Common use of Obligation to Repair Clause in Contracts

Obligation to Repair. If the Premises, access thereto within the Building Property or Building Systems serving the Premises suffer Damage, subject to all other terms of this Article 12, Landlord shall diligently repair the Premises as set forth herein and in accordance with any Underlying Mortgage. Upon any Damage to the Premises, Landlord shall repair the Building Property and Premises, including, without limitation, the Tenant Improvements and Alterations installed in the Premises to the extent such repairs are covered by the available insurance proceeds from Landlord’s insurance policies; provided that if the cost of such repair of the Tenant Improvements and Alterations by Landlord exceeds the insurance proceeds received by Landlord, such shortfall shall be paid by Tenant to Landlord prior to Landlord’s repair of the Damage. Tenant shall be responsible for repairing or restoring any furniture, fixtures and equipment within the Premises. Upon termination of this Lease due to any Damage, the proceeds of insurance shall be paid to Landlord and Tenant as their interests appear in the insured property. Landlord shall not be liable for any loss of business, inconvenience or annoyance to Tenant arising from any Damage or any repair or restoration of any portion of the Premises, the Building or other portion of the Park Place Project as a result of any Damage.

Obligation to Repair. If the Premises, access thereto within the Building Property Project or Building Systems serving the Premises suffer Damage, subject to all other terms of this Article 12, Landlord shall diligently repair the Premises Base Building Improvements (as set forth herein and defined in accordance Exhibit “D”) in a manner consistent with the provisions of any Underlying MortgageMortgage and subject to reasonable delays for insurance adjustment and other matters beyond Landlord’s reasonable control. Upon any Damage to the Premises, Tenant shall assign to Landlord (or Landlord’s designee) all insurance proceeds payable to Tenant under insurance required pursuant to Section 11.2, and Landlord shall repair the Building Property and Premises, including, without limitation, the Tenant Improvements and Alterations installed in the Premises to the extent such repairs are covered by the available insurance proceeds from Landlord’s insurance policiesPremises; provided that if the cost of such repair of the Tenant Improvements and Alterations by Landlord exceeds the insurance proceeds received by LandlordLandlord from Tenant’s insurance carrier, such shortfall shall be paid by Tenant to Landlord prior to Landlord’s repair of the Damage. Tenant shall be responsible for repairing or restoring any furniture, fixtures and equipment within the Premises. Upon termination of this Lease due to any Damage, the proceeds of insurance shall be paid to Landlord and Tenant as their interests appear in the insured property. Landlord shall not be liable for any loss of business, inconvenience or annoyance to Tenant arising from any Damage or any repair or restoration of any portion of the Premises, the Building or other portion of the Park Place Project as a result of any Damage.