Damage to real property xiii. Service work needed to meet current building code violations or to correct code violations.
Damage to real property. Landlord will maintain fire and extended coverage insurance on the Shopping Center. If the Shopping Center building housing the Demised Premises shall be damaged by fire or other casualty of the kind insured against in standard policies of fire insurance with extended coverage, or in the event that any portion of the Demised Premises shall be taken or condemned for public use, or transferred in lieu of such taking or condemnation, Landlord shall, using reasonable discretion, either repair or restore the damage or terminate this lease if: (a) the cost of repair or restoration exceeds the amount of insurance proceeds received by Landlord and available for the repair and restoration of the Demised Premises or if Landlord’s mortgagee or the applicable governmental authorities refuse to give their approval and consent to the repair and restoration; or (b) this Lease is in the last 12 months of the term; or (c) any tenant leasing greater than 5,000 square feet of space in the Shopping Center terminates its lease as a result of damage (regardless of whether such damage affects the Demised Premises); or (d) more than 25% of the Shopping Center is damaged (regardless of whether such damage affects the Demised Premises). Any such termination shall not affect any rights accrued to Landlord because of prior defaults by Tenant. Tenant shall have no right or claim to the proceeds of any transfer in lieu of such taking or condemnation or for any portion of Landlord's condemnation award, and shall have no right or claim based on the condemnation of the Demised Premises or the improvements thereto or of Tenant's leasehold interest therein. Tenant, upon the request of any Landlord, shall execute, within 5 days after such request, any and all instruments required in order to effectuate any such condemnation or sale in lieu of condemnation, in the form requested by Landlord or such public authority. In all instances of restoration, Landlord shall only be required to restore the building which houses the Demised Premises and common areas adjoining the Demised Premises, and that portion of the Demised Premises which Landlord is required to maintain pursuant to this Lease, to the condition they were in prior to the damage. Landlord shall have no responsibility to repair or restore any portion of the Demised Premises required to be insured by Tenant under this Lease and Tenant shall have 30 days after delivery of access to Tenant by Landlord to complete its rebuilding or repairin...
Damage to real property. The casualty insurance on the Real Property is being carried by Buyer (formerly known as BPP Acquisition Corporation), pursuant to the Lease. In the event that any structure or improvement on the Real Property is materially damaged or destroyed by fire or other casualty prior to the delivery of the Deed to Buyer at the Closing, the parties shall perform this Agreement and Seller (and Seller's mortgagee, if any) shall relinquish any rights of Seller in and to any insurance proceeds covering such casualty.
Damage to real property. In the event the Real Property shall be ----------------------- damaged by fire or other casualty prior to time of Closing, in an amount of not more than ten percent of the total purchase price, Shareholder shall be obligated to repair the same before the Closing. In the event such damage is not repaired within said time or if the damages exceed such sum, this Agreement may be terminated at the option of CMED. Should CMED elect to carry out this Agreement despite such damage, CMED shall be entitled to credit for all the insurance proceeds resulting from such damage to the Real Property and Inclusions, not exceeding, however, the total purchase price. Should any Inclusion(s) or service(s) fail or be damaged between the date of this Agreement and the date of Closing, then Shareholder shall be liable for the repair or replacement of such Inclusion(s) or service(s) with a unit of similar size, age and quality, or an equivalent credit, less any insurance proceeds received by CMED covering such repair or replacement.
Damage to real property. If the Real Property (or any portion thereof other than the Premises) is damaged or destroyed by fire or other casualty, Licensor shall, within sixty (60) days from the date of such damage and destruction, either (i) notify Licensee in writing of Licensor’s election to repair such damage or destruction, in which event Licensor shall promptly repair the same, or (ii) notify Licensee in writing of Licensor’s election to immediately terminate this License, in which event this License is ter- minated effective as of the date of such damage or destruction. As provided in Section 2.2 above, Licensee may xxxxx Monthly Fee if access to the ATM facility is materially impeded by Licensor’s repairs or by such damage or destruction.
