Common use of DESTRUCTION OF PREMISES; CONDEMNATION Clause in Contracts

DESTRUCTION OF PREMISES; CONDEMNATION. With respect to any portion of the Premises, during the period prior to the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date for a portion of the Premises, should such portion of the Premises be destroyed by any cause whatsoever ("Damaged") and provided that restoration is permitted under the Credit Agreement and the Mortgage Notes Indenture, Tenant shall restore such portion of the Premises. After the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date with respect to a portion of the Premises, should such portion of the Premises be Damaged, Tenant may elect to either terminate this Lease with respect to such portion of the Premises or restore such portion of the Premises by delivery of written notice to Landlord within thirty (30) days after the casualty event giving rise to the Damage. If Tenant fails to give timely notice of Tenant's election, Tenant shall be deemed to have elected to terminate and this Lease shall terminate with respect to the portion of the Premises in question at the end of the calendar month following the calendar month in which such casualty event shall have occurred. If Tenant is required or elects to restore the Premises, or any portion thereof, the following provisions shall apply: After any such casualty and during the reconstruction period, Rent shall continue to accrue and be payable as if such event of destruction had not occurred. Tenant shall reconstruct the Damaged Improvements with all reasonable diligence (allowing for adjustment and collection of insurance proceeds, licensing, permitting, and approvals) and as often as any structures subsequently constructed on the Premises or any part thereof shall be Damaged. No Damage to any building or Improvements on the Premises by fire, windstorm, or any other casualty shall entitle Tenant to violate any of the provisions of this Lease. Landlord hereby agrees to assign to Tenant any insurance proceeds otherwise payable to Landlord, whether payable solely to Landlord or jointly to Landlord and Tenant, subject to reasonable and third party customary construction control procedures, so long as Tenant uses such proceeds solely to repair or rebuild the Damaged buildings or Improvements.

Appears in 1 contract

Samples: Golf Course Lease (Wynn Resorts LTD)

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DESTRUCTION OF PREMISES; CONDEMNATION. With respect A. In case of damage by fire or other casualty to the Building in which the Premises are located, if the damage to the Building or to the Premises is equal to twenty percent (20%) of floor area or less during the term of this lease from any portion cause and if in the reasonable judgment of the Premises, during Landlord repairs can be completed within 180 days from the period prior to the earlier to occur date of the expiration damage under applicable laws and regulations of governmental authorities, Landlord shall repair said damage within such time, but such partial destruction shall in no way void this lease, except that Tenant, while such repairs are being made, shall be entitled to a proportionate abatement of rent based upon the Initial Lease Term or extent to which the Lien Release Date for a portion of the Premises, should such portion of the Premises be destroyed not useable by any cause whatsoever ("Damaged") and provided that restoration is permitted under Tenant bears to the Credit Agreement and the Mortgage Notes Indenture, Tenant shall restore such portion total area of the Premises. After the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date with respect to a portion of the Premises, should such portion of If Landlord estimates that the Premises can be Damagedrepaired and returned to substantially the same condition as it existed prior to the casualty within 180 days but fails to complete such repairs within such time period, Tenant may elect shall have the right to either terminate this Lease with respect by written notice to Landlord at any time prior to Landlord's completion of restoration. B. If in the reasonable judgment of Landlord such portion repairs exceed twenty percent (20%) of the Premises or restore cannot be made in 180 days, Tenant or Landlord shall have the right to terminate this Lease by written notice to the other party within 30 days of Landlord's estimate, as required in subsection C herein. C. Landlord shall notify Tenant in writing on or before thirty (30) days following the date of such portion destruction of the Premises estimated time to restore the Premises. D. Notwithstanding anything to the contrary contained herein, if any damage or casualty occurs during the last two years of the then-current term, Tenant shall have the right to terminate this Lease by delivery of written notice to Landlord within thirty (30) days after the casualty event giving rise to the Damage. If Tenant fails to give timely notice of Tenant's election, Tenant shall be deemed to have elected to terminate and this Lease shall terminate with respect to the portion such casualty. E. A total destruction of the Premises in question at the end or of the calendar month following the calendar month in which such casualty event Building shall have occurred. terminate this Lease. F. If Tenant is required or elects to restore the Premises, or any portion thereof, the following provisions shall apply: After any such casualty and during the reconstruction period, Rent shall continue to accrue and be payable as if such event of destruction had not occurred. Tenant shall reconstruct the Damaged Improvements with all reasonable diligence (allowing for adjustment and collection of insurance proceeds, licensing, permitting, and approvals) and as often as any structures subsequently constructed on the Premises or any part thereof is taken by eminent domain, this Lease shall expire on the date when the Premises shall be Damagedso taken, and the Rent shall be apportioned as of that date. No Damage part of any award shall belong to any building or Improvements on Tenant. Notwithstanding anything to the Premises by firecontrary contained herein, windstormTenant may claim and recover from the condemning authority a separate award for Tenant's moving expenses, or business relocation expense, and any other casualty shall entitle Tenant to violate any of award that would not substantially reduce the provisions of this Lease. Landlord hereby agrees to assign to Tenant any insurance proceeds otherwise award payable to Landlord, whether payable solely to Landlord or jointly to Landlord and Tenant, subject to reasonable and third party customary construction control procedures, so long as Tenant uses such proceeds solely to repair or rebuild the Damaged buildings or Improvements.

