Common use of Destruction of Leased Premises Clause in Contracts

Destruction of Leased Premises. In the event of damage or destruction of the Leased Premises by fire or any other casualty, this Lease shall not be terminated, but the Leased Premises shall be promptly and fully repaired and restored as the case may be by the Board to the extent of the Board’s insurance proceeds, provided such repair and or restoration returns the Leased Premises to substantially the same condition prior to such damage or destruction. Due allowance, however, shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, national emergencies and other conditions beyond the control of the Board. It is agreed that in the event of damage or destruction, this Lease shall continue in full force and effect, except for abatement of rent as provided herein. If the condition is such as to make the entire Leased Premises untenantable, then the rent which the County is obligated to pay hereunder shall xxxxx as of the date of the occurrence until the Leased Premises have been fully restored by the Board. Any unpaid or prepaid rent for the month in which said condition occurs shall be prorated and credited or paid to the appropriate Party. If the Leased Premises are partially damaged or destroyed, then during the period that the County is deprived of the use of the damaged portion of said Leased Premises, the County shall only be required to pay rent prorated to reflect that portion of the Leased Premises which continues to be tenantable and appropriate for the County’s use of the Leased Premises. The Board will proceed at its expense to the extent of its insurance proceeds, and as expeditiously as may be practicable to repair the damage. Notwithstanding any of the foregoing, the Board shall not be required to expend any funds, other than insurance proceeds, to repair the Leased Premises which have been damaged by casualty. In the event that the Board elects not to repair the damage because of a lack of insurance proceeds, or because the damages are so extensive to make repair economically unfeasible, in which event and at the Board’s sole option, the Board may terminate this Lease forthwith, by giving the County a written notice of its intention to terminate within sixty (60) days after the date of the casualty. No compensation, or claim, or diminution of rent other than as described above will be allowed or paid, by the Board, by reason of inconvenience, annoyance, or injury to business, arising from the necessity of repairing the Leased Premises or any portion of the Building of which they are a part.

Appears in 6 contracts

Samples: Lease Agreement, Lease Agreement, Lease Agreement

AutoNDA by SimpleDocs

Destruction of Leased Premises. In the event of damage or destruction of the Leased Premises by fire or any other casualty, this Lease shall not be terminated, but the Leased Premises shall be promptly and fully repaired and restored partially or totally destroyed as the case may be result of a peril insured against by the Board insurance policies carried by Landlord and such damage renders the Premises partially or totally untenantable, Landlord shall repair the Premises to the lesser of (i) with respect to the Premises, the condition of the Premises inclusive of Landlord improvements, but exclusive of Tenant improvements, as of lease commencement adjusted for ordinary wear and tear; or (ii) the extent of the insurance proceeds actually received by Landlord allocable to the Premises plus insurance proceeds received by Tenant for the risks set forth herein, which Tenant shall promptly pay over to Landlord to the extent of the Board’s costs incurred by Landlord in such repairs and reconstruction in excess of the insurance proceeds, provided such repair if any, received directly by Landlord. Tenant's insurance carriers shall have not recourse against the Landlord for reimbursement. The Fixed Minimum Rental and or restoration returns other charges shall be abated in proportion to the amount of the Leased Premises rendered untenantable until so repaired. If: (i) more than Twenty percent (20%) of the floor area of the building in which the Leased Premises are located shall be damaged or destroyed by fire or other insured casualty; or (ii) if there is less than Three (3) years of the term of this Lease remaining; (iii) or if in Landlord's opinion the Premises is so extensively or substantially damaged so that reconstruction is impracticable; then Landlord may either elect that the Premises may be repaired or rebuilt or, at its sole option, terminate this Lease by giving Notice to substantially Tenant of its election to so terminate, such Notice to be given within Ninety (90) days after the same condition prior to occurrence of such damage or destruction. Due allowance, however, shall be given for reasonable time required for adjustment and settlement of insurance claims, and for Tenant's obligations to pay rent shall cease as of such other delays date. If Landlord is required or elects to repair or rebuild the Leased Premises as may result from government restrictionsherein provided, Tenant shall repair or replace its merchandise, trade fixtures, furnishings, and controls on construction, if any, equipment in a manner and to at least a condition equal to that prior to its damage or destruction. Tenant shall diligently undertake such repair or replacement in cooperation with Landlord and shall complete such replacement or repair no later than Thirty (30) days after Landlord notifies Tenant that the Premises are ready for strikes, national emergencies occupancy and all rent and other conditions beyond the control charges shall resume in full as of the Boardsuch date. It is agreed that Landlord and Tenant shall agree upon an equitable reduction in Rent in the event of damage or destruction, this Lease shall continue in full force is not terminated and effect, except for abatement of rent as provided herein. If the condition is such as to make the entire Leased Premises untenantable, then the rent which the County is obligated to pay hereunder shall xxxxx as of the date of the occurrence until the Leased Premises have been fully restored by the Board. Any unpaid or prepaid rent for the month in which said condition occurs shall be prorated and credited or paid to the appropriate Party. If the Leased Premises are partially damaged or destroyed, then during destroyed to such an extent that it materially and adversely affects Tenant's business. Such abatement shall in no event exceed the period that the County is deprived proportion of the use square footage of the damaged portion of said Leased Premises, the County shall only be required to pay rent prorated to reflect that portion of the Leased Premises which continues to be tenantable and appropriate for the County’s use of the Leased Premises. The Board will proceed at its expense to the extent of its insurance proceeds, and as expeditiously as may be practicable to repair the damage. Notwithstanding any of the foregoing, the Board shall is not be required to expend any funds, other than insurance proceeds, to repair the Leased Premises which have been damaged by casualty. In the event that the Board elects not to repair the damage because of a lack of insurance proceeds, or because the damages are so extensive to make repair economically unfeasible, in which event and at the Board’s sole option, the Board may terminate this Lease forthwith, by giving the County a written notice of its intention to terminate within sixty (60) days after the date of the casualty. No compensation, or claim, or diminution of rent other than as described above will be allowed or paid, by the Board, by reason of inconvenience, annoyance, or injury to business, arising from the necessity of repairing the Leased Premises or any portion of the Building of which they are a parttenantable.

