Common use of Fire or Casualty Loss Clause in Contracts

Fire or Casualty Loss. 19.1 If all or part of the Demised Premises is damaged or destroyed by fire or other casualty, this Lease and all of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue in full force and effect, as follows: A. In the event that the damage to the Demised Premises is so extensive as to amount practically to the total destruction of the Demised Premises and Landlord within a reasonable time after such damage shall not elect to rebuild, then and in that event, this Lease shall cease and the rent shall be apportioned to the time of the destruction. For the purposes of this paragraph, damage to fifteen percent (15%) or more of the Demised Premises shall be deemed total destruction. B. In the event that the Demised Premises is damaged, but not so destroyed (as set forth in Paragraph A immediately above) as to terminate the Lease, or Landlord elects to rebuild as provided for in Paragraph A above, then, provided that such loss is sufficiently insured and that all of the proceeds of said insurance coverage are made available to the Landlord by any mortgagee whose interest may be superior to the Landlord; and further provided that the term of this Lease shall have at least two (2) years to run, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Demised Premises with reasonable diligence. Notwithstanding the foregoing: (i) in the event there is less than two (2) years of the Lease Term remaining, or (ii) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (iii) in the event of any material uninsured loss to the Building and Landlord does not promptly commit to restore with Landlord’s funds, or (iv) if the written estimate states that the Demised Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then either Landlord or Tenant may, at their option, terminate this Lease by notifying the other party in writing of such termination within ninety (90) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Demised Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. 19.2 To the extent that the loss or destruction of the Demised Premises substantially interferes with all or a portion of Tenant’s operations at the Demised Premises, thus requiring the Tenant temporarily to close its business or reduce its workforce, the Fixed Rent shall be abated (or proportionately abated with respect to a partial closure) from the date of such closing to the date the damage shall have been substantially repaired so as to enable the Tenant to continue its business in substantially the same fashion as was previously operating prior to the date of such loss or destruction. 19.3 Tenant acknowledges and agrees that Landlord will not carry insurance of any kind on Tenant’s fixtures, furniture, and equipment, or on any Tenant Improvements or other appurtenances removable by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same. However, if Landlord does place such coverages on Tenant’s owned property as provided in Section 11.3, all proceeds applicable to Tenant’s owned property shall be promptly transmitted to Tenant upon receipt by the Landlord, and Landlord will use its best efforts, in coordination with Tenant, to make the appropriate claims and recover insurance proceeds due under the applicable coverage.

Fire or Casualty Loss. 19.1 If all or part of the Demised Landlord’s Premises is damaged or destroyed by fire or other casualty, this Lease and all of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue in full force and effect, as follows: A. In the event that the damage to the Demised Premises is so extensive as to amount practically to the total destruction of the Demised Premises and Landlord within a reasonable time after such damage shall not elect to rebuild, then and in that event, this Lease shall cease and the rent shall be apportioned to the time of the destruction. For the purposes of this paragraph, damage to fifteen percent (15%) or more of the Demised Premises shall be deemed total destruction. B. In the event that the Demised Premises is damaged, but not so destroyed (as set forth in Paragraph A immediately above) as to terminate the Lease, or Landlord elects to rebuild as provided for in Paragraph A above, then, provided that such loss is sufficiently insured and that all of the proceeds of said insurance coverage are made available to the Landlord by any mortgagee whose interest may be superior to the Landlord; and further provided that the term of this Lease shall have at least two (2) years to run, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Demised Premises with reasonable diligence. Notwithstanding the foregoing: (i) in the event there is less than two (2) years of the Lease Term remaining, or (ii) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (iii) in the event of any material uninsured loss to the Building and Landlord does not promptly commit to restore with Landlord’s funds, or (iv) if the written estimate states that the Demised Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then either Landlord or Tenant may, at their option, terminate this Lease by notifying the other party in writing of such termination within ninety (90) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Demised Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. 19.2 To the extent that the loss or destruction of the Demised Premises substantially interferes with all or a portion of Tenant’s operations at the Demised Premises, thus requiring the Tenant temporarily to close its business or reduce its workforce, the Fixed Rent shall be abated (or proportionately abated with respect to a partial closure) from the date of such closing to the date the damage shall have been substantially repaired so as to enable the Tenant to continue its business in substantially the same fashion as was previously operating prior to the date of such loss or destruction. 19.3 Tenant acknowledges and agrees that Landlord will not carry insurance of any kind on Tenant’s fixtures, furniture, and equipment, or on any Tenant Improvements or other appurtenances removable by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same. However, if Landlord does place such coverages on Tenant’s owned property as provided in Section 11.3, all proceeds applicable to Tenant’s owned property shall be promptly transmitted to Tenant upon receipt by the Landlord, and Landlord will use its best efforts, in coordination with Tenant, to make the appropriate claims and recover insurance proceeds due under the applicable coverage.