Appears in 1 contract

Samples: Asset Purchase Agreement (Almost Family Inc)

DESTRUCTION OF PREMISES; CONDEMNATION. With respect to any portion of the Premises, during 14.1 During the period prior to the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date for a portion of the PremisesTermination Option Date, should such portion of the Premises or any portion thereof be destroyed by any cause whatsoever ("Damaged") and provided that restoration is permitted under the Credit Agreement, Tenant shall restore the Premises so long as it is permitted by the WLV Credit Agreement and the Mortgage Notes Indenture, Tenant shall restore such portion of the Premises. After the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date with respect to a portion of the PremisesTermination Option Date, should such portion of the Premises be Damaged, Tenant may elect to either terminate this Lease with respect to such portion of the Premises or restore such portion of the Premises by delivery of written notice to Landlord within thirty (30) days after the casualty event giving rise to the Damage. If Tenant fails to give timely notice of Tenant's election, Tenant shall be deemed to have elected to terminate and this Lease shall terminate with respect to the portion of the Premises in question at the end of the calendar month following the calendar month in which such casualty event shall have occurred. If Tenant is required or elects to restore the Premises, or any portion thereof, the following provisions shall apply: After any such casualty and during the reconstruction period, Rent shall continue to accrue and be payable as if such event of destruction had not occurred. Tenant shall reconstruct the Damaged Improvements with all reasonable diligence (allowing for adjustment and collection of insurance proceeds, licensing, permitting, and approvals) and as often as any structures subsequently constructed on the Premises or any part thereof shall be Damaged. No Damage to any building or Improvements on the Premises by fire, windstorm, or any other casualty shall entitle Tenant to violate any of the provisions of this Lease. Landlord hereby agrees to assign to Tenant any insurance proceeds otherwise payable to Landlord, whether payable solely to Landlord or jointly to Landlord and Tenant, subject to reasonable and third party customary construction control procedures, so long as Tenant uses such proceeds solely to repair or rebuild the Damaged buildings or Improvements.

Appears in 1 contract

Samples: Office Building Lease (Wynn Resorts LTD)

