DAMAGE TO THE AIRPORT Sample Clauses

DAMAGE TO THE AIRPORT. A. If the Andover-Aeroflex Airport is damaged by fire or other cause to the extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed twenty-five percent (25%) of the replacement value of the building (exclusive of foundations) just prior to the occurrence of the damage, then Landlord may, no later than ninety (90) days following the damage, give Tenant notice of election to terminate this Lease Agreement. If, as a result of such damage, Tenant determines that the Leased Premises are not reasonably usable for the purposes for which they are leased under this Lease Agreement, then Tenant may, no later than ninety (90) days following the damage, give Landlord a notice of election to terminate this Lease Agreement. In the event of election by either Landlord or Tenant, this Lease Agreement shall be deemed to terminate on the tenth (10th) day after the giving of notice, and Tenant shall surrender possession of the Leased Premises within said ten (10) day period. The Rent and any Additional Rent will be apportioned as of the date of the surrender of the Leased Premises. The rent paid for any period beyond the surrender date will be repaid to Tenant. If the cost of restoration as estimated by Landlord amounts to less than twenty-five percent (25%) of the replacement value of the building, or if despite the cost Landlord does not elect to terminate this Lease Agreement, Landlord shall restore the building and the Leased Premises with reasonable promptness, subject to the availability of adequate funds from insurance proceeds or specifically appropriated therefore, subject to delays beyond Landlord’s control, and subject to delays in the making of insurance adjustments between Landlord and its insurance carrier. Tenant shall have no right to terminate this Lease Agreememt except as provided herein. Landlord shall not be required to restore or replace fixtures and improvements owned by Tenant. Any provision herein contained to the contrary notwithstanding, this Lease Agreement shall not be construed to create any obligation upon Landlord to restore the building if Landlord reasonably determines that the cost of restoration will exceed the insurance proceeds.
Sample 1Sample 2Sample 3See All (11)
AutoNDA by SimpleDocs

Related to DAMAGE TO THE AIRPORT

  • Damage to Property Exhibitor is liable for any damage caused by Exhibitor or its representatives to building floors, walls, or columns, or to the property of other Exhibitors. Exhibitor may not apply paint, lacquer, adhesive, or other coating to building columns or floors or to standard booth equipment.

  • Liability for loss or damage Subject to the provisions of the Occupiers Liability Act 1957 and the Defective Premises Act 1972, we shall not in any circumstances incur any liability in respect of loss or damage to any person or property or otherwise, unless the loss or damage was caused by our negligence.

  • Damage to personal clothing An employee shall be reasonably compensated for damage to personal clothing worn on duty, or reimbursed dry cleaning charges for excessive soiling to personal clothing worn on duty, provided the damage or soiling did not occur as a result of the employee’s negligence, or failure to wear the protective clothing provided. Each case shall be determined on its merits by the employer.

  • CASUALTY DAMAGE Tenant shall maintain sufficient insurance on the Building in its reasonable discretion for casualty damage. If: (a) the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord’s opinion, be required (whether or not the Premises shall have been damaged by the casualty); or (b) the Premises shall be partially damaged by casualty during the last one year of the Lease Term, and the estimated cost of repair exceeds 25% of the Base Rent then remaining to be paid by Tenant for the balance of the Lease Term; Landlord may, within 90 days after the casualty, give notice to Tenant of Landlord’s election to terminate this Lease, and the balance of the Lease Term shall automatically expire on the fifth day after the notice is delivered. If Landlord does not elect to terminate this Lease, Landlord shall proceed with reasonable diligence to restore the Building and the Premises to substantially the same condition they were in immediately before the happening of the casualty. However, Landlord shall not be required to restore any unleased premises in the Building or any portion of Tenant’s property. Rent shall xxxxx in proportion to the portion of the Premises not useable by Tenant as a result of any casualty covered by insurance carried or required to be carried by Landlord under this Lease, as of the date on which the Premises becomes unusable. Landlord shall not otherwise be liable to Tenant for any delay in restoring the Premises or any inconvenience or annoyance to Tenant or injury to Tenant’s business resulting in any way from the damage or the repairs, Tenant’s sole remedy being the right to an abatement of Rent.

Time is Money Join Law Insider Premium to draft better contracts faster.