Common use of Destruction of Leased Premises Clause in Contracts

Destruction of Leased Premises. Section 12.01: In the event the Leased Premises shall be damaged or destroyed by fire or other casualty covered by the insurance which Lessor is required to carry or in fact carries pursuant to Section 11.03 (a), so as to become partially or totally untenantable, the damage to the Leased Premises shall be promptly repaired by Lessor, to the extent of the proceeds received from such insurance and made available for such restoration, unless Lessor shall elect not to rebuild as provided in Section 12.02, and the Annual Rental as defined in Section 3 shall abatx xx proportion to the amount of the Leased Premises rendered untenantable until so repaired; provided, however that Lessor's obligation for restoration shall be limited to those items which Lessor is required to insure as provided in Section 11.03 (a). Lessor shall reconstruct the Leased Premises in accordance with the initial plans and alterations thereafter approved by Lessor as provided in this Lease. In no event shall Lessor be required to repair or replace Lessee's merchandise, trade fixtures, furnishings or equipment. If Lessor is required, or elects, to repair or rebuild the Leased Premises as herein provided, then Lessee shall promptly repair or replace its merchandise, trade fixtures, furnishings and equipment to at least a condition equal to that prior to such damage or destruction, and re-open in the Leased Premises. Section 12.02: If at any time during the term of this Lease more than twenty percent (20%) of the square foot floor area of the Leased Premises shall be damaged by fire or other casualty, so as to become untenantable, the Lessor may terminate this Lease upon written notice given to Lessee within ninety (90) days after the occurrence of such damage or destruction. If at any time during the term of this Lease more than twenty percent (20%) of the square foot floor area of the building in which the Leased Premises are located, or more than twenty percent (20%) of the total buildings of the development shall be damaged by fire or other casualty, then Lessor may terminate this Lease upon written notice given to Lessee within ninety (90) days after the occurrence of such damage or destruction.

Destruction of Leased Premises. Section 12.01: a. In the event the Leased Premises shall be damaged or destroyed by fire or other casualty covered by the insurance which Lessor is required to carry or in fact carries pursuant to Section 11.03 (a), so as to become partially or totally untenantable, the damage to the Leased Premises shall be promptly repaired by Lessor, to the extent of the proceeds received from such insurance and made available for such restoration, unless Lessor shall elect not to rebuild as provided in Section 12.02, and the Annual Rental as defined in Section 3 shall abatx xx proportion to the amount of the Leased Premises rendered untenantable until so repaired; provided, however that Lessor's obligation for restoration shall be limited to those items which Lessor is required to insure as provided in Section 11.03 (a). Lessor shall reconstruct the Leased Premises in accordance with the initial plans and alterations thereafter approved by Lessor as provided in this Lease. In no event shall Lessor be required to repair or replace Lessee's merchandise, trade fixtures, furnishings or equipment. If Lessor is required, or elects, to repair or rebuild the Leased Premises as herein provided, then Lessee shall promptly repair or replace its merchandise, trade fixtures, furnishings and equipment to at least a condition equal to that prior to such damage or destruction, and re-open in the Leased Premises. Section 12.02: If at any time during the term of this Lease more than twenty percent (20%) of the square foot floor area of the Leased Premises shall be damaged by fire or other casualty, so as to become untenantable, perils covered by a fire and extended coverage insurance which pays Lessor replacement cost thereof the Lessor may shall: (1) Within ninety (90) days thereafter and subject to obtaining licenses permits and approvals, commence repair, reconstruction and restoration of Premises and prosecute the same diligently to completion, in which event this lease shall continue in full force and effect; or (2) In the event of a partial or total destruction of the Premises during the last two (2) years of the term hereof, Lessor shall have the option to terminate this Lease lease upon written giving notice given to Lessee of exercise thereof within sixty (60) days after such destruction. For purposes of this paragraph (ii) "partial destruction" shall be deemed a destruction to the extent of at least thirty-three and one-third percent (33 1/3%) of the Premises as of the date of destruction. b. In the event the Premises shall be damages to any extent whatsoever as a result of any flood, earthquake, active war, nuclear reaction, nuclear radiation or radio active contamination, or from any other casualty not covered by the fire and extended coverage insurance which would pay Lessor the replacement cost of the damaged Premises, Lessor may, within ninety (90) days after days, following the date of such damage (plus such additional time as may be required to obtain the necessary permits, licenses and approvals), commence repair, reconstruction or restoration of the Premises and to prosecute the same diligently to completion, in which event this lease shall continue in full force and effect, or within said ninety (90) day period elect not to so repair, reconstruct, or restore the Premises, in which event this lease shall cease and terminate. In either such event, Lessor shall give Lessee a notice of its intention within said ninety (90) day period. c. In the event of any reconstruction or restoration of the Premises by