DESTRUCTION OF PREMISES; CONDEMNATION. With respect to any portion of the Premises, during the period prior to the earlier to occur of the expiration of 14.1 During the Initial Lease Term or the Lien Release Date for a portion of the PremisesTerm, should such portion of the Premises or any portion thereof be destroyed by any cause whatsoever ("Damaged") and provided that restoration is permitted under the Credit Agreement and the Mortgage Notes IndentureAgreement, Tenant shall restore such portion of the Premises. After the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date with respect to a portion of the PremisesTerm, should such portion of the Premises be Damaged, Tenant may elect to either terminate this Lease with respect to such portion of the Premises or restore such portion of the Premises by delivery of written notice to Landlord within thirty (30) days after the casualty event giving rise to the Damage. If Tenant fails to give timely notice of Tenant's election, Tenant shall be deemed to have elected to terminate and this Lease shall terminate with respect to the portion of the Premises in question at the end of the calendar month following the calendar month in which such casualty event shall have occurred. If Tenant is required or elects to restore the Premises, or any portion thereof, the following provisions shall apply: After any such casualty and during the reconstruction period, Rent shall continue to accrue and be payable as if such event of destruction had not occurred. Tenant shall reconstruct the Damaged Improvements with all reasonable diligence (allowing for adjustment and collection of insurance proceeds, licensing, permitting, and approvals) and as often as any structures subsequently constructed on the Premises or any part thereof shall be Damaged. No Damage to any building or Improvements on the Premises by fire, windstorm, or any other casualty shall entitle Tenant to violate any of the provisions of this Lease. Landlord hereby agrees to assign to Tenant any insurance proceeds otherwise payable to Landlord, whether payable solely to Landlord or jointly to Landlord and Tenant, subject to reasonable and third party customary construction control procedures, so long as Tenant uses such proceeds solely to repair or rebuild the Damaged buildings or Improvements. 14.2 Should the whole of the Premises be condemned or taken by a competent authority for any public or quasi-public purpose, then this Lease shall terminate upon such taking. If such portion of the Premises is condemned or taken such that the remaining portion thereof will not be reasonably adequate for the operation of Tenant's business, Tenant shall have the option to terminate this Lease by notifying Landlord of such election in writing within twenty (20) days after such taking. If by such condemnation and taking a portion of the Premises is taken and the remaining part thereof is suitable for the purposes for which Tenant has leased the Premises, this Lease shall continue in full force and effect and Landlord and Tenant shall cooperate and shall jointly adjust and settle all claims relating to any condemnation award. For the purposes hereof, a deed in lieu of condemnation shall be deemed a taking. 14.3 Notwithstanding the foregoing provisions, in the event the Premises or any portion thereof shall be Damaged by fire or other casualty due to the fault, negligence or willful misconduct of Tenant, its agents, employees, servants, contractors, subtenants, licensees, customers or business invitees, then this Lease shall not terminate, the Damage shall be repaired by Tenant, and there shall be no apportionment or abatement of any Rent. 14.4 All insurance proceeds payable under any fire and extended coverage risk insurance covering the Premises and maintained by Landlord shall be payable to Landlord in the event of Damage, and Tenant shall have no interest therein, except to the extent of such insurance separately carried by Tenant. Tenant shall in no case be entitled to compensation for damages on account of any annoyance or inconvenience in making repairs under any provision of this Lease. Except to the extent provided for in this Section 14, neither the Rent payable by Tenant nor any of Tenant's other obligations under any provision of this Lease shall be affected by any Damage. 14.5 Should the whole of the Premises be condemned or taken by a competent authority for any public or quasi-public purpose, then this Lease shall terminate upon such taking. If such portion of the Premises is condemned or taken such that the remaining portion thereof will not be reasonably adequate for the operation of Tenant's business after Landlord completes such repairs or alterations as Landlord elects to make, either Landlord or Tenant shall have the option to terminate this Lease by notifying the other party hereto of such election in writing within twenty (20) days after such taking. If by such condemnation and taking a portion of the Premises is taken and the remaining part thereof is suitable for the purposes for which Tenant has leased the Premises, this Lease shall continue in full force and effect, but the Rent and all other charges hereunder shall be reduced in an amount equal to that proportion of such charges which the square footage of the portion taken bears to the total square feet of the Premises, and Rent and other charges shall be suspended during any period of time that Tenant is closed for business. In the event a partial taking does not terminate this Lease, Landlord, at Landlord's expense, shall repair the damage to the Premises with reasonable dispatch and restore it as nearly as reasonably possible to its condition immediately before the taking. If any part of the Building shall be taken or appropriated so as to materially and adversely affect the ability of Tenant's subtenants, customers and/or invitees to reach the Premises, Tenant shall have the right, at its option to terminate this Lease by notifying the other party within twenty (20) days of such taking. 14.6 For the purposes hereof, a deed in lieu of condemnation shall be deemed a taking. SECTION 15

