Common use of Destruction or Damage of Premises Clause in Contracts

Destruction or Damage of Premises. In the event of a fire or casualty Tenant will immediately notify agent or landlord. Should the Premises suffer a casualty or should a condition arise, through forces or events outside the reasonable control of Landlord (such as, solely by way of example, fire, storm, wind, rain, water damage, extraordinary repairs, lightening, acts of terrorism, vandalism, crime, mayhem, riot, war, or sinkholes) either (I) rendering the Premises (or any portion thereof) in the reasonable opinion of the Landlord, unusable, uninhabitable, or otherwise dangerous or unfit for the continued safe habitation, or (II) requiring repair or replacement of the Premises (or any portion thereof), the cost of which is estimated to exceed $5,000, regardless of whether reimbursable through insurance, the Landlord or Tenant may at its option, terminate this Agreement on no less than Thirty (30) days notice. Alternatively, Tenants may vacate the portion of the Premise rendered unusable, in which case Tenants’ liability for rent shall be reduced by the fair rental value of the portion of the Premise that is unusable. Notwithstanding the immediately foregoing, nothing contained in this Section or any act taken by the Landlord pursuant to this Section shall be interpreted or construed to relieve any Tenant from any liability (including any rent due and owing hereunder) occasioned by the breach by such Tenant or any other Tenant, of any duty, obligation or performance required of any Tenant under this Lease, or the acts or omissions (including without limitation, negligence or intentional malfeasance) of any Tenant or any other Authorized Person causing or contributing to any casualty or condition sustained by the Premises. If whole or and part of the leased premises shall be taken by any condemnation proceeding, this lease agreement shall terminate at the time the condemning authority takes possession of the part so taken. All damages awarded for such taking shall belong to the Landlord.

Destruction or Damage of Premises. In the event of a fire the Demised Premises is destroyed or casualty Tenant will immediately notify agent or landlord. Should the Premises suffer a casualty or should a condition arise, through forces or events outside the reasonable control of Landlord (such as, solely damaged by way of example, fire, stormearthquake or other casualty covered by the insurance required to be carried by Lessee pursuant to Paragraph 14 above, windthen Lessor shall proceed with reasonable diligence to rebuild and restore the Demised Premises or such part thereof as may be damaged. In the event the Demised Premises are destroyed or injured by casualty not covered by insurance and Lessee has not agreed to finance or locate financing for the amount not covered by insurance, rainor in the event the Demised Premises is damaged in excess of 50% of the full replacement value thereof, water Lessor may, within sixty (60) days after such destruction or damage, extraordinary repairsnotify Lessee in writing of its election to terminate this Lease, lighteningin which event this Lease shall terminate as of the date of such damage (to the extent Lessee shall have already paid rent for any time after the date of such termination, acts of terrorismLessor shall promptly refund such amount to Lessee). Notwithstanding any other provision to the contrary, vandalism, crime, mayhem, riot, war, or sinkholes) either (I) rendering the Premises (or any portion thereof) in the reasonable opinion event the Demised Premises are damaged to such an extent so as to require in excess of 270 days to rebuild or restore or are damaged during the last year of the Landlordterm of this Lease, unusableLessee may, uninhabitable, or otherwise dangerous or unfit for the continued safe habitation, or by notice to Lessor within sixty (II60) requiring repair or replacement days after determination of the Premises (or any portion thereof), extent of the cost of which is estimated to exceed $5,000, regardless of whether reimbursable through insurance, the Landlord or Tenant may at its optiondamage, terminate this Agreement on no less than Thirty Lease as of the date of damage (30) days noticeto the extent Lessee shall have already paid rent for any time after the date of such termination, Lessor shall promptly refund such amount to Lessee). AlternativelyIn the event this Lease is not terminated pursuant to the provisions of this Section 15, Tenants may vacate Lessor shall diligently pursue reconstruction and during the period of such rebuilding and restoration, rent hereunder shall be abated in the same ratio as the portion of the Premise Demised Premises rendered unusablefor the time being unfit for occupancy shall bear to the entire Demised Premises, provided that in which case Tenants’ liability for the event more than fifty percent (50%) of the Demised Premises is rendered untenantable, all rent hereunder shall be reduced by the fair rental value of the portion of the Premise that is unusable. Notwithstanding the immediately foregoing, nothing contained abated in this Section or any act taken by the Landlord pursuant to this Section shall be interpreted or construed to relieve any Tenant from any liability (including any rent due and owing hereunder) occasioned by the breach by such Tenant or any other Tenant, of any duty, obligation or performance required of any Tenant under this Lease, or the acts or omissions (including without limitation, negligence or intentional malfeasance) of any Tenant or any other Authorized Person causing or contributing to any casualty or condition sustained by the Premises. If whole or and part of the leased premises shall be taken by any condemnation proceeding, this lease agreement shall terminate at the time the condemning authority takes possession of the part so taken. All damages awarded for such taking shall belong to the Landlordfull.