Common use of Destruction Due to Risk Covered by Insurance Clause in Contracts

Destruction Due to Risk Covered by Insurance. If, during the Term, the Premises, the Building or the Common Area are totally or partially destroyed from a risk covered by the insurance required to be carried by Landlord in Paragraph 12.07, rendering the Premises totally or partially inaccessible or unusable, Landlord shall restore the Premises, the Building or the Common Area to substantially the same condition as they were in immediately before destruction. Such destruction shall not terminate this Lease. In the event the destruction cannot be repaired within twelve (12) months, however, the Lease may be terminated by Tenant, effective as of the date of destruction, by written notice to Landlord given within thirty (30) days after notice given by Landlord to Tenant of the estimated date for completion of repairs. If Landlord does not provide Tenant with a written notice of an estimated date of repairs within ninety (90) days from the date of destruction, Tenant may elect to terminate the Lease at any time thereafter until Landlord provides a written notice to Tenant of the estimated date of completion of repairs, with a date of completion within twelve (12) months of the date of destruction. If Landlord provides notice of a date of estimated completion, and Tenant does not (or cannot) elect to terminate the Lease, then for each day, except for Unavoidable Delays, that the destruction is not repaired past the estimated date of completion, Landlord shall pay Tenant $1,000.00. If the existing laws do not permit such restoration or if Landlord's Lender requires that insurance proceeds be applied to financing secured by the Building and Landlord is unwilling or unable to perform such restoration with Landlord's own funds, either party may terminate this Lease by giving thirty (30) days notice to the other party.

Destruction Due to Risk Covered by Insurance. If, during If the Term, the Premises, the Building or the Common Area are Demised -------------------------------------------- Premises is totally or partially destroyed from a risk covered by the insurance required to be carried by Landlord described in Paragraph 12.07Section 11.4, rendering the Demised Premises totally or partially inaccessible or unusable, Landlord shall restore the Premises, the Building or the Common Area Demised Premises to substantially the same condition as they were it was in immediately before the destruction. Such The destruction shall not terminate this Lease. In If the event then existing laws do not permit the destruction cannot be repaired within twelve (12) monthsrestoration, however, the either party can terminate this Lease may be terminated by Tenant, effective as of the date of destruction, by giving written notice to the other party. If the cost of the restoration exceeds the amount of the insurance proceeds received by Landlord given for the restoration and not required to be applied to the reduction of indebtedness secured by a mortgage covering the Demised Premises, Landlord may elect to terminate this Lease by giving notice to Tenant within thirty (30) days after notice given by Landlord to Tenant of determining that the estimated date for completion of repairsrestoration costs will exceed the insurance proceeds received. If Landlord does not provide Tenant with a written notice of an estimated date of repairs within ninety (90) days from the date of destruction, Tenant may elect elects to terminate the Lease at any time thereafter until Landlord provides a written notice to Tenant of the estimated date of completion of repairs, with a date of completion within twelve (12) months of the date of destruction. If Landlord provides notice of a date of estimated completion, and Tenant does not (or cannot) elect to terminate the Lease, then for each day, except for Unavoidable Delays, that the destruction is not repaired past the estimated date of completion, Landlord shall pay Tenant $1,000.00. If the existing laws do not permit such restoration or if Landlord's Lender requires that insurance proceeds be applied to financing secured by the Building and Landlord is unwilling or unable to perform such restoration with Landlord's own funds, either party may terminate this Lease by giving as a result thereof, Tenant, within thirty (30) days after receiving Landlord's notice to terminate, may elect to pay to Landlord the other partydifference between the amount of insurance proceeds received and the cost of restoration, in which case Landlord shall restore the Demised Premises. After the restoration, Landlord shall give Tenant satisfactory evidence ,that all sums contributed by Tenant as provided by this Section 12.1 have been expended by Landlord in paying for the cost of restoration.