Appears in 1 contract

Samples: Lease Agreement (Wynn Resorts LTD)

DESTRUCTION OF PREMISES; CONDEMNATION. With respect to any portion of the Premises, during 14.1 During the period prior to the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date for a portion of the PremisesDate, should such portion of the Premises or any portion thereof be destroyed by any cause whatsoever ("Damaged") and provided that restoration is permitted under the Credit Agreement, Tenant shall restore the Premises so long as it is permitted under the WLV Credit Agreement and the Mortgage Notes Indenture, Tenant shall restore such portion of the Premises. After the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date with respect to a portion of the PremisesDate, should such portion of the Premises be Damaged, Tenant may elect to either terminate this Lease with respect to such portion of the Premises or restore such portion of the Premises by delivery of written notice to Landlord within thirty (30) days after the casualty event giving rise to the Damage. If Tenant fails to give timely notice of Tenant's election, Tenant shall be deemed to have elected to terminate and this Lease shall terminate with respect to the portion of the Premises in question at the end of the calendar month following the calendar month in which such casualty event shall have occurred. If Tenant is required or elects to restore the Premises, or any portion thereof, the following provisions shall apply: After any such casualty and during the reconstruction period, Rent shall continue to accrue and be payable as if such event of destruction had not occurred. Tenant shall reconstruct the Damaged Improvements with all reasonable diligence (allowing for adjustment and collection of insurance proceeds, licensing, permitting, and approvals) and as often as any structures subsequently constructed on the Premises or any part thereof shall be Damaged. No Damage to any building or Improvements on the Premises by fire, windstorm, or any other casualty shall entitle Tenant to violate any of the provisions of this Lease. Landlord hereby agrees to assign to Tenant any insurance proceeds otherwise payable to Landlord, whether payable solely to Landlord or jointly to Landlord and Tenant, subject to reasonable and third party customary construction control procedures, so long as Tenant uses such proceeds solely to repair or rebuild the Damaged buildings or Improvements.

Appears in 1 contract

Samples: Driving Range Lease (Wynn Resorts LTD)