Appears in 3 contracts

Samples: Sub Lease Agreement (XRG Inc), Sub Lease Agreement (XRG Inc), Sub Lease Agreement (XRG Inc)

Destruction of Leased Premises. SECTION 11.01: In the event of damage the leased premises shall be partially or destruction of the Leased Premises totally destroyed by fire or other casualty insured under the insurance carried by Lessor pursuant to Section 10.02 of this Lease, as to become partially or totally untenantable, the damage to the leased premises shall promptly be repaired by Lessor, to the extent of any proceeds received from such insurance, unless Lessor shall elect not to rebuild as hereinafter provided, and a just and proportionate part of the fixed minimum rental and all other charges shall be abated, annually until so repaired. In no event shall Lessor be required to repair or replace Lessee's merchandise, trade fixtures, furnishings, or equipment. If more than thirty-five percent (35%) of the leased premises or more than thirty-five percent (35%) of the floor area of the: building in which the leased premises are located shall be destroyed by fire or other casualty, this Lease shall not be terminatedthen Lessor may elect whether to repair or rebuild the leased premises or the building of which the leased premises are a part, but the Leased Premises shall be promptly and fully repaired and restored as the case may be, or to terminate this Lease by giving written notice to Lessee of it election to so terminate, such notice to be by given within thirty (30) days after the Board to the extent occurrence of the Board’s insurance proceeds, provided such repair and or restoration returns the Leased Premises to substantially the same condition prior to such damage or destruction. Due allowanceIf less than 35% of the leased premises is destroyed by fire or other casualty, however, the rent shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, national emergencies and other conditions beyond abated by the control percentage of the Boardleased space which is unusable until restored by Lessor. It is agreed that in In the event of damage total or destructionpartial destruction while repairs are being made, this Lease shall continue in full force Lessee must be able to operate his business and effect, except for abatement of rent as provided herein. If the condition is such as to make the entire Leased Premises untenantable, then the rent which the County is obligated to pay hereunder shall xxxxx as of the date of the occurrence until the Leased Premises have been fully restored by the Board. Any unpaid or prepaid rent for the month in which said condition occurs shall be prorated and credited or paid to the appropriate Party. If the Leased Premises are partially damaged or destroyed, then during the period that the County is deprived of derive benefit from the use of the damaged portion of said Leased Premises, the County shall only be required to pay rent prorated to reflect that portion of the Leased Premises which continues to be tenantable and appropriate for the County’s use of the Leased Premises. The Board will proceed at its expense to the extent of its insurance proceeds, and as expeditiously as may be practicable to repair the damageremaining space. Notwithstanding any of the foregoing, if the Board shall restoration work cannot be required to expend any funds, other than insurance proceeds, to repair the Leased Premises which have been damaged by casualty. In the event that the Board elects not to repair the damage because of a lack of insurance proceeds, or because the damages are so extensive to make repair economically unfeasible, in which event and at the Board’s sole option, the Board may terminate this Lease forthwith, by giving the County a written notice of its intention to terminate within sixty accomplished is Sixty (60) days after Lessee shall have the date option to terminate the Lease upon notice to Lessor. If any restoration work is not completed within Sixty (60) days Lessee shall have the further option of terminating the casualtyLease. No compensation, or claim, or diminution of rent other than as described above will be allowed or paid, due and payable during any period in which the leased premises are being restored by the Board, by reason of inconvenience, annoyance, or injury to business, arising from the necessity of repairing the Leased Premises or any portion of the Building of which they are a partLessor.

