Damage to or Destruction Clause Samples
The 'Damage to or Destruction' clause defines the rights and responsibilities of the parties if the subject property is damaged or destroyed during the term of the agreement. Typically, it outlines procedures for notification, repair, or replacement, and may specify whether the contract can be terminated or modified depending on the extent of the damage. This clause ensures that both parties understand their obligations and remedies in the event of unforeseen harm to the property, thereby allocating risk and providing a clear process for addressing such incidents.
Damage to or Destruction of the SANParks Thesens Island Restaurant and Project Site or Project Assets
6.4.1 After delivery of the Project Site, the SANParks Thesens Island Restaurant or any portion thereof and any Institution Assets delivered to the Private Party, the Project Site and any New Project Assets, shall be at the sole risk of and under the care, custody and control of the Private Party.
6.4.2 Without derogating from the generality of Clause 6.4.1, the Private Party shall bear all risks and costs with regard to any weather conditions (subject to the provisions of Clause 16), including, without limitation, floods, and with regard to physical conditions or obstructions (both above-ground and subsurface and whether artificial or not), whether foreseen or unforeseen, which are encountered during the Construction Phase or at any time during the Project Term.
6.4.3 Should the Project Site, the SANParks Thesens Island Restaurant or the Project Assets or any portion thereof be damaged or destroyed at any time during the Project Term, the Private Party shall, within a reasonable period of time, at its own cost and expense, repair, rebuild or replace the same so that after such repair, rebuilding or replacing, the Project Site, the SANParks Thesens Island Restaurant and such Project Assets shall be substantially in the same condition as prior to such damage or destruction. In the event that the extent or nature of such damage or destruction is such that it would be impossible or commercially undesirable to repair, rebuild or replace the relevant portion of the Project Site, the SANParks Thesens Island Restaurant and/or the relevant Project Assets, the Private Party shall be excused from the obligation to so repair, rebuild or replace and SANParks or the Private Party shall have the right to proceed pursuant to Clause 16 on the basis that an event of Force Majeure shall be deemed to have occurred.
6.4.4 Should SANParks and the Private Party disagree with respect to what is “commercially undesirable” in Clause 6.4.3, either Party may request the other Party to agree within 7 (seven) Business Days on an independent expert to make a determination in that regard. Should the Parties be unable to agree on the identity of such expert within 7 (seven) Business Days of the second party being so requested, such expert shall be chosen by the Chairman of the Association of Law Societies of South Africa to make such determination. The person thus chosen shall act as an expert and not as an arbi...
Damage to or Destruction. OF THE PREMISES ----------------------------------------
SECTION 12.01. If the Premises or any part thereof shall be partially damaged by fire or other casualty and Tenant gives prompt notice thereof to Landlord, subject to its rights under Section 12.02, Landlord shall proceed with ------------- reasonable diligence to repair or cause such damage to be repaired to restore the Premises to the condition the Premises were in before the tenant installation was installed. Landlord shall, at Tenant's request and expense, also restore Landlord's Construction (utilizing therefor the proceeds, if available, of the insurance required to be maintained by Tenant pursuant to Section 19(a)(ii)). The Fixed Rent and Additional Rent shall be abated to the ----------------- extent that the Premises shall have been rendered untenantable, such abatement to be from the date of such damage or destruction to the date the Premises shall be substantially repaired, restored or rebuilt. If Tenant shall reoccupy portions of the Premises as the restoration continues, the abatement shall cease as to such portions.
SECTION 12.02. If the Premises shall be totally damaged or rendered wholly untenantable by fire or other casualty, or if the Building shall be so damaged by fire or other casualty that substantial alteration or reconstruction of the Building shall, in Landlord's reasonable opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), then in any of such events Landlord may, at its option, terminate this Lease by giving Tenant thirty (30) days notice of such termination, which notice shall be given within ninety (90) days after the date of such damage. In the event that such notice of termination shall be given, this Lease shall terminate as of the date provided in such notice of termination (whether or not the Term shall have commenced) with the same effect as if that were the Expiration Date, and the Fixed Rent and Additional Rent shall be apportioned as of such date of damage or destruction, and any prepaid portion of Fixed and Additional Rent shall be apportioned as of such date of damage or destruction and shall be refunded by Landlord to Tenant. If the damage or destruction occurs during the final Lease Year, or is so extensive that the Premises cannot reasonably be anticipated to be restored within one (1) year, then Tenant shall likewise have the right to terminate this Lease, effective as of the date of the damage or destr...
