Damage Destruction and Restoration Sample Clauses

Damage Destruction and Restoration. (a) In the event of any damage to or destruction of the Premises and/or Equipment, Borrower shall give prompt written notice to Lender and subject to the terms of the Declaration, the Condominium Documents, Borrower shall promptly commence and diligently continue to completion the repair, restoration and rebuilding of the Premises and/or Equipment so damaged or destroyed in full compliance with all Legal Requirements and with the provisions of Sections 5.2(e), (f) and (h). Such repair, restoration and rebuilding of the Premises are sometimes hereinafter collectively referred to as the “Work”. Except as expressly permitted under Section 5.2(h), Borrower shall not adjust, compromise or settle any claim for insurance Proceeds without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed so long as no Event of Default exists. Except as set forth in Section 5.2(h), Borrower shall include Lender in all material meetings, conferences, telephone conferences and correspondence with the applicable insurer(s) following any casualty until all of the applicable insurance proceeds are disbursed by such insurer. Subject to Sections 5.2(d) and 5.2(h) of this Agreement, the Declaration, and the Condominium Documents, Lender shall have the option in its sole discretion to apply any insurance Proceeds it may receive pursuant to this Agreement (less any reasonable out-of-pocket costs to Lender of recovering and paying out such Proceeds, including reasonable out-of-pocket attorneys’ fees, costs and expenses) to the payment of the Indebtedness or to allow all or a portion of such Proceeds to be used for the Work. If any insurance Proceeds are applied to reduce the Indebtedness, provided no Event of Default shall have occurred and be continuing, Lender shall apply the same, without any Minimum Multiple Fee or Exit Fee, as applicable, in accordance with the provisions of Section 2.7(c) of this Agreement. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, Lender, at its option, may apply any insurance Proceeds to the Indebtedness in such order and priority as Lender deems appropriate in its sole discretion and a Minimum Multiple Fee, Exit Fee, and Breakage Fee (as applicable) shall be due and payable in accordance with the terms of Section 2.5 in connection with any such prepayment.
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Damage Destruction and Restoration. If the building shall be damaged by fire, elements or other casualty to such an extent that more than 90 working days of 8 hours each shall be required to restore the Building Landlord shall have the right to cancel this lease by giving to Tenant written notice of it’s intention so to do within 30 days after such damage occurs. If the demised premises are damages by fire, elements or other casualty to such an extent that more than 30 working days of 8 hours each day shall be required to restore the demised premises, either Landlord or Tenant shall have the right to cancel this lease by giving to the other written notice of it’s intention so to do within 30 days after such damage occurs, provided however, that if such damage is the result of the act or omission to act of Tenant, it’s servants, employees, agents or authorized users. Tenant shall forfeit its option to cancel. If this lease is not canceled as foresaid, Landlord shall cause the Building and the premises to be restored with reasonable dispatch and the rental due shall be equitable and proportionately abated, according to the loss of use of the demised premises shall have been restored to tenantable condition; provided, however, that if said damage is the result of any act or omission to act of Tenant, it’s servants, employees, agents or authorized users, the rent shall not be abated and Tenant shall continue to pay full rent as hereinbefore set forth.
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Damage Destruction and Restoration. In the event that the PREMISES is damaged by any peril covered by LANDLORD'S Insurance to the extent of less than twenty-five percent (25%) of the cost of replacement of the PREMISES, the damage to the PREMISES will promptly be repaired by LANDLORD at LANDLORD'S expense, but in no event shall LANDLORD be required to repair or replace TENANT'S stock-in-trade, trade fixtures, furniture, furnishings or other items of personal property which TENANT is obligated to insure pursuant to Article 9, Section 3. in the event of any damage and (i) LANDLORD Is not required to repair as hereinabove provided; or (ii) the PREMISES is damaged to the extent of twenty-five percent (25%) or more of the cost of replacement; or (iii) the building of which the PREMISES is a part is damaged to the extent of fifty percent (50%) or more of the cost of replacement; or (iv) such damage occurs during the last three (3) Lease Years of the term, LANDLORD may elect either to repair or rebuild the PREMISES or the building of which the PREMISES is a part as the case may be, or to terminate this lease upon giving notice of such election in writing to TENANT within ninety (90) calendar days after the happening of the event causing the damage. If the casualty, repairing, or rebuilding shall render the PREMISES untenantable, in whole or in part, a proportionate abatement of the Rent shall be allowed from the date when the damage occurred until the date LANDLORD completes the repairs or rebuilding, said proportion to be computed on the basis of the rotation which the Gross Leasable Area of the space rendered untenantable bears to the Gross Leasable Area of the PREMISES. If LANDLORD Is required or elects to repair the PREMISES as herein provided, TENANT will repair or replace Its stock-in-trade, trade fixtures, furniture, furnishings and other items of personal property which TENANT is obligated to insure in a manner and to at least a condition equal to that prior to its damage or destruction.
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Damage Destruction and Restoration 
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Related to Damage Destruction and Restoration

