DAMAGE AND DESTRUCTION OF PREMISES. Notwithstanding anything to the contrary contained in the Lease:
A. Lessor shall not have the right to terminate the Lease if damage to or destruction of the Premises or the building in which the Premises is located, or both, results from a casualty ordinarily covered by insurance required to be carried by Lessor under the Lease.
B. In the event of damaged to the Premises which is not required to be covered by insurance, and is not covered by insurance actually carried, Lessor shall not have the right to terminate the Lease (i) if the damage is relatively minor (e.g., repair or restoration would take fewer than sixty (60) days or it would cost less than ten percent (10%) of the replacement cost of the Premises) or (ii) if Lessee agrees to pay the cost of repair in excess of ten percent (10%) of the then replacement cost of the Premises.
C. If the Premises are damaged by any peril and Lessor does not elect to terminate the Lease or is not entitled to terminate the Lease pursuant to its terms, then as soon as reasonably practicable, Lessor shall furnish Lessee with a written opinion of Lessor's architect or construction consultant as to when the restoration work required of Lessor may be completed. Lessee shall have the option to terminate the Lease in the event any of the following occurs, which option may be exercised by delivery to Lessor of a written notice of election to terminate within thirty (30) days after Lessee receives from Lessor the estimate of the time needed to complete such restoration: (i) the Premises, with reasonable diligence, cannot be fully repaired 50 by Lessor within one hundred twenty (120) days after the damage or destruction; or (ii) if the Premises are damaged by any peril within twelve (12) months of the last day of term, and cannot be substantially restored within sixty (60) days after the date of such damage.
D. If the Lease is not terminated by Lessor or Lessee as provided herein, Lessor shall restore the Premises and all tenant improvements installed by Lessor to the condition in which they existed immediately prior to the casualty.
DAMAGE AND DESTRUCTION OF PREMISES. In the event the Premises are destroyed, or the Park closed because of any governmental action, whether legislative, judicial or executive, war, civil disturbance, Act of God, fire, strike or other labor difficulty, except if caused by Lessee, its officers, agents, employees, invitees, licensees or patrons, and except if the same arose upon, or in connection with use of, the Premises, the obligations of both parties to this Lease Agreement shall be suspended during the period while the Premises are unusable and resume thereafter. No compensation or claim whatsoever will be paid or payable by Paramount by reasons of any loss or liability arising out of the foregoing. If the Premises are destroyed or damaged by Lessee, its agents, employees, invitees, licensees or patrons, Lessee shall be responsible for the costs incurred by Paramount in repairing and restoring the Premises.
DAMAGE AND DESTRUCTION OF PREMISES. (a) In the event that the Premises is damaged or destroyed so as to be unfit for occupation and use then the Landlord shall request the Tenant to indicate whether alternative accommodation is required. The Tenant shall respond to the Landlord within seven (7) working days indicating whether such alternative accommodation is required. If the Tenant requires alternative accommodation then this Tenancy Agreement shall continue in full force and effect. If the Tenant does not require alternative accommodation then this Tenancy Agreement will terminate.
(b) Notwithstanding that the Landlord may have provided alternative accommodation to the Tenant under clause 4.14(a) in the Additional Terms, the Landlord may terminate this Tenancy Agreement, including the Tenant’s use of the alternative accommodation, at the end of the academic term in which the Premises is damaged or destroyed as referred to in clause 4.14(a) in the Additional Terms.
DAMAGE AND DESTRUCTION OF PREMISES. 5 ARTICLE 23.
DAMAGE AND DESTRUCTION OF PREMISES. A. RESTORATION OF PREMISES If the Premises or any portion thereof are damaged or destroyed by fire or other casualty, Lessee shall, with all reasonable diligence, repair, reconstruct and restore the Premises, including but not limited to all Facilities, as nearly as possible to the condition which existed immediately prior to the damage or destruction, subject to the approval of the Authority.
