Common use of INSURANCE, FIRE OR OTHER CASUALTY Clause in Contracts

INSURANCE, FIRE OR OTHER CASUALTY. Landlord agrees to maintain an “all risk” insurance policy covering the Leasehold Improvements in an amount equal to the “replacement cost” thereof as such term is defined in the Replacement Cost Endorsement to be attached thereto, insuring against the perils of fire, lightning, vandalism, malicious mischief and loss of rent, extended by a 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 or risks located within such state. Subject to the provisions of this paragraph, such insurance shall be for the sole benefit of Landlord and under its sole control. Tenant agrees to pay to Landlord Landlord’s cost of maintaining such insurance, together with such other insurance as Landlord deems reasonable and prudent. Said payments shall be made to Landlord immediately upon presentation to Tenant of Landlord’s statement setting forth the amount due. In the event any such amount is not paid within twenty (20) days after the presentation to Tenant of the amount so due, the unpaid amount shall bear interest at the Maximum Rate from the date of such presentation until paid by Tenant. Any payment to be made pursuant to this paragraph with respect to the year in which this Lease expires or otherwise 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. If the Leasehold Improvements should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give immediate written notice thereof to Landlord and Landlord shall, at its sole cost and expense, proceed with reasonable diligence to rebuild and repair such improvements to substantially the condition in which they existed prior to such damage or destruction, except Landlord shall not be required to rebuild, repair, or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in, on or about the Premises by Tenant and except that Tenant shall pay to Landlord, upon demand, any applicable deductible amount specified under Landlord’s insurance. The Rent payable hereunder, except to Initial: the extent covered by insurance, shall in no event relate by reason of damage or destruction. If any improvements situated on the Premises should be damaged or destroyed by any casualty other than a peril covered by the insurance to be provided hereunder, Tenant shall at its sole cost and expense thereupon proceed with diligence to rebuild and repair such improvements to substantially the condition in which they existed prior to such damage or destruction subject to Landlord’s approval of the plans and specifications for such rebuilding and repairing. Notwithstanding anything herein to the contrary, in the event (i) that there are less than four (4) years remaining on the Lease Term at the time the Premises are damaged for destroyed (and Tenant does not elect to extend the Lease Term as hereafter provided) and (ii) the holder of any indebtedness secured by a mortgage or deed of trust covering the Building or 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 within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations hereunder (other than those which survive the termination of this Lease) shall cease and terminate. If, however, there are more than four (4) years remaining on the Lease Term at the time the Premises are damaged or destroyed (or if less than four (4) years remain but the Lease Term is extended as here after provided), then the insurance proceeds in case of loss or damage shall be applied on the account of the obligation of Landlord to restore the damage or destruction pursuant to this paragraph 15. In the event (A) less than four (4) years remain on the Lease Term at the time the Premises are damaged or destroyed and (B) the holder of any indebtedness secured by a mortgage or deed of trust covering the Building or the Premises requires that the insurance proceeds be applied to such indebtedness, then the Tenant shall have the option, which shall be exercised (if at all) within thirty (30) days after Tenant receives notice of the occurrence of items (A) and (B) and Landlord’s determination of the “fair rental value” of the Premises as hereinafter set forth, to extend the Lease Term (without affecting Tenant’s options to further extensions pursuant to paragraph 45 hereof) to that date which is four (4) years following the date of the damage or destruction to the Premises. In such case, the Basic Rental for that period of time extending beyond the Expiration Date (as set forth in paragraph 1[d] hereof) shall be the “fair rental value” of the Premises at the time of the casualty, as determined by Landlord in its sole but reasonable discretion after evaluating, among other things, the prevailing rental rates for buildings of similar quality, size, utility and location.

