Common use of Damage or Destruction to Improvements Clause in Contracts

Damage or Destruction to Improvements. (a) If any Improvements shall be destroyed or damaged by any cause whatsoever, Tenant shall promptly notify Landlord and shall, at Tenant’s sole cost and expense, restore, repair, replace or rebuild the same as nearly as possible to their condition and character immediately prior to the damage or destruction, reasonable wear and tear excepted (“Casualty Restoration”). (b) Casualty Restoration shall be commenced promptly and prosecuted to completion with reasonable diligence. Landlord shall join with Tenant in the adjustment and settlement of any insurance claim. The net insurance proceeds, if any, payable by reason of such damage or destruction (other than insurance proceeds for the loss of Tenant’s personalty and other than insurance proceeds for loss of Rents, Impositions and/or maintenance, irrespective of whether paid to Tenant or Landlord) shall be paid to Landlord and made available by Landlord for the payment of the cost of the Casualty Restoration and shall be disbursed in the manner provided in Section 12.03. (c) Notwithstanding the provisions of Sections 12.01(a) and 12.01(b) to the contrary, if all or substantially all of the Improvements are damaged or destroyed at a time when there is fewer than two (2) years remaining in the Term, then at Tenant’s option, to be exercised by notice given within fifteen (15) days following the date of such substantial damage or destruction, this Lease shall be terminated effective as of the date such notice is given, whereupon Tenant shall be released from its obligation to repair or restore the Demised Premises (except as otherwise specifically set forth in this Section 12.01(c)), any insurance proceeds paid or payable to Tenant shall be paid to Landlord free of any claim by Tenant, Landlord shall have the exclusive right to adjust and settle any insurance claim on account of or relating to any such damage or destruction and Tenant shall pay Landlord the amount of any deductible or retention limit under the applicable policy or policies, and pay to Landlord, contemporaneously with such election, the amount of Fixed Rent and Additional Rent payable through the Expiration Date. If Tenant elects to terminate this Lease as aforesaid, Tenant shall, at its sole cost and expense, promptly remove all remaining portions of the Improvements, including all debris, and fill in and level the area to proper grade. Notwithstanding, anything stated herein to the contrary if Tenant self-insures, upon a Casualty in last two (2) years of the Term, or Renewal Term as the case may be, if Tenant elects not to restore, this Lease shall be deemed terminated only upon payment of all Fixed Rent and Additional Rent through the end of the Lease, and payment to Landlord of the cost of restoration of the Demised Premises to the condition existing immediately prior to the Casualty.

Damage or Destruction to Improvements. (a) If any Improvements shall be destroyed or damaged by any cause whatsoever, Tenant shall promptly notify Landlord and shall, at Tenant’s sole cost and expense, restore, repair, replace or rebuild the same as nearly as possible to their condition and character immediately prior to the damage or destruction, reasonable wear and tear excepted (“Casualty Restoration”). (b) Casualty Restoration shall be commenced promptly and prosecuted to completion with reasonable diligence. Landlord shall join with Tenant in the adjustment and settlement of any insurance claim. The If Tenant is not in default of any of its obligations for the payment of Fixed Rent or Additional Rent, and no uncured Event of Default has occurred which is continuing, the net insurance proceeds, if any, payable by reason of such damage or destruction (other than insurance proceeds for the loss of Tenant’s personalty and other than insurance proceeds for loss of Rents, Impositions and/or maintenance, irrespective of whether paid to Tenant or Landlord) shall be paid to Landlord Tenant and made available used by Landlord Tenant for the payment of the cost of the Casualty Restoration and shall be disbursed in the manner provided in compliance with Section 12.03. (c) Notwithstanding the provisions of Sections 12.01(a) and 12.01(b) to the contrary, if all or substantially all of the Improvements are damaged or destroyed at a time when there is fewer than two (2) years remaining in the Term, then at Tenant’s option, to be exercised by notice given within fifteen (15) days following the date of such substantial damage or destruction, this Lease shall be terminated effective as of the date such notice is given, whereupon whereupon, Tenant shall be released from its obligation to repair or restore the Demised Premises (except as otherwise specifically set forth in this Section 12.01(c)), any insurance proceeds paid or payable to Tenant shall be paid to Landlord free of any claim by Tenant, Landlord shall have the exclusive right to adjust and settle any insurance claim on account of or relating to any such damage or destruction and Tenant shall pay Landlord the amount of any deductible or retention limit under the applicable policy or policies, and pay to Landlord, contemporaneously with such election, the amount of Fixed Rent and Additional Rent payable through the Expiration Date. If Tenant elects to terminate this Lease as aforesaid, Tenant shall, at its sole cost and expense, promptly remove all remaining portions of the Improvements, including all debris, and fill in and level the area to proper grade. Notwithstanding, anything stated herein to the contrary if Tenant self-insures, upon a Casualty in last two (2) years of the Term, or Renewal Term as the case may be, if Tenant elects not to restore, this Lease shall be deemed terminated only upon payment of all Fixed Rent and Additional Rent through the end of the Lease, and payment to Landlord of the cost of restoration of the Demised Premises to the condition existing immediately prior to the Casualty.

Damage or Destruction to Improvements. (a) If any Improvements shall be destroyed or damaged by any cause whatsoever, Tenant shall promptly notify Landlord and shall, at Tenant’s 's sole cost and expense, restore, repair, replace or rebuild the same as nearly as possible to their condition and character immediately prior to the damage or destruction, reasonable wear and tear excepted (“"Casualty Restoration”"). (b) Casualty Restoration shall be commenced promptly and prosecuted to completion with reasonable diligence. Landlord shall join with Tenant in the adjustment and settlement of any insurance claim. The net insurance proceeds, if any, payable by reason of such damage or destruction (other than insurance proceeds for the loss of Tenant’s 's personalty and other than insurance proceeds for loss of Rents, Impositions and/or maintenance, irrespective of whether paid to Tenant or Landlord) shall be paid to Landlord and made available by Landlord used for the payment of the cost of the Casualty Restoration and shall be disbursed in the manner provided in Section 12.03Restoration. (c) Notwithstanding the provisions of Sections 12.01(a11.01(a) and 12.01(b11.01(b) to the contrary, if all or substantially all of the Improvements are substantially damaged or destroyed at a time when there is fewer than two (2) years remaining in the Termdestroyed, then at Tenant’s 's option, to be exercised by notice given within fifteen (15) days following the date of such substantial damage or destruction, this Lease shall be terminated effective as of the date such notice is given, whereupon whereupon, Tenant shall be released from its obligation to repair or restore the Demised Premises (except as otherwise specifically set forth in this Section 12.01(c11.01(c)), any insurance proceeds paid or payable to Tenant related to the physical damage shall be paid to Landlord free of any claim by Tenant, Landlord shall have the exclusive right to adjust and settle any such insurance claim on account of or relating to any such damage or destruction and Tenant shall pay Landlord the amount of any deductible or retention limit under the applicable policy or policies, and pay to Landlord, contemporaneously with such election, the amount of Fixed Rent and Additional Rent payable through the Expiration Date. If Tenant elects to terminate this Lease as aforesaid, Tenant shall, at its sole cost and expense, promptly remove all remaining portions of the Improvements, including all debris, and fill in and level the area to proper grade. Notwithstanding, anything stated herein to the contrary if Tenant self-insures, upon a Casualty in last two (2) years of the Term, or Renewal Term as the case may be, if Tenant elects not to restore, this Lease shall be deemed terminated only upon payment of all Fixed Rent and Additional Rent through the end of the Lease, and payment to Landlord of the cost of restoration of the Demised Premises to the condition existing immediately prior to the Casualty.