Damage or Destruction of the Facility Sample Clauses

Damage or Destruction of the Facility. (a) If the Facility or any part or component thereof shall be damaged or destroyed (in whole or in part) at any time during the Lease Term:
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Damage or Destruction of the Facility. (a) If any portion of the Facility is damaged or destroyed (in whole or in part) at any time during the Term: (i) NGL shall not have an obligation to replace, repair, rebuild, restore or relocate the Facility or any portion thereof; (ii) there shall be no abatement or reduction in the amounts payable by PESRM under this Agreement (whether or not the Facility is replaced, repaired, rebuilt, restored or relocated); and (iii) PESRM shall, at its option, either (A) repair, replace, rebuild, restore or relocate the Facility, or (B) continue to pay the outstanding amounts due to NGL under this Agreement in accordance with the terms hereof.
Sample 1
Damage or Destruction of the Facility. If (i) the Facility shall be totally or materially destroyed by fire, casualty, or other cause or happening, and either (a) insurance proceeds are unavailable in an amount sufficient to rebuild the Facility, and the Parties do not reach a mutually acceptable solution for rebuilding the Facility, (b) in the last five (5) years of the Term (unless Live Nation exercises any Option then remaining), insurance proceeds are available in a sufficient amount, but City elects, in its sole and absolute discretion, to not rebuild the Facility, or (c) insurance proceeds are available in a sufficient amount, but the Facility cannot be rebuilt within a period of twenty-four (24) months following the destruction, or (ii) any lawful authority shall order demolition or removal of any portion of the Facility, so as to render it unfit for use as intended by this Agreement, including, without limitation the Permitted Uses and a sellable capacity of at least ten thousand (10,000), then this Agreement shall terminate as of the date of such destruction and subject to Section 25.15, all of Live Nation’s liability hereunder shall cease from and after such date. If the Facility shall be totally or materially destroyed as described in this paragraph but this Agreement does not terminate, then all payments due hereunder from the date of such destruction to the date the Facility has been rebuilt shall be proportionately abated. If the Facility shall be partially destroyed by fire, casualty or other cause or happening, or be declared unsafe by any lawful authority, then it shall promptly be restored or made safe by City, at its sole cost and expense, and a proportional portion of the payments otherwise due from Live Nation to City shall xxxxx until the Facility shall have been restored and put in proper condition for use pursuant to the terms of this Agreement. If the Facility cannot be restored or made safe after partial destruction or declaration of unsafe condition without cancelling or rescheduling more than two (2) years’ of booked Events, then Live Nation, at its option, may cancel and terminate this Agreement in its entirety, and subject to Section 25.15, all of Live Nation’s liability hereunder shall cease from and after the date of such destruction or declaration of unsafe condition.
Sample 1

Related to Damage or Destruction of the Facility

  • Damage or Destruction (a) DAMAGE AND REPAIR: If the Building is damaged by fire or any other cause to such extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or if insurance proceeds sufficient for restoration are for any reason unavailable and the cost to repair estimated by Landlord is over $100,000, then Landlord may no later than the sixtieth day following the damage, give Tenant a notice of election to terminate this Lease. If the Premises are substantially damaged, and if they cannot be substantially repaired within 180 days as estimated by Landlord, Tenant or Landlord has the right to cancel this Lease by giving notice within thirty (30) days of the damage. In the event of such election, this Lease shall be deemed to terminate on the thirtieth (30th) day after the giving of said notice, and Tenant shall surrender possession of the Premises within a reasonable time thereafter, and the Rent and Additional Rent shall be apportioned as of the date of said surrender and any Rent and Additional Rent paid for any period beyond such date shall be repaid to Tenant. If the cost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building, and insurance proceeds sufficient for restoration are available, or if Landlord does not elect to terminate this Lease, Landlord shall restore the Building and the Premises (to the extent of improvements to the Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, and Tenant shall have no right to terminate this Lease except as herein provided. To the extent that the Premises are rendered untenantable, the Rent and Additional Rent shall proportionately xxxxx, only to the extent such abatement is of the type covered by a standard policy of rental loss insurance to compensate Landlord for such loss. No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Premises or of the Building. Landlord shall use its best efforts to effect such repairs promptly.

  • Damage Destruction or Condemnation If the Dock or any portion thereof is at any time destroyed or damaged by a casualty, or if any portion of the Dock or adjacent parcels are taken pursuant to the exercise or threatened exercise of the power of eminent domain (including a conveyance in lieu thereof), Port may elect to terminate this Agreement.

  • Casualty Damage If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord’s reasonable exercise of its business opinion as supported by documentation by a certified architect and delivered to Tenant, take more than 180 days to complete (whether or not the Premises shall have been damaged by such casualty), or in the event there is less than two (2) years of the Lease Term remaining, or in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt, or in the event of any material uninsured loss to the Building, either Landlord or Tenant may, at its respective option, terminate this Lease by notifying the other in writing of such termination within ninety (90) days after the date of such casualty. If Landlord determines that any such damage shall take less than 180 days to complete, upon Tenant’ reasonable request, Landlord shall furnish Tenant with supporting documentation from a certified architect. If neither Landlord nor Tenant so elects to terminate this Lease, Landlord shall commence (no later than sixty (60) days following the casualty) and proceed with diligence to restore the Building, and the improvements located within the Premises to substantially the same condition in which it was immediately prior to the happening of the casualty. Notwithstanding the foregoing, Landlord’s obligation to restore the Building, and the improvements located within the Premises shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by Landlord as a result of the casualty; provided that Landlord shall have complied with the insurance requirements and limits set forth in Section 13A. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all Tenant’s Property which are necessary to permit Tenant’s reoccupancy of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that Rent shall be abated from the date of the damage or destruction for any portion of the Premises that is unusable by Tenant (including without limitation if the Premises is not itself damaged, but the Building has suffered damage making access to and use of the Premises impracticable), which abatement shall be in the same proportion that the Rentable Area of the Premises which is unusable (or such use is so rendered impracticable) by Tenant bears to the total Rentable Area of the Premises; provided that Tenant shall not be entitled to any abatement of Rent if the damage or destruction within the Premises is restored within five (5) Business Days after Landlord’s receipt of written notice from Tenant of the occurrence of the damage or destruction.

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