FIRE AND CASUALTY DAMAGE Sample Clauses
The Fire and Casualty Damage clause outlines the responsibilities and procedures if the property covered by the agreement suffers damage or destruction due to fire or other unforeseen events. Typically, it specifies which party is responsible for repairs, how insurance proceeds are handled, and whether the agreement can be terminated or modified in the event of significant damage. This clause ensures that both parties understand their obligations and rights in the event of property loss, thereby reducing uncertainty and potential disputes.
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FIRE AND CASUALTY DAMAGE. A. Landlord agrees to maintain standard fire and extended coverage insurance covering the building of which the premises are a part in an amount not less than ninety percent (90%) (or such greater percentage as may be necessary to comply with the provisions of any co-insurance clauses of the policy) of the "replacement cost" thereof as such term is defined in the Replacement Cost Endorsement to be attached thereto, insuring against the perils of fire and lightning and including extended coverage, or at Landlord's option all risk coverage, such coverages and endorsements to be as defined, provided and limited in the standard bureau forms prescribed by the insurance regulatory authority for the state in which the premises are situated for use by insurance companies admitted in such state for the writing of such insurance on risks located within such state. Subject to the provisions of subparagraphs 12C, 12D and 12F below, such insurance shall be for the sole benefit of Landlord and under its sole control. If during the second full lease year after the commencement date of this lease, or during any subsequent year of the primary term or any renewal or extension, Landlord's cost of maintaining such insurance shall exceed Landlord's cost of maintaining such insurance for the first full lease year of the term hereof, Tenant agrees to pay to Landlord, as additional rental, Tenant's full proportionate share (as defined in subparagraph 24J) of such excess. Said payments shall be made to Landlord within ten (10) days after presentation to Tenant of Landlord's statement setting forth the amount due, and the failure to pay such excess shall be treated in the same manner as a default in the payment of rent hereunder when due. Any payment to be made pursuant to this subparagraph 12A with respect to the year in which this lease commences or terminates shall bear the same ratio to the payment which would be required to be made for the full year as the part of such year covered by the term of this lease bears to a full year. Tenant shall not take out separate insurance concurrent in form or contributing in the event of loss with that required to be maintained by Landlord hereunder unless Landlord is included as an additional insured thereon. Tenant shall immediately notify Landlord whenever any such separate insurance is taken out and shall promptly deliver to Landlord the policy or policies of such insurance.
B. If the buildings situated upon the premises should be damage...
FIRE AND CASUALTY DAMAGE. (a) If the Building should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give immediate written notice thereof to Landlord.
(b) If the Building should be totally destroyed by fire, tornado or other casualty, or if they should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
(c) If the Building should be damaged by fire, tornado or other casualty, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall not terminate, but Landlord shall at its sole cost and expense proceed with reasonable diligence to rebuild and repair such Building, to substantially the condition in which they existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures and other improvements which may have been placed on the Premises by Tenant. If the Premises is untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be abated so long as space is untenantable. In the event that Landlord should fail to complete such repairs and rebuilding within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, Tenant may at its option terminate this Lease by delivering written notice of termination to Landlord as Tenant’s exclusive remedy, whereupon all rights and obligations hereunder shall cease and determine. Notwithstanding the above if the building is damaged during the last nine (9) months of the Lease, Tenant, at its option, may terminate.
(d) Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant, whereupon all rights and obligations hereunder shall cease and determine.
(e) Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building and...
FIRE AND CASUALTY DAMAGE. (a) Notwithstanding anything herein to the contrary, if (1) fire or other casualty renders the Premises substantially unusable for Tenant's purposes, (2) the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds in an amount greater than $500,000.00 paid for such casualty to the Premises be applied to such indebtedness and the amount of insurance proceeds made available to Landlord for restoration of the Premises is substantially less than the amount needed to restore the Premises to the substantial equivalent of the pre- casualty condition and to make the Premises lawfully occupiable within 120 days after the casualty, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within 5 days after such requirement is made by any such holder, whereupon all rights and obligations hereunder thereafter accruing shall cease and terminate. Landlord shall allow Tenant reasonable access and time in order to remove property that Tenant may lawfully remove. Upon the occurrence of a casualty described in this subsection (a), Landlord shall use reasonable efforts to locate and offer to Tenant substitute comparable space for Tenant within another building owned by Landlord or an affiliate of Landlord and within five miles of the Building.
(b) Subject to Section 7(b) of the Lease, it is agreed that the obligation of Landlord in this paragraph to repair and restore the Premises and the Building as provided herein, does not include an obligation of Landlord to repair the fixtures, equipment, or personal property of Tenant, except to the extent the repair and restoration is needed because of the Landlord’s breach of its obligations under this Lease or because of the negligence or intentional acts of the Landlord or its contractors.
(c) The period of time within which repair and restoration of the Premises as contemplated in this section 3 must be completed shall be extended due to delays occasioned by force majeure. As used in this Lease, “force majeure” means events beyond the control of Landlord that cause delays that adversely affect the critical path of preparing the Premises for Tenant’s occupancy.
FIRE AND CASUALTY DAMAGE. If the Premises are so injured or damaged by fire or other cause as to be uninhabitable for more than 120 days, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claim.