Lessor in accordance with the provisions of this lease, such reconstruction or restoration shall restore the Premises to substantially their condition and immediately prior to the occurrence of the casualty (excluding merchandise, trade fixtures, furnishings, wall coverings, carpeting or floor coverings, drapes, equipment and items of personal property of Lessee located on the Premises). However, such damage reconstruction and restoration by Lessor shall be only to the extent of Lessor's real property interest with the exception of lease hold improvements. Lessee shall be responsible for the repair and restoration of all of Lessee's lease hold improvements, trade fixtures and other property in, on or destruction. If at about the Premises. d. Upon any time during termination in this lease under any of the term provisions of this Lease more than twenty percent (20%) article entitled "Destruction of Leased Premises", each party shall be released thereby without further obligation to the other party coincident with the surrender of possession of the square foot Premises to Lessor, except for items which have theretofore accrued and are then unpaid. e. In the event of repair, reconstruction and restoration as herein provided, the Base Rent shall abate proportioxxxxxy in relation to the floor area of the building Premises rendered untenable by such casualty commencing from the date of destruction and continuing during the period of such repair, reconstruction or restoration. Lessee shall continue the operation of its business in which the Leased Premises are locatedPremises, or more than twenty percent during any such period to the extent reasonably practicable from the stand point of prudent business management; and the obligation of Lessee hereunder to pay Additional Rent (20%i.e. taxes and insurance) shall remain in full force and effect. Lessee shall not be entitled to any compensation and damages from Lessor for loss in the use of the total buildings whole or any part of the development shall be damaged Premises, and Lessee's personxx xxoperty or any inconvenience or annoyance occasioned by fire such damage, repair, reconstruction or other casualty, then Lessor may terminate this Lease upon written notice given to Lessee within ninety (90) days after the occurrence of such damage or destructionrestoration.

Destruction of Leased Premises. Section 12.01: In A. If the event the Leased Premises shall be damaged leased premises or destroyed by fire or other casualty covered by the insurance which Lessor is required to carry or in fact carries pursuant to Section 11.03 (a), so as to become partially or totally untenantable, the damage to the Leased Premises shall be promptly repaired by Lessor, to the extent of the proceeds received from such insurance and made available for such restoration, unless Lessor shall elect not to rebuild as provided in Section 12.02, and the Annual Rental as defined in Section 3 shall abatx xx proportion to the amount of the Leased Premises rendered untenantable until so repaired; provided, however that Lessor's obligation for restoration shall be limited to those items which Lessor is required to insure as provided in Section 11.03 (a). Lessor shall reconstruct the Leased Premises in accordance with the initial plans and alterations thereafter approved by Lessor as provided in this Lease. In no event shall Lessor be required to repair or replace Lessee's merchandise, trade fixtures, furnishings or equipment. If Lessor is required, or elects, to repair or rebuild the Leased Premises as herein provided, then Lessee shall promptly repair or replace its merchandise, trade fixtures, furnishings and equipment to at least a condition equal to that prior to such damage or destruction, and re-open in the Leased Premises. Section 12.02: If at any time during the term of this Lease more than twenty percent (20%) of the square foot floor area of the Leased Premises part thereof shall be damaged by fire or other casualty, so as to become untenantable, the Lessor may terminate this Lease upon written 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 given to Lessee within ninety (90) days after the occurrence of such damage or destruction. If at any time during casualty to Landlord, and Landlord shall, subject to the term provisions of this Lease more than twenty percent (20%) paragraph hereafter set forth, upon receiving such notice, proceed, with reasonable diligence and in a manner consistent with the provisions of the square foot floor area of the building in which the Leased Premises are locatedany underlying leases and mortgages, to repair, or more than twenty percent (20%) of cause to be repaired, such damage and, if the total buildings of the development leased premises shall be damaged rendered untenantable by fire reason of such damage, the minimum rent shall be abated for the period from the date of such damages to the date when the damage shall have been repaired as aforesaid provided. However, Landlord shall be under no obligation to repair if the damage is caused in whole or other casualtyin part by the negligence of Tenant, then Lessor may 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. In those events 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. Tenant shall be entitled to terminate this Lease upon written notice given if the damages render the Premises untenantable and if Landlord is unable to Lessee substantially complete the repairs that are required to be made by Landlord within ninety sixty (9060) days after the occurrence of such damage or destruction.receipt of notice,