Fire or Casualty Loss. 19.1 (a) If all the Premises or any part of the Demised Premises is thereof shall be damaged or destroyed by fire or other casualty, Tenant shall give prompt written notice thereof to Owner and this Lease and all of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, shall continue in full force and effecteffect except as provided in this Section. (b) If the Building shall be damaged by fire or other casualty and if such damage renders the Premises untenantable, as follows: A. In in whole or in part, or if the event that the damage to the Demised Premises is so extensive as to amount practically to not rendered untenantable but the total destruction of the Demised Premises and Landlord within a reasonable time after such damage shall not elect to rebuild, then and in that event, this Lease shall cease and the rent shall be apportioned to the time of the destruction. For the purposes of this paragraph, damage to fifteen percent (15%) or more of the Demised Premises shall be deemed total destruction. B. In the event that the Demised Premises Building is substantially damaged, but not so destroyed (as set forth in Paragraph A immediately above) as to terminate the Lease, or Landlord elects to rebuild as provided for in Paragraph A above, then, provided that such loss is sufficiently insured and that all of the proceeds of said insurance coverage are made available to the Landlord by any mortgagee whose interest may be superior to the Landlord; and further provided that the term of this Lease Owner shall have at least two (2) years the right to run, cancel and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Demised Premises with reasonable diligence. Notwithstanding the foregoing: (i) in the event there is less than two (2) years of the Lease Term remaining, or (ii) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (iii) in the event of any material uninsured loss to the Building and Landlord does not promptly commit to restore with Landlord’s funds, or (iv) if the written estimate states that the Demised Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then either Landlord or Tenant may, at their option, terminate this Lease by notifying as of the other party date of such damage. Owner shall notify Tenant in writing of such termination within ninety (90) days after such damage of its election to either terminate this Lease or to rebuild the date of such casualtyPremises. Within sixty (60) days of such casualty, Landlord If this Lease shall notify Tenant whether the Demised Premises cannot be restored terminated by Owner due to such damage, Owner agrees to repair and restore the Premises (but not Tenant's improvements, furniture, fixtures, equipment or personalty located at or attached to the condition Premises) and, at such time as Owner repairs and restores the Premises, Tenant shall repair and restore all improvements, furniture, fixtures, equipment or personalty of Tenant's that existed prior to such damage. Notwithstanding anything contained herein to the casualty contrary, Owner shall have no duty to repair or restore the Premises or the Building. In the event Owner shall not rebuild the Premises within one hundred eighty twelve (18012) days months after notice of its election to so rebuild, Tenant shall have the right to terminate this Lease on thirty (30) day prior written notice to Owner and if Owner shall fail to rebuild the Premises within said thirty (30) day period this Lease shall terminate at the end of said thirty (30) day period. (c) In the event only an insubstantial portion of the Building (other than the Premises) is so damaged by fire or other casualty, Owner shall repair such damage at its cost and expense, subject, however, to the a sufficient amount of insurance proceeds being paid to Owner on account of such damage. 19.2 To (d) In the extent event of termination of this Lease pursuant to this Section, the Rent shall be apportioned on a per diem basis and paid to the date of the fire or other casualty. In the event that the loss Premises are damaged by fire or other casualty and made wholly or partially untenantable and if this Lease is not canceled as provided in this Section, then, except in case of damage caused Tenant, the Rent shall xxxxx in the amount bearing the same ratio to total Rent as the rentable area of the portion of the Premises remaining untenantable bears to the total rentable area of the Premises. (e) This Section shall be considered an express agreement to the contrary pursuant to New York Real Property Law Section 227 governing any case of damage to or destruction of the Demised Premises substantially interferes with all or a portion of Tenant’s operations at the Demised Premises, thus requiring the Tenant temporarily to close its business or reduce its workforce, the Fixed Rent shall be abated (or proportionately abated with respect to a partial closure) from the date of such closing to the date the damage shall have been substantially repaired so as to enable the Tenant to continue its business in substantially the same fashion as was previously operating prior to the date of such loss or destruction. 