Common use of Casualty to Premises Clause in Contracts

Casualty to Premises. If the Premises, or any part thereof, are damaged or destroyed by a casualty, then within ninety (90) days following the Casualty Date Landlord shall give Tenant a Repair Notice setting forth the Repair Completion Date by which Landlord estimates that Landlord, in the exercise of commercially reasonable diligence, can adjust the casualty damage with any third-party insurer of Landlord and complete the repair and reconstruction of the casualty damage. In the event that the Repair Completion Date is (i) within nine (9) months of the Casualty Date if the casualty occurs other than during the last twelve (12) months of the Term; or (ii) within ninety (90) days of the Repair Notice and prior to the expiration of the Term if the casualty occurs during the last twelve (12) months of the Term, then (except as otherwise agreed in writing by the parties) this Lease shall remain in force and effect and Landlord shall proceed with commercially reasonable diligence to repair and rebuild the casualty damage to the Premises. If the conditions in the foregoing sentence requiring Landlord’s restoration of the Premises are not met, then either party may terminate this Lease upon written notice of termination given to the other party within twenty-one (21) days of the Repair Notice. In the event that the Lease is not terminated pursuant to the provisions of this Section 9.04, (i) Landlord shall at its sole cost and expense proceed with reasonable diligence to rebuild and repair such casualty to the Premises (other than for the Tenant Alterations and Tenant’s personal property) to substantially the condition in which they existed before the casualty; and (ii) Tenant shall, at its sole cost and expense, proceed with reasonable diligence to rebuild, repair and/or replace any damaged personal property of Tenant and any damaged Tenant Alterations to substantially the condition in which they existed before the casualty. Rent payable by Tenant under this Lease shall be equitably abated to the extent and for the period that Tenant’s Permitted Use of the Premises are limited or obstructed by the casualty to the Premises.

Casualty to Premises. If the Premises, or any part thereof, are damaged or destroyed by a casualty, then within ninety (90) days following the Casualty Date Landlord shall give Tenant a Repair Notice setting forth the Repair Completion Date by which Landlord estimates that Landlord, in the exercise of commercially reasonable diligence, can adjust the casualty damage with any third-party insurer of Landlord and complete the repair and reconstruction of the casualty damage. In the event that the Repair Completion Date is of substantial damage (ias hereinafter defined) within nine (9) months of the Casualty Date if the casualty occurs other than during the last twelve (12) months of the Term; or (ii) within ninety (90) days of the Repair Notice and prior to the expiration of the Term if the casualty occurs during the last twelve (12) months of the TermPremises from fire or other cause, then (except as otherwise agreed in writing by the parties) this Lease shall remain in force and effect and Landlord shall proceed with commercially reasonable diligence to repair and rebuild the casualty damage to the Premises. If the conditions in the foregoing sentence requiring Landlord’s restoration of the Premises are not met, then either party may terminate this Lease upon by giving written notice to the other within 30 day after the occurrence of such substantial damage. “Substantial damage” shall mean damage to or destruction of the improvements leased to such extent that it will reasonably cost in excess of 40% of the then current replacement cost of all improvements leased to repair or rebuild such improvement (to the extent only that such improvements were demised on this date by Landlord) to substantially their condition as they existed prior to such substantial damage. If the improvements are materially damaged or destroyed (as hereafter defined) from a cause which is not covered by insurance then maintained with respect thereto and which could not at such time be insured against under standard fire and extended coverage insurance policies available from companies licensed to do business in Texas, then, in such event, at Landlord’s option, this Lease may be terminated effective as of the date of such damage or destruction; provided that notice of termination under this paragraph must be given by Landlord to Tenant 30 days after such occurrence. “Materially damaged or destroyed” shall mean damage or destruction to the other party within twenty-one (21) days improvements leased to such extent that it will reasonably cost in excess of 40% of the Repair Noticethen current replacement cost of all improvements leased to repair or rebuild such improvements to substantially their condition as they existed prior to such damage or destruction. In Except as above provided, this Lease shall continue in effect in the event that of casualty to Premises, and Landlord shall, subject to any unavoidable delay, repair or rebuild the Lease is not terminated pursuant same (to the provisions of extent only that such improvements are demised on this Section 9.04date by Landlord), (i) Landlord shall at its sole cost and expense proceed with reasonable diligence to rebuild and repair such casualty to the Premises (other than for the Tenant Alterations and Tenant’s personal property) to substantially the condition in which they existed before same were immediately prior to the casualtyoccurrence of such damage or destruction, at Landlord’s cost and expense; provided, however, that in no event shall Landlord’s obligation to repair or rebuild extend beyond the expenditure of a sum equal to the total of all insurance proceeds actually received by Landlord from fire and (ii) extended coverage insurance policies maintained with respect to the Premises. Should Landlord repair or rebuild, then Tenant shall, at its sole cost and expense, proceed with reasonable diligence replace or repair all signs, fixtures, equipment, display cases and other equipment installed by Tenant, so as to rebuildcontinue or resume operation of Tenant’s business in the Premises. Tenant agrees during any period of reconstruction or repair that Tenant will continue the operation of its business in the Premises to the extent reasonably practicable. Until completion hereunder, repair and/or replace any damaged personal property of Tenant and any damaged Tenant Alterations to substantially the condition in which they existed before the casualty. Rent fixed rent payable by Tenant under this Lease shall be equitably abated to reduced proportionately during any period in which there is substantial interference with the extent and for the period that Tenant’s Permitted Use operation of the Premises are limited or obstructed by the casualty to the Premisesits business.