Destruction of Leased Premises. Section 12.01: (a) In the event that the improvements to the Leased Premises necessary for the operation of Tenant’s business shall be damaged or destroyed by fire or other casualty covered by insurable under standard fire and extended coverage insurance, Tenant shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair those improvements on the insurance which Lessor is required Leased Premises, as hereinafter provided. (b) Tenant’s obligation to carry or rebuild and repair under this article shall in fact carries pursuant any event be limited to Section 11.03 (a), so as to become partially or totally untenantable, restoring the damage improvements to the Leased Premises shall be to substantially the condition in which the same existed prior to the casualty, and Tenant agrees that, promptly repaired after completion of such work, it will proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore its sign, fixtures, equipment and other ancillary improvements necessary to conduct the business or businesses contemplated by Lessorthis Lease. (c) Tenant agrees that during any period of reconstruction or repair of the Leased Premises, it will continue the operation of its business within the Leased Premises to the extent practicable. (d) Tenant shall be excused from the requirement to rebuild the improvements to the Leased Premises as provided in this section if such destruction takes place within the last three (3) years of the proceeds received primary term of this Lease, or within the last two (2) years of any option period; provided, that Tenant’s choice not to reconstruct said improvements shall not excuse Tenant from such insurance and made available for such restorationits obligations to pay rent under this Lease; and, unless Lessor shall provided further, that should Tenant elect not to rebuild as the improvements under the circumstances provided in Section 12.02herein, and Tenant shall remove all improvements, or the Annual Rental as defined in Section 3 shall abatx xx proportion to the amount remains thereof, within four (4) months of the Leased Premises rendered untenantable until so repaired; provided, however that Lessor's obligation for restoration shall be limited to those items which Lessor is required to insure as provided in Section 11.03 (a). Lessor shall reconstruct the Leased Premises in accordance with the initial plans and alterations thereafter approved by Lessor as provided in this Lease. In no event shall Lessor be required to repair or replace Lessee's merchandise, trade fixtures, furnishings or equipment. If Lessor is required, or elects, to repair or rebuild the Leased Premises as herein provided, then Lessee shall promptly repair or replace its merchandise, trade fixtures, furnishings and equipment to at least a condition equal to that prior to such damage or destruction, and re-open in the Leased Premisescasualty. Section 12.02: If at any time during the term of this Lease more than twenty percent (20%) of the square foot floor area of the Leased Premises shall be damaged by fire or other casualty, so as to become untenantable, the Lessor may terminate this Lease upon written notice given to Lessee within ninety (90) days after the occurrence of such damage or destruction. If at any time during the term of this Lease more than twenty percent (20%) of the square foot floor area of the building in which the Leased Premises are located, or more than twenty percent (20%) of the total buildings of the development shall be damaged by fire or other casualty, then Lessor may terminate this Lease upon written notice given to Lessee within ninety (90) days after the occurrence of such damage or destruction.

Destruction of Leased Premises. Section 12.01: A. In the event that the improvements to the Leased Premises or in the Airspace necessary for the operation of TENANT's business shall be damaged or destroyed by fire or other casualty covered by insurable under standard fire and extended coverage insurance, TENANT shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair those improvements on the insurance which Lessor is required Leased Premises, and the Airspace as hereinafter provided. B. TENANT's obligation to carry or rebuild and repair under this article shall in fact carries pursuant any event be limited to Section 11.03 (a), so as to become partially or totally untenantable, restoring the damage improvements to the Leased Premises and Airspace to substantially the condition in which the same existed prior to the casualty, and TENANT agrees that, promptly after completion of such work, it will proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore its sign, fixtures, equipment and other ancillary improvements necessary to conduct the business or businesses contemplated by this Lease. C. TENANT shall be promptly repaired by Lessor, excused from the requirement to rebuild the improvements to the extent Leased Premises as provided in this section if such destruction takes place within the last three (3) years of the proceeds received primary term of this Lease, or within the last two (2) years of any option period; provided, that TENANT's choice not to reconstruct said improvements shall not excuse TENANT from such insurance and made available for such restorationits obligations to pay rent under this Lease; and, unless Lessor shall provided further, that should TENANT elect not to rebuild as the improvements under the circumstances provided herein, TENANT shall remove all improvements, or the remains thereof, within four (4) months of the casualty. D. TENANT shall be excused from. the requirement to rebuild the improvements in Section 12.02, and the Annual Rental as defined event that a Lender or noteholder or lenders on whose behalf of Lender hold a mortgage or lien in Section 3 shall abatx xx proportion to the amount of the Leased Premises rendered untenantable until so repairedaccelerates TENANT's obligations and succeeds in the interest of the TENANT in this Lease; provided, however however, that Lessor's obligation for restoration shall be limited if such successor TENANT