Common use of Insured Damage Clause in Contracts

Insured Damage. In the event the Leased Premises are damaged during the Lease Term by fire or other perils covered by Landlord’s insurance, Landlord shall: (a) Subject to Force Majeure, within a period of ninety (90) days after the date of damage, and provided there is not then in existence of an Event of Default, commence repair, reconstruction and restoration of the Leased Premises and prosecute the same diligently to completion, in which event this Lease shall continue in full force and effect. (b) In the event of a partial or total destruction of either the Leased Premises, the Building or the Project during the last two (2) years of the Lease Term, Landlord shall have the option to terminate this Lease upon giving written notice to Tenant within sixty (60) days after such destruction. In the event of a partial or total destruction of the Leased Premises during the last year of the Lease Term, Tenant shall have the option to terminate this Lease upon giving written notice to Landlord within sixty (60) days after such destruction. For purposes of this Article 8, “partial destruction” shall be deemed destruction to an extent of at least thirty-three and one-third percent (33.33%) of the then full replacement cost of the Leased Premises, the Building or the Project as of the date of destruction. (c) In the event that Superior Mortgagee shall require that insurance proceeds be applied against the principal balance due on the Superior Mortgage (defined below), then Landlord may, at Landlord’s option and upon sixty (60) days written notice to Tenant, elect to terminate this Lease.

Appears in 2 contracts

Samples: Office Lease (SenesTech, Inc.), Office Lease (SenesTech, Inc.)

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Insured Damage. In the event the Leased Premises Promises are damaged during the Lease Term by fire or other perils covered by Landlord’s 's insurance, Landlord shall: (a) Subject to Force Majeure, within a period of ninety (90) days after receipt by Landlord of insurance proceeds and the date adjustment of damagethe loss with the Superior Mortgagee and/or the Superior Lessor, as the case may be, and its insurer, and provided there is not then in existence of an Event of Default, commence repair, reconstruction and restoration of the Leased Premises and prosecute the same diligently to completion, in which event this Lease shall continue in full force and effect. (b) In the event of a partial or total destruction of either the Leased Premises, the Building Building, or the Project Property during the last two (2) years of the Lease Term, Landlord shall have the option to terminate this Lease upon giving written notice to Tenant within sixty (60) days after such destruction. In the event of a partial or total destruction of the Leased Premises during the last year of the Lease Term, Tenant shall have the option to terminate this Lease upon giving written notice to Landlord within sixty (60) days after such destruction. For purposes of this Article 810, "partial destruction" shall be deemed destruction to an extent of at least thirty-three and one-third percent (33.33%) of the then full replacement cost of the Leased Premises, the Building Building, or the Project Property as of the date of destruction. (c) In the event that Superior Mortgagee shall require that insurance proceeds be applied against the principal balance due on the Superior Mortgage (defined below), then Landlord may, at Landlord’s 's option and upon sixty (60) days written notice to Tenant, elect to terminate this Lease.

Appears in 1 contract

Samples: Office Lease (Mobility Electronics Inc)

Insured Damage. In the event the Leased Premises are damaged during -------------- the Lease Term by fire or other perils covered by Landlord’s insuranceinsurance required to be carried by Landlord hereunder, Landlord shall: (a) Subject to Force Majeure, within a period of ninety (90) days after receipt by Landlord of insurance proceeds and the adjustment of the loss with the Superior Mortgagee and/or the Superior Lessor, as the case may be, and its insurer, but not less than one hundred twenty (120) days after the date of damage, and provided there is not then in existence of an Event of Default, commence repair, reconstruction and restoration of the Leased Premises and prosecute the same diligently to completion, in which event this Lease shall continue in full force and effect. (b) In the event of a partial or total destruction of either the Leased Premises, the Building or the Project Premises during the last two one (21) years year of the Lease Term, Landlord shall have the option to terminate this Lease upon giving written notice to Tenant within sixty (60) days after such destruction. In the event of a partial or total destruction of the Leased Premises during the last year of the Lease Term, Tenant shall have the option to terminate this Lease upon giving written notice to Landlord within sixty (60) days after such destruction. For purposes of this Article 810, ---------- "partial destruction" shall be deemed destruction to an extent of at least -------------------- thirty-three and one-third percent (33.33%) of the then full replacement cost of the Leased Premises, the Building or the Project as of the date of destruction. (c) In Unless the subordination, nondisturbance and attornment agreement between Superior Mortgagee and Tenant provides otherwise, in the event that Superior Mortgagee shall require that insurance proceeds be applied against the principal balance due on the Superior Mortgage (defined below), then Landlord may, at Landlord’s 's option and upon sixty (60) days written notice to Tenant, elect to terminate this Lease.

Appears in 1 contract

Samples: Office Lease (CBT Group PLC)

Insured Damage. In the event the Leased Premises are damaged during the Lease Term by fire or other perils covered by Landlord’s 's insurance, Landlord shall: (a) Subject to Force Majeure, within a period of ninety (90) days after receipt by Landlord of insurance proceeds and the date adjustment of damagethe loss with the Superior Mortgagee and/or the Superior Lessor, as the case may be, and its insurer, and provided there is not then in existence of an Event of Default, commence repair, reconstruction and restoration of the Leased Premises and prosecute the same diligently to completion, in which event this Lease shall continue in full force and effect. (b) In the event of a partial or total destruction of either the Leased Premises, the Building Building, or the Project Property during the last two (2) years of the Lease Term, Landlord shall have the option to terminate this Lease upon giving written notice to Tenant within sixty (60) days after such destruction. In the event of a partial or total destruction of the Leased Premises during the last year of the Lease Term, Tenant shall have the option to terminate this Lease upon giving written notice to Landlord within sixty (60) days after such destruction. For purposes of this Article 810, "partial destruction" shall be deemed destruction to an extent of at least thirty-three and one-third percent (33.3333.33 %) of the then full replacement cost of the Leased Premises, the Building Building, or the Project Property as of the date of destruction. (c) In the event that Superior Mortgagee shall require that insurance proceeds be applied against the principal balance due on the Superior Mortgage (defined below), then Landlord may, at Landlord’s 's option and upon sixty (60) days written notice to Tenant, elect to terminate this Lease.