Appears in 1 contract

Samples: Star Services Group Inc

Destruction of Leased Premises. In the event of damage the building or destruction of improvements on the Leased Premises are damaged or destroyed in whole or in part by fire or any other casualty, cause whatsoever during the term of this Lease shall not be terminated, but the Leased Premises shall be promptly and fully repaired and restored as the case may be by the Board to the extent of the Board’s insurance proceeds, provided such repair and or restoration returns the Leased Premises to substantially the same condition prior to such damage or destruction. Due allowance, however, shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, national emergencies and other conditions beyond the control of the Board. It is agreed that in the event of damage or destructionLease, this Lease shall continue in full force and effecteffect without any abatement in rent, except for abatement taxes, charges, assessments or other obligations of rent Tenant referred to in this Lease, and Tenant shall, at its own cost and expense, with all reasonable dispatch and diligence, rebuild, restore and/or repair the building or improvements as provided hereinaforesaid to a condition equal or greater in value to that just prior to said damage or destruction in accordance with plans and specifications to be approved in writing by Landlord prior to commencement of said rebuilding, restoration and/or repair. If Tenant shall complete said rebuilding, restoration and/or repair of the condition is such building or improvements as aforesaid within a period not to make the entire Leased Premises untenantable, then the rent which the County is obligated to pay hereunder shall xxxxx as of exceed six (6) months from the date of said damage or destruction, subject to extension in the occurrence until event of delays beyond the Leased Premises have been fully restored control of Tenant arising from acts of God, general labor strikes, the acts of Landlord or other contingencies which could not be anticipated or provided for by Tenant. For the Board. Any unpaid or prepaid rent for the month in which said condition occurs shall be prorated purpose of making such repairs and credited or paid to the appropriate Party. If the Leased Premises are partially damaged or destroyedrestorations, then during the period Landlord agrees that the County is deprived of the use of the damaged portion of said Leased Premises, the County shall only be required to pay rent prorated to reflect that portion of the Leased Premises which continues to be tenantable and appropriate for the County’s use of the Leased Premises. The Board will proceed at its expense to the extent of its insurance proceeds, and as expeditiously as subject to the rights of Mortgagee, if any, may be practicable to repair the damage. Notwithstanding any used on account of the foregoingpayment therefor in accordance with pay-out procedures established by Landlord or Mortgagee, the Board shall not be required to expend any funds, other than insurance proceedsif any, to insure that there are sufficient funds available for such repairs and restoration and that such work is done in a good and workmanlike manner in accordance with the plans and specifications approved by Landlord and free from any liens for services, materials or supplies. Tenant's obligation to rebuild, restore and/or repair shall be absolute whether or not the Leased Premises which have been damaged by casualtyinsurance proceeds available therefor shall be sufficient to defray the entire cost thereof. In If any surplus remains after completion of such rebuilding, restoring or repair, such surplus shall be paid over to and become the event that the Board elects not to repair the damage because property of a lack of insurance proceeds, or because the damages are so extensive to make repair economically unfeasible, in which event and at the Board’s sole option, the Board may terminate this Lease forthwith, by giving the County a written notice of its intention to terminate within sixty (60) days after the date of the casualty. No compensation, or claim, or diminution of rent other than as described above will be allowed or paid, by the Board, by reason of inconvenience, annoyance, or injury to business, arising from the necessity of repairing the Leased Premises or any portion of the Building of which they are a partLandlord.