19.3 Tenant acknowledges and agrees that Landlord will not carry insurance of any kind on Tenant’s fixtures, furniture, and equipment, or on any Tenant Improvements part thereof by fire or other appurtenances removable by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same. However, if Landlord does place such coverages on Tenant’s owned property as provided in Section 11.3, all proceeds applicable to Tenant’s owned property shall be promptly transmitted to Tenant upon receipt by the Landlord, and Landlord will use its best efforts, in coordination with Tenant, to make the appropriate claims and recover insurance proceeds due under the applicable coveragecasualty.

Fire or Casualty Loss. 19.1 If all or part of the Demised Landlord's Premises is damaged or destroyed by fire or other casualty, this Lease and all of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue in full force and effect, as follows: A. In the event that the damage to the Demised Premises is so extensive as to amount practically to the total destruction of the Demised Premises and Landlord within a reasonable time after such damage shall not elect to rebuild, then and in that event, this Lease shall cease and the rent shall be apportioned to the time of the destruction. For the purposes of this paragraph, damage to fifteen percent (15%) or more of the Demised Premises shall be deemed total destruction. B. In the event that the Demised Premises is damaged, but not so destroyed (as set forth in Paragraph A immediately above) as to terminate the Lease, or Landlord elects to rebuild as provided for in Paragraph A above, then, provided that such loss is sufficiently insured and that all of the proceeds of said insurance coverage are made available to the Landlord by any mortgagee whose interest may be superior to the Landlord; and further provided that the term of this Lease shall have at least two (2) years to run, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Demised Premises with reasonable diligence. Notwithstanding the foregoing: (i) in the event there is less than two (2) years of the Lease Term remaining, or (ii) in the event Landlord’s 's mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s 's funds, or (iii) in the event of any material uninsured loss to the Building and Landlord does not promptly commit to restore with Landlord’s 's funds, or (iv) if the written estimate states that the Demised Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then either Landlord or Tenant may, at their option, terminate this Lease by notifying the other party in writing of such termination within ninety (90) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Demised Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. 19.2 To the extent that the loss or destruction of the Demised Premises substantially interferes with all or a portion of Tenant’s 's operations at the Demised Premises, thus requiring the Tenant temporarily to close its business or reduce its workforce, the Fixed Rent shall be abated (or proportionately abated with respect to a partial closure) from the date of such closing to the date the damage shall have been substantially repaired so as to enable the Tenant to continue its business in substantially the same fashion as was previously operating prior to the date of such loss or destruction. 19.3 Tenant acknowledges and agrees that Landlord will not carry insurance of any kind on Tenant’s 's fixtures, furniture, and equipment, or on any Tenant Improvements or other appurtenances removable by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same. However, if Landlord does place such coverages on Tenant’s 's owned property as provided in Section 11.3, all proceeds applicable to Tenant’s 's owned property shall be promptly transmitted to Tenant upon receipt by the Landlord, and Landlord will use its best efforts, in coordination with Tenant, to make the appropriate claims and recover insurance proceeds due under the applicable coverage.

