Damages or Destruction. (a) If any building or improvement upon the Premises is destroyed or damaged in whole or in part by fire, or other casualty, Lessee shall give notice thereof to Lessor, and except, as otherwise provided below, Lessor at Lessor’s cost and expense promptly shall repair, replace, and rebuild the buildings or improvements to at least as good condition as it or they were in immediately prior to such occurrence. Such work shall be commenced within 60 days after the settlement has been made with the insurance companies.
(b) If following such damage or destruction the estimate of the time to complete such repair or restoration, as determined by the general contractor selected by Lessor, exceeds 240 days, Lessor and Lessee at their respective options shall have the right to terminate the Lease upon written notice to the other Party given within 20 days after receipt of the estimated time to repair or restore.
(c) The net proceeds of any insurance shall be applied in payment of the cost of such repairing or rebuilding as the same progresses. If the insurance proceeds exceed the cost of such repairs or rebuilding, then the balance remaining after payment of the cost of such repairs or rebuilding shall be paid over and belong to Lessor.
(d) Except as specifically provided in subsections (b), (e) or (f), this Lease shall not terminate or be affected in any manner by reason of the destruction or damage in whole or in part of the Premises or any building or improvement now or hereafter standing or erected thereon or by reason of the untenantability of the Premises or any such building or improvements. Rent shall in any case continue to be paid by Lessee. Lessee shall have the option of providing rent protection insurance for the benefit of Lessor with regard to damage or destruction of the Premises and any insurance benefits resulting therefrom shall be applied against any rent accruing to Lessor.
(e) If the fire or casualty damages or destroys more than 25% of the improvements on the Premises and occurs within the last 12 months of the Lease Term, then Lessee, at its option, may elect to terminate the Lease by giving written notice thereof to Lessor within 15 days after such fire or casualty. If Lessee timely gives such notice then the Lease shall terminate as of the date of such fire or casualty; Lessee shall not be liable for any rent accruing after the date of such fire or casualty; Lessor shall not be required to rebuild or restore the Premises; and all casualty ins...
Damages or Destruction. If the Premises are damaged by any peril and Lessor does not elect to terminate the Lease or is not entitled to terminate the Lease, Lessee may terminate the lease, by delivery to Lessor of a written notice, if the Premises cannot be or are not fully repaired by Lessor within ninety
Damages or Destruction. Subject to the rights of the Lender under the Loan Documents as set forth in Exhibit C, if the Property or any portion thereof shall be damaged or destroyed at any time during the Term by fire, casualty or any other cause, Manager shall, on behalf of and at Owner’s sole cost and expense as an Owner’s Expense, and with due diligence, repair or replace the Property, so that the Property shall be restored to substantially the same condition as existed prior to such damage or destruction; provided, however, that in the event of any substantial damage or destruction to the Property the cost of repair of which would exceed, in Owner’s reasonable judgment, twenty-five percent (25%) of the then existing value of the Property, Owner, within thirty (30) days after the date of occurrence of such damage or destruction may either (i) commence repair of same, in which event this Agreement shall continue in full force and effect; or (ii) deliver written notice to Manager that Owner does not intend to repair such damage or destruction, in which event this Agreement shall be terminated, and upon such termination Manager shall be paid the Termination Fee set forth in Section 16.2 below. All such repair or replacement shall be subject to Owner’s reasonable approval by Owner’s Consent, including the plans, specifications, drawings, architect and contractor therefor, and shall be made in a manner to cause the least practicable interference with the operation of the Property.
Damages or Destruction. In the event the Premises are rendered commercially unusable in whole or in part by fire, the elements, or other casualty, unless Landlord and Tenant otherwise agree, Tenant shall promptly restore or rebuild such damage to the extent of available insurance proceeds and this Lease shall not terminate. During the period that the Premises are unusable due to fire or other casualty, rent shall xxxxx in the same ratio as the proportion of the Premises rendered unusable bears to the whole Premises. Rent abatement shall only be available to Tenant to the extent that the rent abated is covered by rental loss insurance proceeds actually received by Landlord.
Damages or Destruction. 6 13.2 Condemnation................................................ 6 14. INDEMNITY........................................................ 7 14.1 Indemnity by Tenant......................................... 7 14.2 Indemnity by Landlord....................................... 7 15.