Damage to or Destruction. OF THE DEMISED PREMISES If there is any material damage to or destruction.of the Demised Premises or any part thereof, Tenant promptly shall give written notice thereof to Landlord, generally describing the nature and extent of such damage or destruction. Landlord shall have the option of either repairing the premises or terminating the lease.
Damage to or Destruction. Damage or Destruction
13.01 In the event that the Leased Premises are destroyed or so damaged by fire, lightning, tempest or other casualty against which the Landlord is insured, as to be totally unfit for occupancy by the Tenant, Rent shall cease until the Leased Premises are repaired or rebuilt and provided further that in the event that the Leased Premises are damaged by fire, lightning, tempest or other casualty against which the Landlord is insured and the damage is such that the Leased Premises can be partially used, then until such damage shall have been repaired, Rent shall ▇▇▇▇▇ while repairs are in progress by the same proportion as the area of the part of the Leased Premises rendered unfit for occupancy is of the whole of the Leased Premises and the Landlord agrees that it will within reasonable diligence repair the Leased Premises unless the Tenant is obliged to repair under the terms hereof, or unless the Lease is terminated pursuant to the provisions of Sections 13.02 or 13.03. The Landlord shall not be liable to the Tenant for any loss or damage suffered by the Tenant as a result of any reasonable delay in repair which may arise by reason of adjustment or insurance on the part of the Landlord or on account of labour disagreements or any other cause beyond the Landlord’s control.
Damage to or Destruction of the Assets. Seller shall bear all risk of loss with respect to the Assets prior to the Closing Date. Seller agrees to continue to carry or cause to be carried to the Closing Date the insurance coverage which is presently carried relating to the Assets. In the event of any damage to or loss or destruction of an Asset (other than normal wear and tear) (a "Loss") between the date of this Agreement and the Closing Date, (i) Purchaser shall not be entitled to terminate this transaction, and (ii) the Purchase Price shall be reduced by an amount equal to the estimated cost to repair or restore the Asset to substantially its condition immediately prior to the occurrence of such Loss (to the extent, if any, that Seller has not completed such repair or restoration). The estimated cost to repair or restore the Asset to substantially its condition immediately prior to the occurrence of such Loss shall be agreed to by Seller and Purchaser or, if they are unable to agree, shall be determined by an independent, qualified insurance adjuster selected by the parties (or, if they are unable to agree on such selection, one appointed by the Bankruptcy Court upon application by either party). Seller shall be entitled to retain any insurance proceeds paid or payable on account of such Loss.
Damage to or Destruction of Property Prior to Closing; Risk of Loss. In the event the Property shall sustain damage caused by fire or other casualty prior to Closing, the Closing shall take place as provided herein without abatement of the Purchase Price, and there shall be assigned to Purchaser at Closing all of Seller's interest in and to the insurance proceeds which may be payable to Seller on account of such occurrence, and Seller shall have no obligation of repair or replacement. If an uninsured loss or casualty occurs, Purchaser shall receive a credit at Closing against the Purchase Price in an amount equal to the cost of repairing or restoring the loss or casualty in question.
Damage to or Destruction of the Leased Premises caused by fire or any other casualty shall cause an immediate proportionate and equitable abatement of rent due hereunder, effective as of the date of the casualty, or until it is determined that Tenant intends not to repair.
Damage to or Destruction. OF THE DEMISED PREMISES ------------------------------------------------
10.1 Should the demised premises or the building containing them be damaged by fire or other casualty so as to render the premises partially or wholly unfit for occupancy:
(a) If the damage cannot reasonably be repaired within one hundred twenty (120) days after the date thereof, either party may terminate this lease as of the said date by notice to the other given within thirty (30) days after such damage, and in that case the Tenant shall immediately surrender the demised premises to the Landlord and shall pay rent accrued to the