Fire or Casualty Loss. 19.1 If all the building or part of other improvements on the Demised Premises is shall be damaged or destroyed rendered untenantable by fire or other casualty, this Lease Lessee shall give prompt written notice thereof to Lessor. Lessee shall thereupon and all without further notice to Lessor repair or replace the building or the improvements, as applicable, and restore, repair, replace, rebuild, modify or alter the same, as promptly as practicable after such fire or other cause, so that the fair market value of its terms, covenants the building and conditions shall, subject the improvements after such work is completed is at least equal to the provisions hereinafter set forth, continue in full force fair market value of the building and effect, as follows: A. In the event that the damage improvements immediately prior to the Demised Premises occurrence. All resulting casualty insurance proceeds shall be available to Lessee for such repair and restoration. Lessor shall in no event have any obligation whatsoever to repair, replace, restore, rebuild or alter, or to pay any of the costs or expenses thereof, unless such casualty is so extensive as to amount practically the result of Lessor’s gross negligence or willful misconduct, and then only to the total destruction of extent Lessee was carrying the Demised Premises and Landlord within a reasonable time after such damage shall not elect to rebuild, then and in that event, this Lease shall cease insurance required hereunder and the rent resulting casualty insurance proceeds are insufficient to pay for the necessary repairs, in which case Lessor shall be apportioned pay the difference between the cost of such repairs and the insurance proceeds. Notwithstanding the foregoing, in case of damage or destruction occurring in the last three (3) years of this Lease, or any extension or renewal thereof, to the time extent of the destruction. For the purposes of this paragraph, damage to fifteen fifty percent (1550%) or more of the Demised Premises shall be deemed total destruction. B. In the event that the Demised Premises is damaged, but not so destroyed (as set forth in Paragraph A immediately above) as to terminate the Lease, or Landlord elects to rebuild as provided for in Paragraph A above, then, provided that such loss is sufficiently insured and that all insurable value of the proceeds of said insurance coverage are made available to the Landlord by any mortgagee whose interest building or improvements, Lessee may be superior to the Landlord; and further provided that the term of this Lease shall have at least two (2) years to run, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Demised Premises with reasonable diligence. Notwithstanding the foregoing: (i) in the event there is less than two (2) years of the Lease Term remaining, or (ii) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (iii) in the event of any material uninsured loss to the Building and Landlord does not promptly commit to restore with Landlord’s funds, or (iv) if the written estimate states that the Demised Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then either Landlord or Tenant may, at their option, terminate this Lease by notifying the other party in writing of such termination written notice to Lessor within ninety (90) days after the date of such casualty. Within sixty (60) days after such destruction or damage, and such termination shall become effective on the thirtieth (30th) day after the giving of such casualtynotice. In the event this Lease is terminated in accordance with this Section, Landlord shall notify Tenant whether the Demised Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. 19.2 To the extent that the loss or destruction of the Demised Premises substantially interferes with all or a portion of Tenant’s operations at the Demised Premises, thus requiring the Tenant temporarily to close its business or reduce its workforce, the Fixed Rent shall be abated (or proportionately abated with respect to a partial closure) from the date of such closing to the date the damage shall have been substantially repaired so as to enable the Tenant to continue its business in substantially the same fashion as was previously operating prior to the date of such loss or destruction. 19.3 Tenant acknowledges and agrees that Landlord will not carry insurance of any kind on Tenant’s fixtures, furniture, and equipment, or on any Tenant Improvements or other appurtenances removable by Tenant under the provisions of this Lease, and that Landlord Lessee shall not be obligated to repair or restore the building or the improvements (but shall, at Lessor’s request, raze and secure any damaged portions thereof), and any insurance proceeds paid as a result of the property damage thereto or replace the same. However, if Landlord does place such coverages on Tenant’s owned property as provided in Section 11.3, all proceeds applicable to Tenant’s owned property shall be promptly transmitted assigned to Tenant upon receipt Lessor, less (a) an amount equal to the Book Value (as hereinafter defined) of the building and the improvements installed by the LandlordLessee, and Landlord will use its best efforts(b) any sum attributable to the loss of or damage to Lessee’s Personal Property, in coordination with Tenantboth of which shall be retained by Lessee. For purposes of this Lease, “Book Value” shall mean the remainder of (i) the total costs incurred by Lessee to make construct the appropriate claims building and recover insurance proceeds due under the applicable coverage.improvements

