Excessive Damage or Destruction Sample Clauses
The "Excessive Damage or Destruction" clause defines the rights and obligations of parties when a property or asset suffers significant harm that impairs its intended use. Typically, this clause outlines the threshold for what constitutes "excessive" damage—such as a percentage of the property's value or the extent of repairs required—and specifies the procedures to follow, which may include options for termination, repair, or adjustment of obligations. Its core function is to provide a clear framework for addressing situations where damage is so severe that continuing under the original terms is impractical, thereby protecting both parties from uncertainty and potential disputes.
POPULAR SAMPLE Copied 2 times
Excessive Damage or Destruction. If the Building or the Premises is damaged or destroyed to the extent that it cannot within Landlord’s reasonable discretion, with reasonable diligence, be fully repaired or restored within the earlier of (i) one hundred twenty (120) days after the date of the damage or destruction, or (ii) the expiration of the Term hereof, Landlord may terminate this Lease by written notice to Tenant within thirty (30) days of the date of the damage or destruction. If Landlord does not terminate the Lease, this Lease shall remain in full force and effect.
Excessive Damage or Destruction. If the Building is damaged or destroyed to the extent that Landlord determines that it cannot, with reasonable diligence, be fully repaired or restored by Landlord within one hundred eighty (180) days after the date of the damage or destruction, Landlord may terminate this Lease. Notwithstanding the fact that the Premises have been damaged or destroyed, Landlord shall in good faith determine whether the Building can be fully repaired or restored within the one hundred eighty (180) day period, and Landlord’s determination shall be binding upon Tenant. Landlord shall notify Tenant of its determination, in writing, within forty-five (45) days after the date of the damage or destruction whether it elects to fully repair or restore the Building. If Landlord determines that the Building can be fully repaired or restored within the one hundred eighty (180) day period, or if Landlord determines that such repair or restoration cannot be made within said period, but Landlord does not elect to terminate within forty-five (45) days from the date of Landlord’s determination, this Lease shall remain in full force and effect and Landlord shall diligently repair and restore the damage as soon as reasonably possible.
Excessive Damage or Destruction. If the Building is damaged or destroyed to the extent that it cannot within Landlord’s reasonable discretion, with reasonable diligence, be fully repaired or restored by Landlord (including all Tenant Improvements other than property owned by Tenant, including, without limitation, Tenant’s furniture, fittings, installations, cabling, fixtures and personal property) within the earlier of (i) two hundred seventy (270) days after the date of the damage or destruction, or (ii) the expiration of the Term hereof, Landlord shall notify Tenant of the date Landlord anticipates that such repairs will be complete (the “Maximum Restoration Period”) within thirty (30) days of the date of the damage or destruction; provided, that if Landlord is legally prohibited from having access to the Building after such damage or destruction, such thirty (30) day period shall be tolled one day for each date that Landlord is legally prohibited from accessing the Building. Within thirty (30) days of such notice, either Landlord or Tenant may terminate this Lease by written notice to the other. If this Lease is not so terminated, this Lease shall remain in full force and effect and Landlord shall diligently repair and restore the damage as soon as reasonably possible and if Landlord contemplates that such repairs will be completed within two hundred seventy (270) days of the date of the damage or destruction, Tenant may request in writing that Landlord notify Tenant of the anticipated length of the Maximum Restoration Period. If at any time after Landlord has commenced repairs on the Building, Landlord forms a good faith belief that Landlord will not be able to complete the repairs within the Maximum Restoration Period, Landlord shall send Tenant a notice estimating the additional period beyond the Maximum Restoration Period that will be necessary to complete repairs. If such additional period exceeds thirty (30) days beyond the end of the Maximum Restoration Period, then Tenant shall have, for a period of ten (10) calendar days after such notice, the right to elect to terminate this Lease by delivering written notice to Landlord. If Tenant elects to terminate, this Lease shall terminate as of the date of Tenant’s notice. If Tenant does not timely elect to terminate, this Lease shall remain in full force and effect, and Landlord shall complete repairs as soon as reasonably practicable.
Excessive Damage or Destruction. If the Leased Premises is damaged or destroyed to the extent that the cost of repair is fifty percent (50%) or more of the fair market value of the Leased Premises and the damage and destruction is caused by an event for which Landlord was required to maintain insurance under this Lease, Tenant shall have the right to terminate this Lease by delivering written notice of such election to the Landlord within sixty (60) days of the date of the occurrence which caused such damage and destruction. If the Leased Premises is damaged or destroyed to the extent that the cost of repair is fifty percent (50%) or more of the fair market value of the Leased Premises and the damage and destruction is caused by an event for which Landlord was not required to maintain insurance under this Lease, Landlord or Tenant shall have the right to terminate this Lease by delivering written notice of such election to the other within sixty (60) days thereafter. If Tenant does not terminate this Lease, Landlord shall restore the Leased Premises to the same condition as the Leased Premises were in prior to such damage or destruction. Unless Tenant or Landlord elects to terminate this Lease, this Lease shall continue in full force and effect, except for the abatement of Rent, as provided in Section 18.2 hereof, and Landlord shall continue to diligently repair and restore the all or any portion of Leased Premises.
