Casualty Repair. If the Property shall be partially damaged by fire or other casualty insured under the Lessor's insurance policies, then upon the Lessor's receipt of the insurance proceeds, the Lessor shall, except as otherwise provided herein, repair and restore the same (exclusive of the Lessee's trade fixtures, decorations, signs and contents) substantially to the condition thereof immediately prior to such damage or destruction.
Casualty Repair. Seller agrees that if any Assets are destroyed or damaged, in whole or in part, by fire or other casualty prior to or on the Effective Time, Seller shall repair or replace such Assets with reasonable promptness, provided, however, if the insurance proceeds net of expenses do not equal the allocated value of the damaged Asset as set forth on Schedule 12.02, Seller may elect to pay to Buyer an amount equal to the value of such Asset or terminate this Agreement. Any insurance proceeds exceeding the cost of repair of the damaged Asset shall be an Excluded Asset.
Casualty Repair. In the event of damage to, or total or partial destruction of, the Building or any fixtures, equipment or systems that constitute a part of the Building, by fire or other casualty (the "Casualty"), the insurance proceeds, if any, that, as a result of such Casualty, are payable under any fire and extended coverage insurance maintained by Landlord (the "Insurance Proceeds") shall be payable to, and be the sole property of, Landlord, and, subject to the terms and conditions of this Section, Landlord shall cause the prompt and diligent repair and replacement of the Building as soon as reasonably possible to substantially the same condition as existed prior to such damage or destruction; provided that:
(i) Landlord shall not be obligated to repair or replace alterations or additions of or to the Leased Premises by Tenant; (ii) Landlord shall be obligated to make the Insurance Proceeds available, in accordance with the terms and conditions of this Subsection set forth
(i) the Building in accordance with the terms and conditions of this Section; and (ii) the alterations and additions of or to the Leased Premises; provided that: (i) Tenant has not caused a default of the documents evidencing the Mortgage Lien or evidencing the method of financing or refinancing secured by the Mortgage Lien through a breach of any of its obligations under this Lease; and (ii) to the extent applicable to Tenant, Tenant meets the reasonable and customary conditions for disbursement of the Insurance Proceeds established by the documents evidencing the Mortgage Lien or evidencing the method of financing or refinancing secured by the Mortgage Lien. Rent shall abatx proportionately (based upon the proportion that the unusable gross leasable area of the Building due to damage or destruction bears to the total Gross Leasable Area) during the time that the Building or any part thereof is unusable by reason of any damage to, or destruction of, the Building. Landlord shall use commercially reasonable efforts to relocate Tenant temporarily during the period of any repair or replacement of the Building.
Casualty Repair. Seller agrees that if any Assets are destroyed or damaged, in whole or in part, by fire or other casualty prior to the Effective Time, Seller shall, or shall cause the Company to, repair or replace such Assets with reasonable promptness, or at Seller's option, Seller may assign to the Company all proceeds of any insurance net of expenses covering such Assets and shall thereafter be relieved of any obligation to repair or replace such Assets. If the insurance proceeds net of expenses do not equal the cost of repair of the damaged Asset, Seller may elect to pay to Company an amount equal to the cost of repair of such Asset less the insurance proceeds or terminate this Agreement. Any insurance proceeds exceeding the cost of repair of the damaged Asset, shall be a Retained Asset.
Casualty Repair. Seller agrees that if any assets of the Refinery or other Purchased Assets are destroyed or damaged, in whole or in part, by fire or other casualty or are subject to a condemnation or eminent domain order or proceeding prior to or on the Closing Date, Seller shall repair or replace such assets with reasonable promptness prior to the Closing Date, or at Seller's option, Seller may assign to Buyer all proceeds of any insurance net of expenses covering such assets and shall thereafter be relieved of any obligation to repair or replace such assets. If the insurance proceeds net of expenses are not sufficient to repair the damaged assets, Seller will pay to Buyer an amount equal to the replacement value of such asset less the insurance proceeds transferred to Buyer. Notwithstanding anything to the contrary herein, Seller shall not be obligated to expend an amount in excess of Fifty Million Dollars ($50,000,000).
Casualty Repair. In the event any Acquired Assets are destroyed or damaged, in whole or in part, by fire or other casualty prior to the Effective Time that are reasonably estimated to have a replacement value equal to or less than Thirty Million Dollars ($30,000,000), then Seller shall repair or replace (with similar grade and quality) such damaged Acquired Assets with reasonable promptness, provided, however, Buyer may elect to waive such repairs or replacements and accept an assignment at the Closing from Seller of insurance proceeds in an amount equal to the estimated amount for such repairs or replacements. Any insurance proceeds exceeding the cost of repair or replacement of the damaged Acquired Assets shall be an Excluded Asset.
Casualty Repair. Any decision not to rebuild or repair following material damage to the improvements located on any Property.
Casualty Repair. Costs incurred from repairs or other work required to repair, or otherwise caused by, fire or other casualty (excluding a reasonable deductible with respect to any such insurance policy).
Casualty Repair. 70 12.09 Relationship of the Parties . . . . . . . . . . . . . . . . . . 70 12.10
Casualty Repair. Seller agrees that if any Assets are destroyed or damaged, in whole or in part, by fire or other casualty prior to or on the Effective Time, Seller shall repair or replace such Assets with reasonable promptness, Seller and Buyer may agree that Seller may assign to Buyer all proceeds of any insurance net of expenses covering such Assets and shall thereafter be relieved of any obligation to repair or replace such Assets. If the insurance proceeds net of expenses do not equal the allocated value of the damaged Asset as specified on Schedule 12.02, Seller may elect to pay to Buyer an amount equal to the value of such Asset less the insurance proceeds or terminate this Agreement. Any insurance proceeds exceeding the cost of repair of the damaged Asset shall be an Excluded Asset. Notwithstanding the foregoing, prior to the Effective Time, if the value of the Assets destroyed or damaged exceed Twenty-Five Million Dollars ($25,000,000), then Buyer may terminate this Agreement.