Appears in 1 contract

Samples: Lease (Thermoview Industries Inc)

Destruction of Leased Premises. In 10.01 Landlord agrees, subject to and excepting the event other provisions of damage or destruction of the Leased Premises by fire or any other casualtythis Article, this Lease shall not be terminated, but that if the Leased Premises shall be damaged by fire or other casualty during the term of this lease, Landlord shall, at Landlord's own expense, use best efforts to cause the damage to be promptly and fully repaired and restored as the case may be by the Board to the extent of the Board’s insurance proceeds, provided such repair and or restoration returns the Leased Premises to substantially the same condition prior to within a reasonable time after such damage or destruction. Due allowancehas occurred, however, which period shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, national emergencies and other conditions beyond the control of the Board. It is agreed that in the event of damage or destruction, this Lease shall continue in full force and effect, except for abatement of rent as provided hereinnot exceed six months. If the condition is by reason of such as to make the entire Leased Premises untenantableoccurrence, then the rent which the County is obligated to pay hereunder shall xxxxx as of the date of the occurrence until the Leased Premises have been fully restored by the Board. Any unpaid or prepaid rent for the month in which said condition occurs shall be prorated and credited or paid to the appropriate Party. If the Leased Premises are partially damaged or destroyed, then during the period that the County is deprived of the use of the damaged portion of said Leased Premises, the County shall only be required to pay rent prorated to reflect that any portion of the Leased Premises is thereby rendered untenantable and Tenant ceases use of said portion, the rent and other charges payable by Tenant hereunder shall be abated in proportion to the area of the Leased Premises which continues is rendered untenantable and which is not used by Tenant, said abatement to be tenantable and appropriate for continue until the County’s use sooner of the time when the Leased Premises is repaired or until Tenant uses the damaged portion of the Leased Premises. The Board will proceed at its expense Landlord's obligation to restore under this Article shall be limited to the extent of its Landlord's deductible on Landlord's property insurance policy and the insurance proceeds made available by any mortgagee having control over the disposition of such proceeds, and as expeditiously as may be practicable to repair the damage. Notwithstanding any of the foregoing, if there is such a casualty damage materially adversely affecting Tenant's use and enjoyment of the Board shall Leased Premises, and if Tenant does not be required to expend any funds, other than insurance proceeds, to repair vacate the Leased Premises which have been damaged by casualty. In but continues to use the event that the Board elects not to repair the damage because of a lack of insurance proceeds, or because the damages are so extensive to make repair economically unfeasible, in which event and at the Board’s sole optionsame, the Board may terminate this Lease forthwith, by giving rent shall be equitably adjusted based upon the County a written notice fair rental value of its intention to terminate within sixty (60) days after the date of the casualty. No compensation, or claim, or diminution of rent other than as described above will be allowed or paid, by the Board, by reason of inconvenience, annoyance, or injury to business, arising from the necessity of repairing the Leased Premises or any portion in its impaired condition, during the period of the Building of which they are a partmaterially adverse impairment.

Appears in 1 contract

Samples: Lease Agreement (Transwitch Corp /De)