Damages or Destruction. Xxxxxxx will promptly notify Macy's of any damage ---------------------- to, or destruction of, the Premises by fire or other casualty. If greater than ten percent (10%) of the Premises is substantially damaged or destroyed by fire or other casualty, then Xxxxxxx shall have the right to terminate this Sublease, in which case this Sublease shall be deemed terminated as of the date of the fire or casualty and Macy's shall reimburse Xxxxxxx for its proportionate share of any prepaid Rent. Macy's shall have no obligation to repair the Premises or the Building.
Damages or Destruction. Subject to subsections 13 B and C below, if the Building or other improvements on the Premises are damaged or destroyed by reason of fire, the elements, unavoidable accident or any other casualty, Tenant will as soon as practicable at its expense, repair or rebuild the Building and all improvements located on the Premises to substantially the same design and condition as the Building and improvements were in prior to such damage or destruction; Tenant will prosecute the repairs or rebuilding to completion with due diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, and other causes beyond Tenant’s reasonable control; Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the Premises are reoccupied for any purpose. The repairs or rebuilding will be completed free and clear of mechanics’ or other liens, and in accordance with the building codes and all applicable laws, ordinances, regulations, or orders of any state, municipal, or other public authority affecting the repairs or rebuilding, and also in accordance with all applicable covenants, easements and restrictions affecting the Premises and all requirements of the insurance rating organization, or similar body, and of any liability insurance company insuring against liability for accidents related to the Premises.
Damages or Destruction. In the event the Premises are damaged by fire, explosion, or other casualty, Lessor shall commence the repair, restoration, or rebuilding thereof, within ninety (90) days of such damage, after first notifying the Lessee within thirty (30) days of such intent. If the casualty or the repair, restoration, or rebuilding caused thereby shall render the Premises untenantable, in whole or in part, an equitable abatement in rent shall be allowed from the date when the damage occurred until the date when the Premises are again fit for occupancy by Lessee. If such a fire, explosion, or other casualty damages the building in which the Premises are located to the extent of fifty percent (50%) or more thereof, Lessor may, in lieu of repairing, restoring, or rebuilding the same, terminate this Lease within sixty (60) days after occurrence of the event causing the damage. In such event, the obligation of Lessee to pay rent and other charges hereunder, shall end as the date when the occupancy ceased. In the event Lessor's fire and extended coverage insurance provides for a "deductible" and a loss occurs which is the kind of risk otherwise insured under the policy, and such loss is the result of the Lessee's or its agents, employees, or contractors negligence, act or omission, then Lessee shall pay to Lessor, promptly upon being billed therefor the lesser of the (a) the amount of the loss or (b) the amount of the deductible.
Damages or Destruction. A. If the Building is damaged by any casualty, then Landlord may, at the opt an of Landlord, either (1) repair the damage as soon as reasonably possible (but not before the receipt of the insurance proceeds by Landlord) at the cost of Landlord, in which event this Lease will continue in full force and effect, or (2) give written notice to Tenant within thirty days after the date of occurrence of the damage of the intention of Landlord to terminate this Lease, as of the date of the occurrence of the damage of the intention of Landlord elects to so terminate this Lease, this Lease will be terminated as of the date of the occurrence of the damage.
B. If the Building is partially destroyed a. damaged and Landlord or Tenant make repairs as provided in this Lease, the rent payable for the period during which the damage and repair continues will be abated in proportion to the extent which the use of the Building by Tenant is impaired.
C. Except for abatement of rent, if any, Tenant will have no claim against Landlord for any damage suffered by reason of the damage, repair or restoration.
D. If, as a result of the negligent or willful act or omission of Tenant or its employees, agents, contractors, customers, guests, licensees or invitees, the Building is damaged or destroyed, no abatement or reduction in rent will occur whether Landlord may elect to restore or repair the Building or terminate this Lease, and Tenant will continue to pay all rent
Damages or Destruction. Subject to the rights of the Lender under the Loan Documents as set forth in Exhibit C, if the Property or any portion thereof shall be damaged or destroyed at any time during the Term by fire, casualty or any other cause, Manager shall, on
