Common use of DAMAGE OR DESTRUCTION OF LEASED PREMISES Clause in Contracts

DAMAGE OR DESTRUCTION OF LEASED PREMISES. Tenant shall give prompt written notice to Landlord of any damage caused to the Leased Premises by fire or other casualty. In the event that the Leased Premises shall be damaged or destroyed by fire or other casualty and Landlord or Tenant does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense (provided that Landlord shall receive and be entitled to use the proceeds of the fire and extended coverage insurance carried by Landlord or Tenant, as applicable, to complete such repairs) to rebuild and repair damage to the roof, foundation, structural components, exterior walls, exterior doors and windows (excluding glass), walks, parking areas, driveways, and other exterior areas (including paving), exterior plumbing lines (including water lines and gas lines) of the Leased Premises within a period of one hundred eighty (180) days after the occurrence of the casualty and the Base Rent and other charges provided for herein shall be abated during such period of rebuilding and restoration to the extent, and only to the extent that the Leased Premises cannot be used for the purposes described in Section 1.1(n) as a result thereof. Notwithstanding the foregoing, Tenant shall be responsible for repairing damage caused by fire or other casualty to those items set forth in Section 10.2 below. In the event (a) such Building shall be destroyed or rendered untenantable to an extent in excess of fifty percent (50%) of the floor area by a casualty covered by Landlord's insurance and the Leased Premises cannot be restored within one hundred eighty (180) days thereafter; or (b) the holder of a mortgage, deed of trust or other lien on the Leased Premises at the time of the casualty elects pursuant to such mortgage, deed of trust or other lien to require the use of all or part of Landlord's insurance proceeds in satisfaction of all or part of the indebtedness secured by the mortgage, deed of trust or other lien; or (c) the damage has occurred in the last twelve (12) months of the Lease Term, then Landlord or Tenant may elect to either terminate this Lease or Landlord may proceed to rebuild and repair the Leased Premises. Either party shall give written notice to the other of such election within thirty (30) days after the occurrence of such casualty and if it elects to rebuild and repair shall proceed to do so with reasonable diligence within a period of one hundred eighty (180) days after such casualty and at its sole cost and expense.

DAMAGE OR DESTRUCTION OF LEASED PREMISES. Tenant shall give prompt written notice to Landlord of any damage caused to the Leased Premises by fire or other casualty. In the event that the Leased Premises leased premises are destroyed or damaged so as to be unfit for use by fire, storm, explosion, earthquake or other casualty, so as not to be capable of being economically rebuilt or restored within three hundred sixty-five (365) days, then this lease shall be damaged or destroyed by fire or other casualty and Landlord or Tenant does not elect to terminate this Lease as hereinafter providedautomatically terminated. Otherwise, Landlord shall proceed with reasonable diligence and at its sole cost own expense and expense with due diligence to restore the premises within such three hundred sixty-five (365) days. In the event Landlord determines that the premises cannot be rebuilt or restored within three hundred sixty-five (365) days as provided hereinabove, then it shall give written notice of this decision to Tenant within fifteen (15) days from the date of the happening of such casualty, and this lease shall terminate. Provided, however, that if the Landlord determines that it will not rebuild the improvements on the demised premises then the Landlord agrees to purchase other properties held by the Tenant as part of the development contemplated herein. The purchase price shall be determined as the fair market value prior to the damage or destruction to the demised premises. The Landlord shall receive and be entitled obligated to use the proceeds of the fire and extended coverage insurance carried by Landlord or Tenant, as applicable, to complete purchase such repairs) to rebuild and repair damage to the roof, foundation, structural components, exterior walls, exterior doors and windows (excluding glass), walks, parking areas, driveways, and other exterior areas (including paving), exterior plumbing lines (including water lines and gas lines) of the Leased Premises within a period of one hundred eighty (180) days after the occurrence of the casualty and the Base Rent and other charges provided for herein shall be abated during such period of rebuilding and restoration to the extent, and additional property only to the extent of any insurance proceeds from the damage or destruction of demised premises less the deductible and any costs incurred to demolish or dispose of debris. Alternatively, Xxxxxxxx agrees that the Leased Premises cannot be used it will enter into negotiations for a long term land lease for the purposes described demised premises with Tenant whereby Tenant may construct improvements substantially similar in Section 1.1(n) as a result thereof. Notwithstanding the foregoing, Tenant shall be responsible for repairing damage caused by fire or other casualty purpose to those items set forth found in Section 10.2 below. In the event (a) such Building shall be destroyed or rendered untenantable to an extent in excess of fifty percent (50%) of the floor area by a casualty covered by Landlord's insurance and the Leased Premises cannot be restored within one hundred eighty (180) days thereafter; or (b) the holder of a mortgage, deed of trust or other lien on the Leased Premises at the time of the casualty elects pursuant to such mortgage, deed of trust or other lien to require the use of all or part of Landlord's insurance proceeds in satisfaction of all or part of the indebtedness secured by the mortgage, deed of trust or other lien; or (c) the damage has occurred in the last twelve (12) months of the Lease Term, then Landlord or Tenant may elect to either terminate this Lease or Landlord may proceed to rebuild and repair the Leased Premises. Either party shall give written notice to the other of such election within thirty (30) days after the occurrence of such casualty and if it elects to rebuild and repair shall proceed to do so with reasonable diligence within a period of one hundred eighty (180) days after such casualty and at its sole cost and expenseExhibit “B” attached hereto.