DAMAGE AND DESTRUCTION OF PREMISES. If the Premises are damaged or destroyed by fire or casualty to the extent that normal use and occupancy of the Premises is substantially impaired, Resident may immediately vacate the Premises and notify Landlord in writing within seven (7) days thereafter of Resident's intention to terminate the Agreement, in which case the Agreement terminates as of the date of vacating; or if continued occupancy is lawful, vacate any part of the Premises rendered unusable by the fire or casualty, in which case Resident's liability for Rent is reduced in proportion to the diminution in the fair-market-equivalent rental value of the Premises. Unless the fire or casualty was due to Resident's negligence or otherwise caused by Resident, if the Agreement is terminated, Landlord shall return all prepaid Rent. Accounting for Rent in the event of termination or apportionment must be made as of the date of the fire or casualty.
DAMAGE AND DESTRUCTION OF PREMISES. In the event that all or any portion of the Premises shall be totally or partially destroyed or damaged by fire or other insurable casualty, this Lease shall continue in full force and effect and Landlord, utilizing the proceeds of any casualty loss insurance policy, may, but shall not be obligated to, rebuild or repair the same. Landlord and Tenant agree that the provisions of A.R.S. §33-343 shall not apply to this Lease. If Landlord elects not to repair or restore the Premises, then in that event, this Lease shall terminate as to that portion of the Premises that has been damaged or destroyed and the Base Rent shall be equitably adjusted to reflect the fact that the area of the Premises has been reduced by such damage or destruction; provided, however, that if the damage or destruction renders more than fifty percent (50%) of the Premises unusable or untenantable, then in that event, Tenant shall have the right to elect to terminate this Lease by written notice to Landlord so long as such notice is received by Landlord within thirty (30) days after Xxxxxx’s receipt of Landlord’s election not to repair or restore the Premises.
DAMAGE AND DESTRUCTION OF PREMISES. In the event of damage or destruction to the premises which is covered by insurance, unless required otherwise by an institutional lender who holds an encumbrance against the premises, the insurance proceeds shall be used for the repair and reconstruction of such damage and the parties shall promptly repair and/or reconstruct the premises and the interior improvements to their condition immediately prior to the damage or destruction. This Lease shall continue in full force and effect in the event of such damage and reconstruction. In the event the premises are damaged by a cause not covered by the fire and extended coverage insurance carried on the premises, Lessor shall reconstruct the premises to the extent of the construction at the commencement hereof; provided however, if such uninsured loss exceeds 33% of the then replacement cost of the building, Lessor shall have the option of terminating this Lease by written notice to Lessee, within thirty (30) days of such damage or destruction, in which event this Lease shall terminate as of the date of the damage or destruction. Should Lessor not elect to so terminate the Lease, it shall proceed with due dispatch to reconstruct the premises to the extent of the construction at the commencement hereof, in which event this Lease shall continue in full force and effect. In the event Lessor elects to terminate this Lease, all rentals and other payments shall be prorated as of the date of termination. If Lessor and Lessee are not able to agree if the uninsured loss exceeds 33% of the then replacement cost of the building, the question shall be resolved by the procedure set forth in paragraph 14.06.
DAMAGE AND DESTRUCTION OF PREMISES. Notwithstanding anything to the contrary contained in the Lease:
A. Lessor shall not have the right to terminate the Lease if damage to or destruction of the Premises results from a casualty ordinarily covered by insurance required to be carried by Lessor under the Lease.
DAMAGE AND DESTRUCTION OF PREMISES. 21.1 In the event of (a) fire or other casualty damage to the Premises or the Building during the Lease Term which requires repairs to either the Premises or the Building, or (b) the Premises or Building being declared unsafe or unfit for occupancy by any authorized public authority for any reason other than Tenant's act, use or occupation, which declaration requires repairs to either the Premises or the Building, Landlord shall commence to make said repairs within forty-five