INSURANCE, FIRE OR OTHER CASUALTY. In addition to the insurance requirements of Rider 2 during construction, Landlord agrees to maintain an “all risk” fire and extended coverage insurance policy covering the Leasehold Improvements on the Premises in an amount equal to not less than 100% 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, lightning, vandalism, malicious mischief and loss of rentrental, extended by a 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 state in which the Premises are situated for use by insurance companies admitted in such state for the writing of such insurance or on risks located within such state. Subject to the provisions of this paragraphSection 9, such insurance shall be for the sole benefit of Landlord and under its sole control. Tenant agrees to pay Landlord shall also maintain commercial general liability insurance, with commercially reasonable policy limits acceptable to Landlord and its lender, with respect to Landlord’s cost of maintaining such insurance, together with such other insurance as Landlord deems reasonable 's activities and prudent. Said payments shall be made to Landlord immediately upon presentation to Tenant of Landlord’s statement setting forth operations at the amount dueBuilding. In the event any such amount is not paid within twenty (20) days after the presentation to Tenant of the amount so due, the unpaid amount shall bear interest at the Maximum Rate from the date of such presentation until paid by Tenant. Any payment to be made pursuant to this paragraph with respect to the year in which this Lease expires or otherwise 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. If the Leasehold Improvements Premises should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give immediate written notice thereof to Landlord and casualty covered by Landlord's insurance Landlord shall, except as hereinafter provided, at its Landlord's sole cost and expenseexpense (but with the use of all available insurance proceeds, if any), proceed with reasonable diligence to rebuild and repair such improvements to substantially the condition in which they existed prior to such damage or destruction, except with such reasonable changes as may be agreed to between Landlord and Tenant. Landlord shall not be required obligated to rebuildagree to any changes which will, repairin its sole and absolute discretion, or replace any part reduce the value of the partitions, fixtures, additions Premises. Landlord shall not be obligated to commence any rebuilding or repairing until such time as it has (i) received the entire insurance award and other improvements which may have been placed in, on or about (ii) Tenant has paid to Landlord the Premises by Tenant and except that Tenant shall pay to Landlord, upon demand, amount of any applicable deductible amount specified under Landlord’s insurance. The Rent payable hereunder, except to Initial: the extent covered by insurance, shall in no event relate by reason of damage or destruction. If any improvements situated on the Premises should be damaged or destroyed by any casualty other than a peril covered by the insurance to be provided hereunder, Tenant shall at its sole cost and expense thereupon proceed with diligence to rebuild and repair such improvements to substantially the condition in which they existed prior respect to such damage or destruction subject to insurance as well as all costs which Landlord’s approval 's architects and contractors project will be incurred in excess of the plans such insurance award and specifications for such rebuilding and repairingdeductible. Notwithstanding anything herein to the contraryforegoing, in the event that damage or destruction to the Building occurs and (ia) that there are less the repairs would take more than four (4) years remaining on the Lease Term at the time 180 days to complete to permit Tenant to occupy the Premises are damaged for destroyed or (and Tenant does not elect to extend b) more than seventy-five percent (75%) of the Lease Term as hereafter provided) and (ii) the holder replacement value of any indebtedness secured by a mortgage or deed of trust covering the Building or the Premises requires that the insurance proceeds be applied to such indebtednessis destroyed, then either Landlord or Tenant shall have the right be permitted to terminate this Lease by delivering written notice of termination given to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations hereunder (other than those which survive the termination of this Lease) shall cease and terminate. If, however, there are more than four (4) years remaining on the Lease Term at the time the Premises are damaged or destroyed (or if less than four (4) years remain but the Lease Term is extended as here after provided), then the insurance proceeds in case of loss or damage shall be applied on the account of the obligation of Landlord to restore the damage or destruction pursuant to this paragraph 15. In the event (A) less than four (4) years remain on the Lease Term at the time the Premises are damaged or destroyed and (B) the holder of any indebtedness secured by a mortgage or deed of trust covering the Building or the Premises requires that the insurance proceeds be applied to such indebtedness, then the Tenant shall have the option, which shall be exercised (if at all) within thirty (30) days after Tenant receives notice of the occurrence of items (A) and (B) and Landlord’s determination such casualty unless Tenant properly exercises any available lease extensions, in which event the Parties shall proceed under the remaining provisions of this Section 9. In the “fair rental value” event of such termination, Tenant shall pay to Landlord the Premises as hereinafter set forthamount of any deductible with respect to the insurance, the insurance proceeds attributable to extend the Lease Term (without affecting Tenant’s options to further extensions pursuant to paragraph 45 hereof) to that date which is four (4) years following the date of the damage or destruction resulting from such casualty (save and except any portion thereof properly attributable to personal property that Xxxxxx would be permitted to remove at the Premises. In such case, end of the Basic Rental for that period of time extending beyond the Expiration Date (as set forth in paragraph 1[d] hereofLease Term) shall be paid to Landlord and the “fair rental value” of the Premises at the time of the casualtyinsured mortgagee, as determined by Landlord in its sole but reasonable discretion after evaluating, among other things, the prevailing rental rates for buildings of similar quality, size, utility and locationtheir interests may appear.