elects not to those items which Lessor is required to insure as provided in Section 11.03 (a). Lessor shall reconstruct rebuild the Leased Premises in accordance with the initial plans and alterations thereafter approved by Lessor as provided in this Lease. In no event shall Lessor be required to repair or replace Lessee's merchandiseImprovements, trade fixtures, furnishings or equipment. If Lessor is requiredit must remove all improvements, or electsthe remnants thereof, to repair or rebuild the Leased Premises as herein provided, then Lessee shall promptly repair or replace its merchandise, trade fixtures, furnishings and equipment to at least a condition equal to that prior to such damage or destruction, and re-open in the Leased Premises. Section 12.02: If at any time during the term of this Lease more than twenty percent within twelve (20%12) months of the square foot floor area of the Leased Premises shall be damaged by fire or other casualty, so as to become untenantable, the Lessor may terminate this Lease upon written notice given to Lessee within ninety (90) days after the occurrence of such damage or destruction. If at any time during the term of this Lease more than twenty percent (20%) of the square foot floor area of the building in which the Leased Premises are located, or more than twenty percent (20%) of the total buildings of the development shall be damaged by fire or other casualty, then Lessor may terminate this Lease upon written notice given to Lessee within ninety (90) days after the occurrence of such damage or destruction.

Destruction of Leased Premises. Section 12.01: 1. In the event that the Leased Premises shall are completely destroyed as a result of any damage whatsoever, regardless of its origin, and unless otherwise agreed by the Parties, the Lease will be terminated ipso jure. In the event that the Leased Premises are partially destroyed and this destruction: • prevents the use of the non-destroyed Leased Premises under normal office conditions for more than eighteen (18) months, particularly in view of the duration of the restoration work, or • concerns more than 50% of the surface area of the Leased Premises, then the Lease may be terminated by either the LESSEE or the LESSOR, without compensation on either side. 2. In the event that the Leased Premises are partially destroyed and this destruction: • does not prevent the use of the non-destroyed Leased Premises under normal office conditions for more than eighteen (18) months, particularly in view of the duration of the restoration work, and • concerns no more than 50% of the surface area of the Leased Premises, then the Lease will not be terminated. The LESSOR will then be obliged to rebuild the damaged or destroyed by fire or other casualty part of the Leased Premises, as soon as the loss in question is covered by the insurance which Lessor is required company or companies and subject to carry or in fact carries pursuant to Section 11.03 (a), so as to become partially or totally untenantablethe LESSOR obtaining the necessary administrative authorizations for reconstruction. In such a case, the damage to the Leased Premises shall LESSEE will be promptly repaired by Lessor, to the extent exempted during this period from payment of the proceeds received from such insurance and made available rent for such restoration, unless Lessor shall elect not to rebuild as provided in Section 12.02, and the Annual Rental as defined in Section 3 shall abatx xx proportion to the amount destroyed part of the Leased Premises rendered untenantable until so repaired; provided, however that Lessor's obligation for restoration shall of which it will be limited to those items which Lessor is required to insure as provided in Section 11.03 (a)deprived. Lessor shall reconstruct The LESSOR will retain the Leased Premises in accordance with the initial plans and alterations thereafter approved by Lessor as provided in this Leasefull benefit of any insurance indemnities. 3. In no any event, the LESSEE may not, by express agreement, claim any compensation other than that awarded to it by the insurance company or companies for the damage caused to it. In the event shall Lessor be required of disagreement as to repair or replace Lessee's merchandise, trade fixtures, furnishings or equipment. If Lessor is required, or elects, to repair or rebuild the Leased Premises as herein provided, then Lessee shall promptly repair or replace its merchandise, trade fixtures, furnishings and equipment to at least a condition equal to that prior to such damage or destruction, and re-open in the Leased Premises. Section 12.02: If at any time during the term of this Lease more than twenty percent (20%) of the square foot floor area proportion of the Leased Premises shall be damaged by fire destroyed or other casualtynot usable in accordance with their intended purpose following such destruction, so as to become untenantablethe duration of the restoration of the Leased Premises, as to the rent reduction and the duration of application of the said rent reduction, the Lessor may terminate this Lease upon written notice given Parties agree to Lessee within ninety (90) days after respect the occurrence of such damage or destruction. If at any time during the term of this Lease more than twenty percent (20%) opinions of the square foot floor area expert chosen by mutual agreement between the Parties or, failing that, appointed by the President of the building Court of Justice ruling in which summary proceedings, the Leased Premises are located, or more than twenty percent (20%) of costs being borne by the total buildings of the development shall be damaged by fire or other casualty, then Lessor may terminate this Lease upon written notice given to Lessee within ninety (90) days after the occurrence of such damage or destructionrequesting Party.

