Common use of FIRE CLAUSE Clause in Contracts

FIRE CLAUSE. The LESSEE agrees to notify LESSOR of any damages to the Leased Premises by fire or other hazard and also of any dangerous or hazardous condition within the Leased Premises immediately upon the occurrence of such fire or other hazard or discovery of such condition. Upon occurrence of a fire, repairs shall be made by LESSOR as soon as reasonably may be done unless the costs of repairing the Premises exceed 25% of the replacement cost of the building in which case the LESSOR may, at its option, terminate this lease by giving LESSEE written notice of termination within 30 days of the date of the occurrence. If the LESSOR does not terminate this Lease pursuant to the paragraph above, then LESSOR has 30 days after the date of occurrence to give written notice to LESSEE setting forth its unqualified commitment to make all necessary repairs or replacements, the projected date of commencement of such repairs, and the LESSOR’S best good faith estimate of the date of completion of the same. If the LESSOR fails to give such notice, or if the date of completion is more than 90 days after the date of the occurrence, then the LESSEE may, at its option, terminate this lease and the LESSOR will be obliged to refund to the LESSEE any rent allocable to the period subsequent to the date of the fire.

FIRE CLAUSE. The LESSEE TENANT agrees to notify LESSOR LANDLORD of any damages to the Leased Premises by fire or other hazard and also of any dangerous or hazardous condition within the Leased Premises immediately upon the occurrence of such fire or other hazard or discovery of such condition. Upon occurrence of a fire, repairs shall be made by LESSOR LANDLORD as soon as reasonably may be done unless the costs of repairing the Premises exceed 25% of the replacement cost of the building in which case the LESSOR LANDLORD may, at its option, terminate this lease by giving LESSEE TENANT written notice of termination within 30 days of the date of the occurrence. If the LESSOR LANDLORD does not terminate this Lease pursuant to the paragraph above, then LESSOR LANDLORD has 30 days after the date of occurrence to give written notice to LESSEE TENANT setting forth its unqualified commitment to make all necessary repairs or replacements, the projected date of commencement of such repairs, and the LESSORLANDLORD’S best good faith estimate of the date of completion of the same. If the LESSOR LANDLORD fails to give such notice, or if the date of completion is more than 90 days after the date of the occurrence, then the LESSEE TENANT may, at its option, terminate this lease and the LESSOR LANDLORD will be obliged to refund to the LESSEE TENANT any rent allocable to the period subsequent to the date of the fire.

FIRE CLAUSE. The LESSEE agrees to notify LESSOR of any damages to the Leased Premises by fire or other hazard and also of any dangerous or hazardous condition within the Leased Premises immediately upon the occurrence of such fire or other hazard or discovery of such condition. Upon occurrence of a fire, repairs shall be made by LESSOR as soon as reasonably may be done unless the costs of repairing the Premises exceed twenty-five percent (25% %) of the replacement cost of the building building, in which case the LESSOR may, at its option, terminate this lease by giving LESSEE written notice of termination within 30 thirty (30) days of the date of the occurrence. If the LESSOR does not terminate this Lease pursuant to the paragraph above, then LESSOR has 30 thirty (30) days after the date of occurrence to give written notice to LESSEE setting forth its unqualified commitment to make all necessary repairs or replacements, the projected date of commencement of such repairs, and the LESSOR’S best good faith estimate of the date of completion of the same. If the LESSOR fails to give such notice, or if the date of completion is more than 90 ninety (90) days after the date of the occurrence, then the LESSEE may, at its option, terminate this lease Lease, and the LESSOR will be obliged to refund to the LESSEE any rent allocable to the period subsequent to the date of the fire.