Common use of DAMAGE BY CASUALTY Clause in Contracts

DAMAGE BY CASUALTY. 12.1 Tenant shall give prompt notice to Landlord of any damage caused to the Leased Premises by fire or other casualty. 12.2 In the event (a) the Leased Premises are totally destroyed, (b) the Leased Premises are partially destroyed but in Landlord’s reasonable opinion, cannot be restored to an economically viable and quality project, (c) the insurance proceeds payable to Landlord as result of such fire or casualty are, in Landlord’s reasonable opinion, inadequate to restore the portion remaining to an economically viable and quality project, or (d) less than 12 full calendar months remain in the Lease Term, Landlord may, at its election exercisable by the giving of notice to Tenant within sixty (60) days after the fire or casualty, terminate this Lease as of the date of such fire or casualty. Landlord shall notify Tenant within sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Leased Premises. If the restoration time is estimated to exceed 6 months, Tenant may elect to terminate this Lease by giving notice to Landlord no later than thirty (30) days after Landlord’s notice. If this Lease is not terminated as a result of fire or casualty, Landlord shall restore the Leased Premises to substantially the condition in which the same existed prior to the fire or casualty. Landlord’s obligation to rebuild and repair shall in any event be limited to restoring the Leased Premises to substantially the condition in which the same existed prior to such casualty, exclusive of any alterations, additions, improvements, fixtures or equipment installed by Tenant. Tenant agrees that promptly after completion of such work by Landlord, Tenant will proceed with reasonable diligence and at Tenant’s sole cost and expense, to restore, repair and replace all alterations, additions, improvements, fixtures, signs and equipment installed by Tenant. Tenant shall, subject to delays arising from the collection of insurance proceeds or from Force Majeure events, promptly re-enter the Leased Premises and commence doing business in accordance with this Lease. During the period of restoration by Landlord, Rent shall be abated to the extent that the Leased Premises are rendered untenable. 12.3 Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by mortgage or deed of trust covering the Leased Premises requires that the insurance proceeds be applied to such indebtedness, Landlord shall have the right to terminate this Lease by delivering notice of termination to Tenant within thirty (30) days after such requirement is made known by any such holder, whereupon all rights and obligations under this Lease, except those that expressly survive termination, shall cease and terminate.

DAMAGE BY CASUALTY. 12.1 (a) Subject to Sections 18(b), (c) and (d), in the event the Premises are damaged by fire or other casualty, Landlord shall repair such damage. This Lease shall remain in full force and effect, except that Tenant shall give prompt be entitled to a proportionate abatement of Base Rent based upon the extent to which the Premises are not usable. If the damage is due to the fault or neglect of Tenant or its employees, agents, invitees, assignees or subtenants, there shall be no abatement of Rent. If more than fifty percent of the Premises are damaged and unusable, without any fault or neglect of Tenant, then Tenant shall have the option to terminate the lease. (b) If the Premises are totally damaged or so damaged that Landlord shall decide to demolish the building on the Premises, then Landlord or Tenant may elect to terminate the Lease by written notice to Landlord of any damage caused to the Leased Premises by other party given within ninety (90) days following such fire or other casualty. 12.2 In the event (a) the Leased Premises are totally destroyed, (b) the Leased Premises are partially destroyed but in Landlord’s reasonable opinion, cannot be restored to an economically viable and quality project, (c) the insurance proceeds payable In case of any damage mentioned in this Section 18, Tenant may cancel this Lease by written notice to Landlord as result if Landlord has not completed the making of such fire or casualty are, in Landlord’s reasonable opinion, inadequate to restore the portion remaining to an economically viable and quality project, or required repairs within six (d6) less than 12 full calendar months remain in the Lease Term, Landlord may, at its election exercisable by the giving of notice to Tenant within sixty (60) days after the fire or casualty, terminate this Lease as of from the date of such fire or casualty. Landlord shall notify Tenant within sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Leased Premises. If the restoration time is estimated to exceed 6 monthsdamage, Tenant may elect to terminate this Lease by giving notice to Landlord no later than thirty (30) days after Landlord’s notice. If this Lease is not terminated as a result of fire or casualty, Landlord shall restore the Leased Premises to substantially the condition in which the same existed prior to the fire or casualty. Landlord’s obligation to rebuild and repair shall in any event be limited to restoring the Leased Premises to substantially the condition in which the same existed prior to such casualty, exclusive of any alterations, additions, improvements, fixtures or equipment installed by Tenant. Tenant agrees that promptly after completion of such work by Landlord, Tenant will proceed with reasonable diligence and at Tenant’s sole cost and expense, to restore, repair and replace all alterations, additions, improvements, fixtures, signs and equipment installed by Tenant. Tenant shall, subject to delays arising from the collection of insurance proceeds or from Force Majeure events, promptly re-enter the Leased Premises and commence doing business in accordance with this Lease. During the period of restoration by Landlord, Rent shall be abated to extended by the extent that the Leased Premises are rendered untenable. 