INSURANCE, FIRE OR OTHER CASUALTY. Landlord agrees to maintain an “all risk” insurance policy covering the Leasehold Improvements in an amount equal to the “replacement cost” thereof as such term is defined in the Replacement Cost Endorsement to be attached thereto, insuring against the perils of fire, lightning, vandalism, malicious mischief and loss of rent, extended by a 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 or risks located within such state. Subject to the provisions of this paragraph, such insurance shall be for the sole benefit of Landlord and under its sole control. Tenant agrees to pay to Landlord Landlord’s cost of maintaining such insurance, together with such other insurance as Landlord deems reasonable and prudent. Said payments shall be made to Landlord immediately upon presentation to Tenant of Landlord’s statement setting forth the amount due. In the event any such amount is not paid within twenty (20) days after that the presentation to Tenant of the amount so due, the unpaid amount shall bear interest at the Maximum Rate from the date of such presentation until paid by Tenant. Any payment to be made pursuant to this paragraph with respect to the year in which this Lease expires or otherwise 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. If the Leasehold Improvements Premises should be damaged or destroyed by fire, tornado or other casualtycasualty to such an extent that rebuilding or repairs cannot be completed ONE HUNDRED TWENTY (120) days after the date on which such repairs commence, Tenant shall give immediate written notice thereof to Landlord and Landlord shall, may at its sole cost option terminate this lease, in which event the Basic Rental and expenseAdditional Rent shall be abated during the unexpired portion of this lease effective with the date of such damage. In the event the Premises should be damaged by fire, tornado or other casualty covered by Landlord's insurance, but only to such extent that rebuilding or repairs can be completed within ONE HUNDRED TWENTY (120) days after the date of such damage, or if the damage should be more serious but Landlord does not elect to terminate this lease, in either such event Landlord shall within sixty (60) days after the date of such damage commence to rebuild or repair the Premises and shall proceed with reasonable diligence to rebuild and repair such improvements restore the Premises to substantially the same condition in which they existed were immediately prior to such damage or destructionthe happening of the casualty, except that Landlord shall not be required to rebuild, repair, repair or replace any part of the partitionsfurniture, fixturesequipment, additions fixtures and other improvements which may have been placed in, on by Tenant or about other tenants within the Project or the Premises by Tenant and except that Tenant Landlord shall pay not be obligated to Landlord, upon demand, any applicable deductible amount specified under Landlord’s insurance. The Rent payable hereunder, except to Initial: the extent covered by insurance, shall in no event relate by reason of damage or destruction. If replace any improvements situated on whose cost was in excess of the credit provided by Landlord to Tenant under Section 6 of this lease. In the event that the Premises should be damaged or destroyed by any casualty other than a peril covered by are totally untenantable, Landlord shall xxxxx the insurance to be provided hereunder, Tenant shall at its sole cost and expense thereupon proceed with diligence to rebuild and repair such improvements to substantially the condition in which they existed prior to such damage or destruction subject to Landlord’s approval of the plans and specifications for such rebuilding and repairing. Notwithstanding anything herein to the contrary, in the event (i) that there are less than four (4) years remaining on the Lease Term at rent during the time the Premises are damaged unfit for destroyed occupancy. If the Premises are not totally untenantable, Landlord shall allow Tenant a fair diminution of rent during the time the Premises are partially unfit for occupancy. With respect to the previous two sentences, if the casualty was caused by Tenant, its agents, employees, licensees or invitees, Basic Rental and Additional Rent shall be abated only to the extent Landlord is compensated for such by loss of rents insurance, if any. Notwithstanding the foregoing, (and Tenant does not elect to extend i) in the Lease Term as hereafter provided) and (ii) the holder of event any indebtedness secured by mortgagee under a mortgage or deed of trust covering trust, security agreement or mortgage on the Building or the Premises requires Project should require that the insurance proceeds be applied used to retire the mortgage debt or (ii) in the event that the Project is damaged to such indebtedness, then an extent that