DESTRUCTION OF PREMISES; CONDEMNATION. With respect to any portion of the Premises, during the period prior to the earlier to occur of the expiration of 14.1 During the Initial Lease Term or the Lien Release Date for a portion of the PremisesTerm, should such portion of the Premises or any portion thereof be destroyed by any cause whatsoever ("Damaged") and provided that restoration is permitted under the Credit Agreement and the Mortgage Notes IndentureAgreement, Tenant shall restore such portion of the Premises. After the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date with respect to a portion of the PremisesTerm, should such portion of the Premises be Damaged, Tenant may elect to either terminate this Lease with respect to such portion of the Premises or restore such portion of the Premises by delivery of written notice to Landlord within thirty (30) days after the casualty event giving rise to the Damage. If Tenant fails to give timely notice of Tenant's election, Tenant shall be deemed to have elected to terminate and this Lease shall terminate with respect to the portion of the Premises in question at the end of the calendar month following the calendar month in which such casualty event shall have occurred. If Tenant is required or elects to restore the Premises, or any portion thereof, the following provisions shall apply: After any such casualty and during the reconstruction period, Rent shall continue to accrue and be payable as if such event of destruction had not occurred. Tenant shall reconstruct the Damaged Improvements with all reasonable diligence (allowing for adjustment and collection of insurance proceeds, licensing, permitting, and approvals) and as often as any structures subsequently constructed on the Premises or any part thereof shall be Damaged. No Damage to any building or Improvements on the Premises by fire, windstorm, or any other casualty shall entitle Tenant to violate any of the provisions of this Lease. Landlord hereby agrees to assign to Tenant any insurance proceeds otherwise payable to Landlord, whether payable solely to Landlord or jointly to Landlord and Tenant, subject to reasonable and third party customary construction control procedures, so long as Tenant uses such proceeds solely to repair or rebuild the Damaged buildings or Improvements. 14.2 Should the whole of the Premises be condemned or taken by a competent authority for any public or quasi-public purpose, then this Lease shall terminate upon such taking. If such portion of the Premises is condemned or taken such that the remaining portion thereof will not be reasonably adequate for the operation of Tenant's business, Tenant shall have the option to terminate this Lease by notifying Landlord of such election in writing within twenty (20) days after such taking. If by such condemnation and taking a portion of the Premises is taken and the remaining part thereof is suitable for the purposes for which Tenant has leased the Premises, this Lease shall continue in full force and effect and Landlord and Tenant shall cooperate and shall jointly adjust and settle all claims relating to any condemnation award. For the purposes hereof, a deed in lieu of condemnation shall be deemed a taking. 14.3 All insurance proceeds payable under any fire and extended coverage risk insurance covering the Premises and maintained by Landlord shall be payable to Landlord in the event of Damage, and Tenant shall have no interest therein, except to the extent of such insurance separately carried by Tenant. Tenant shall in no case be entitled to compensation for damages on account of any annoyance or inconvenience in making repairs under any provision of this Lease. Except to the extent provided for in this Section 14, neither the Rent payable by Tenant nor any of Tenant's other obligations under any provision of this Lease shall be affected by any Damage. 14.4 Should the whole of the Premises be condemned or taken by a competent authority for any public or quasi-public purpose, then this Lease shall terminate upon such taking. If such portion of the Premises is condemned or taken such that the remaining portion thereof will not be reasonably adequate for the operation of Tenant's business after Landlord completes such repairs or alterations as Landlord elects to make, either Landlord or Tenant shall have the option to terminate this Lease by notifying the other party hereto of such election in writing within twenty (20) days after such taking. If by such condemnation and taking a portion of the Premises is taken and the remaining part thereof is suitable for the purposes for which Tenant has leased the Premises, this Lease shall continue in full force and effect, but the Rent and all other charges hereunder shall be reduced in an amount equal to that proportion of such charges which the square footage of the portion taken bears to the total square feet of the Premises, and Rent and other charges shall be suspended during any period of time that Tenant is closed for business. In the event a partial taking does not terminate this Lease, Landlord, at Landlord's expense, shall repair the damage to the Premises with reasonable dispatch and restore it as nearly as reasonably possible to its condition immediately before the taking. If any part of the Golf Course shall be taken or appropriated so as to materially and adversely affect the ability of Tenant's subtenants, customers and/or invitees to reach the Premises, Tenant shall have the right, at its option to terminate this Lease by notifying the other party within twenty (20) days of such taking. 14.5 For the purposes hereof, a deed in lieu of condemnation shall be deemed a taking. SECTION 15

Appears in 1 contract

Samples: Golf Course Lease (Wynn Resorts LTD)

