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 totally or partially inaccessible or unusable, CineLux shall restore the Premises 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 Agreement. If the laws existing at that time do not permit the restoration, either party can terminate this Agreement immediately by giving notice to the other party. If the cost of restoration exceeds ten percent (l0%) of the then replacement value of the Premises totally or partially destroyed, CineLux can elect to terminate this Agreement by giving notice to Town within sixty (60) days after determining the restoration cost and replacement value. If CineLux elects to terminate this Agreement, Town, within thirty (30) days after receiving CineLux's notice to terminate, can elect to pay to CineLux, at the time Town notifies CineLux of its election, the difference between ten percent (10%) of the replacement value of the Premises and the actual cost of restoration, in which case CineLux shall restore the Premises. On Town's making its election to contribute, each party shall deposit immediately the amount of its contribution with such institutional lender or title company as may be jointly selected by 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 restoration with the Insurance Trustee. This Agreement shall terminate if CineLux elects to terminate this Agreement and Town does not elect to contribute toward the cost of restoration as provided in this Section. 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 Section 15.3, both parties shall deposit 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 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 totally or partially inaccessible or unusable, CineLux Landlord shall restore the Premises Premises, the Building or the Common Area to substantially the same condition as it was they were 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 AgreementLease. 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 Agreement Lease immediately by giving thirty (30) days notice to the other party. If the cost of restoration exceeds ten twenty percent (l020%) of the then replacement value of the Premises totally or partially the Building that are destroyed, CineLux can Landlord may elect to terminate this Agreement Lease by giving notice to Town within sixty (60) days after determining the restoration cost and replacement value. If CineLux elects to terminate this Agreement, Town, within thirty (30) days notice to Tenant. In the case of destruction to the Premises only, if Landlord elects to terminate this Lease, Tenant, within fifteen (15) days after receiving CineLuxLandlord's notice to terminate, can elect to pay to CineLuxLandlord, at the time Town Tenant notifies CineLux 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 CineLux Landlord shall restore the Premises. On Town's making its election to contribute, each party Landlord shall deposit immediately the amount of its contribution with such institutional lender or title company give Tenant satisfactory evidence that all sums contributed by Tenant as may be jointly selected provided in this Paragraph have been expended by 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 Landlord in paying the cost of restoration with the Insurance Trusteerestoration. This Agreement shall terminate if CineLux If Landlord elects to terminate this Agreement Lease and Town Tenant does not elect to perform the restoration or contribute toward the cost of restoration as provided in this Section. If the Premises are destroyed from a risk not covered by the insurance described in Section 20 (Insurance)Paragraph, and CineLux has the obligation to restore the Premises as provided in this Section 15.3, both parties Lease shall deposit 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 companyterminate.

Destruction Due to Risk Not Covered by Insurance. If 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 premises totally or partially inaccessible or unusable, CineLux Landlord shall restore the Premises premises to substantially the same condition as it was they were in immediately before destruction, whether or not the insurance proceeds are sufficient to cover the actual cost of restorationexcepting for Tenant’s improvements, alterations and additions. Such destruction shall not terminate this AgreementLease. If the existing laws existing at that time do not permit the restoration, either party can terminate this Agreement Lease immediately by giving notice to the other party. If the cost of restoration exceeds ten five percent (l05%) of the then replacement value of the Premises totally premises or partially the building and other improvements in which the premises are located that are destroyed, CineLux Landlord can elect to terminate this Agreement Lease by giving notice to Town Tenant within sixty thirty (6030) days after determining the restoration cost and replacement value. If CineLux In the case of destruction to the premises only, if Landlord elects to terminate this Agreement, TownLease Tenant, within thirty fifteen (3015) days after receiving CineLux's Landlord’s notice to terminate, can elect to pay to CineLuxLandlord, at the time Town Tenant notifies CineLux 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 CineLux Landlord shall restore the Premisespremises. On Town's making its election to contribute, each party Landlord shall deposit immediately the amount of its contribution with such institutional lender or title company give Tenant satisfactory evidence that all sums contributed by Tenant as may be jointly selected provided in this paragraph have been expended by 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 Landlord in paying the cost of restoration with the Insurance Trusteerestoration. This Agreement shall terminate if CineLux If Landlord elects to terminate this Agreement Lease and Town Tenant does not elect to perform the restoration or contribute toward the cost of restoration as provided in this Section. If the Premises are destroyed from a risk not covered by the insurance described in Section 20 (Insurance)paragraph, and CineLux has the obligation to restore the Premises as provided in this Section 15.3, both parties Lease shall deposit 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 companyterminate.

