Common use of Destruction/Damage Clause in Contracts

Destruction/Damage. The parties hereto agree that damage to or destruction in whole or in part of any building or improvements on the Leased Premises by fire or any other casualty shall not work as termination of this lease, or authorize Lessee to quit or surrender the possession of the Leased Premises or any part thereof, and shall not release Lessee in any way from its liability to pay Lessor the rent herein provided for or from any of the agreements, covenants or conditions of this lease. Lessee covenants and agrees to repair any such damage or reconstruct the buildings or improvements destroyed as promptly as is practicable, and that all funds received from any insurance policy under Section 10 will be spent on reconstruction. In furtherance of this, Lessor agrees to endorse any checks made to the order of Lessor or to the joint order of Lessor and Lessee in connection with such insurance proceeds and to deliver any such checks to Lessee. The value and usefulness of the buildings or improvements repaired or reconstructed shall be equal to the value and usefulness of those buildings and improvements damaged or destroyed on the date immediately prior to such damage or destruction.

Destruction/Damage. The parties hereto agree that damage to or destruction in whole or in part of any building or improvements on the Leased Premises by fire or any other casualty shall not work as termination of this lease, or authorize Lessee Xxxxxx to quit or surrender the possession of the Leased Premises or any part thereof, and shall not release Lessee in any way from its liability to pay Lessor the rent herein provided for or from any of the agreements, covenants or conditions of this lease. Lessee covenants and agrees to repair any such damage or reconstruct the buildings or improvements destroyed as promptly as is practicable, and that all funds received from any insurance policy under Section 10 will be spent on reconstruction. In furtherance of this, Lessor Xxxxxx agrees to endorse any checks made to the order of Lessor or to the joint order of Lessor and Lessee in connection with such insurance proceeds and to deliver any such checks to Lessee. The value and usefulness of the buildings or improvements repaired or reconstructed shall be equal to the value and usefulness of those buildings and improvements damaged or destroyed on the date immediately prior to such damage or destruction.