DAMAGE OR DESTRUCTION OF LEASED PREMISES. Tenant shall give prompt written notice to Landlord of any damage caused to the Leased Premises by fire or other casualty. In the event that the Leased Premises leased premises are destroyed or damaged so as to be unfit for use by fire, storm, explosion, earthquake or other casualty, so as not to be capable of being economically rebuilt or restored within three hundred sixty-five (365) days, then this lease shall be damaged or destroyed by fire or other casualty and Landlord or Tenant does not elect to terminate this Lease as hereinafter providedautomatically terminated. Otherwise, Landlord shall proceed with reasonable diligence and at its sole cost own expense and expense with due diligence to restore the premises within such three hundred sixty-five (365) days. In the event Landlord determines that the premises cannot be rebuilt or restored within three hundred sixty-five (365) days as provided hereinabove, then it shall give written notice of this decision to Tenant within fifteen (15) days from the date of the happening of such casualty, and this lease shall terminate. Provided, however, that if the Landlord determines that it will not rebuild the improvements on the demised premises then the Landlord agrees to purchase other properties held by the Tenant as part of the development contemplated herein. The purchase price shall be determined as the fair market value prior to the damage or destruction to the demised premises. The Landlord shall receive and be entitled obligated to use the proceeds of the fire and extended coverage insurance carried by Landlord or Tenant, as applicable, to complete purchase such repairs) to rebuild and repair damage to the roof, foundation, structural components, exterior walls, exterior doors and windows (excluding glass), walks, parking areas, driveways, and other exterior areas (including paving), exterior plumbing lines (including water lines and gas lines) of the Leased Premises within a period of one hundred eighty (180) days after the occurrence of the casualty and the Base Rent and other charges provided for herein shall be abated during such period of rebuilding and restoration to the extent, and additional property only to the extent of any insurance proceeds from the damage or destruction of demised premises less the deductible and any costs incurred to demolish or dispose of debris. Alternatively, Landlord agrees that the Leased Premises cannot be used it will enter into negotiations for a long term land lease for the purposes described demised premises with Tenant whereby Tenant may construct improvements substantially similar in Section 1.1(n) as a result thereof. Notwithstanding the foregoing, Tenant shall be responsible for repairing damage caused by fire or other casualty purpose to those items set forth found in Section 10.2 below. In the event (a) such Building shall be destroyed or rendered untenantable to an extent in excess of fifty percent (50%) of the floor area by a casualty covered by Landlord's insurance and the Leased Premises cannot be restored within one hundred eighty (180) days thereafter; or (b) the holder of a mortgage, deed of trust or other lien on the Leased Premises at the time of the casualty elects pursuant to such mortgage, deed of trust or other lien to require the use of all or part of Landlord's insurance proceeds in satisfaction of all or part of the indebtedness secured by the mortgage, deed of trust or other lien; or (c) the damage has occurred in the last twelve (12) months of the Lease Term, then Landlord or Tenant may elect to either terminate this Lease or Landlord may proceed to rebuild and repair the Leased Premises. Either party shall give written notice to the other of such election within thirty (30) days after the occurrence of such casualty and if it elects to rebuild and repair shall proceed to do so with reasonable diligence within a period of one hundred eighty (180) days after such casualty and at its sole cost and expenseExhibit “B” attached hereto.