ELECTION NOT TO RECONSTRUCT Sample Clauses

ELECTION NOT TO RECONSTRUCT. If an Uninsurable Loss in excess of the Restoration Amount or any Late Term Extensive Damage occurs, then Tenant, by delivery of written notice to Landlord within six (6) months after the occurrence of the damage, may elect not to reconstruct the Leasehold Improvements, in which case Tenant, at its sole cost, shall (i) demolish the damaged Leasehold Improvements; (ii) remove all debris from the Property; (iii) erect necessary structures to preclude unauthorized access to the Property and otherwise remove all safety hazards from the Property; (iv) clear the Property of the damaged Leasehold Improvements and return that portion of the Property to a level grade, to the extent reasonably practicable; and (v) maintain such Leasehold Improvements on the Property which are not damaged in the condition required by this Lease. Following such election, this Lease shall continue to remain in full force and effect, without abatement of Monthly Rent or other charges. Tenant's failure to make an election in writing within six (6) months after the date of the occurrence of the damage shall constitute Tenant's affirmative election to restore the damaged Leasehold Improvements pursuant to Section 8.2.1, above. All insurance proceeds payable as a result of such casualty with regard to Late Term Extensive Damage which Tenant elects not to reconstruct as provided hereinabove shall be applied in the following order of priority: A. First, as provided in any Tenant Mortgage, to the satisfaction and payment of the Tenant Mortgagee; B. Second, to Tenant for the payment of all costs and expenses to complete the demolitions and/or restorations required of Tenant pursuant to this subsection; and C. Third, the remainder of insurance proceeds, if any, shall be paid to Landlord and Tenant as their interest may appear; provided, however, that the portion of such proceeds otherwise payable to Tenant under this Subsection (C) shall be reduced by the amount paid to Tenant Mortgagee pursuant to Subsection (A) above. The proceeds paid to Tenant pursuant to Subsection (B), above, shall be deemed to be held in trust for the purposes and uses described therein. Notwithstanding the foregoing, Tenant shall be responsible for repairing any injury or damage to Leasehold Improvements caused by an Uninsurable Loss if the Uninsurable Loss is less than the Restoration Amount.
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Related to ELECTION NOT TO RECONSTRUCT

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