Landlord does not deem it feasible to rebuild same (even though the Premises might not have been substantially damaged) Landlord shall have the right no obligation to terminate rebuild and this Lease shall terminate upon notice to Tenant. Any insurance which may be carried by delivering written notice of termination to Landlord or Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations hereunder (other than those which survive the termination of this Lease) shall cease and terminate. If, however, there are more than four (4) years remaining on the Lease Term at the time the Premises are damaged or destroyed (or if less than four (4) years remain but the Lease Term is extended as here after provided), then the insurance proceeds in case of against loss or damage to the Project or to the Premises shall be applied on for the account sole benefit of the obligation of Landlord to restore the damage or destruction pursuant to this paragraph 15. In the event (A) less than four (4) years remain on the Lease Term at the time the Premises are damaged or destroyed party carrying such insurance and (B) the holder of any indebtedness secured by a mortgage or deed of trust covering the Building or the Premises requires that the insurance proceeds be applied to such indebtedness, then the Tenant shall have the option, which shall be exercised (if at all) within thirty (30) days after Tenant receives notice of the occurrence of items (A) and (B) and Landlord’s determination of the “fair rental value” of the Premises as hereinafter set forth, to extend the Lease Term (without affecting Tenant’s options to further extensions pursuant to paragraph 45 hereof) to that date which is four (4) years following the date of the damage or destruction to the Premises. In such case, the Basic Rental for that period of time extending beyond the Expiration Date (as set forth in paragraph 1[d] hereof) shall be the “fair rental value” of the Premises at the time of the casualty, as determined by Landlord in under its sole but reasonable discretion after evaluating, among other things, the prevailing rental rates for buildings of similar quality, size, utility and locationcontrol.

INSURANCE, FIRE OR OTHER CASUALTY. Landlord agrees to maintain an “all risk” fire and extended coverage insurance policy covering the Leasehold Improvements Project in an amount equal to not less than 80% 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, lightning, vandalism, malicious mischief and loss of rentrental, extended by a 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 state in which the Premises are situated for use by insurance companies admitted in such state for the writing of such insurance or on risks located within such state. Subject to the provisions of this paragraphSection 15, such insurance shall be for the sole benefit of Landlord and under its sole control. Landlord shall also maintain commercial general liability insurance, with policy limited acceptable to Landlord, with respect to Landlord’s activities and operations at the Project. Tenant agrees to pay maintain a policy or policies of “all risk” extended coverage insurance on all of its personal property, including removable trade fixtures, office supplies and movable office furniture and equipment, located on the Premises, in an amount equal to Landlord full replacement cost and endorsed to provide that Tenant’s insurance is primary in the event of any overlapping covering with the insurance carried by Landlord’s cost . Such insurance shall be maintained at the expense of maintaining such insuranceTenant and, together with such other insurance as Landlord deems reasonable and prudent. Said payments payment for losses thereunder shall be made to Landlord immediately upon presentation solely to Tenant or the mortgagees of Tenant as their interests appear. Tenant shall, prior to occupancy of the Premises and at Landlord’s statement setting forth request from time to time, provide Landlord with a current certificate of insurance evidencing Tenant’s compliance with this Section 15. Tenant shall obtain the amount dueagreement of Tenant’s insurers to notify Landlord that a property insurance policy is due to be canceled or expired at least thirty (30) days prior to such cancellation or expiration. In the event any such amount is not paid within twenty (20) days after that the presentation to Tenant of the amount so due, the unpaid amount shall bear interest at the Maximum Rate from the date of such presentation until paid by Tenant. Any payment to be made pursuant to this paragraph with respect to the year in which this Lease expires or otherwise 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. If the Leasehold Improvements Premises should be damaged or destroyed by fire, tornado or other casualty to such an extent that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date on which such repairs