Common use of Notice of Casualty Clause in Contracts

Notice of Casualty. Tenant shall give prompt notice to Landlord if all or any portion of the Leased Premises becomes damaged by fire or other casualty to the Leased Premises (collectively a “Casualty”). Landlord shall, within sixty (60) days after the occurrence of any Casualty, notify Tenant of the estimated amount of time it will take to repair the applicable damage, as jointly determined by Landlord’s architect and a general contractor unaffiliated with Landlord and experienced in the construction and restoration of buildings such as the Building (the “Repair Notice”). In the event of such Casualty which materially damages all or a significant portion of the Leased Premises or otherwise renders all or a significant portion of the Leased Premises untenantable (a “Material Casualty”), Landlord, by notice to Tenant within thirty (30) days after the date of such Material Casualty, shall have the right to terminate this Lease if: (1) there is less than two (2) years of the Lease Term remaining on the date of the Material Casualty; (2) any mortgagee requires that all or the material portion of the insurance proceeds be applied to the payment of the mortgage debt; (3) a material loss to the Building or Leased Premises occurs from a cause not actually insured against and not required to be insured against pursuant to the Lease; or (4) the Repair Notice states that the reconstruction or restoration of the Building is reasonably anticipated to take longer than two hundred seventy (270) days following such Material Casualty. If this Lease is so terminated, (a) the Lease Term shall expire upon the date set forth in Landlord’s termination notice, which shall not be less than thirty (30) days after such notice is given, and Tenant shall vacate the Leased Premises and surrender the same to Landlord no later than the date set forth in the notice, (b) Tenant’s liability for rent shall cease as of the date of the Material Casualty, (c) any prepaid rental amounts for any period after the date of the Material Casualty shall be refunded by Landlord to Tenant, and (d) Landlord shall be entitled to collect all insurance proceeds of policies held by Landlord or Tenant providing coverage for alterations and other improvements to the Leased Premises (provided that for purposes of clarification Tenant shall not be responsible for paying or crediting to Landlord any deductibles applicable to Tenant’s insurance policies). Landlord shall retain such proceeds from Tenant’s insurance only to the extent that Landlord performed or paid for covered alterations and improvements, whether by contribution, offset or otherwise, and the balance of such proceeds, if any, shall be paid to Tenant.

Notice of Casualty. Tenant shall give prompt notice to Landlord if all or any portion of the Leased Premises becomes damaged by fire or other casualty to the Leased Premises (collectively a “Casualty”). Landlord shall, within sixty (60) days after the occurrence of any Casualty, notify Tenant of the estimated amount of time it will take to repair the applicable damage, as jointly determined by LandlordXxxxxxxx’s architect and a general contractor unaffiliated with Landlord and experienced in the construction and restoration of buildings such as the Building (the “Repair Notice”). In the event of such Casualty which materially damages all or a significant portion of the Leased Premises or otherwise renders all or a significant portion of the Leased Premises untenantable (a “Material Casualty”), Landlord, by notice to Tenant within thirty (30) days after the date of such Material Casualty, shall have the right to terminate this Lease if: (1) there is less than two (2) years of the Lease Term remaining on the date of the Material Casualty; (2) any mortgagee requires that all or the material portion of the insurance proceeds be applied to the payment of the mortgage debt; (3) a material loss to the Building or Leased Premises occurs from a cause not actually insured against and not required to be insured against pursuant to the Lease; or (4) the Repair Notice states that the reconstruction or restoration of the Building is reasonably anticipated to take longer than two hundred seventy (270) days following such Material Casualty. If this Lease is so terminated, (a) the Lease Term shall expire upon the date set forth in Landlord’s termination notice, which shall not be less than thirty (30) days after such notice is given, and Tenant shall vacate the Leased Premises and surrender the same to Landlord no later than the date set forth in the notice, (b) Tenant’s liability for rent shall cease as of the date of the Material Casualty, (c) any prepaid rental amounts for any period after the date of the Material Casualty shall be refunded by Landlord to Tenant, and (d) Landlord shall be entitled to collect all insurance proceeds of policies held by Landlord or Tenant providing coverage for alterations and other improvements to the Leased Premises (provided that for purposes of clarification Tenant shall not be responsible for paying or crediting to Landlord any deductibles applicable to Tenant’s insurance policies). Landlord shall retain such proceeds from Tenant’s insurance only to the extent that Landlord performed or paid for covered alterations and improvements, whether by contribution, offset or otherwise, and the balance of such proceeds, if any, shall be paid to Tenant.

