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

DAMAGE OR DESTRUCTION OF LEASED PREMISES. Section 1. If, during the Term, twenty-five percent (25%) or less of the insurable value of the buildings and improvements, now existing or hereafter erected by the Lessor upon the Leased Premises, shall be destroyed by fire, explosion, the elements, an act of God or any other casualty (each, a “Casualty Event”), Lessor shall promptly rebuild and restore the same as nearly as possible to the condition existing prior to the damage. Rent payments shall be reduced proportionately from the date of such loss until the Leased Premises are restored to the condition which existed prior to the damage.

DAMAGE OR DESTRUCTION OF LEASED PREMISES. Section 1. If, during the Term, twenty-five percent (25%) or less of the insurable value of the buildings and improvements, now existing or hereafter erected by the Lessor existing upon the Leased Premises, shall be destroyed by fire, explosion, the elements, an act of God or any other casualty (eachinsured casualty, a “Casualty Event”), Lessor Landlord shall promptly rebuild and restore the same as nearly as possible to the condition existing prior to the damage. Rent payments shall be reduced proportionately from the date of such loss until the Leased Premises are restored to the condition which existed prior to the damage.