Appears in 1 contract

Samples: Industrial Lease (Studio One Media, Inc.)

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Insured Damage. In the event the Leased Building and/or the Premises are damaged during the Lease Term is damage by fire or other perils covered by Landlord’s insurance, Landlord shall: 11.1.1.1 In the event of total destruction of the Building and/or ___ Premises to an extent exceeding twenty-five percent (a25%) Subject to Force Majeureof the full insurable value there (“Total Destruction”), within a period of ninety (90) days after the date of damageat Landlord’s option, and provided there is not then in existence of an Event of Default, as soon as reasonably possible thereafter commence repair, reconstruction and restoration of the Leased Building and/or the Premises and __ prosecute the same diligently to completion, in which event this Lease shall remain in full ____ and effect; or within ninety (90) days after such damage, elect not to so repair, ____________ restore the Building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said ninety (90) days period. In the event Landlord elects not to restore the Building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such Total Destruction. 11.1.1.2 In the event of a partial destruction of the Building and/or ____ Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value the _____ of (“Partial Destruction”), and if the damage thereto is such that the Building and/or Premises may be repaired, reconstructed or restored within a period of one hundred-eighty (180) days from the date of the happening of such casualty, and if Landlord (subject to the rights Landlord’s lenders) will receive insurance proceeds sufficient to cover the cost of such ______ then Landlord shall commence and proceed diligently with the work of repair, reconstruction ___ restoration and this Lease shall continue in full force and effect. . If such work of repair, reconstruction and restoration shall require a period longer than one hundred eighty (b180) In the event of a partial or total destruction of either the Leased Premises, the Building or the Project during the last two days exceeds twenty-five percent (225%) years of the full insurable value thereof, or if said __________ proceeds will not be sufficient to cover the cost of such repairs, then Landlord may either ___ to so repair, reconstruct or restore and the Lease Termshall continue in full force and effect Landlord may elect not to repair, reconstruct or restore and the Lease shall then terminate. Under any of the conditions of this Section 11.1.1.2, Landlord shall have the option to terminate this Lease upon giving give written notice to Tenant of its intention within sixty ninety (6090) days after of such destructiondetermination. In the event of a partial or total destruction of Landlord elects not to restore the Leased Premises during Building and/or the last year of the Lease TermPremises, Tenant shall have the option to terminate this Lease upon giving written notice to Landlord within sixty (60) days after such destruction. For purposes of this Article 8, “partial destruction” shall be deemed destruction to an extent of at least thirty-three and one-third percent (33.33%) of the then full replacement cost of the Leased Premises, the Building or the Project have terminated as of the date of destructionsuch Partial Destruction. (c) In the event that Superior Mortgagee shall require that insurance proceeds be applied against the principal balance due on the Superior Mortgage (defined below), then Landlord may, at Landlord’s option and upon sixty (60) days written notice to Tenant, elect to terminate this Lease.

Appears in 1 contract

Samples: Office Lease (Active Network Inc)

Insured Damage. In the event the Leased Premises are damaged during the Lease Term by fire or other perils covered by Landlord’s 's insurance, Landlord shall: (a) Subject to Force Majeure, within a period of ninety (90) days after receipt by Landlord of insurance proceeds and the date adjustment of damagethe loss with the Superior Mortgagee and/or the Superior Lessor, as the case may be, and its insurer, and provided there is not then in existence of an Event of Default, commence repair, reconstruction and restoration of the Leased Premises and prosecute the same diligently to completion, in which event this Lease shall continue in full force and effect. (bi) In the event of a partial or total destruction of either the Leased Premises, the Building Building, or the Project during the last two (2) years of the Lease Term, Landlord shall have the option to terminate this Lease upon giving written notice to Tenant within sixty (60) days after such destruction. For purposes of this Article 0, "partial destruction" shall be deemed destruction to an extent of at least thirty-three and one-third percent (33.33%) of the then full replacement cost of the Leased Premises, the Building, or the Project as of the date of destruction. (ii) In the event of a partial or total destruction of either the Leased Premises or the Building during the last year two (2) years of the Lease Term, Tenant shall have the option to terminate this Lease upon giving written notice to Landlord within sixty (60) days after such destruction. For purposes of this Article 80, "partial destruction" shall be deemed destruction to an extent of at least thirty-three and one-third percent (33.33%) of the then full replacement cost of the Leased Premises, Premises or the Building or the Project as of the date of destruction. (c) In the event that Superior Mortgagee shall require that insurance proceeds be applied against the principal balance due on the Superior Mortgage (defined below), then Landlord may, at Landlord’s 's option and upon sixty one hundred twenty (60120) days written notice to Tenant, elect to terminate this Lease.

Appears in 1 contract

Samples: Office Lease (Managed Care Solutions Inc)

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