12.3 Notwithstanding anything herein to the contrary, number of days lost in the event of labor strikes, acts of God, or any other similar causes beyond the holder control of any indebtedness secured by mortgage or deed of trust covering the Leased Premises requires Landlord; provided, however, that the insurance proceeds such notice be applied given to such indebtedness, Landlord shall have the right to terminate this Lease by delivering notice of termination to Tenant within thirty (30) days of the expiration of said six (6) month period and prior to substantial completion of the required repairs. (d) In case the Premises shall be substantially damaged during the last year of the Lease term, then either Landlord or Tenant may cancel the Lease upon written notice to the other party given within forty-five (45) days after such requirement is made known by damage. (e) Landlord shall not be required to make any such holderrepairs or replacements of any leasehold improvements, whereupon all rights and obligations under this Leasefixtures, except those that expressly survive termination, shall cease and terminateor other personal property of Tenant.

DAMAGE BY CASUALTY. 12.1 Tenant shall give prompt notice to Landlord of any damage caused to If the Leased Premises Premises, the Common Areas or the Building are damaged by fire or other casualty. 12.2 In the event casualty (a) the Leased Premises are totally destroyedincluding, (b) the Leased Premises are partially destroyed but in Landlord’s reasonable opinionwithout limitation, canflooding), and this Lease is not be restored to an economically viable and quality project, (c) the insurance proceeds payable to Landlord terminated as result of such fire or casualty arecasualty, Landlord, subject to the right of Landlord to terminate the Lease as set forth herein, shall forthwith repair the same, to the condition existing immediately prior to such fire or other casualty. In such event, this Lease shall remain in Landlord’s reasonable opinion, inadequate to restore the portion remaining full force and effect except that Tenant shall be entitled to an economically viable equitable reduction of Rent and quality project, or (d) less than 12 full calendar months remain Additional Charges while such repairs to be made hereunder by Landlord are being made. Such equitable reduction shall be based upon the extent to which such damage and the making of such repairs by Landlord shall materially interfere with the business carried on by Tenant in the Lease Term, Landlord may, at its election exercisable by the giving of notice to Tenant within sixty Premises. Within thirty (6030) days after the fire or casualty, terminate this Lease as of the date of such fire or casualty. damage, Landlord shall notify Tenant within sixty (60) days after such damage as to the amount of time Landlord reasonably estimates Landlord’s estimate of how long it will take to restore the Leased Premisessubstantially complete such repairs. If such repairs cannot be substantially completed within one hundred eighty (180) days of such damage, either party shall then have the restoration time is estimated to exceed 6 months, Tenant may elect option to terminate this Lease by giving written notice of such termination to Landlord no later than thirty the other party within twenty (3020) days after Tenant’s receipt of such notice from Landlord’s notice. If this Lease is not terminated as a result of fire or casualty, Landlord shall restore the Leased Premises to substantially the condition in which the same existed prior to the fire or casualty. Landlord’s obligation to rebuild and repair shall in any event be limited to restoring the Leased Premises to substantially the condition in which the same existed prior to such casualty, exclusive of any alterations, additions, improvements, fixtures or equipment installed by Tenant. Tenant agrees that promptly after completion of such work by Landlord, Tenant will proceed with reasonable diligence and at Tenant’s sole cost and expense, to restore, repair and replace all alterations, additions, improvements, fixtures, signs and equipment installed by Tenant. Tenant shall, subject to delays arising from the collection of insurance proceeds or from Force Majeure events, promptly re-enter the Leased Premises and commence doing business in accordance with this Lease. During the period of restoration by Landlord, Rent shall be abated to the extent that the Leased Premises are rendered untenable. 12.3 Notwithstanding anything herein to the contrary, damage occurs in the event last year of the holder of any indebtedness secured by mortgage or deed of trust covering the Leased Premises requires that the insurance proceeds Term and such repairs cannot be applied to such indebtedness, Landlord shall have the right to terminate this Lease by delivering notice of termination to Tenant substantially completed within thirty (30) days of such damage, either party shall then have the option to terminate this Lease by giving written notice of such termination to the other party within twenty (20) days after Tenant’s receipt of such requirement is made known notice from Landlord. In addition, if Landlord fails to fully restore the Premises, the Common Areas and the Building within one hundred eighty (180) days after the same are damaged by fire or other casualty, then Tenant may terminate this Lease by giving written notice to Landlord at any time prior to completion of such holder, whereupon all rights and obligations under this Lease, except those that expressly survive termination, shall cease and terminaterestoration.

