DAMAGE AND DESTRUCTION OF PREMISES Clause Samples
POPULAR SAMPLE Copied 1 times
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty during the term hereof, Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall a▇▇▇▇ (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days foll...
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the "Structural Portions" (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant's premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant's use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty during the term hereof, Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall ▇▇▇▇▇ (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days foll...
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. In the event of damage or destruction to the premises which is covered by insurance, 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.
DAMAGE AND DESTRUCTION OF PREMISES. A. If improvements on a portion of the Premises are damaged, in whole or in part, by fire or casualty, Operator shall repair the damage to the improvements as soon as reasonably possible at Operator’s expense or, upon mutual agreement, shall take such other actions as is mutually agreed between City and Operator, which actions may include, but are not limited to, demolition and removal of the entire Building and all appurtenances and fixtures. Operator may use insurance proceeds from insurance it carried to pay for the work as it progresses, and the City shall permit any such proceeds to be made available.
B. During any period in which Operator is unable to use all or a substantial portion of the Premises due to damage or destruction of the Premises and which significantly impacts Operator’s operations at the Airport, then the rent payable for the Premises shall be abated or appropriately adjusted for the period during which such damage renders the Premises unusable or operations are so curtailed or terminated. However, if City determines that such damage resulting in inability to use all or a substantial portion of the Premises is caused by the acts, errors or omissions of Operator, its employees, agents and/or contractors, Operator shall not be entitled to an abatement of rents as provided herein. Except for such abatement of rents due, as applicable, Operator shall have no claim against the City for any damage suffered by reason of any such damage, destruction, repair or restoration.
C. If any improvements to the Premises are not diligently repaired by Operator where required, or such action as mutually agreed by the City and Operator is not completed, or if any space is deleted from the Premises, then the City shall be entitled to all insurance proceeds payable on account of improvements in such space. Where the Operator is obligated to repair or restore or remove improvements or the entire Building structure, Operator must do so notwithstanding that insurance proceeds may be insufficient.
DAMAGE AND DESTRUCTION OF PREMISES. 5 ARTICLE 23.
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 thirty (30) days after ▇▇▇▇▇▇'s receipt of Landlord's election not to repair or restore the Premises.
DAMAGE AND DESTRUCTION OF PREMISES. A. RESTORATION OF PREMISES If the Premises, Facilities 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 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. In the event of partial or total destruction of the Improvements during the term of this Lease which requires repairs to the Improvements, Tenant shall, in Tenant’s sole and absolute discretion, either make said repairs or terminate this Lease with no penalty or further obligation to Landlord and City. If Tenant elects not to repair the Improvements in accordance with this paragraph, then at Landlord’s election, Tenant shall either (a) surrender the Improvements to Landlord at the expiration or earlier termination of the Lease, or (b) raze the Improvements and return the land underlying the Improvements to Landlord in a clean, graded condition, with all improvements pertaining to the Improvements and debris removed. If the Lease is terminated pursuant to this Section 15, Tenant shall be relieved of its obligation to pay rent from and after the effective termination date and all rentals shall be prorated among Landlord, City and Tenant as of the effective date of such termination. The Landlord and City have no obligation to reimburse the Tenant for the loss of or damage to fixtures, equipment or other personal property of Tenant, except for such loss or damage as is caused by the negligence or fault of the City, Landlord or their officers, employees or agents.