Destruction Due to Risk Not Covered by Insurance. If If, during the term, the Leased Premises or the building and other improvements in which the Leased Premises are located are totally or partially destroyed from a risk not fully covered by the insurance described in Section 20 (Insurance)Paragraph 10, rendering the Lease Premises totally or partially inaccessible or unusable, CineLux shall Landlord at its election may, subject to Paragraph 11.2.1. below, restore the Leased Premises or the building and other improvements in which the Leased Premises are located to substantially the same condition as it was they were 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 AgreementLease unless Landlord gives written notice thereof to Tenant. If the existing laws existing at that time do not permit the restoration, either party can terminate this Agreement Lease immediately by giving notice to the other party. 11.2.1. If the cost of restoration exceeds ten five percent (l05%) of the then replacement value of the Leased Premises totally or partially the building and other improvements in which the Leased Premises are located that are destroyed, CineLux Landlord can elect to terminate this Agreement Lease by giving notice to Town Tenant within sixty fifteen (6015) days after determining the restoration cost and replacement value. 11.2.2. If CineLux In the case of destruction to the Leased Premises only, if Landlord elects to terminate this AgreementLease, TownTenant, within thirty fifteen (3015) days after receiving CineLuxLandlord's notice to terminate, can elect to pay to CineLuxLandlord, at the time Town Tenant notifies CineLux Landlord of its election, the difference between ten five percent (105%) of the then replacement value of the Leased Premises and the actual cost of restoration, in which case CineLux Landlord shall restore the Leased Premises. On Town's making its election to contribute, each party Landlord shall deposit immediately the amount of its contribution with such institutional lender or title company give Tenant satisfactory evidence that all sums contributed by Tenant as may be jointly selected provided in this paragraph have been expended by 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 Landlord in paying the cost of restoration with the Insurance Trusteerestoration. 11.2.3. This Agreement shall terminate if CineLux If Landlord elects to terminate this Agreement Lease and Town Tenant does not elect to perform the restoration or contribute toward the cost of restoration as provided in this Section. If the Premises are destroyed from a risk not covered by the insurance described in Section 20 (Insurance)paragraph, and CineLux has the obligation to restore the Premises as provided in this Section 15.3, both parties Lease shall deposit 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 companyterminate.

Destruction Due to Risk Not Covered by Insurance. If If, during the termInitial Term or Extended Term, if applicable, the Premises are totally or partially destroyed from a risk not covered by the insurance described in Section 20 (Insurance)13, rendering the Premises totally or partially inaccessible or unusable, CineLux subject to subsections (1), (2) and (3) below, Tenant shall restore the Premises 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 Agreement. If the laws existing at that time do not permit the restoration, either party can terminate this Agreement immediately by giving notice to the other party. they were in (1) If the cost of restoration exceeds ten twenty percent (l020.00%) of the then replacement value of the Premises totally or partially destroyeddestroyed and is not an insured loss, CineLux Tenant can elect to terminate this Agreement Lease by giving notice to Town Landlord within sixty fifteen (6015) days after determining the restoration cost and replacement value. If CineLux elects to terminate this Agreement, Town, which determination shall be made within thirty (30) days after the date of the damage and acceptable to Landlord. (2) If Tenant elects to terminate this Lease as provided above, Landlord, within fifteen (15) days after receiving CineLuxTenant's notice to terminate, can elect to pay to CineLuxTenant, at the time Town Landlord notifies CineLux Tenant of its election, the difference between ten twenty percent (1020.00%) of the then replacement value of the Premises destroyed and the actual cost of restoration, in which case CineLux Tenant shall restore the Premises. On Town's making its election to contribute, each party Tenant shall deposit immediately the amount of its contribution with such institutional lender or title company give Landlord satisfactory evidence that all sums contributed by Landlord as may be jointly selected provided in this Paragraph have been expended by 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 Tenant in paying the cost of restoration with the Insurance Trustee. This Agreement shall terminate if CineLux restoration. (3) If Tenant elects to terminate this Agreement Lease, and Town Landlord does not elect to contribute toward the cost of restoration as provided in this Section. If the Premises are destroyed from a risk not covered by the insurance described in Section 20 (Insurance)Paragraph, and CineLux has the obligation to restore the Premises this Lease shall terminate as provided in this Section 15.3, both parties shall deposit 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 date of Restoration. A 10% retention fund shall be established that will be paid Tenant's delivery of its notice 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 companyterminate.

Destruction Due to Risk Not Covered by Insurance. A) If during the termTerm, the Premises or the Building are totally or partially destroyed from a risk not covered or required to be covered by the insurance described in Section 20 (Insurance)8.03 or any other insurance policy maintained by Landlord, rendering the Premises totally or partially inaccessible or unusable, CineLux Landlord shall restore the Premises and the Building to substantially the same condition as it was they were in immediately before destruction. Except as otherwise provided herein, whether or not the insurance proceeds are sufficient to cover the actual cost of restoration. Such such destruction shall not terminate this Agreementthe Lease. If the laws existing at that time Laws do not permit the restorationRestoration, either party can terminate this Agreement immediately Lease by giving notice to the other party. If . B) Notwithstanding anything in paragraph (A) above to the contrary, if the cost of restoration Restoration pursuant to this Section 7.02 exceeds ten thirty-five percent (l035%) of the then replacement value of the Premises totally or partially destroyed, CineLux can the Building. Landlord may elect to terminate this Agreement Lease by giving notice to Town Tenant within sixty fifteen (6015) days after determining the restoration Restoration cost and replacement value. If CineLux . C) In the case of destruction to the Premises only, if Landlord elects to terminate this Agreement, TownLease Tenant, within thirty fifteen (3015) days after receiving CineLuxLandlord's notice to terminate, can elect to pay to CineLuxLandlord, at the time Town Tenant notifies CineLux Landlord of its election, the difference between ten thirty-five percent (1035%) of the then replacement value of the Premises and the actual cost of restorationRestoration, in which case CineLux Landlord shall restore the Premises. On Town's making its election to contribute, each party shall deposit immediately the amount of its contribution with such institutional lender or title company as may be jointly selected by the parties (“the Insurance Trustee”). If the destruction does not exceed ten percent (10%) diligently complete Restoration of the then replacement value of the Premises, CineLux Premises and Building. Landlord shall immediately deposit 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 with the Insurance Trustee. This Agreement shall terminate if CineLux Restoration. D) If Landlord elects to terminate this Agreement Lease and Town Tenant does not elect to perform the Restoration or contribute toward the cost of restoration Restoration as provided in this Section. 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 Section 15.3, both parties Lease shall deposit 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 companyterminate.