Destruction of Leased Premises. In A. If the event of damage leased premises or destruction of the Leased Premises any part thereof shall be damaged by fire or any other casualty, this Lease shall not be terminatedand all of the terms, but the Leased Premises shall be promptly covenants and fully repaired and restored as the case may be by the Board conditions hereof shall, subject to the extent of the Board’s insurance proceedsprovisions hereinafter set forth, provided such repair and or restoration returns the Leased Premises to substantially the same condition prior to such damage or destruction. Due allowance, however, shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, national emergencies and other conditions beyond the control of the Board. It is agreed that in the event of damage or destruction, this Lease shall continue in full force and effect. The Tenant shall give prompt notice of such damage or casualty to Landlord, except and Landlord shall, subject to the provisions of this paragraph hereafter set forth, upon receiving such notice, proceed, with reasonable diligence and in a manner consistent with the provisions of any underlying leases and mortgages, to repair, or cause to be repaired, such damage and, if the leased premises shall be rendered untenantable by reason of such damage, the minimum rent shall be abated for abatement of rent as provided herein. If the condition is such as to make the entire Leased Premises untenantable, then the rent which the County is obligated to pay hereunder shall xxxxx as of period from the date of such damages to the occurrence until date when the Leased Premises damage shall have been fully restored repaired as aforesaid provided. However, Landlord shall be under no obligation to repair if the damage is caused in whole or in part by the Boardnegligence of Tenant, its officers, agents, invitees or licensees, or if Landlord is unable to collect the insurance proceeds applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant. Any unpaid or prepaid rent for In those events the month in which said condition occurs cost of repairing such damage shall be prorated paid by Tenant and credited there shall be no abatement of rent. Tenant acknowledges and agrees that Landlord will not carry insurance of any kind on Tenant’s furniture or paid to furnishings or on any trade fixtures, equipment, improvements or appurtenances removable by Tenant under the appropriate Party. If the Leased Premises are partially damaged or destroyed, then during the period that the County is deprived provisions of the use of the damaged portion of said Leased Premises, the County shall only be required to pay rent prorated to reflect that portion of the Leased Premises which continues to be tenantable and appropriate for the County’s use of the Leased Premises. The Board will proceed at its expense to the extent of its insurance proceedsthis Lease, and as expeditiously as may be practicable to repair the damage. Notwithstanding any of the foregoing, the Board that Landlord shall not be required to expend any funds, other than insurance proceeds, obligated to repair any damage thereto or replace the Leased Premises which have been damaged by casualtysame. In Landlord shall not be liable for any inconvenience or annoyance in any way from such damage or the event that the Board elects not repair thereof. Tenant shall be entitled to repair the damage because of a lack of insurance proceeds, or because the damages are so extensive to make repair economically unfeasible, in which event and at the Board’s sole option, the Board may terminate this Lease forthwith, if the damages render the Premises untenantable and if Landlord is unable to substantially complete the repairs that are required to be made by giving the County a written notice of its intention to terminate Landlord within sixty (60) days after the date of the casualty. No compensation, or claim, or diminution receipt of rent other than as described above will be allowed or paid, by the Board, by reason of inconvenience, annoyance, or injury to business, arising from the necessity of repairing the Leased Premises or any portion of the Building of which they are a part.notice,

Appears in 1 contract

Samples: Lease (Mmax Media, Inc.)

Destruction of Leased Premises. In the event of damage or destruction of the Leased Premises by fire or any other casualty, this Lease shall not be terminated, but the Leased Premises shall be promptly and fully repaired and restored as the case may be by the Board to the extent of the Board’s insurance proceeds, provided such repair and or restoration returns the Leased Premises to substantially the same condition prior to such damage or destruction. Due allowance, however, shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, national emergencies and other conditions beyond the control of the Board. It is agreed that in the event of damage or destruction, this Lease shall continue in full force and effect, except for abatement of rent as provided herein. If the condition is such as to make the entire Leased Premises untenantable, then the rent which the County is obligated to pay hereunder shall xxxxx as of the date of the occurrence until the Leased Premises have been fully restored by the Board. Any unpaid or prepaid rent for the month in which said condition occurs shall be prorated and credited or paid to the appropriate Party. If the Leased Premises are partially damaged or destroyed, then during the period that the County is deprived of the use of the damaged portion of said Leased Premises, the County shall only be required to pay rent prorated to reflect that portion of the Leased Premises which continues to be tenantable and appropriate for the County’s use of the Leased Premises. The Board will proceed at its expense to the extent of its insurance proceeds, and as expeditiously as may be practicable to repair the damage. Notwithstanding any of the foregoing, the Board shall not be required to expend any funds, other than insurance proceeds, to repair the Leased Premises which have been damaged by casualty. In the event that the Board leased premises are damaged to the extent that a substantial part of the building(s) or improvements are rendered unfit for occupancy, and such damage is not a result of UNITED WAY’s negligence, either the CITY or UNITED WAY may elect to terminate the lease as described in Section XX. The CITY shall have no obligation or duty to repair, rebuild or reconstruct the leased premises should such damage occur. However, in the event the CITY elects in its sole discretion to reconstruct the leased premises, the parties may mutually agree to continue the lease in full force and effect for the remainder of the term thereof. To the extent any proceeds of the property insurance maintained by UNITED WAY are not used for repairing, rebuilding or reconstructing the leased premises, such surplus proceeds will be retained by UNITED WAY in an amount not to repair exceed any program aggregate net loss from all three (3) buildings for the calendar year in which the damage because of a lack of insurance proceedsto, or because the damages are so extensive to make repair economically unfeasible, in which event and at the Board’s sole optiondestruction of, the Board may terminate this Lease forthwithleased premises occurs and for nine (9) months after the expiration of such year, and any remainder of such proceeds will be retained by giving the County a written notice CITY and reimbursed to the CDBG program. UNITED WAY covenants and agrees that it will not hold the CITY or any of its intention agents or employees responsible for any loss occasioned by fire, theft, rain, windstorm, hail or any other cause whatsoever, whether said cause be the direct, indirect or merely a contributing factor in producing the loss to terminate within sixty (60) days after any personal property that may be stored on the date leased premises, whether caused in whole or in part by the negligence of the casualty. No compensationCITY or its officials, officers, agents or claim, or diminution of rent other than as described above will employees; and UNITED WAY agrees all personal property is to be allowed or paid, by the Board, by reason of inconvenience, annoyance, or injury to business, arising from the necessity of repairing the Leased Premises or any portion of the Building of which they are a partstored at UNITED WAY’s risk.