DAMAGE BY CASUALTY. 12.1 (a) Subject to Sections 18(b), (c), and (d), in the event the Premises are damaged by fire or other casualty, Landlord shall repair such damage. This Lease shall remain in full force and effect, except that Tenant shall give prompt be entitled to a proportionate abatement of Base Rent based upon the extent to which the Premises are not usable. If the damage is due to the fault or neglect of Tenant or its employees, agents, invitees, assignees or subtenants, there shall be no abatement of Rent. (b) If the Premises are totally damaged, or if the Building is so totally damaged that Landlord shall decide to demolish it, then Landlord may elect to terminate the Lease by written notice to Landlord of any damage caused to the Leased Premises by Tenant given within ninety (90) days following such fire or other casualty. 12.2 In the event (a) the Leased Premises are totally destroyed, (b) the Leased Premises are partially destroyed but in Landlord’s reasonable opinion, cannot be restored to an economically viable and quality project, (c) the insurance proceeds payable In case of any damage mentioned in this Section 18, Tenant may cancel this Lease by written notice to Landlord as result if Landlord has not substantially completed the making of such fire or casualty are, in Landlord’s reasonable opinion, inadequate to restore the portion remaining to an economically viable and quality project, or required repairs within eight (d) less than 12 full calendar 8) months remain in the Lease Term, Landlord may, at its election exercisable by the giving of notice to Tenant within sixty (60) days after the fire or casualty, terminate this Lease as of from the date of such fire or casualty. Landlord shall notify Tenant within sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Leased Premises. If the restoration time is estimated to exceed 6 monthsdamages, Tenant may elect to terminate this Lease by giving notice to Landlord no later than thirty (30) days after Landlord’s notice. If this Lease is not terminated as a result of fire or casualty, Landlord shall restore the Leased Premises to substantially the condition in which the same existed prior to the fire or casualty. Landlord’s obligation to rebuild and repair shall in any event be limited to restoring the Leased Premises to substantially the condition in which the same existed prior to such casualty, exclusive of any alterations, additions, improvements, fixtures or equipment installed by Tenant. Tenant agrees that promptly after completion of such work by Landlord, Tenant will proceed with reasonable diligence and at Tenant’s sole cost and expense, to restore, repair and replace all alterations, additions, improvements, fixtures, signs and equipment installed by Tenant. Tenant shall, subject to delays arising from the collection of insurance proceeds or from Force Majeure events, promptly re-enter the Leased Premises and commence doing business in accordance with this Lease. During the period of restoration by Landlord, Rent shall be abated to extended by the extent that the Leased Premises are rendered untenable. 12.3 Notwithstanding anything herein to the contrary, number of days lost in the event of labor strikes, acts of God, or any other similar causes beyond the holder control of any indebtedness secured by mortgage or deed of trust covering the Leased Premises requires Landlord; provided, however, that the insurance proceeds such notice be applied given to such indebtedness, Landlord shall have the right to terminate this Lease by delivering notice of termination to Tenant within thirty (30) days after prior to the expiration of said eight (8) month period and prior to substantial completion of the required repairs. (d) Landlord shall not be required to make any repairs or replacements of any leasehold improvements or fixtures, installed by or the personal property of Tenant. Landlord's obligation to make any repairs or replacement to or of the Building or the Premises shall be limited by the insurance proceeds received and Landlord shall not be required to make such requirement is made known by any such holder, whereupon all rights and obligations under this Lease, except those that expressly survive termination, shall cease and terminaterepairs or replacement the total cost of which exceeds the actual insurance proceeds received. Landlord agrees to keep the Building insured to a level to allow for reasonable replacement of the Building.