DESTRUCTION OF PREMISES; CONDEMNATION. With respect to any portion 14.1 In the case of the Premises, during the period prior to the earlier to occur total destruction of the expiration of the Initial Lease Term or the Lien Release Date for a portion of the Premises, should such portion of the Premises be destroyed by any cause whatsoever ("Damaged") and provided that restoration is permitted under the Credit Agreement and the Mortgage Notes Indenture, Tenant shall restore such portion of the Premises. After the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date with respect to a portion of the Premises, should such portion of the Premises be Damaged, Tenant may elect to either terminate this Lease with respect to such portion of the Premises or restore such portion of the Premises by delivery of written notice to Landlord within thirty (30) days after the casualty event giving rise to the Damage. If Tenant fails to give timely notice of Tenant's election, Tenant shall be deemed to have elected to terminate and this Lease shall terminate with respect to the portion of the Premises in question at the end of the calendar month following the calendar month in which such casualty event shall have occurred. If Tenant is required or elects to restore the Premises, or any portion thereofthereof or of the Hotel substantially interfering with Tenant’s use of the Premises not caused by the fault or negligence of Tenant, its agents, employees, servants, contractors, subtenants, licensees or customers (“Destruction”), this Lease shall terminate except as herein provided. If Landlord notifies Tenant in writing within forty-five (45) days of Destruction of Landlord’s election to repair said damage to the Premises, and if Landlord proceeds to and does repair such damage with reasonable dispatch, the following provisions Lease shall apply: After not terminate, but shall continue in full force and effect, except that Tenant shall be entitled to a reduction in the Rent in an amount equal to that proportion of the Rent which the number of square feet of floor space in the unusable portion of the Premises bears to the Total Square Feet, and provided further that if such portion of the Premises is damaged or destroyed such that the remainder will not be suitable for the purpose for which Tenant has leased the Premises, Tenant may close for business until such time as Landlord has repaired such damage and Rent and all other charges hereunder shall be suspended until such time as Tenant is able to reopen for business. Said reduction shall be prorated so that the Rent shall only be reduced for those days that any such casualty given area is actually unusable. If this Lease is terminated pursuant to this Section 14, and during the reconstruction periodif Tenant is not in default hereunder, Rent shall continue be prorated as of the date of termination and all further rights and obligations hereunder shall cease and terminate. 14.2 The provisions of this Section 14 with respect to accrue repair by Landlord shall be limited to such repair as is necessary to place the Premises in the condition they were in immediately prior to Destruction and when placed in such condition, the Premises shall be payable as if such event of destruction had not occurreddeemed restored and rendered tenantable. Tenant shall reconstruct replace its own art works, stock in trade and trade fixtures (to the Damaged Improvements with all reasonable diligence (allowing for adjustment and collection of insurance proceedsextent not previously installed by Landlord) at its own expense. 14.3 Notwithstanding the foregoing provisions, licensing, permitting, and approvals) and as often as any structures subsequently constructed on in the event the Premises or any part portion thereof shall be Damaged. No Damage damaged by fire or other casualty due to the fault, negligence or willful misconduct of Tenant, its agents, employees, servants, contractors, subtenants, licensees, customers or business invitees, then this Lease shall not terminate, the damage shall be repaired by Tenant, and there shall be no apportionment or abatement of any building or Improvements on Rent. 14.4 All insurance proceeds payable under any fire and extended coverage risk insurance covering the Premises and maintained by fireLandlord shall be payable to Landlord in the event of Destruction, windstormand Tenant shall have no interest therein, except to the extent of such insurance separately carried by Tenant. Tenant shall in no case be entitled to compensation for damages on account of any annoyance or inconvenience in making repairs under any other casualty shall entitle Tenant to violate any of the provisions provision of this Lease. Except to the extent provided for in this Section 14, neither the Rent payable by Tenant nor any of Tenant’s other obligations under any provision of this Lease shall be affected by any Destruction. 14.5 Should the whole of the Premises be condemned or taken by a competent Governmental Authority for any public or quasi-public purpose, then this Lease shall terminate upon such taking and neither party shall have any further rights or obligations hereunder. If such portion of the Premises is condemned or taken such that the remaining portion thereof will not be reasonably adequate for the operation of Tenant’s business after Landlord hereby agrees completes such repairs or alterations as Landlord elects to assign make, either Landlord or Tenant shall have the option to terminate this Lease by notifying the other party hereto of such election in writing within twenty (20) days after such taking. If by such condemnation and taking a portion of the Premises is taken and the remaining part thereof is suitable for the purposes for which Tenant has leased the Premises, this Lease shall continue in full force and effect, but the Rent and all other charges hereunder shall be reduced in an amount equal to that proportion of such charges which the number of square feet of floor space of the portion taken bears to the Total Square Feet, and Rent and other charges shall be suspended during any insurance proceeds otherwise payable to period of time that Tenant is closed for business. In the event a partial taking does not terminate this Lease, Landlord, whether payable solely at Landlord’s expense, shall repair the damage to Landlord the Premises with reasonable dispatch and restore it as nearly as reasonably possible to its condition as immediately before the taking. If any part of the Hotel other than the Premises shall be taken or jointly appropriated so as to Landlord materially and adversely affect the ability of Tenant’s customers to reach the Premises, subject either party shall have the right, at its option to reasonable and third terminate this Lease by notifying the other party customary construction control procedureswithin twenty (20) days of such taking. For the purposes hereof, so long as Tenant uses such proceeds solely to repair or rebuild the Damaged buildings or Improvementsa deed in lieu of condemnation shall be deemed a taking.