Appears in 1 contract

Samples: Lease Agreement

AutoNDA by SimpleDocs

Destruction of Leased Premises. If the Leased Premises or any part thereof shall be damaged by fire or other casualty, this Lease and all of the terms, covenants and conditions hereof shall, subject to the provisions hereinafter set forth, continue in full force and effect. The Tenant shall give prompt notice of such damage or casualty to Landlord, and Landlord shall, subject to the provisions of this paragraph hereafter set forth, upon receiving such notice, proceed, with reasonable diligence and in a manner consistent with the provisions of any underlying leases and mortgages, to repair, or cause to be repaired, such damage, and if the Leased Premises shall be rendered untenantable by reason of such damage, the fixed minimum rent shall be abated for the period from the date of such damage to the date when the damage shall have been repaired as aforesaid; provided, however, that if Landlord shall be unable to collect the insurance proceeds applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees, or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Tenant acknowledges and agrees that Landlord will not carry insurance of any kind on Tenant’s furniture or furnishings or on any trade fixtures, equipment, improvements or appurtenances removable by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Landlord shall not be liable for any inconvenience or annoyance in any way from such damage or the repair thereof. In the event that the Leased Premises or the building(s) shall be damaged substantially or destroyed by such fire or other casualty during the last year of the term of this lease, or of any renewal term, then Landlord may, at its option, terminate this lease and the term and estate hereby granted by notifying Tenant, in writing, of such termination within thirty (30) days after the date of such damage, in which case this Lease and the term and estate hereby granted shall expire as of the date specified in such notice (which date shall not be less than thirty (30) days after the giving of such notice), as fully and completely as if such date were the date hereinbefore set for the expiration of the term of this Lease, and the rent and all other sums payable by Tenant under this lease shall be apportioned to the date of such termination. Nothing herein contained shall relieve Tenant from any liability to Landlord or to its insurer in connection with any damage to the Leased Premises or to the property by fire or other casualty if Tenant shall be legally liable in such respect. Anything contained herein to the contrary notwithstanding, it is specifically understood and agreed that Landlord’s obligation to repair and rebuild pursuant to the foregoing shall be limited to a basic building. Except as herein provided, there shall be no obligation to repair or rebuild in the case of fire or other casualty. The provisions of this paragraph shall be considered an express agreement governing any case of damage or destruction of the Leased Premises by fire or any other casualty, this Lease shall not be terminated, but the Leased Premises shall be promptly and fully repaired and restored as the case may be by the Board . Notwithstanding anything to the extent of the Board’s insurance proceeds, provided such repair and or restoration returns the Leased Premises to substantially the same condition prior to such damage or destruction. Due allowance, however, shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, national emergencies and other conditions beyond the control of the Board. It is agreed that contrary set forth in the event of damage or destruction, this Lease shall continue in full force and effect, except for abatement of rent as provided herein. If the condition is such as to make the entire Leased Premises untenantable, then the rent which the County is obligated to pay hereunder shall xxxxx as of the date of the occurrence until the Leased Premises have been fully restored by the Board. Any unpaid or prepaid rent for the month in which said condition occurs shall be prorated and credited or paid to the appropriate Party. If the Leased Premises are partially damaged or destroyed, then during the period that the County is deprived of the use of the damaged portion of said Leased Premises, the County shall only be required to pay rent prorated to reflect that portion of the Leased Premises which continues to be tenantable and appropriate for the County’s use of the Leased Premises. The Board will proceed at its expense to the extent of its insurance proceeds, and as expeditiously as may be practicable to repair the damage. Notwithstanding any of the foregoing, the Board shall not be required to expend any funds, other than insurance proceeds, to repair the Leased Premises which have been damaged by casualty. Section In the event that the Board elects not to repair the damage because (i) of a lack of insurance proceedssale, transfer for value by the Landlord herein, or because it successors or assigns, of its interest in the damages are so extensive Building and/or Property as described herein; or (ii) the Landlord herein, or its successors or assigns, intend to demolish the Building (the Building shall be deemed demolished for the purpose of this paragraph even though all or part of the foundation, or all or part of the steel structure, roof and exterior walls of the building shall remain), or decide to make repair economically unfeasible, in which event and at a substantial alteration to the Board’s sole option, the Board may terminate this Lease forthwith, by giving the County a written notice of its intention to terminate within sixty (60) days after the date of the casualty. No compensationBuilding, or claimto the Premises; or (iii) the Landlord herein or its successors or assigns enters into a lease (a) covering the entire Premises under the Lease or, (b) the entire Building (including or diminution of rent other than as described above will be allowed excluding the land thereunder); or paid, by (iv) the Board, by reason of inconvenience, annoyance, Landlord or injury to business, arising from the necessity of repairing the Leased Premises its successors or any portion of assigns shall sell or transfer the Building of which they are the Premises form a partpart then in any of the aforesaid events, (i) through (iv), the Landlord herein, its successors or assigns shall have the option to cancel this Lease and the term hereof by Notice to the Tenant at least one hundred eighty (180) days prior to the effective date of such cancellation (“Cancellation Date”) and this Lease and the term hereof shall end and expire on the Cancellation Date set forth in such notice as if such date were the date originally set forth herein for the end or expiration of this Lease and the term hereunder.