Destruction of Leased Premises. Section 12.0111.01: In the event the Leased Premises shall be damaged partially or totally destroyed by fire or other casualty covered by insured under the insurance which carried by Lessor is required to carry or in fact carries pursuant to Section 11.03 (a)10.02 of this Lease, so as to become partially or totally untenantable, the damage to the Leased Premises shall promptly be promptly repaired by Lessor, to the extent of the any proceeds received from such insurance and made available for such restorationany insurance, unless Lessor shall elect not to rebuild as provided in Section 12.02hereinafter provided, and the Annual Rental as defined in Section 3 shall abatx xx proportion to the amount a just and proportionate part of the Leased Premises rendered untenantable fixed minimum rental and all other charges shall be abated, annually, until so repaired; provided, however that Lessor's . The obligation for restoration of Lessor hereunder shall be limited to those items which Lessor is required to insure as provided in Section 11.03 (a). Lessor shall reconstruct reconstruction of the Leased Premises in accordance with the initial plans and alterations thereafter approved by Lessor as provided in this Leasespecifications for the construction of the Leased Premises. In no event shall Lessor be required to repair or replace Lessee's merchandise, trade fixtures, furnishings furnishings, or equipment. If more than thirty-five (35%) percent of the Leased Premises or more than thirty-five (35%) of the floor area of the Building in which the Leased Premises are located shall be destroyed by fire or other casualty, then Lessor is required, or elects, may elect either to repair or rebuild the Leased Premises as herein provided, then Lessee shall promptly repair or replace its merchandise, trade fixtures, furnishings and equipment to at least a condition equal to that prior to such damage or destruction, and re-open in the Leased Premises. Section 12.02: If at any time during the term Building of this Lease more than twenty percent (20%) of the square foot floor area of which the Leased Premises shall be damaged by fire are a part, as the case may be, or other casualty, so as to become untenantable, the Lessor may terminate this Lease upon by giving written notice given to Lessee of its election to so terminate, such notice to be given within ninety sixty (9060) days after the occurrence of such damage or destruction. If at any time during Lessor elects to restore the term Leased Premises, Lessor shall do so within one hundred eighty (180) days after giving notice to Lessee of such election. If Lessor fails to tender possession to Lessee after the one hundred eighty (180) days, Lessee shall have the option of terminating this Lease more than twenty percent by sending notice on the one hundred eightieth (20%180th) day to Lessor. Such notice shall inform Lessor of Lessee's election to terminate. Section 11.02: Each party hereto does hereby remise, release, and discharge the square foot floor area of the building in which the Leased Premises are locatedother party hereto and any officer, agent, employee, or more than twenty percent (20%) representative of the total buildings such party, of the development shall be damaged and from any liability whatsoever hereafter arising from loss, damage, or injury caused by fire or other casualty, then Lessor may terminate this Lease upon written notice given to Lessee within ninety casualty from which insurance (90permitting waiver of liability and containing a waiver of subrogation) days after is carried by the occurrence injured party at the time of such damage loss, damage, or destructioninjury to the extent of any recovery by the injured party under such insurance.

