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.

Destruction or Damage of Premises. In (a) If, any time during the event of a term hereof, the Improvements or any part thereof, shall be damaged or destroyed by fire or other casualty Tenant will (including any casualty for which insurance coverage was not obtained or obtainable) of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, Lessee, at Lessee's sole cost and expense, and whether or not the insurance proceeds hereinafter referred to, if any, shall be sufficient for the purpose, shall proceed with reasonable diligence (subject to unavoidable delays and a reasonable time for the purpose of adjusting such loss) to repair, alter, restore, replace or rebuild the same as nearly as possible to its value, condition and character immediately notify agent prior to such damage or landlorddestruction, subject to such changes or alterations as Lessee may elect to make, if such changes or alterations be approved by Lessor, such approval not to be unreasonably withheld. 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 Such repairs, lighteningalterations, acts restoration, replacement or rebuilding, including such changes and alterations as aforementioned and including temporary repairs or the protection of terrorismother property pending the completion of any thereof, vandalismare sometimes referred to in this Paragraph as the "Work". (b) All insurance proceeds received by Lessor on account of any damage to or destruction of the Improvements or any part thereof (less the costs, crimefees, mayhemand expenses incurred by the Lessor in the collection thereof, riotincluding, warwithout limitation, adjusters' fees and expenses and attorneys' fees and expenses) shall be applied as follows: Unless Lessee is in default hereunder or sinkholes) either if any ground for termination specified in Paragraph 14 shall have occurred and be continuing (I) rendering regardless of any right which Lessee may have, if any, to notice or an opportunity to cure same), such proceeds shall be paid to Lessee or as Lessee may direct, from time to time as the Premises Work progresses, to pay (or any portion thereofreimburse Lessee for) in the reasonable opinion cost of the LandlordWork, unusableupon written request of Lessee accompanied by evidence satisfactory to Lessor that the amount requested has been paid or is then due and payable and is properly a part of such cost, uninhabitablethat there are no mechanics' or similar liens, whether inchoate or otherwise dangerous otherwise, for labor, services or unfit for materials theretofore supplied in connection with the continued safe habitation, or (II) requiring repair or replacement Work and that all other bills have been paid and that the balance of said proceeds after making the payment requested will be sufficient to pay the balance of the Premises cost of the Work. Notwithstanding the above, Lessor may disburse such proceeds directly to the persons entitled to same. Upon receipt by Lessor of evidence satisfactory to Lessor that the Work has been completed and the cost thereof paid in full, and that there are no mechanics' or other similar liens, whether inchoate or otherwise, for labor, services or materials supplied in connection therewith, then, unless Lessee is in default hereunder or if any ground for termination specified in Paragraph 14 shall have occurred and be continuing (regardless of any right which Lessee may have, if any, to notice or any portion thereofan opportunity to cure same), the balance, if any, of such proceeds shall be paid to Lessee or as Lessee may direct; otherwise, the net insurance proceeds may be first used to cure such default or such ground for termination if susceptible to being so used, and the balance applied to any future rentals in the order determined by Lessor with any balance thereafter remaining paid to Lessee. If the net insurance proceeds shall be insufficient to pay the entire cost of which is estimated the Work, Lessee shall supply the amount of such deficiency and shall first apply the same 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 payment of the Premise rendered unusablecost of the Work before calling upon Lessor for disbursement of the insurance proceeds as herein provided. (c) Under no circumstances shall Lessor be obligated to make any payment, disbursement or contribution toward the cost of the Work other than making available such proceeds. If Lessee shall fail to comply with any of the provisions of subsections (a) or (b) above, Lessor shall notify Lessee of such default and thereafter, in which case Tenants’ liability for rent shall be reduced by addition to any other remedies Lessor may have, may refuse to make any payment hereunder and may apply such proceeds in any order Lessor may in his sole discretion elect, toward the fair rental value payment of all or any part of the portion cost of the Premise that is unusable. Notwithstanding Work or 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, discharge of any duty, obligation or performance required of any Tenant Lessee 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.