Fire or Casualty Loss. 19.1 If all or part In the event of damage to the Demised Premises is damaged or destroyed Leased Property by fire or other casualty, this Lease and all Bomax, at its sole expense, shall promptly restore, upon receipt of insurance proceeds, the Leased Property as nearly as possible to its terms, covenants and conditions shall, subject condition prior to such damage or destruction. All insurance proceeds received by Bomax pursuant to the provisions hereinafter set forthof this Lease, continue in full force less the cost, if any, of obtaining such recovery, shall be held by Bomax and effectapplied by Bomax to the payment of such restoration, as follows: A. such restoration progresses. In the event of any such partial destruction or damage, provided that there shall be in force the damage loss-of-rent coverage required by Article XII, Section A (TransAct’s Insurance), there shall be a proportionate abatement of rent until such time as the Leased Property is repaired and delivered to TransAct based upon the extent to which the Leased Property is rendered untenantable. If, at any time during the term of this Lease, the Leased Property is completely destroyed or so damaged by fire or other casualty covered by insurance as to render it unfit for its designated use, and repair or restoration cannot be completed within nine months, upon written notice from Bomax to TransAct within ten (10) days of the casualty that Bomax cannot complete repair or restoration within nine months, either party may terminate this Lease on written notice to the Demised Premises is so extensive as to amount practically to other party of at least ten days and no more than forty-five days. Such notice shall be given within sixty days after the total date of such damage or destruction or after the date of the Demised Premises and Landlord written notice from Bomax to Transact that Bomax cannot complete repair or restoration within a reasonable time after such damage shall not elect to rebuildnine months, then and in that event, this whichever is later. If the Lease shall cease so terminate, all basic and the additional rent shall be apportioned to the time date of the destructioncasualty, and all insurance proceeds shall belong to Bomax. For If the purposes of this paragraph, damage to fifteen percent (15%) or more of the Demised Premises shall be deemed total destruction. B. In the event that the Demised Premises Lease is damaged, but not so destroyed (terminated, Bomax shall promptly rebuild and restore the Leased Property as set forth in Paragraph A immediately above) nearly as possible to terminate the Leaseits condition prior to such damage. TransAct’s obligation to pay rent and all other charges, or Landlord elects and to rebuild as provided for in Paragraph A above, then, provided that such loss is sufficiently insured and that perform all of the proceeds of said insurance coverage are made available to the Landlord by any mortgagee whose interest may be superior to the Landlord; and further provided that the term other terms of this Lease shall have at least two (2) years to run, and that applicable laws shall permit, then, and in those events, axxxx during the Landlord shall repair and rebuild period the Demised Premises with reasonable diligence. Notwithstanding the foregoing: (i) in the event there is less than two (2) years of the Lease Term remaining, or (ii) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (iii) in the event of any material uninsured loss to the Building and Landlord does not promptly commit to restore with Landlord’s funds, or (iv) if the written estimate states that the Demised Premises Leased Property cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then either Landlord accessed or Tenant may, at their option, terminate this Lease by notifying the other party in writing of such termination within ninety (90) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Demised Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. 19.2 To the extent that the loss or destruction of the Demised Premises substantially interferes with all or a portion of Tenant’s operations at the Demised Premises, thus requiring the Tenant temporarily to close its business or reduce its workforce, the Fixed Rent shall be abated (or proportionately abated with respect to a partial closure) from the date of such closing to the date the damage shall have been substantially repaired so as to enable the Tenant to continue its business used in substantially the same fashion manner as was previously operating they had been used prior to the date appropriation. Any loss of rent insurance proceeds receivable on account of such loss destruction or destructiondamage shall belong to Bomax. 19.3 Tenant acknowledges and agrees that Landlord will not carry insurance of any kind on Tenant’s fixtures, furniture, and equipment, or on any Tenant Improvements or other appurtenances removable by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same. However, if Landlord does place such coverages on Tenant’s owned property as provided in Section 11.3, all proceeds applicable to Tenant’s owned property shall be promptly transmitted to Tenant upon receipt by the Landlord, and Landlord will use its best efforts, in coordination with Tenant, to make the appropriate claims and recover insurance proceeds due under the applicable coverage.