commence, then Landlord or Tenant may at its option terminate this Lease, in which event the rent shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord shall notify Tenant (the “Casualty Notice”) in writing within thirty (30) days of the occurrence of such damage as to whether the damage is capable of being completely repaired within one hundred eighty (180) days of the occurrence. If the Casualty Notice indicates that such repair and restoration will require in excess of one hundred eighty (180) days, then such notification must be accompanied by a certification by an independent licensed architect having significant experience in the design and construction of office/tech buildings in the Dallas, Texas area (an “Architect”), which certification must state the estimated period required to repair or restore such damage (the “Estimated Repair/Restoration Period”). If such damage to the Property or any portion thereof shall materially and adversely interfere with the conduct of Tenant’s business, as reasonably determined by Tenant and Landlord, and the Estimated Repair/Restoration Period is in excess of one hundred eighty (180) days after the occurrence of such casualty, Tenant shall give immediate or Landlord may, by written notice thereof to the other within forty five (45) days after the date of such casualty, terminate this Lease as of the date of occurrence of such damage. In the event the Premises 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 of such damage, or if the damage should be more serious but Landlord and or Tenant does not elect to terminate this Lease, in either such event Landlord shall, at its sole cost and expense, rebuild or repair the Premises and shall proceed with reasonable diligence to rebuild and repair such improvements restore the Premises to substantially the same condition in which they existed were immediately prior to such damage or destructionthe happening of the casualty, except that Landlord shall not be required to rebuild, repair, repair or replace any part of the partitionsfurniture, fixturesequipment, additions fixtures and other improvements which may have been placed in, on by Tenant or about other tenants within the Project or the Premises. In the event that the Premises are totally untenantable, Landlord shall xxxxx the rent during the time the Premises are unfit for occupancy. If the Premises are not totally untenantable, Landlord shall allow Tenant a fair diminution of rent during the time the Premises are partially unfit for occupancy. If such damage can be repaired within one hundred eighty (180) days and Landlord fails to repair or restore such damage within such period, then Tenant may terminate this Lease by Tenant and except that Tenant shall pay giving thirty (30) days’ prior written notice to Landlord, upon demand, any applicable deductible amount specified under Landlord’s insurance. The Rent payable hereunder, except to Initial: the extent covered by insurance, shall in no event relate by reason of damage or destruction. If any improvements situated on the Premises should be damaged or destroyed by any casualty other than a peril covered by the insurance to be provided hereunder, Tenant shall at its sole cost and expense thereupon proceed with diligence to rebuild and repair such improvements to substantially the condition in which they existed prior to such damage or destruction subject to Landlord’s approval of the plans and specifications for such rebuilding and repairing. Notwithstanding anything herein to the contrary, in the event (i) that there are less than four (4) years remaining on the Lease Term at the time the Premises are damaged for destroyed (and Tenant does not elect to extend the Lease Term as hereafter provided) and (ii) the holder of any indebtedness secured by a mortgage or deed of trust covering the Building Premises or the Premises any Improvements located thereon 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 within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations hereunder (other than those which survive the termination of this Lease) shall cease and terminate. IfLandlord and Tenant do each hereby release and discharge the other party and any officer, howeveragent, there are more than four (4) years remaining on the Lease Term at the time the Premises are damaged or destroyed (or if less than four (4) years remain but the Lease Term is extended as here after provided), then the insurance proceeds in case employee and representative of such party from any liability for loss or damage shall to property caused by fire or other casualty for which insurance is required to be applied on carried by the account injured party under the terms of the obligation of Landlord to restore the damage or destruction pursuant to this paragraph 15. In the event (A) less than four (4) years remain on the Lease Term at the time the Premises are