Appears in 1 contract

Samples: Lease Agreement (Wynn Resorts LTD)

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DESTRUCTION OF PREMISES; CONDEMNATION. With respect to any portion of the Premises, during During the period prior to the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date for a portion of the PremisesDate, should such portion of the Premises or any portion thereof be destroyed by any cause whatsoever ("Damaged") and provided that restoration is permitted under the Credit Agreement and the Mortgage Notes Indenture, Tenant shall restore such portion of the Premises. After the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date with respect to a portion of the PremisesDate, should such portion of the Premises be Damaged, Tenant may elect to either terminate this Lease with respect to such portion of the Premises or restore such portion of the Premises by delivery of written notice to Landlord within thirty (30) days after the casualty event giving rise to the Damage. If Tenant fails to give timely notice of Tenant's election, Tenant shall be deemed to have elected to terminate and this Lease shall terminate with respect to the portion of the Premises in question at the end of the calendar month following the calendar month in which such casualty event shall have occurred. If Tenant is required or elects to restore the Premises, or any portion thereof, the following provisions shall apply: After any such casualty and during the reconstruction period, Rent shall continue to accrue and be payable as if such event of destruction had not occurred. Tenant shall reconstruct the Damaged Improvements with all reasonable diligence (allowing for adjustment and collection of insurance proceeds, licensing, permitting, and approvals) and as often as any structures subsequently constructed on the Premises or any part thereof shall be Damaged. No Damage to any building or Improvements on the Premises by fire, windstorm, or any other casualty shall entitle Tenant to violate any of the provisions of this Lease. Landlord hereby agrees to assign to Tenant any insurance proceeds otherwise payable to Landlord, whether payable solely to Landlord or jointly to Landlord and Tenant, subject to reasonable and third party customary construction control procedures, so long as Tenant uses such proceeds solely to repair or rebuild the Damaged buildings or Improvements.

Appears in 1 contract

Samples: Lease Agreement (Wynn Resorts LTD)

DESTRUCTION OF PREMISES; CONDEMNATION. With respect to any portion of the Premises, during 14.1 During the period prior to the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date for a portion of the PremisesDate, should such portion of the Premises or any portion thereof be destroyed by any cause whatsoever ("Damaged") and provided that restoration is permitted under the Credit Agreement and the Second Mortgage Notes IndentureNotes, Tenant shall restore such portion of the Premises. After the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date with respect to a portion of the PremisesDate, should such portion of the Premises be Damaged, Tenant may elect to either terminate this Lease with respect to such portion of the Premises or restore such portion of the Premises by delivery of written notice to Landlord within thirty (30) days after the casualty event giving rise to the Damage. If Tenant fails to give timely notice of Tenant's election, Tenant shall be deemed to have elected to terminate and this Lease shall terminate with respect to the portion of the Premises in question at the end of the calendar month following the calendar month in which such casualty event shall have occurred. If Tenant is required or elects to restore the Premises, or any portion thereof, the following provisions shall apply: After any such casualty and during the reconstruction period, Rent shall continue to accrue and be payable as if such event of destruction had not occurred. Tenant shall reconstruct the Damaged Improvements with all reasonable diligence (allowing for adjustment and collection of insurance proceeds, licensing, permitting, and approvals) and as often as any structures subsequently constructed on the Premises or any part thereof shall be Damaged. No Damage to any building or Improvements on the Premises by fire, windstorm, or any other casualty shall entitle Tenant to violate any of the provisions of this Lease. Landlord hereby agrees to assign to Tenant any insurance proceeds otherwise payable to Landlord, whether payable solely to Landlord or jointly to Landlord and Tenant, subject to reasonable and third party customary construction control procedures, so long as Tenant uses such proceeds solely to repair or rebuild the Damaged buildings or Improvements.