Destruction of Leased Premises. Section 12.01: In the event the Leased Premises shall be damaged partially or totally destroyed by fire or other insured casualty covered by the insurance which Lessor is required to carry or in fact carries pursuant to Section 11.03 (a), so as to become partially or totally untenantable, the damage to the Leased Premises shall be promptly repaired by Lessor, to Landlord and rent shall be abated proportionately during the extent period of the proceeds received from such insurance and made available for such restoration, unless Lessor Landlord shall elect not to rebuild as provided in Section 12.02hereinafter provided. In the event (i) that Landlord should fail to complete such repairs and rebuilding within one hundred eighty (180) days after the date upon which the casualty occurs or (ii) Landlord’s reasonable, and the Annual Rental as defined in Section 3 shall abatx xx proportion to the amount good-faith estimate of the Leased Premises rendered untenantable until so repaired; providedtime in which it will take to complete such repairs and rebuilding exceeds one hundred eighty (180) days, however that Lessor's obligation for restoration Tenant may at its option terminate this Lease by delivering written notice of termination to Landlord, whereupon all rights and obligations hereunder shall be limited to those items which Lessor is required to insure as provided in Section 11.03 (a). Lessor shall reconstruct the Leased Premises in accordance with the initial plans cease and alterations thereafter approved by Lessor as provided in this Leaseterminate. In no event shall Lessor Landlord be required to repair or replace Lessee's merchandise, Tenant’s betterments and improvements or trade fixtures, furnishings or equipment. If Lessor is requiredIf, or electshowever, Landlord decides not to repair or rebuild restore the Leased Premises or the Building, as herein providedthe case may be, then Lessee shall promptly repair Landlord or replace its merchandise, trade fixtures, furnishings and equipment Tenant may elect to at least a condition equal to that prior to such damage or destruction, and re-open in the Leased Premises. Section 12.02: If at any time during the term of this Lease more than twenty percent (20%) of the square foot floor area of the Leased Premises shall be damaged by fire or other casualty, so as to become untenantable, the Lessor may terminate this Lease upon by giving written notice to the other party of its election to so terminate, such notice to be given to Lessee within ninety (90) days after the occurrence of such damage or destruction. If at any time during the term of this Lease more than twenty percent (20%) of the square foot floor area of the building in which Landlord is required or elects to repair or rebuild the Leased Premises are locatedas herein provided, Landlord shall initiate the work with reasonable dispatch and diligently proceed to complete the same, and Tenant shall repair or more than twenty percent (20%) of the total buildings of the development shall be damaged by fire or other casualtyreplace its trade fixtures, then Lessor may terminate this Lease upon written notice given furnishings and equipment in a manner and to Lessee within ninety (90) days after the occurrence of such at least a condition equal to that prior to its damage or destruction.

Destruction of Leased Premises. 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, the elements, unavoidable accident or other casualty, Landlord shall have the right to terminate this lease by giving tenant written notice of its election to 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 fair rental value of such portion, if any, of the premises as shall be rendered unfit for occupancy for the usual conduct of Tenant’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 12.01: 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 Leased Premises rentable area of the Site shall be damaged or destroyed by fire or other casualty covered cause, notwithstanding that the leased premises may be unaffected by the insurance which Lessor is required to carry or in fact carries pursuant to Section 11.03 (a), so as to become partially or totally untenantable, the damage to the Leased Premises shall be promptly repaired by Lessor, to the extent of the proceeds received from such insurance and made available for such restoration, unless Lessor shall elect not to rebuild as provided in Section 12.02, and the Annual Rental as defined in Section 3 shall abatx xx proportion to the amount of the Leased Premises rendered untenantable until so repaired; provided, however that Lessor's obligation for restoration shall be limited to those items which Lessor is required to insure as provided in Section 11.03 (a). Lessor shall reconstruct the Leased Premises in accordance with the initial plans and alterations thereafter approved by Lessor as provided in this Lease. In no event shall Lessor be required to repair or replace Lessee's merchandise, trade fixtures, furnishings or equipment. If Lessor is required, or elects, to repair or rebuild the Leased Premises as herein provided, then Lessee shall promptly repair or replace its merchandise, trade fixtures, furnishings and equipment to at least a condition equal to that prior to such damage or destruction, and re-open in the Leased Premises. Section 12.02: If at any time during the term of this Lease more than twenty percent (20%) of the square foot floor area of the Leased Premises shall be damaged by fire or other casualtycause, so as to become untenantable, the Lessor Landlord may terminate this Lease upon lease and the tenancy hereby created by giving to Tenant five (5) days prior written notice given to Lessee shall be given, it at all, within ninety the sixty (9060) days after following the occurrence date of said occurrence. Rent shall be adjusted as of the date of such damage or destruction. If at any time during the term of this Lease more than twenty percent (20%) of the square foot floor area of the building in which the Leased Premises are located, or more than twenty percent (20%) of the total buildings of the development shall be damaged by fire or other casualty, then Lessor may terminate this Lease upon written notice given to Lessee within ninety (90) days after the occurrence of such damage or destructiontermination.