Common use of Damage, Destruction or Condemnation Clause in Contracts

Damage, Destruction or Condemnation. Duty to Repair or Restore Section 7.01. If any improvements, including the buildings and other structures, located on the Premises are damaged or destroyed during the term of this Lease or any extension thereof, the damage shall be repaired as follows: (a) If the damage or destruction is caused by a peril against which fire and extended coverage insurance is required to be carried under this Lease, Lessee shall repair that damage as soon as reasonably possible and restore the Premises and improvements to substantially the same condition as existed before the damage or destruction, regardless of whether the insurance proceeds are sufficient to cover the actual cost of repair or restoration. If insurance required to be carried by Lessee under this Lease has lapsed or not been carried, Lessee shall be solely responsible for the full cost and expense of necessary repairs and restoration. (b) If the damage or destruction is caused by a peril against which insurance is not required to be carried by this Lease, Lessor, subject to Lessor’s right to terminate this Lease described in Section 7.02, shall repair that damage as soon as reasonably possible and restore the Premises to substantially the same condition as existed before the damage or destruction. (c) Whether the damage of destruction is caused either by a peril against which fire and extended coverage insurance is required by this Lease to be carried or by a peril against which insurance is not required to be carried by this Lease, Lessee expressly waives any right under Civil Code Sections 1931-1933 to terminate this Lease for damage or destruction to the Premises.

Damage, Destruction or Condemnation. Duty to Repair or Restore Section 7.01. If any improvements, including the buildings and other structures, located on the Premises are damaged or destroyed during the term of this Lease or any extension thereof, the damage shall be repaired as follows: (a) If the damage or destruction is caused by a peril against which fire and extended coverage insurance is required to be carried under this Lease, Lessee shall repair that damage as soon as reasonably possible and restore the Premises and improvements to substantially the same condition as existed before the damage or destruction, regardless of whether the insurance proceeds are sufficient to cover the actual cost of repair or restoration. If insurance required to be carried by Lessee under this Lease has lapsed or not been carried, Lessee shall be solely responsible for the full cost and expense of necessary repairs and restoration. (b) If the damage or destruction is caused by a peril against which insurance is not required to be carried by this Lease, Lessor, subject to Lessor’s right to terminate this Lease described in Section 7.02, shall repair that damage as soon as reasonably possible and restore the Premises to substantially the same condition as existed before the damage or destruction. (c) Whether the damage of destruction is caused either by a peril against which fire and extended coverage insurance is required by this Lease to be carried or by a peril against which insurance is not required to be carried by this Lease, Lessee expressly waives any right under Civil Code Sections 1931-1933 to terminate this Lease for damage fordmage or destruction to the Premises.

Damage, Destruction or Condemnation. Duty to Repair or Restore Section 7.01. 7.01 If any improvements, including the buildings and other structures, located on the Premises are damaged or destroyed during the term of this Lease or any extension thereof, the damage shall be repaired as follows: (a) If the damage or destruction is caused by a peril against which fire and extended coverage insurance is required to be carried under this Lease, Lessee shall repair that damage as soon as reasonably possible and restore the Premises and improvements to substantially the same condition as existed before the damage or destruction, regardless of whether the insurance proceeds are sufficient to cover the actual cost of repair or restoration. If insurance required to be carried by Lessee under this Lease has lapsed or not been carried, Lessee shall be solely responsible for the full cost and expense of necessary repairs and restoration. (b) If the damage or destruction is caused by a peril against which insurance is not required to be carried by this Lease, Lessor, subject to Lessor’s right to terminate this Lease described in Section 7.02, shall repair that damage as soon as reasonably possible and restore the Premises to substantially the same condition as existed before the damage or destruction. (c) Whether the damage of destruction is caused either by a peril against which fire and extended coverage insurance is required by this Lease to be carried or by a peril against which insurance is not required to be carried by this Lease, Lessee expressly waives any right under Civil Code Sections 1931-1933 to terminate this Lease for damage or destruction to the Premises.