Destruction Due to Risk Covered by Insurance. If, during the Termterm, the Premises, the Building Premises or the Common Area building and other improvements in which the Premises are located are totally or partially destroyed from a risk covered by the insurance required to be carried by Landlord described in Paragraph 12.0715, above, rendering the Premises totally or partially inaccessible or unusable, Landlord LANDLORD shall restore the Premises, the Building Premises or the Common Area building and other improvements in which the Premises are located to substantially the same condition as they were in immediately before destruction, excepting LANDLORD shall have no obligation to restore TENANT'S alterations additions or improvements. Such destruction shall not terminate this Lease. In If the event existing laws do not permit the destruction cannot be repaired within twelve (12) monthsrestoration, however, either party can terminate this Lease immediately by giving notice to the Lease may be terminated by Tenant, effective as other party. If the cost of the date restoration of destructionthe building exceeds the amount of proceeds received from the insurance required under Paragraph 15, above, LANDLORD can elect to terminate this Lease by written giving notice to Landlord given TENANT within thirty (30) days after notice given by Landlord determining that the restoration cost will exceed the insurance proceeds. In the case of destruction to Tenant the Premises only, whereby the cost of the estimated date for completion restoration of repairsthe Premises exceeds the amount of proceeds received from the insurance required under Paragraph 15, above, and if LANDLORD elects to terminate this Lease TENANT, within fifteen (15) days after receiving LANDLORD'S notice to terminate, can elect to pay to LANDLORD, at the time TENANT notified LANDLORD of its election, the difference between the amount of insurance proceeds and the cost of restoration, in which case LANDLORD shall restore the Premises, and TENANT shall diligently restore its improvements, alterations and additions. LANDLORD shall give TENANT satisfactory evidence that all sums contributed by TENANT as provided in this paragraph have been expended by LANDLORD in paying the cost of restoration. If Landlord LANDLORD elects to terminate this Lease and TENANT does not provide Tenant with elect to contribute toward the cost of restoration as provided in this paragraph, this Lease shall terminate. B. DESTRUCTION DUE TO RISK NOT COVERED BY INSURANCE: If, during the term, the Premises or the building and other improvements in which the Premises are located are totally or partially destroyed from a written notice of an estimated date of repairs within ninety (90) days from risk not covered by the date of insurance described in Paragraph 15, rendering the Premises totally or partially inaccessible or unusable, LANDLORD shall restore the Premises or the building and other improvements in which the Premises are located to substantially the same condition as they were in immediately before destruction, Tenant may elect to excepting for TENANT'S improvements, alterations and additions. Such destruction shall not terminate the Lease at any time thereafter until Landlord provides a written notice to Tenant of the estimated date of completion of repairs, with a date of completion within twelve (12) months of the date of destruction. If Landlord provides notice of a date of estimated completion, and Tenant does not (or cannot) elect to terminate the this Lease, then for each day, except for Unavoidable Delays, that the destruction is not repaired past the estimated date of completion, Landlord shall pay Tenant $1,000.00. If the existing laws do not permit such restoration or if Landlord's Lender requires that insurance proceeds be applied to financing secured by the Building and Landlord is unwilling or unable to perform such restoration with Landlord's own fundsrestoration, either party may can terminate this Lease immediately by giving notice to the other party. If the cost of restoration exceeds five percent (5%) of the then replacement value of the Premises or the building and other improvements in which the Premises are located that are destroyed, LANDLORD can elect to terminate this Lease by giving notice to TENANT within thirty (30) days after determining the restoration cost and replacement value. In case of destruction to the improvements only, if LANDLORD elects to terminate this Lease TENANT, within fifteen (15) days after receiving LANDLORD'S notice to terminate, can elect to pay to LANDLORD, at the other party.time TENANT notifies LANDLORD of its election, the difference between five percent (5%) of the then replacement value of the Premises and the actual cost of restoration, in which case LANDLORD shall restore die Premises. LANDLORD shall give TENANT satisfactory evidence that all sums contributed by TENANT as provided in this paragraph have been expended by LANDLORD in paying the cost of restoration. If LANDLORD elects to terminate this Lease and TENANT does not elect to perform the restoration or contribute toward the cost of restoration as provided in this paragraph, this Lease shall terminate. C.

Destruction Due to Risk Covered by Insurance. If, during the Termterm, the Premises, the Building or the Common Area premises are totally or partially destroyed from a risk covered by the insurance required to be carried by Landlord described in Paragraph 12.0713, above, rendering the Premises premises totally or partially inaccessible or unusable, Landlord shall restore the Premises, the Building or the Common Area premises to substantially the same condition as they were in immediately before destruction, excepting Landlord shall have no obligation to restore Tenant’s alterations, additions or improvements. Such destruction shall not terminate this Lease. In If the event existing laws do not permit the destruction cannot be repaired within twelve (12) monthsrestoration, however, either party can terminate this Lease immediately by giving notice to the Lease may be terminated by Tenant, effective as other party. If the cost of the date restoration of destructionthe premises exceeds the amount of proceeds received from the insurance required under Paragraph 13, above, Landlord can elect to terminate this Lease by written giving notice to Landlord given Tenant within thirty (30) days after determining that the restoration cost will exceed the insurance proceeds. In the case of destruction to the premises only, whereby the cost of the restoration of the premises exceeds the amount of proceeds received from the insurance required under Paragraph 13, above, and if Landlord elects to terminate this Lease Tenant, within fifteen (15) days after receiving Landlord’s notice given to terminate, can elect to pay to Landlord, at the time Tenant notifies Landlord of its election, the difference between the amount of insurance proceeds and the cost of restoration, in which case Landlord shall restore the premises, and Tenant shall diligently restore its improvements, alterations and additions. Landlord shall give Tenant satisfactory evidence that all sums contributed by Tenant as provided in this paragraph have been expended by Landlord to Tenant in paying the cost of the estimated date for completion of repairsrestoration. If Landlord does not provide Tenant with a written notice of an estimated date of repairs within ninety (90) days from the date of destruction, Tenant may elect elects to terminate the this Lease at any time thereafter until Landlord provides a written notice to Tenant of the estimated date of completion of repairs, with a date of completion within twelve (12) months of the date of destruction. If Landlord provides notice of a date of estimated completion, and Tenant does not (or cannot) elect to terminate contribute toward the Leasecost of restoration as provided in this paragraph, then for each day, except for Unavoidable Delays, that the destruction is not repaired past the estimated date of completion, Landlord shall pay Tenant $1,000.00. If the existing laws do not permit such restoration or if Landlord's Lender requires that insurance proceeds be applied to financing secured by the Building and Landlord is unwilling or unable to perform such restoration with Landlord's own funds, either party may terminate this Lease by giving thirty (30) days notice to the other partyshall terminate.