damaged or destroyed and (B) the holder of any indebtedness secured by a mortgage or deed of trust covering the Building or the Premises requires that the insurance proceeds be applied to such indebtedness, then the Tenant shall have the option, which shall be exercised (if at all) within thirty (30) days after Tenant receives notice of the occurrence of items (A) and (B) and Landlord’s determination of the “fair rental value” of the Premises as hereinafter set forth, to extend the Lease Term (without affecting Tenant’s options to further extensions pursuant to paragraph 45 hereof) to that date which is four (4) years following the date of the damage or destruction to the Premises. In such case, the Basic Rental for that period of time extending beyond the Expiration Date (as set forth in paragraph 1[d] hereof) shall be the “fair rental value” of the Premises at the time of the casualty, as determined by Landlord in its sole but reasonable discretion after evaluating, among other things, the prevailing rental rates for buildings of similar quality, size, utility and locationLease.

INSURANCE, FIRE OR OTHER CASUALTY. Landlord agrees to maintain an “all risk” fire and extended coverage insurance policy covering the Leasehold Improvements Project in an amount equal to not less than 80% 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, lightning, vandalism, malicious mischief and loss of rentrental, extended by a 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 state in which the Premises are situated for use by insurance companies admitted in such state for the writing of such insurance or on risks located within such state. Subject to the provisions of this paragraphSection 15, such insurance shall be for the sole benefit of Landlord and under its sole control. Landlord shall also maintain commercial general liability insurance, with policy limited acceptable to Landlord, with respect to Landlord’s activities and operations at the Project. Tenant agrees to pay maintain a policy or policies of “all risk” extended coverage insurance on all of its personal property, including removable trade fixtures, office supplies and movable office furniture and equipment, located on the Premises, in an amount equal to Landlord full replacement cost and endorsed to provide that Tenant’s insurance is primary in the event of any overlapping covering with the insurance carried by Landlord’s cost . Such insurance shall be maintained at the expense of maintaining such insurance, together with such other insurance as Landlord deems reasonable Tenant and prudent. Said payments payment for losses thereunder shall be made to Landlord immediately upon presentation solely to Tenant or the mortgagees of Tenant as their interests appear. Tenant shall, prior to occupancy of the Premises and at Landlord’s statement setting forth request from time to time, provide Landlord with a current certificate of insurance evidencing Tenant’s compliance with this Section 15. Tenant shall obtain the amount dueagreement of Tenant’s insurers to notify Landlord that a property insurance policy is due to be canceled or expired at least thirty (30) days prior to such cancellation or expiration. In the event any such amount is not paid within twenty (20) days after that the presentation to Tenant of the amount so due, the unpaid amount shall bear interest at the Maximum Rate from the date of such presentation until paid by Tenant. Any payment to be made pursuant to this paragraph with respect to the year in which this Lease expires or otherwise 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. If the Leasehold Improvements Premises should be damaged or destroyed by fire, tornado or other casualty to such an extent that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date on which such repairs commence, then Landlord or Tenant may at its option terminate this Lease, in which event the rent shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord shall notify Tenant (the “Casualty Notice”) in writing within thirty (30) days of the occurrence of such damage as to whether the damage is capable of being completely repaired within one hundred eighty (180) days of the occurrence. If the Casualty Notice indicates that such repair and restoration will require in excess of one hundred eighty (180) days, then such notification must be accompanied by a certification by an independent licensed architect having significant experience in the design and construction of office/tech buildings in the Dallas, Texas area (an “Architect”), which certification must state the estimated period required to repair or restore such damage (the “Estimated Repair/Restoration Period”). If such damage to the Property or any portion thereof shall materially and adversely interfere with the conduct of Tenant’s business, as reasonably determined by Tenant and Landlord, and the Estimated Repair/Restoration