  • Damage Destruction and Condemnation In the event that at any time during the Term the whole or part of the Facility shall be damaged or destroyed, or taken or condemned by a competent authority for any public use or purpose, or by agreement to which the Lessee and those authorized to exercise such right are parties, or if the temporary use of the Facility shall be so taken by condemnation or agreement (a “Loss Event”):

  • DESTRUCTION OF PREMISES (A) If, during the term of this Lease, the Leased Premises are totally or partially destroyed by fire or the elements, so as to render the premises wholly unfit for occupancy, or make it impossible in the opinion of a licensed third party arbitrator knowledgeable in the child care business reasonably acceptable to Lessee and Lessor, for Lessee to conduct its business therein, then either Lessor or Lessee shall have the right to terminate this Lease from the date of such damage or destruction by giving written notice. The parties agree to use reasonable promptness to obtain the opinion of such licensed third party arbitrator. Upon the giving of such notice, Lessee shall immediately surrender the Leased Premises and all interest therein to Lessor, and in case of any such termination, Lessor may re-enter and repossess the Leased Premises and may dispossess all parties then in possession thereof. If not otherwise terminated, in the event the Leased Premises shall be repaired, restored, and rebuilt by Lessee with the use of insurance proceeds (which Lessor shall cooperate to make available), but otherwise at its own sole cost and expense, within one hundred eighty (180) days from the date of destruction (subject to force majuere as set forth in paragraph C hereof, then all rents payable by Lessee shall be abated during the period of repair and restoration to the extent Lessor shall be compensated by the proceeds of rents loss insurance. In no event shall Lessor be required to provide its own money for the repair or restoration of the Leased Premises other than the net proceeds of moneys received by it from any insurance policy or policies covering such loss or damages. Lessee shall be liable for repair of the Leased Premises with all reasonable speed, and the rents shall recommence on the date that the repairs are completed. Lessee shall be under no obligation to so repair during the last five (5) years of the term of the Lease, or as extended, but if Lessee shall desire to rebuild during the last 12 months of the Lease term, Lessor will make insurance proceeds available to rebuild the Leased Premises conditioned upon Lessee then exercising its next renewal option under the Lease. Lessor will make insurance proceeds available to rebuild the Leased Premises in the event Lessee rebuilds, except as stated above.

  • Damage or Destruction If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within two hundred seventy (270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If repairs cannot, in Landlord’s opinion, be completed within two hundred seventy (270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, either party may, at its option, elect to terminate this Lease by written notice to the other within thirty (30) days after Landlord’s determination of the anticipated time needed to complete the repairs. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, either party shall have the option to terminate this Lease by giving written notice to the other of the exercise of such option within sixty (60) days after such party learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Except for proceeds relating to Tenant’s furniture, furnishings, trade fixtures and equipment, Tenant acknowledges that Tenant shall have no right to any proceeds of insurance relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

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