Notice of Casualty. Tenant shall give prompt notice to Landlord if all or any portion of the Leased Premises becomes damaged untenantable by fire or other casualty to the Leased Premises (collectively a “Casualty”). Landlord shall, within sixty (60) days after the occurrence of any Casualty, notify Tenant of the estimated amount of time it will take to repair the applicable damage, as jointly determined by Landlord’s architect and a general contractor unaffiliated with Landlord and experienced in the construction and restoration of buildings such as the Building (the “Repair Notice”). In the event of such Casualty which materially damages all or a significant portion of the Leased Premises or otherwise renders all or a significant portion of the Leased Premises untenantable (a “Material Casualty”), Landlord, by notice to Tenant within thirty ninety (3090) days after the date of such Material Casualty, shall have the right to terminate this Lease if: (1) the Leased Premises have been materially damaged and there is less than two (2) years of the Lease Term remaining on the date of the Material Casualty; (2) any mortgagee requires that all or the material portion of the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Leased Premises occurs from a cause not actually insured against and not required to be insured against pursuant to the Lease; or (4) the Repair Notice states that the reconstruction or restoration of the Building is reasonably anticipated to take longer than two hundred seventy (270) days following such Material Casualtyoccurs. If this Lease is so terminated, (a) the Lease Term shall expire upon the date set forth in Landlord’s termination notice, which shall not be less than thirty (30) days after such notice is given, and Tenant shall vacate the Leased Premises and surrender the same to Landlord no later than the date set forth in the notice, (b) Tenant’s liability for rent shall cease as of the date of the Material Casualty, (c) any prepaid rental amounts for any period after the date of the Material Casualty shall be refunded by Landlord to Tenant, and (d) Landlord shall be entitled to collect all insurance proceeds of policies held by Landlord or Tenant providing coverage for alterations and other improvements to the Leased Premises (provided that for purposes of clarification Tenant shall not be responsible for paying or crediting to Landlord any deductibles applicable to Tenant’s insurance policies)Premises. Landlord shall retain such proceeds from Tenant’s insurance only to the extent that Landlord performed or paid for covered alterations and improvements, whether by contribution, offset or otherwise, and the balance of such proceeds, if any, shall be paid to Tenant.

Notice of Casualty. Tenant shall give prompt notice to Landlord if all or any portion of If the Leased Premises becomes Property shall be destroyed, in whole or in part, or damaged by fire fire, flood, windstorm or other casualty to the Leased Premises in excess of $25,000.00 (collectively a “Casualty”), Tenant shall give written notice thereof to Landlord within one Business Day after the occurrence of the Casualty. Landlord shall, within sixty (60) Within 15 days after the occurrence of any Casualtythe Casualty or as soon thereafter as such information is reasonably available to Tenant, notify Tenant of shall provide the estimated amount of time it will take following information to repair the applicable damage, as jointly determined by Landlord’s architect and a general contractor unaffiliated with Landlord and experienced in the construction and restoration of buildings such as the Building (the “Repair Notice”). In the event of such Casualty which materially damages all or a significant portion of the Leased Premises or otherwise renders all or a significant portion of the Leased Premises untenantable (a “Material Casualty”), Landlord, by notice to Tenant within thirty (30) days after the date of such Material Casualty, shall have the right to terminate this Lease if: (1) there is less than two (2) years of the Lease Term remaining on [i] the date of the Material Casualty; (2) any mortgagee requires that all or [ii] the material portion nature of the insurance proceeds be applied to the payment Casualty; [iii] a description of the mortgage debt; (3) a material loss to damage or destruction caused by the Building or Leased Premises occurs from a cause not actually insured against Casualty, including the type of Facility damaged and not required to be insured against pursuant to the Lease; or (4) the Repair Notice states that the reconstruction or restoration area of the Building is reasonably anticipated to take longer than two hundred seventy (270) days following such Material Casualty. If this Lease is so terminated, (a) the Lease Term shall expire upon the date set forth in Landlord’s termination notice, which shall not be less than thirty (30) days after such notice is given, and Tenant shall vacate the Leased Premises and surrender the same to Landlord no later than the date set forth in the notice, (b) Tenant’s liability for rent shall cease as Improvements damaged; [iv] a preliminary estimate of the date cost to repair, rebuild, restore or replace the applicable Facility Property; [v] a preliminary estimate of the Material Casualtyschedule to complete the repair, (c) any prepaid rental amounts for any period after the date rebuilding, restoration or replacement of the Material Casualty shall be refunded by Landlord to TenantFacility Property; [vi] a description of the anticipated property insurance claim, and (d) Landlord shall be entitled to collect all including the name of the insurer, the insurance proceeds of policies held by Landlord or Tenant providing coverage for alterations and other improvements to limits, the Leased Premises (provided that for purposes of clarification Tenant shall not be responsible for paying or crediting to Landlord any deductibles applicable to Tenant’s insurance policies). Landlord shall retain such proceeds from Tenant’s insurance only to deductible amount, the extent that Landlord performed or paid for covered alterations and improvements, whether by contribution, offset or otherwiseexpected settlement amount, and the balance expected settlement date; and [vii] if Tenant determines that the Casualty has rendered the Leased Improvements of any Facility Unsuitable for Its Permitted Use, Notice to Landlord of Tenant’s determination, and the basis for such proceedsdetermination. Tenant shall also provide such additional information in Tenant’s possession as Landlord may reasonably request regarding the damaged Facility. If Tenant determines that the Casualty has rendered the Leased Improvements of a Facility Unsuitable for Its Permitted Use and provides Notice thereof to Landlord, Landlord shall have fifteen (15) days from the date it receives such Notice to provide Notice to Tenant if any, it agrees or disagrees with Tenant’s determination. Only if both Tenant and Landlord agree shall a Facility be paid deemed Unsuitable for Its Permitted Use. Tenant will provide Landlord with copies of all correspondence to Tenantthe insurer and any other information reasonably requested by Landlord.