Common use of Destruction Due to Risk Not Covered by Insurance Clause in Contracts

Destruction Due to Risk Not Covered by Insurance. If, during the term, the Premises are totally or partially destroyed from a risk covered by the insurance described in Section 20 (Insurance), rendering the Premises or the building or improvements in which the Premises are located totally or partially inaccessible or unusable, City shall restore the Premises or the building or improvements in which the Premises are located to substantially the same condition as it was in immediately before destruction.. Such destruction shall not terminate this Lease. If the laws existing at that time do not permit the restoration, either party can terminate this Lease immediately by giving notice to the other party. If the cost of restoration exceeds ten percent (10%) of the then replacement value of the building or improvements in which the Premises are located are destroyed, City can elect to terminate this Lease by giving notice to Lessee within sixty (60) days after determining the restoration cost and replacement value. In the case of destruction to the Premises only, if City elects to terminate this Lease, Lessee, within thirty (30) days after receiving City's notice to terminate, can elect to pay to City at the time Lessee notifies City of its election, the difference between ten percent (10%) of the then replacement value of the Premises and the actual cost of restoration, in which case City shall restore the Premises. City shall give Lessee satisfactory evidence that all sums contributed by Lessee as provided in this paragraph have been expended by City in paying the cost of restoration. If City elects to terminate this Lease and Lessee cannot or does not elect to contribute toward the cost of restoration as provided in this section, this Lease shall terminate

Destruction Due to Risk Not Covered by Insurance. If, If during the term, the Premises are totally or partially destroyed from a risk covered by the insurance described in Section 20 (Insurance), rendering the Premises or the building or improvements in which the Premises are located totally or partially inaccessible or unusable, City CineLux shall restore the Premises or the building or improvements in which the Premises are located to substantially the same condition as it was in immediately before destruction.. , whether or not the insurance proceeds are sufficient to cover the actual cost of restoration. Such destruction shall not terminate this LeaseAgreement. If the laws existing at that time do not permit the restoration, either party can terminate this Lease Agreement immediately by giving notice to the other party. If the cost of restoration exceeds ten percent (10l0%) of the then replacement value of the building Premises totally or improvements in which the Premises are located are partially destroyed, City CineLux can elect to terminate this Lease Agreement by giving notice to Lessee Town within sixty (60) days after determining the restoration cost and replacement value. In the case of destruction to the Premises only, if City If CineLux elects to terminate this LeaseAgreement, LesseeTown, within thirty (30) days after receiving CityCineLux's notice to terminate, can elect to pay to City CineLux, at the time Lessee Town notifies City CineLux of its election, the difference between ten percent (10%) of the then replacement value of the Premises and the actual cost of restoration, in which case City CineLux shall restore the Premises. City On Town's making its election to contribute, each party shall give Lessee satisfactory evidence that all sums contributed deposit immediately the amount of its contribution with such institutional lender or title company as may be jointly selected by Lessee as provided in this paragraph have been expended by City in paying the parties (“the Insurance Trustee”). If the destruction does not exceed ten percent (10%) of the then replacement value of the Premises, CineLux shall immediately deposit the cost of restorationrestoration with the Insurance Trustee. If City This Agreement shall terminate if CineLux elects to terminate this Lease Agreement and Lessee cannot or Town does not elect to contribute toward the cost of restoration as provided in this sectionSection. If the Premises are destroyed from a risk not covered by the insurance described in Section 20 (Insurance), and CineLux has the obligation to restore the Premises as provided in this Lease Section 15.3, both parties shall terminatedeposit with the Insurance Trustee their respective contributions toward the cost of restoration. All sums deposited with the Insurance Trustee shall be held for the following purposes and the Insurance Trustee shall have the following powers and duties: The sums shall be paid in installments by the Insurance Trustee to the contractor retained by CineLux as construction progresses, for payment of the cost of Restoration. A 10% retention fund shall be established that will be paid to the contractor on completion of restoration, payment of all costs, expiration of all applicable lien periods, and proof that the Premises are free of all mechanics' liens and lienable claims. Payments shall be made on presentation of certificates or vouchers from the architect or engineer retained by CineLux showing the amount due. If the Insurance Trustee, in its reasonable discretion, determines that the certificates or vouchers are being improperly approved by the architect or engineer retained by CineLux, the Insurance Trustee shall have the right to appoint an architect or an engineer to supervise construction and to make payments on certificates or vouchers approved by the architect or engineer retained by the Insurance Trustee. The reasonable expenses and charges of the architect or engineer retained by the Insurance Trustee shall be paid by the insurance trustee out of the trust fund. Both parties shall promptly execute all documents and perform all acts reasonably required by the Insurance Trustee to perform its obligations under this Section. If the sums held by the Insurance Trustee are not sufficient to pay the actual cost of restoration, CineLux shall deposit the amount of the deficiency with the Insurance Trustee within fifteen (15) days after request by the Insurance Trustee indicating the amount of the deficiency. Any undisbursed funds after compliance with the provisions of this Section shall be delivered to Town to the extent of Town's contribution to the fund. and the balance, if any, shall be paid to CineLux. All actual costs and charges of the Insurance Trustee shall be paid by CineLux. If the Insurance Trustee resigns or for any reason is unwilling to act or continue to act, Town shall substitute a new trustee in the place of the designated insurance Trustee. The new trustee must be an institutional lender or title company.