Appears in 1 contract

Samples: Standard Office Lease (Kalahari Greentech Inc.)

Destruction of Leased Premises. In the event of damage or destruction SECTION 15.01: Destruction of the Leased Premises and Site. If the premises shall be damaged or destroyed in whole or in part by fire fire, the elements, unavoidable accident or any other casualty, this Lease Landlord shall not be terminated, but have the Leased Premises shall be promptly and fully repaired and restored as the case may be by the Board right to the extent of the Board’s insurance proceeds, provided such repair and or restoration returns the Leased Premises to substantially the same condition prior to such damage or destruction. Due allowance, however, shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, national emergencies and other conditions beyond the control of the Board. It is agreed that in the event of damage or destruction, this Lease shall continue in full force and effect, except for abatement of rent as provided herein. If the condition is such as to make the entire Leased Premises untenantable, then the rent which the County is obligated to pay hereunder shall xxxxx as of the date of the occurrence until the Leased Premises have been fully restored by the Board. Any unpaid or prepaid rent for the month in which said condition occurs shall be prorated and credited or paid to the appropriate Party. If the Leased Premises are partially damaged or destroyed, then during the period that the County is deprived of the use of the damaged portion of said Leased Premises, the County shall only be required to pay rent prorated to reflect that portion of the Leased Premises which continues to be tenantable and appropriate for the County’s use of the Leased Premises. The Board will proceed at its expense to the extent of its insurance proceeds, and as expeditiously as may be practicable to repair the damage. Notwithstanding any of the foregoing, the Board shall not be required to expend any funds, other than insurance proceeds, to repair the Leased Premises which have been damaged by casualty. In the event that the Board elects not to repair the damage because of a lack of insurance proceeds, or because the damages are so extensive to make repair economically unfeasible, in which event and at the Board’s sole option, the Board may terminate this Lease forthwith, lease by giving the County a tenant written notice of its intention election to terminate do so within sixty (60) days after the date on which the damage occurs, whereupon this lease shall terminate as o the date of which the damage occurs, and the rent shall be adjusted as of said date; but in default of such notice by Landlord, this lease shall continue and Landlord shall cause the premises to be repaired or restored with due diligence. Except in the event of termination of this lease as aforesaid, the minimum rent shall be abated to the extent of the casualty. No compensationfair rental value of such portion, or claimif any, or diminution of rent other than as described above will be allowed or paid, by the Board, by reason of inconvenience, annoyance, or injury to business, arising from the necessity of repairing the Leased Premises or any portion of the Building premises as shall be rendered unfit for occupancy for the usual conduct of which they are a partTenant’s business in consequences of the damage aforesaid for the period of such unfitness for occupancy. Notwithstanding anything in the above paragraph or elsewhere in this lease to the contrary, if the leased premises shall be damaged in whole or in part due to any negligent act or omission of Tenant or failure by Tenant to observe the terms, conditions and covenants of this lease, then Landlord shall be under no obligation to repair or restore the premises, and such act, omission or failure of Tenant shall constitute an event of default under Section 20.01 of this lease, entitling Landlord to all rights and remedies reserved to Landlord under this lease in addition to all rights and remedies granted Landlord under the laws of the State of Alabama. In the event that fifty (50%) per cent or more of the rentable area of the Site shall be damaged or destroyed by fire or other cause, notwithstanding that the leased premises may be unaffected by such fire or other cause, Landlord may terminate this lease and the tenancy hereby created by giving to Tenant five (5) days prior written notice shall be given, it at all, within the sixty (60) days following the date of said occurrence. Rent shall be adjusted as of the date of such termination.