Period is in excess of one hundred eighty (180) days after the occurrence of such casualty, Tenant shall give immediate or Landlord may, by written notice thereof to the other within forty five (45) days after the date of such casualty, terminate this Lease as of the date of occurrence of such damage. In the event the Premises 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 of such damage, or if the damage should be more serious but Landlord and or Tenant does not elect to terminate this Lease, in either such event Landlord shall, at its sole cost and expense, rebuild or repair the Premises and shall proceed with reasonable diligence to rebuild and repair such improvements restore the Premises to substantially the same condition in which they existed were immediately prior to such damage or destructionthe happening of the casualty, except that Landlord shall not be required to rebuild, repair, repair or replace any part of the partitionsfurniture, fixturesequipment, additions fixtures and other improvements which may have been placed in, on by Tenant or about other tenants within the Project or the Premises. In the event that the Premises are totally untenantable, Landlord shall xxxxx the rent during the time the Premises are unfit for occupancy. If the Premises are not totally untenantable, Landlord shall allow Tenant a fair diminution of rent during the time the Premises are partially unfit for occupancy. If such damage can be repaired within one hundred eighty (180) days and Landlord fails to repair or restore such damage within such period, then Tenant may terminate this Lease by Tenant and except that Tenant shall pay giving thirty (30) days’ prior written notice to Landlord, upon demand, any applicable deductible amount specified under Landlord’s insurance. The Rent payable hereunder, except to Initial: the extent covered by insurance, shall in no event relate by reason of damage or destruction. If any improvements situated on the Premises should be damaged or destroyed by any casualty other than a peril covered by the insurance to be provided hereunder, Tenant shall at its sole cost and expense thereupon proceed with diligence to rebuild and repair such improvements to substantially the condition in which they existed prior to such damage or destruction subject to Landlord’s approval of the plans and specifications for such rebuilding and repairing. Notwithstanding anything herein to the contrary, in the event (i) that there are less than four (4) years remaining on the Lease Term at the time the Premises are damaged for destroyed (and Tenant does not elect to extend the Lease Term as hereafter provided) and (ii) the holder of any indebtedness secured by a mortgage or deed of trust covering the Building Premises or the Premises any Improvements located thereon 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 within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations hereunder (other than those which survive the termination of this Lease) shall cease and terminate. IfLandlord and Tenant do each hereby release and discharge the other party and any officer, howeveragent, there are more than four (4) years remaining on the Lease Term at the time the Premises are damaged or destroyed (or if less than four (4) years remain but the Lease Term is extended as here after provided), then the insurance proceeds in case employee and representative of such party from any liability for loss or damage shall to property caused by fire or other casualty for which insurance is required to be applied on carried by the account injured party under the terms of the obligation of Landlord to restore the damage or destruction pursuant to this paragraph 15. In the event (A) less than four (4) years remain on the Lease Term at the time the Premises are damaged or destroyed and (B) the holder of any indebtedness secured by a mortgage or deed of trust covering the Building or the Premises requires that the insurance proceeds be applied to such indebtedness, then the Tenant shall have the option, which shall be exercised (if at all) within thirty (30) days after Tenant receives notice of the occurrence of items (A) and (B) and Landlord’s determination of the “fair rental value” of the Premises as hereinafter set forth, to extend the Lease Term (without affecting Tenant’s options to further extensions pursuant to paragraph 45 hereof) to that date which is four (4) years following the date of the damage or destruction to the Premises. In such case, the Basic Rental for that period of time extending beyond the Expiration Date (as set forth in paragraph 1[d] hereof) shall be the “fair rental value” of the Premises at the time of the casualty, as determined by Landlord in its sole but reasonable discretion after evaluating, among other things, the prevailing rental rates for buildings of similar quality, size, utility and locationLease.