Destruction Due to Risk Not Covered by Insurance. If, during the termTerm, the Premises Premises, the Building or the Common Area are totally or partially destroyed from a risk not covered by the insurance described required to be carried by Landlord in Section 20 (Insurance)Paragraph 12.07, rendering the Premises or the building or improvements in which the Premises are located totally or partially inaccessible or unusable, City Landlord shall restore the Premises Premises, the Building or the building or improvements in which the Premises are located Common Area to substantially the same condition as it was 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 existing at that time do not permit the restoration, either party can terminate this Lease immediately by giving thirty (30) days notice to the other party. If the cost of restoration exceeds ten twenty percent (1020%) of the then replacement value of the building Premises or improvements in which the Premises are located Building that are destroyed, City can Landlord may elect to terminate this Lease by giving thirty (30) days notice to Lessee within sixty (60) days after determining the restoration cost and replacement valueTenant. In the case of destruction to the Premises only, if City Landlord elects to terminate this Lease, LesseeTenant, within thirty fifteen (3015) days after receiving CityLandlord's notice to terminate, can elect to pay to City Landlord, at the time Lessee Tenant notifies City Landlord of its election, the difference between ten twenty percent (1020%) of the then replacement value of the Premises and the actual cost of restoration, in which case City Landlord shall restore the Premises. City Landlord shall give Lessee Tenant satisfactory evidence that all sums contributed by Lessee Tenant as provided in this paragraph Paragraph have been expended by City Landlord in paying the cost of restoration. If City Landlord elects to terminate this Lease and Lessee cannot or Tenant does not elect to perform the restoration or contribute toward the cost of restoration as provided in this sectionParagraph, this Lease shall terminate.

Destruction Due to Risk Not Covered by Insurance. If, during the term, the Premises premises are totally or partially destroyed from a risk not covered by the insurance described in Section 20 (Insurance)Paragraph 13, rendering the Premises or the building or improvements in which the Premises are located premises totally or partially inaccessible or unusable, City Landlord shall restore the Premises or the building or improvements in which the Premises are located premises to substantially the same condition as it was they were in immediately before destruction.. , excepting for Tenant’s improvements, alterations and additions. Such destruction shall not terminate this Lease. If the existing laws existing at that time do not permit the restoration, either party can terminate this Lease immediately by giving notice to the other party. If the cost of restoration exceeds ten five percent (105%) of the then replacement value of the premises or the building or and other improvements in which the Premises premises are located that are destroyed, City Landlord can elect to terminate this Lease by giving notice to Lessee Tenant within sixty thirty (6030) days after determining the restoration cost and replacement value. In the case of destruction to the Premises premises only, if City Landlord elects to terminate this Lease, LesseeLease Tenant, within thirty fifteen (3015) days after receiving City's Landlord’s notice to terminate, can elect to pay to City Landlord, at the time Lessee Tenant notifies City Landlord of its election, the difference between ten five percent (105%) of the then replacement value of the Premises premises and the actual cost of restoration, in which case City Landlord shall restore the Premisespremises. City Landlord shall give Lessee Tenant satisfactory evidence that all sums contributed by Lessee Tenant as provided in this paragraph have been expended by City Landlord in paying the cost of restoration. If City Landlord elects to terminate this Lease and Lessee cannot or Tenant does not elect to perform the restoration or contribute toward the cost of restoration as provided in this sectionparagraph, this Lease shall terminate.