Excessive Damage or Destruction. Landlord or Tenant may terminate this Lease if the Premises, Building(s) or Project is damaged or destroyed to the extent that the Premises, Building(s) or Project cannot, with reasonable diligence, be fully repaired or restored by Landlord within twelve (12) months after the date of the damage or destruction and Tenant reasonably determines that it cannot engage in the normal conduct of its business. Within forty-five (45) days after any damage or destruction, Landlord shall notify Tenant whether the Premises, Building(s) or Project, as the case may be, can be fully repaired or restored within the twelve (12) month period and if such notice states a period greater than twelve (12) months, Tenant must, within 10 days either terminate or waive, subject to Section 15.d. hereof, its right to terminate. If the Premises, Building(s) or Project, as the case may be, can be fully repaired or restored within the twelve (12) month period, Landlord promptly shall commence the process of obtaining necessary permits and approvals, shall commence repair of the Premises, Building(s) or Project, as the case may be, as soon as practical, and shall, subject to Section 15.a. hereof, prosecute the repair to completion.
Excessive Damage or Destruction. If the Building or the Premises is damaged or destroyed to the extent that it cannot, with reasonable diligence, be fully repaired or restored by Landlord within the earlier of (i) one hundred twenty (120) days after the date of the damage or destruction, or (ii) the expiration of the Term hereof, either Landlord or Tenant may terminate this Lease by written notice to the other within thirty (30) days of the date of the damage or destruction. If neither party terminates the Lease pursuant to the above Section, this Lease shall remain in full force and effect and Landlord shall diligently repair and restore the damage as soon as reasonably possible. If Landlord is delayed or prevented from repairing and/or restoring the damage to the Building within two hundred forty (240) days after the occurrence of such damage or destruction, Landlord or Tenant may at any time thereafter (but prior to the substantial completion of said repair and/or restoration by Landlord) terminate this Lease by ten (10) days prior written notice to the other, whereupon Landlord and Tenant shall (except as otherwise expressly provided in this Lease) be released from any further obligations under this Lease.
Excessive Damage or Destruction. If the Building or the Premises is damaged or destroyed to the extent that it cannot with reasonable diligence, be fully repaired or restored by Landlord (as certified by Landlord’s architect) within three hundred sixty (360) days after the date of the damage or destruction, either Landlord or Tenant may terminate this Lease by written notice to the other within thirty (30) days of the date of the damage or destruction. If neither party terminates this Lease, this Lease shall remain in full force and effect and Landlord shall diligently repair and restore the damage as soon as reasonably possible; provided, however, if neither party elects to terminate this Lease, then if such repair and restoration takes more than four hundred fifty (450) days from the date of casualty, for any reason other than Tenant’s fault or delay, Tenant again shall have the right to terminate this Lease.
Excessive Damage or Destruction. If the Premises is damaged or destroyed to the extent that at least fifty percent (50%) of the Premises cannot, within Landlord’s reasonable discretion, with reasonable diligence, be fully repaired or restored within the earlier of (i) one hundred twenty (120) days after the date of the damage or destruction, or (ii) the expiration of the Term, Landlord may terminate this Lease by written notice to Tenant within thirty (30) days of the date of the damage or destruction. Tenant may reject Landlords termination and either if Landlord does not terminate the Lease, or Tenant rejects Landlord’s termination, this Lease shall remain in full force and effect. If the Lease remains in effect following any damage or destruction pursuant to this paragraph, Tenant shall be responsible at its sole expense for the reconstruction or reimprovement of the Premises in accordance with Article 9. Notwithstanding the foregoing, if ▇▇▇▇▇▇’s repairs will result in the reconstruction or repair of the building to substantially the same condition that the Premises was in prior to the damage or destruction, Tenant shall not be required to get Landlord’s consent pursuant to Section 9.02.
Excessive Damage or Destruction. If the Premises are ------------------------------- damaged or destroyed to the extent that Landlord determines that they cannot, with reasonable diligence, be fully repaired or restored by Landlord within one hundred eighty (180) days after the date of the damage or destruction, either Landlord or Tenant shall have the right to terminate this Lease. Landlord shall determine whether the Premises can be fully repaired or restored within said 180 day period, and Landlord's determination shall be conclusive on Tenant. Landlord shall send Tenant written notice of ▇▇▇▇▇▇▇▇'s determination within thirty (30) days after the date of the damage or destruction. If Landlord determines that the Premises can be fully repaired or restored within said 180-day period, or if it is determined that such repair or restoration cannot be made within said period but neither party elects to terminate this Lease within thirty (30) days after the date of said determination, this Lease shall remain in full force and effect and Landlord shall diligently repair and restore the damage as soon as reasonably possible.
Excessive Damage or Destruction. If there is either "Premises Total Destruction" as defined in paragraph 9.1 (b) or if Lessor determines that it cannot, with reasonable diligence, fully repair or restore any partial damage to the Premises within two hundred seventy (270) days after the date of the damage or destruction, notwithstanding Lessee's exercise of any right to repair, Lessor may terminate this Lease. Lessor shall reasonable determine whether there is Premises Total Destruction or whether full repair or restoration can be made within the 270-day period, and Lessor's good faith determination shall be binding upon Lessee. Lessor shall notify Lessee of its determination, in writing, within forty-five (45) days after the date of the damage or destruction. If Lessor determines that the Premises can be fully repaired or restored within the 270-day period, or if it is determined that such repair or restoration cannot be made within said period or there is Premises Total Destruction but Lessor does not elect to terminate within forty-five (45) days from the date of said determination, this Lease shall remain in full force and effect and Lessor shall repair and restore the damage as soon as reasonably possible, subject to the provisions of Section 9. Provided that Lessee was not a cause of the destruction, in the event that there occurs Premises Total Destruction, Lessee may terminate the Lease upon written notice to Lessor no later than thirty (30) days after such Premises Total Destruction.