Common use of Destruction and Restoration Clause in Contracts

Destruction and Restoration. Section 12.1 Provided Tenant has in full force and effect at the time of such damage or destruction the insurance policies of the kind and in the amount required by Section 5.1 hereof, Landlord covenants and agrees that in case of damage to or destruction of the Building, or the machinery, fixtures and equipment thereon contained (exclusive of Tenant’s personal property and trade fixtures), by fire or otherwise, Landlord shall promptly, at its sole cost and expense, repair, restore and rebuild the Building or the portion that was damaged to the condition that it was in immediately prior to such damage or destruction, or with such changes, alterations or modifications as may be made (including the substitution and addition of other property) in conformity with Article XIX hereof, If the net amount of the insurance proceeds received by Landlord is insufficient to restore, repair and rebuild the Building, machinery, fixtures and equipment therein contained, Tenant will pay the amount of the deficiency required to restore, repair and rebuild the Building, machinery, fixtures and equipment. Landlord may require, at its election, the Tenant to deposit with Landlord a cash deposit equal to the amount of the deficiency prior to commencing any repair or restoration of the Building. Any restoration or repair shall be completed in accordance with the applicable building codes existing at the time of the restoration or repair. The provisions and conditions in Article XIX herein contained applicable to changes or alterations shall similarly apply to work required to be done under this Article XII. In the event that Tenant fails to maintain in force and effect at the time of such damage or destruction the insurance policies of the kind and in the amount required by Section 5.1 hereof, and if as a result thereof the net amount of insurance proceeds recovered by Landlord is insufficient to restore, repair and rebuild the Building, machinery, fixtures and equipment therein contained (exclusive of Tenant’s personal property and trade fixtures). Tenant will deposit with Landlord a cash deposit equal to the reasonable estimate of the amount necessary to restore, repair and rebuild the same, less the amount of such insurance proceeds available. Said deposit shall be made upon the written request of Landlord. Notwithstanding the foregoing, in the event such insufficiency in insurance proceeds is caused by reason of any act or omission of Landlord, Landlord shall make the amount of such insufficiency available for restoration; provided, however, no act or omission by Landlord relating to the existence, limits of coverage, amounts recoverable, procuring new or additional coverage, or continuance of any existing coverages on cancellation shall constitute an act or omission within the meaning of this sentence.

Destruction and Restoration. Section 12.1 Provided Tenant has in full force and effect at the time of such damage or destruction the insurance policies of the kind and in the amount required by Section 5.1 hereof, Landlord covenants and agrees that --------------------------- in case of damage to or destruction of the Building, or Improvements after the machinery, fixtures and equipment thereon contained (exclusive of Tenant’s personal property and trade fixtures), Commencement Date by fire or otherwise, Landlord shall promptlyLandlord, at its sole cost and expense, shall promptly restore, repair, restore replace and rebuild the Building same within a period of twelve (12) months from the date of the damage or the portion that was damaged destruction (provided, however, such period shall be subject to Excused Delay). The Demised Premises (including Tenant's changes and alterations made pursuant to Section 20.1, provided such changes or alterations are insured by Landlord pursuant to Article 8) shall be restored as nearly as possible to the condition that it was the same were in immediately prior to such damage or destruction, or destruction with such changes, changes or alterations or modifications as may be (made (including the substitution and addition of other property) in conformity with Article XIX 20 hereof) as may be reasonably acceptable to Landlord and Tenant or required by Law. Tenant shall forthwith give Landlord written notice of such damage or destruction upon the occurrence thereof and specify in such notice, in reasonable detail, the extent thereof. Such restoration, repairs, replacements, rebuilding, changes and alterations, including the cost of temporary repairs for the protection of the Demised Premises, or any portion thereof, pending completion thereof are sometimes hereinafter referred to as the "Restoration." The Restoration shall be carried on and completed in accordance with the provisions and conditions of this Article 15. If the net amount of the insurance proceeds received by Landlord is insufficient (after deduction of all costs, expenses and fees related to restore, repair and rebuild the Building, machinery, fixtures and equipment therein contained, Tenant will pay the amount recovery of the deficiency required to restore, repair and rebuild the Building, machinery, fixtures and equipment. Landlord may require, at its election, the Tenant to deposit with Landlord a cash deposit equal to the amount of the deficiency prior to commencing any repair or restoration of the Building. Any restoration or repair shall be completed in accordance with the applicable building codes existing at the time of the restoration or repair. The provisions and conditions in Article XIX herein contained applicable to changes or alterations shall similarly apply to work required to be done under this Article XII. In the event that Tenant fails to maintain in force and effect at the time of such damage or destruction the insurance policies of the kind and in the amount required by Section 5.1 hereof, and if as a result thereof the net amount of insurance proceeds proceeds) recovered by Landlord or Tenant and held by Landlord and Tenant as co-trustees is reasonably deemed insufficient by Landlord to restore, repair and rebuild complete the Building, machinery, fixtures and equipment therein contained Restoration of the Improvements (exclusive of Tenant’s 's leasehold improvements, personal property and trade fixturesfixtures which shall be restored, repaired or rebuilt out of Tenant's separate funds). Tenant will , Landlord shall, upon request of Tenant, deposit with Landlord and Tenant, as co-trustees a cash deposit equal to the reasonable estimate of the amount necessary to restore, repair and rebuild complete the same, Restoration of the Improvements less the amount of such insurance proceeds available. Said deposit shall be made upon the written request of Landlord. Notwithstanding the foregoing, in the event such insufficiency in insurance proceeds is caused by reason of any act or omission of Landlord, Landlord shall make the amount of such insufficiency available for restoration; provided, however, no act or omission by Landlord relating to the existence, limits of coverage, amounts recoverable, procuring new or additional coverage, or continuance of any existing coverages on cancellation shall constitute an act or omission within the meaning of this sentence.