Appears in 1 contract

Samples: Lease Agreement (Vision Bancshares Inc)

Destruction of Leased Premises. In the event of damage or destruction of the Leased Premises by fire or any other casualty, this Lease shall not be terminated, but the Leased Premises shall be promptly and fully repaired and restored as the case may be by the Board to the extent of the Board’s insurance proceeds, provided such repair and or restoration returns the Leased Premises to substantially the same condition prior to such damage or destruction. Due allowance, however, shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, national emergencies and other conditions beyond the control of the Board. It is agreed that in the event of damage or destruction, this Lease shall continue in full force and effect, except for abatement of rent as provided herein. If the condition is such as to make the entire Leased Premises untenantable, then the rent which the County is obligated to pay hereunder shall xxxxx as of the date of the occurrence until the Leased Premises have been fully restored by the Board. Any unpaid or prepaid rent for the month in which said condition occurs shall be prorated and credited or paid to the appropriate Party. If the Leased Premises are partially damaged or destroyed, then during the period that the County is deprived of the use of the damaged portion of said Leased Premises, the County shall only be required to pay rent prorated to reflect that portion of the Leased Premises which continues to be tenantable and appropriate for the County’s use of the Leased Premises. The Board will proceed at its expense to the extent of its insurance proceeds, and as expeditiously as may be practicable to repair the damage. Notwithstanding any of the foregoing, the Board shall not be required to expend any funds, other than insurance proceeds, to repair the Leased Premises which have been damaged by casualty. In the event that the Board elects Leased Premises should be totally destroyed by fire, tornado or other casualty or in the event the Leased Premises should be so damaged that rebuilding or repairs cannot to repair the damage because of a lack of insurance proceeds, or because the damages are so extensive to make repair economically unfeasible, in which event and at the Board’s sole option, the Board may terminate this Lease forthwith, by giving the County a written notice of its intention to terminate be completed within sixty one hundred eighty (60180) days after the date of such damage, either LESSOR or LESSEE may at its option, by written notice to the other given not more than one hundred eighty (180) days after the date of such fire or other casualty, terminate this Lease. ln such event, the rent shall be abated during the unexpired portion of this Lease effective with the date of such fire or other casualty. ln the event the Space should be damaged by fire, tornado, or other casualty covered by LESSOR'S insurance but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither LESSOR nor LESSEE elects to terminate this Lease, then LESSOR shall within thirty (30) days after the date of such damage commence to rebuild or repair the Space and shall proceed with reasonable diligence to restore the Space to substantially the same condition in which it was immediately prior to the happening of the casualty, except that LESSOR shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures, and other improvements which may have been placed by LESSEE or other tenants within the Space. No compensationLESSOR shall, unless such damage is the result of the negligence or claimwillful misconduct of LESSEE or LESSEE'S employees or invitees, or allow LESSEE a fair diminution of rent other than as described above will during the time that the Space is unfit for occupancy. ln the event any mortgagee, under a deed-of-trust, security agreement or mortgage on the Space should require that the insurance proceeds be allowed or paidused to retire the mortgage debt, by LESSOR shall have no obligation to rebuild and if the Board, by reason of inconvenience, annoyance, or injury LESSOR chooses not to business, arising from the necessity of repairing rebuild the Leased Premises Premises, then this Lease shall terminate upon notice to LESSEE. Any insurance which may be carried by LESSOR or any portion LESSEE against loss or damage to the space shall be for the sole benefit of the Building of which they are a partparty carrying such insurance and under its sole control.

Appears in 1 contract

Samples: Business Lease (First American Railways Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.