Damage and Destruction; Tenant’s Right to Terminate. If the Property is damaged or destroyed, regardless of the cause or the amount of the loss or the existence of insurance to cover such loss, Landlord/Tenant will have the right, but not the obligation, to either repair the damage or terminate this Agreement. If Landlord/Tenant elects to repair, repair and restoration will be promptly commenced and diligently pursued to completion, due allowance being made for time needed to adjust insurance and for Unavoidable Delays (as defined below). The performance by User of its other obligations under this Agreement will continue notwithstanding any such loss, except for temporary suspension of performance rendered impossible by such damage or destruction. However, User will be entitled to an abatement of Rent with respect to any portion of the User Office Space and Shared Space which User is unable to use for its business activities. If Landlord/Tenant elects not to restore such damage, this Agreement will be terminated effective as of the date Landlord/Tenant notifies User that Landlord/Tenant does not intend to restore.
Appears in 14 contracts
Samples: Shared Warehouse Agreement, Shared Warehouse Agreement (Kraft Foods Group, Inc.), Shared Warehouse Agreement (Kraft Foods Group, Inc.)