Appears in 1 contract

Samples: Driving Range Lease (Wynn Resorts LTD)

DESTRUCTION OF PREMISES; CONDEMNATION. With respect to any portion 14.1 In the case of the Premises, during the period prior to the earlier to occur total destruction of the expiration of the Initial Lease Term or the Lien Release Date for a portion of the Premises, should such portion of the Premises be destroyed by any cause whatsoever ("Damaged") and provided that restoration is permitted under the Credit Agreement and the Mortgage Notes Indenture, Tenant shall restore such portion of the Premises. After the earlier to occur of the expiration of the Initial Lease Term or the Lien Release Date with respect to a portion of the Premises, should such portion of the Premises be Damaged, Tenant may elect to either terminate this Lease with respect to such portion of the Premises or restore such portion of the Premises by delivery of written notice to Landlord within thirty (30) days after the casualty event giving rise to the Damage. If Tenant fails to give timely notice of Tenant's election, Tenant shall be deemed to have elected to terminate and this Lease shall terminate with respect to the portion of the Premises in question at the end of the calendar month following the calendar month in which such casualty event shall have occurred. If Tenant is required or elects to restore the Premises, or any portion thereofthereof or of the Building substantially interfering with Tenant's use of the Premises not caused by the fault or negligence of Tenant, its agents, employees, servants, contractors, subtenants, licensees or customers ("Destruction"), this Lease shall terminate except as herein provided. If Landlord notifies Tenant in writing within forty-five (45) days of such Destruction of Landlord's election to repair said damage to the Premises, and if Landlord proceeds to and does repair such damage with reasonable dispatch, the following provisions Lease shall apply: After any not terminate, but shall continue in full force and effect, except that Tenant shall be entitled to a reduction in the Rent in an amount equal to that proportion of the Rent which the number of square feet of floor space in the unusable portion of the Premises bears to the Total Square Feet, and provided further that if such casualty portion of the Premises is damaged or destroyed such that the remainder will not be suitable for the purpose for which Tenant has leased the Premises, Tenant may close for business until such time as Landlord has repaired such damage and during rent and all other charges hereunder shall be suspended until such time is able to reopen for business. Said reduction shall be prorated so that the reconstruction period, Rent shall continue only be reduced for those days any given area as actually unusable. If this Lease is terminated pursuant to accrue this Section 14, and if Tenant is not in default hereunder, rent shall be payable prorated as if of the date of termination, any security deposited with Landlord shall be returned to Tenant, and all rights and obligations hereunder shall cease and terminate. 14.2 The provisions of this Section 14 with respect to repair by Landlord shall be limited to such event of destruction had not occurredrepair as is necessary to place the Premises in the condition they were in immediately prior to the Destruction and when placed in such condition, the Premises shall be deemed restored and rendered tenantable. Tenant shall reconstruct replace its own art works, stock in trade, furniture, furnishings, floor coverings, decor, equipment and trade fixtures at its own expense. 14.3 Notwithstanding the Damaged Improvements with all reasonable diligence (allowing for adjustment and collection of insurance proceedsforegoing provisions, licensing, permitting, and approvals) and as often as any structures subsequently constructed on in the event the Premises or any part portion thereof shall be Damaged. No Damage damaged by fire or other casualty due to the fault, negligence or willful misconduct of Tenant, its agents, employees, servants, contractors, subtenants, licensees, customers or business invitees, then this Lease shall not terminate, the damage shall be repaired by Tenant, and there shall be no apportionment or abatement of any building or Improvements on Rent. 14.4 All insurance proceeds payable under any fire and extended coverage risk insurance covering the Premises and maintained by fire, windstorm, or any other casualty Landlord shall entitle Tenant to violate any of the provisions of this Lease. Landlord hereby agrees to assign to Tenant any insurance proceeds otherwise be payable to LandlordLandlord in the event of Destruction, whether payable solely and Tenant shall have no interest therein, except to Landlord or jointly to Landlord and Tenant, subject to reasonable and third party customary construction control procedures, so long as Tenant uses the extent of such proceeds solely to repair or rebuild the Damaged buildings or Improvements.insurance separately carried by

Appears in 1 contract

Samples: Lease Agreement (Wynn Resorts LTD)

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