Fire or Casualty Loss. 19.1 If all or part of the Demised Premises is damaged or destroyed by fire or other casualtycasualty the cost of which to repair is reasonably determined by the Landlord to exceed Twenty-Five Thousand and 00/100 ($25,000.00) Dollars, this Lease and all of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue in full force and effect, and the obligations of the Landlord and the Tenant shall be as follows:provided in this Article 19. In the case of a fire or casualty loss the cost of which to repair is reasonably determined by the Landlord to be equal to or less than Twenty-Five Thousand and 00/100 ($25,000.00) Dollars, then the provisions of Articles 4 and/or 5 of this Lease shall control the responsibility of Landlord and Tenant for the completion of repairs and replacements, but all fire and casualty insurance proceeds, if any, shall be utilized to reimburse the respective parties for their costs of repair, with any excess to belong to the Landlord. A. In the event that the damage to the Demised Premises is so extensive as to amount practically to the total destruction of the Demised Premises and Landlord within a reasonable time after such damage shall not elect to rebuildPremises, then unless the Landlord serves notice upon Tenant within sixty (60) days of the casualty loss that Landlord can and will restore the Demised Premises within not more than twelve (12) months after the date of the loss, either party shall have the right to terminate this Lease, in that which event, this Lease shall cease and the rent Rent shall be apportioned to the time of the destruction. For the purposes of this paragraph, damage to or destruction rendering fifteen percent (15%) percent or more of the Demised Premises unusable shall be deemed total destruction. B. In the event that the Demised Premises is damagedinjured, but not so destroyed (as set forth in Paragraph A immediately above) as to terminate the Lease, or Landlord serves notice that it can and will restore the Demised Premises within the time specified in Paragraph A, or neither party elects to rebuild terminate as provided for in Paragraph A above, then, provided that such loss is sufficiently insured and that all of the proceeds of said insurance coverage are made available to the Landlord by any mortgagee whose interest may be superior to the Landlord; and further provided that the term of this Lease shall have at least two (2) years to run, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Demised Premises with reasonable diligence. Notwithstanding the foregoing: diligence and in any event within not more than twelve (i12) in the event there is less than two (2) years of the Lease Term remaining, or (ii) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (iii) in the event of any material uninsured loss to the Building and Landlord does not promptly commit to restore with Landlord’s funds, or (iv) if the written estimate states that the Demised Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then either Landlord or Tenant may, at their option, terminate this Lease by notifying the other party in writing of such termination within ninety (90) days after months from the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Demised Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualtyloss. 19.2 To the extent that the loss or destruction of the Demised Premises so substantially interferes with the operation of the Tenant’s business, that Tenant is required to and actually does stop using all or a any portion of Tenant’s operations at the Demised Premises, thus requiring the Tenant temporarily to close its business or reduce its workforce, the Fixed Rent and Supplemental Rent allocable to any such portion that Tenant stops using shall be abated (or proportionately abated with respect to a partial closure) from the date of such closing to the date the damage shall have been substantially repaired so as to enable the Tenant to continue its business in substantially the same fashion as was previously operating prior to the date of again use such loss or destructionportion. 19.3 Tenant acknowledges and agrees that Landlord will not carry insurance of any kind on Tenant’s fixtures, furniture, and furnishings, trade fixtures, equipment, improvements, or on any Tenant Improvements or other appurtenances removable by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same. However, if Landlord does place such coverages on Tenant’s owned property as provided in Section 11.3, all proceeds applicable to Tenant’s owned property shall be promptly transmitted to Tenant upon receipt by the Landlord, and Landlord will use its best efforts, in coordination with Tenant, to make the appropriate claims and recover insurance proceeds due under the applicable coverage.