FIRE AND CASUALTY DAMAGE. If the Building in which the Premises are located is totally destroyed or damaged by fire or other casualty, this Lease shall immediately terminate. If the Building in which the Premises are located is only partially destroyed or damaged, so as to render the Premises untenantable, or not usable for their intended purpose, the Lessor shall have the option to elect to repair and restore the Premises or terminate the Lease. The Lessor shall be permitted a reasonable amount of time, not to exceed one hundred and eighty (180) days from the event of destruction or damage, to repair or restore the Premises, if the Lessor submits to the Government a reasonable schedule for repair of the Premises within thirty (30) days of the event of destruction or damage. If the Lessor fails to timely submit a reasonable schedule for completing the work, the Government may elect to terminate the Lease effective as of the date of the event of destruction or damage. If the Lessor elects to repair or restore the Premises, but fails to repair or restore the Premises within one hundred and eighty (180) days from the event of destruction or damage, or fails to diligently pursue such repairs or restoration so as to render timely completion commercially impracticable, the Government may terminate the Lease effective as of the date of the destruction or damage. During the time that the Premises cannot reasonably be utilized for its intended use, rent shall be abated. Termination of the Lease by either party under this clause shall not give rise to liability for either party. This clause shall not apply if the event of destruction or damage is caused by the Lessor’s negligence or willful misconduct.
FIRE AND CASUALTY DAMAGE. If any of Landlord's Improvements shall be damaged or destroyed by fire or other casualty, Landlord, within one hundred twenty (120) days from the date of said damage or destruction, shall make all alterations and repairs to Landlord's Improvements which are necessary to restore the Landlord's Improvements to the same condition as existed prior to the fire or casualty so the Tenant may make the same use thereof as that which was in effect immediately prior to such fire or other casualty loss, provided, however, in the event that Landlord's Improvements are damaged to an extent greater than 50% of the then fair market value thereof and less than two years then remain during the term of this Lease, Landlord shall have the right to terminate this Lease upon 30 days' prior written notice to Tenant provided that this Lease shall not be terminated in the event that Tenant, within said 30-day period, gives written notice to Landlord that it has exercised its option, if any, to extend the term of this Lease for the then extended term which is provided for under paragraph 27 hereof. In the event that the Leased Premises are rendered untenantable, in whole, or in part, by any said damage or destruction, all base rent and additional rent shall ▇▇▇▇▇ proportionately to the extent and duration of untenantability. If Landlord's Improvements cannot be restored and repaired within said one hundred twenty (120) day-period because of delay caused by strikes, acts of God, insurrection, civil commotion, riots, or unavoidable casualty, that prohibit, limit or delay such construction, then the time for completion of such construction shall be extended accordingly, provided, however, that in any event, if the restorations and repairs of Landlord's Improvements have not been completed within a period of one hundred eighty (180) days from the date of such damage or destruction, either party hereto, by written notice to the other given within 210 days after the date of said damage or destruction, may terminate this Lease effective with the giving of said notice.
FIRE AND CASUALTY DAMAGE. If the Building is damaged or destroyed during the Term, Landlord shall be obligated to fully repair or restore the Building within a reasonable period of time after the date of such damage or destruction to the extent that insurance proceeds of such insurance are received by Landlord. In the event that no insurance proceeds are made available to Landlord by its mortgagee, Landlord may terminate this Lease by providing thirty (30) days’ notice to Tenant, in which case this Lease shall terminate and neither party shall have any obligation hereunder except for those which expressly survive termination of this Lease. Notwithstanding the foregoing, if the Building is damaged or destroyed such that the Building cannot be repaired within a period of one hundred and eighty (180) days (as determined in the reasonable discretion of Landlord’s architect), or if ▇▇▇▇▇▇ is unable to use or occupy at least fifty percent (50%) of the Premises for a period of at least ninety (90) days, then Tenant may, upon thirty (30) days’ notice to Landlord, terminate this Lease. During any period in which Tenant is unable to use all or any portion of the Premises as a result of casualty the Base Rent and Additional Rent shall be equitably abated.
FIRE AND CASUALTY DAMAGE. (a) Landlord agrees to maintain insurance covering the building of which the Premises are a part in an amount not less than eighty (80%) percent (or such greater percentage as may be necessary to comply with the provisions of any co-insurance clauses of the policy) of the replacement cost thereof, insuring against the perils of Fire. Lightning, Extended Coverage, Vandalism and Malicious Mischief, extended by Special Extended Coverage Endorsement to insure against all other Risks of Direct Physical Loss, such coverages and endorsements to be as defined, provided and limited in the standard bureau forms prescribed by the insurance regulatory authority for the state in which the Premises are situated for use by insurance companies admitted in such state for the writing of such insurance on risks located within such state. Subject to the provisions of subparagraphs 15.01 (c), 15.0 1 (d), and 15.01 (e) below. such insurance shall be for the sole benefit of Landlord and under its sole control.
(b) If the building situated upon the Premises should be damaged or destroyed by fire, tornado or other casualty, tenant shall give written notice thereof to Landlord.
(c) If the buildings situated upon the Premises should be totally destroyed by fire, tornado or other casualty, or if they should be so damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within two hundred (200) days after the date upon which Landlord is notified by Tenant of such damage, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective upon the date of the occurrence of such damage.
FIRE AND CASUALTY DAMAGE. Tenant is required to advise Owner immediately in the event of fire or other casualty which renders the apartment partially or wholly unfit for occupancy. Owner shall repair the premises as soon as possible subject to any delays due to adjustment of insurance claims or any cause not under Owner’s control. If part of the premises are usable, Tenant must pay rent for the usable part. If the premises are damaged and Owner determines that the apartment is beyond repair, the term of this Lease shall end, and Tenant must vacate the apartment. If the fire or casualty was caused by ▇▇▇▇▇▇’s actions, the costs of the repairs shall be repaid to Owner by ▇▇▇▇▇▇ as added rent.
FIRE AND CASUALTY DAMAGE. A. If the building or other improvements on the Leased Premises should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give prompt written notice thereof to Landlord.