Common use of Damage or Destruction of Leased Property Clause in Contracts

Damage or Destruction of Leased Property. If, during the Term, the Leased Property shall be totally or partially destroyed and the Facility is thereby rendered Unsuitable for Its Permitted Use, either Landlord or Tenant may, by the giving of Notice thereof to the other, terminate this Agreement, whereupon, this Agreement shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. In such event, Tenant shall pay to Landlord the amount of any deductible under the insurance policies covering the Facility, the amount of any uninsured loss and any difference between the replacement cost of the Leased Property and the casualty insurance proceeds therefor.

Damage or Destruction of Leased Property. If, during the Term, ; the Leased Property shall be totally or partially destroyed and the Facility is thereby rendered Unsuitable for Its Permitted Use, either Landlord or Tenant may, by the giving of Notice thereof to the other, terminate this Agreement, whereupon, this Agreement shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. In such event, Tenant shall pay to Landlord the amount of any deductible under the insurance policies covering the Facility, the amount of any uninsured loss and any difference between the replacement cost of the Leased Property and the casualty insurance proceeds therefor.