policies or Taking, (c) to collect and receive insurance proceeds and Condemnation Proceeds, and (d) to deduct therefrom Lender’s expenses incurred in the collection of such proceeds; provided however, that nothing contained in this Section shall require Lender to incur any expense or take any action hereunder. Borrowers Borrower further authorize authorizes Lender, at Lender’s option, if the casualty involves a loss in excess of the Restoration Threshold, (i) to hold the balance of such proceeds to be used to pay for the cost of Restoration 46 of the applicable affected Individual Property or (ii) subject to Section 5.5(C), to apply such proceeds to payment of the Obligations whether or not then due, in any order, and, provided that no Event of Default has occurred and is continuing, upon any such application of insurance proceeds or Condemnation Proceeds to the Obligations pursuant to the foregoing, no Prepayment Consideration shall be due and payable. Notwithstanding the foregoing, in the event of a casualty or Taking with respect to an Individual Property where the loss does not exceed the Restoration Threshold for such Individual PropertyThreshold, and Borrower shall, without the casualty or Taking (as applicable), in necessity of Lender’s reasonable judgmentconsent or participation, has no material impact on the remainder of such Individual Property, Borrowers may directly receive all insurance proceeds from its insurance carrier(s) and settle and adjust such claim; provided that (a) no Event of Default has occurred and is continuing and (b) such adjustment and the Restoration are carried out in a commercially reasonable and timely manner, and further provided that Lender’s reasonable consent shall be required for the adjustment or settlement by any Borrower of any claim the settlement or adjustment of which may reasonably be anticipated to result in proceeds in excess of $500,000.