Common use of Insured Risks Clause in Contracts

Insured Risks. If, during the Lease Term, the Leased Premises are totally or partially destroyed from a risk covered by insurance, Landlord shall forthwith repair the Leased Premises to substantially the same condition they were in immediately prior to the destruction provided (a) such repairs can, in Landlord’s opinion, be completed within ninety (90) days under then applicable laws and regulations, (b) proceeds received under such insurance are available to pay ninety percent (90%) or more of the cost of restoration, and (c) Tenant performs its obligations pursuant to Section 17.03 hereof. Within thirty (30) days of any damage affecting the Leased Premises, Landlord will give Tenant notice indicating whether the foregoing requirements (a) and (b) can, in the Landlord’s reasonable opinion, be satisfied. Such destruction shall not annul or void this Lease. During the period of any such repairs the Lease Monthly Rent shall be proportionately reduced to the extent Tenant’s use of the Leased Premises is impaired, commencing with the date of damage and continuing until completion of the repairs required of Landlord. If such repairs cannot be made in ninety (90) days or if Landlord fails to provide the notice required under this Section 17.02, Tenant may terminate this Lease by written notice to Landlord. Tenant must exercise this termination option, if at all, within thirty (30) days of the date of destruction. If the damage is due to the neglect of Tenant, its employees, agents, invitees or permittees, there shall be no abatement of Lease Monthly Rent. In the event that Landlord does not so elect to make such repairs which cannot be made in ninety (90) days, or such repairs cannot be made under such then existing laws or regulations, this Lease shall terminate. In the event that the Leased Premises are destroyed to the extent of thirty-three percent (33%) or more of the replacement cost thereof or during the last year of the Term, Landlord may elect to terminate this Lease.

Insured Risks. 13.2.1 If, during the Lease TermTerm of this Lease, the Leased Premises or the Building are totally or partially destroyed from a risk covered by insuranceinsurance described in Section 19.2, Landlord the City shall forthwith repair the Leased Premises same to substantially the same condition they were in immediately prior to the destruction and to the extent of proceeds received under such insurance, provided (a) such repairs can, in Landlord’s opinion, can be completed made within ninety (90) days under then applicable laws and regulations, (b) proceeds received under such insurance are available to pay ninety percent (90%) or more of the cost of restoration, and (c) Tenant performs its obligations pursuant to Section 17.03 hereof. Within thirty (30) days of any damage affecting the Leased Premises, Landlord will give Tenant notice indicating whether the foregoing requirements (a) and (b) can, in the Landlord’s reasonable opinion, be satisfiedexisting law. Such destruction shall not in no way annul or void this Lease. During the period , except that Lessee shall be entitled to a proportionate reduction of any rent while such repairs are being made, including but not limited to the Lease Monthly Rent foregoing ninety days, such proportionate reduction to be equal to, and granted upon the City’s receipt of, the proceeds received by the City from any rental interruption insurance maintained by Lessee. Such reduction shall be proportionately reduced in an amount which bears the same proportion to the extent Tenant’s use minimum monthly rent as the floor area of that portion of the Leased Premises which has been damaged or is impaired, commencing with otherwise unusable by Lessee bears to the date of damage and continuing until completion total floor area of the repairs required of LandlordPremises. If such repairs cannot be made in ninety (90) days or if Landlord fails to provide 90 days, the notice required under this Section 17.02City may, Tenant may terminate at its option, make same within a reasonable time, this Lease by written notice to Landlord. Tenant must exercise this termination option, if at all, within thirty (30) days of continuing in full force and effect and the date of destruction. If the damage is due to the neglect of Tenant, its employees, agents, invitees or permittees, there shall be no abatement of Lease Monthly Rentrent being proportionately reduced as aforesaid. In the event that Landlord the City does not so elect to make such repairs which cannot be made in ninety (90) 90 days, or such repairs cannot be made under such then existing laws or regulationslaw, this Lease shall terminate. In . 13.2.2 Notwithstanding any other provision of this Lease, if, at any time during the event that term of this Lease, the Leased Premises or the Building are totally or partially destroyed and (i) the total cost to repair the extent of thirty-three Premises or the Building exceeds One Hundred Thousand Dollars($100,000), or (ii) twenty percent (3320%) or more of the replacement cost thereof Building is damaged or during the last year destroyed (and whether or not any portion of the TermPremises is also damaged or destroyed), Landlord the City may elect to terminate this LeaseLease by written notice to Lessee. Determination of the extent of damage or destruction and the time for effectuating repair shall be made by the City based upon written appraisals and insurance adjustment reports, and shall be final and binding on the Parties.