Fire and Other Casualties. If the rental space is damaged or destroyed by fire or other casualty, Tenant shall give prompt notice thereof to Landlord.
a. If in the mutual judgment of Tenant and Landlord, the rental space is not usable for Tenant’s purposes the Landlord may, at its option, either terminate this Sub-lease or elect to repair and/or rebuild the Rental space. The Landlord shall notify the Tenant as to its election within thirty (30) days after Tenant’s notice to Landlord. If the Landlord elects to terminate this Sub-lease, the Sub-lease shall be deemed terminated as of the date of the casualty, any rent paid being appropriately apportioned. If the Landlord elects to rebuild and/or repair the Rental space, the Landlord and Tenant shall, as soon as possible after receipt by Tenant of Landlord’s notice, enter into good faith negotiations to determine the terms for the repair or rebuilding of the rental space, it being understood that in no event shall rent accrue or be payable hereunder between the date of the casualty and completion of all repairs. If, within sixty (60) days after Tenant has notified Landlord of the occurrence of a casualty, no satisfactory terms have been reached, the Tenant may terminate the Sub-lease without liability as of the date of casualty, any rent paid being appropriately apportioned. All such work to be performed by Landlord, hereunder shall be done in such manner that upon completion thereof, the Rental space as restored shall be as useful for its intended purposes as immediately prior to the occurrence of the casualty.
b. If, in the mutual judgment of the Landlord and Tenant, the Rental space is usable for Tenant’s purposes, such destruction shall in no way annul or void the Sub-lease, except that, the annual rent payable under Para. 1 hereof shall be appropriately reduced and adjusted between Landlord and Tenant as of the date of the occurrence of the casualty, which reduction shall be in accordance with the ratio which the area of the damaged Rental space bears to the area of the rental space prior to the occurrence of the casualty. The Landlord shall restore the Rental space within a single one hundred twenty (120) day period; provided, however, that in the event Landlord is unable to complete the necessary repairs within said one hundred twenty (120) day period because of events beyond its control, such as inclement weather, strikes, lack of an available work force, or acts of God, then the one hundred twenty (120) day period shall be adju...
Fire and Other Casualties. 19 SECTION 10.01. Notice. . . . . . . . . . . . . . . . . . . . . . . . .19 SECTION 10.02. Damage. . . . . . . . . . . . . . . . . . . . . . . . .19 SECTION 10.03. Lessor's Rights to Terminate. . . . . . . . . . . . . .20 SECTION 10.04. Termination of the Lease. . . . . . . . . . . . . . . .20 SECTION 10.05.
Fire and Other Casualties. 16 SECTION 10.01. Notice . . . . . . . . . . . . . . . . . . . . . . . .16 SECTION 10.02. Damage . . . . . . . . . . . . . . . . . . . . . . . .16 SECTION 10.03. Lessor's Rights to Terminate . . . . . . . . . . . . .17 SECTION 10.04. Termination of the Lease . . . . . . . . . . . . . . .17 SECTION 10.05. Repair and Restoration . . . . . . . . . . . . . . . .18 ARTICLE 11 - CONDEMNATION. . . . . . . . . . . . . . . . . . . . . . . . . .18 ARTICLE 12 - LIABILITY/ENVIRONMENTAL INDEMNITY . . . . . . . . . . . . . . .18
Fire and Other Casualties. The Seller shall not bear any risk of destruction, loss or damage to the Assets to be sold hereunder due to fire, storm, or other casualty occurring prior to the Closing Date.
Fire and Other Casualties. (a) In case of damage to the Demised Premises, or to the building of which the Demised Premises form a part, by fire or other casualty covered by the standard New Jersey Extended Coverage Endorsement attached to fire insurance policies in the area in which the Demised Premises are located, if the damage is so extensive as to amount practically to the total destruction of the Demised Premises or the building of which the Demised Premises form a part, this Lease shall terminate, and the rent shall be apportioned to the time of the damage. In all other cases where the Demised Premises are damaged by fire or other such casualty, LANDLORD shall repair warehouse purposes to which the Demised Premises were being devoted at the time of such casualty, and LANDLORD cannot reasonably render them tenantable within thirty (30) days next following the casualty, and if such casualty shall have originated elsewhere than within the Demised Premises, LANDLORD or TENANT may, at its election, terminate the Lease by written notice to the other. There shall be an apportionment of the rent until the damage has been repaired or until the Lease shall have been so terminated.
