Common use of Obligation to Rebuild Clause in Contracts

Obligation to Rebuild. In the event that, at any time during the Lease Term, the Improvements located on the Property shall be damaged or destroyed (partially or totally) by any casualty Tenant shall, at its expense, promptly and with due diligence, repair, rebuild and restore the same, as nearly as practicable, to the condition existing just prior to such damage or destruction, provided the repaired, rebuilt or replaced premises will have a value not less than its value of the damaged or destroyed structures just prior to said loss.

Obligation to Rebuild. In the event that, at any time during the Lease Term, the Improvements located on the Property shall be damaged or destroyed (partially or totally) by any an insured casualty Tenant shall, at its expense, promptly and with due diligence, repair, rebuild and restore the same, as nearly as practicable, to the condition existing just prior to such damage or destruction, provided the repaired, rebuilt or replaced premises will have a value not less than its value of the damaged or destroyed structures just prior to said loss.