Destruction and Restoration. Section 12.1 Provided 14.1. Subject to the terms and provisions of any security documents evidencing any first mortgage financing encumbering the Land, Tenant has in full force and effect at the time of such damage or destruction the insurance policies of the kind and in the amount required by Section 5.1 hereof, Landlord covenants and agrees that in case of damage to or destruction of the Building, or improvements after the machinery, fixtures and equipment thereon contained (exclusive of Tenant’s personal property and trade fixtures), Commencement Date by fire or otherwise, Landlord shall promptlyTenant, at its sole cost and expense, shall restore, repair, restore replace and rebuild the Building or the portion that was damaged same as nearly as possible to the condition that it was the same were in immediately prior to such damage or destruction, or destruction with such changes, changes or alterations or modifications as may be (made (including the substitution and addition of other property) in conformity with Article XIX XX hereof) as may be reasonably acceptable to Landlord or required by law; provided, however, that Tenant's obligations set forth in this Paragraph 14.1 shall be expressly conditioned upon the net amount of insurance proceeds being made available to Tenant for the Restoration, and if such net amount is not made available, Tenant shall have the right to terminate this Lease, Tenant shall give Landlord written notice of such damage or destruction promptly after the occurrence thereof and specify in such notice, in reasonable detail, the extent thereof. Such restoration, repairs, replacements, rebuilding, changes and alterations, including the cost of temporary repairs for the protection of the Premises, or any portion thereof, pending completion thereof, are sometimes hereinafter referred to as the "Restoration." The Restoration shall be carried on and completed in accordance with the provisions and conditions of Paragraph 14.2 and Article XX hereof. If the net amount of the insurance proceeds received (after deduction of all costs, expenses and fees related to recovery of the insurance proceeds) recovered by Landlord all named insureds and loss payees and made available to Tenant is insufficient to restore, repair and rebuild complete the Building, machinery, fixtures and equipment therein contained, Tenant will pay the amount of the deficiency required to restore, repair and rebuild the Building, machinery, fixtures and equipment. Landlord may require, at its election, the Tenant to deposit with Landlord a cash deposit equal to the amount of the deficiency prior to commencing any repair or restoration of the Building. Any restoration or repair shall be completed in accordance with the applicable building codes existing at the time of the restoration or repair. The provisions and conditions in Article XIX herein contained applicable to changes or alterations shall similarly apply to work required to be done under this Article XII. In the event that Tenant fails to maintain in force and effect at the time Restoration of such damage or destruction the insurance policies of the kind and in the amount required by Section 5.1 hereof, and if as a result thereof the net amount of insurance proceeds recovered by Landlord is insufficient to restore, repair and rebuild the Building, machinery, fixtures and equipment therein contained improvements (exclusive of Tenant’s 's personal property and trade fixturesfixtures which shall be restored, repaired or rebuilt out of Tenant's separate funds if Tenant so elects). , Tenant will shall, upon request of Landlord or Mortgagee, deposit with Landlord or Mortgagee a cash deposit equal to the reasonable estimate of the amount necessary to restore, repair and rebuild complete the same, Restoration of such improvements less the amount of such insurance proceeds available. Said deposit shall be made upon the written request of Landlord. Notwithstanding the foregoing, in the event such insufficiency in insurance proceeds is caused by reason of any act or omission of Landlord, Landlord shall make the amount of such insufficiency available for restoration; provided, however, no act or omission by Landlord relating to the existence, limits of coverage, amounts recoverable, procuring new or additional coverage, or continuance of any existing coverages on cancellation shall constitute an act or omission within the meaning of this sentence.