(b) TENANT agrees, at its own cost and expense, to comply with all of the rules, regulations, and requirements of LANDLORDS insurance carrier (Factory Mutual Insurance Company) including but not limited to, any additional sprinklering required by reason of TENANT'S use. If the fire insurance rate applicable to the Demised Premises on to the building of which
Fire and Other Casualties. 7 10.01 Untenantability.................................................................................7 10.02 Loss of Property and Water Damage...............................................................8
Fire and Other Casualties. If the Leased Premises are damaged by fire or other casualty during the Term the following shall apply.
Fire and Other Casualties. 12.1 If the dwelling unit shall be damaged by fire, the elements, accident or other casualty (any of such causes being referred to hereinafter as “Casualty”), but the unit shall not be thereby rendered wholly or partially untenantable, LESSOR shall cause, within a reasonable time frame, such damage to be repaired and there shall be no abatement of Rent. LESSOR may turn off equipment and interrupt utilities as needed to avoid property damage or to perform work. If, as a result of Casualty, the unit shall be rendered wholly or partially untenantable, then LESSOR shall cause, within a reasonable time frame, such damage to be repaired and, provided such damage was not caused with the intent or by the negligence of LESSEE or the members of LESSEE’s household or LESSEE’s visitors, all Rent shall be abated proportionately during the period of such untenantability. LESSEE’s obligation to pay Rent will be reinstated effective the date the dwelling unit is repaired to a tenantable condition. All repairs shall initially be made at the expense of LESSOR, subject to LESSEE’s responsibilities set forth in this Lease. Whenever a Casualty causes damage to the dwelling unit such that repairs are necessary, LESSEE shall, at LESSEE’s sole expense, temporarily vacate the unit and promptly remove so much of LESSEE’s personal property from the unit as LESSOR, in its sole discretion, may require in order to effect the needed repairs. LESSOR will not be liable for interruption in LESSEE’s use of the dwelling unit or for damage to, or replacement or repair of, LESSEE’s personal property or to any leasehold improvements installed in the unit by LESSEE, all of which damage, replacement or repair shall be the sole responsibility of LESSEE. Should the repair of the dwelling unit not be possible or practicable within a reasonable amount of time, the LESSOR may at its sole and absolute option, elect to not repair or replace the dwelling unit.
12.2 In the event and at the time that the dwelling unit is repaired to tenantable condition, LESSEE shall retake possession and the Lease term shall begin to run from that date to the end of the original term. If LESSOR notifies LESSEE of its election to not repair the premises, this Lease shall terminate.
12.3 If a Casualty occurs, under no circumstances will LESSOR be obligated to supply or to locate substitute housing for LESSEE.
Fire and Other Casualties. In the event that the premises, or a major portion thereof, are destroyed or so damaged by fire or other casualty so as to render them untenable, the Lessor shall have the option to terminate this lease or to forthwith repair such damage or destruction at his own cost and expense, and rent shall cease until the completion of such repairs. In the event that the premises shall be partially destroyed, so that the major portion thereof remains usable by Lessee, then the rental shall xxxxx to the extent that the damaged portion bears to the whole of the leased premises and such damage shall be restored by the Lessor forthwith, and upon completion of such repairs, the full rental shall commence. The Lessor shall notify the Lessee in writing, within 30 days after any such fire or other casualty, whether it elects to make such repairs or to terminate the lease.
Fire and Other Casualties. If prior to full payment of the rent, the Property is destroyed (in whole or in part) by fire or other casualty, the net proceeds of any insurance resulting from claims for such losses shall be applied, at the discretion of the Lessee, for either of the following purposes: The prompt repair, or replacement of the property damaged or destroyed to substantially the same condition as existed prior to the event causing such damage or destruction, as may be desired by the Lessee and as will not materially alter the character of the Property. If the Lessee elects to so repair, such net proceeds shall be paid to and held by the Lessor for such disposition. If the Net Proceeds are not sufficient to pay in full the costs of such repair of the property, the Lessee will nonetheless complete the work, repair or replacement thereof and will pay that portion of the costs thereof in excess of the amount of said net proceeds without reimbursement from Lessor and without any abatement or diminution of the rents payable under this Lease. Any balance of such net proceeds remaining after payment of all the costs of such repair or replacement may be retained by the Lessor and applied to the rent in inverse order of maturity.