Casualty to Premises. See Paragraph 6 of the Addendum Tenant shall immediately notify Landlord in writing of any damage to or destruction of the Premises or the Shopping Center (or any portion of the Premises or the Shopping Center). If the Premisespermanent improvements of the Premises shall be partially destroyed by fire, or any part thereof, are damaged or destroyed by a other casualty, then within ninety (90) days following whereby the Casualty Date Premises shall be rendered untenantable only in part, Landlord shall give cause the damage to be repaired (due allowance being made for settlement of insurance claims and delays resulting from governmental restrictions or controls, or other causes beyond Landlord’s control), and this Lease shall remain in full force and effect except that the Minimum Guaranteed Rent, real estate taxes, insurance costs and common area expenses payable by Tenant a Repair Notice setting forth the Repair Completion Date by which Landlord estimates hereunder, shall be abated in proportion to that Landlord, in the exercise of commercially reasonable diligence, can adjust the casualty damage with any third-party insurer of Landlord and complete the repair and reconstruction portion of the casualty damage. In the event that the Repair Completion Date is (i) within nine (9) months Premises rendered untenantable, until such portion of the Casualty Date Premises is restored. If by reason of said fire or other casualty the Premises shall be rendered wholly untenantable, or if the casualty occurs other than during the last twelve (12) months of the Term; damage results from a cause not covered by Landlord’s fire and extended coverage insurance, or (ii) within ninety (90) days of the Repair Notice and prior to the expiration of the Term if the casualty occurs during the last twelve (12) twenty-four months of the TermTerm or any extension thereof, then Landlord shall have the option to either (except as otherwise agreed a) cause such damage to be repaired, in writing by the parties) which event this Lease shall remain in full force and effect except that the Minimum Guaranteed Rent, real estate taxes, insurance costs and Landlord common area expenses payable by Tenant hereunder shall proceed with commercially reasonable diligence be abated in proportion to repair and rebuild the casualty damage to the Premises. If the conditions in the foregoing sentence requiring Landlord’s restoration that portion of the Premises rendered untenantable until said Premises are not met, then either party may restored; or (b) terminate this Lease upon by providing Tenant with written notice of termination given to the other party thereof within twenty-one sixty (2160) days after the casualty, in which event this Lease and the tenancy hereby created shall cease as of the Repair Noticedate of said damage or destruction; and the Minimum Guaranteed Rent and other payments due herein shall be adjusted equitably as of such date. In the event that twenty five percent (25%) or more of the rentable area of the Shopping Center is damaged or destroyed by fire or other casualty, notwithstanding that the Premises may be unaffected, Landlord may terminate this Lease is not terminated pursuant by providing Tenant with written notice within sixty (60) days after the occurrence of the damage or destruction. Landlord’s obligation to repair any damage hereunder shall be limited to the provisions of this Section 9.04proceeds actually received by Landlord from insurance coverage, (i) Landlord and shall at its sole cost and expense proceed with reasonable diligence to rebuild and repair such casualty be limited to the Premises basic building, store front (other than for Tenant decoration or modification thereof), and interior structural work existing as of the date of Lease Commencement, and in no event shall include repair of any alterations, improvements, betterments or fixturing made by Tenant Alterations and in or about the Premises. Tenant’s personal property) to substantially , after the condition in which they existed before the casualty; and (ii) Tenant occurrence of any such fire or other casualty shall, at its sole own cost and expense, proceed with reasonable diligence to rebuild, promptly repair and/or replace any damaged personal property of Tenant and any damaged Tenant Alterations to substantially restore the condition in which they existed before the casualty. Rent payable by Tenant under this Lease shall be equitably abated to the extent and for the period that Tenant’s Permitted Use portion of the Premises are limited or obstructed by Landlord is not obligated to restore, as well as Tenant’s fixtures, equipment and appurtenances. Tenant shall not be entitled to any abatement of rent in the event of a casualty if the damage is due to the Premisesnegligence or willful misconduct of Tenant or its employees, agents, servants or invitees.