Common use of Option to Terminate for Uninsured Casualty Clause in Contracts

Option to Terminate for Uninsured Casualty. In the event of any damage to or destruction of the Property or any Improvements located thereon (other than the Excluded Improvements, except to the extent damage thereto is caused by the Lessee, its agents, employees, Sublessees or contractors, or to Improvements constructed by or on behalf of Lessee), Lessee shall, except as otherwise expressly provided in this Section 10.4, promptly (taking into consideration the necessity of obtaining approvals and permits for such reconstruction) repair and/or restore such Improvements to their condition existing prior to the damage or destruction. Except as otherwise expressly provided in this Section 10.4, such obligation to repair and restore is absolute, and is in no way dependent upon the existence or availability of insurance proceeds. Repair and restoration of any damage or destruction shall take place in accordance with the provisions of Article 5. Notwithstanding the foregoing, Lessee shall have the option to terminate this Lease and be relieved of the obligation to restore the Improvements on the Property where all or substantially all of the Improvements on the Property (other than the Excluded Improvements) are substantially damaged or destroyed and such damage or destruction resulted from a cause not required to be insured against by this Lease (an “Uninsured Loss”), and where all of the following occur:‌

Option to Terminate for Uninsured Casualty. In the event of any damage to or destruction of the Property Premises or any Improvements located thereon (other than the Excluded ImprovementsConditions, except to the extent damage thereto is caused by the Lessee, its agents, employees, Sublessees or contractors, or to by Improvements constructed by or on behalf of Lessee), Lessee shall, except as otherwise expressly provided in this Section 10.410.5, promptly (taking into consideration the necessity of obtaining approvals and permits for such reconstruction) repair and/or restore such Improvements to their condition existing prior to the damage or destruction. Except as otherwise expressly provided in this Section 10.410.5, such obligation to repair and restore is absolute, and is in no way dependent upon the existence or availability of insurance proceeds. Repair and restoration of any damage or destruction shall take place in accordance with the provisions of Article 5. Notwithstanding the foregoing, Lessee shall have the option to terminate this Lease and be relieved of the obligation to restore the Improvements on the Property Premises where all or substantially all of the Improvements on the Property Premises (other than the Excluded ImprovementsConditions) are substantially damaged or destroyed and such damage or destruction resulted from a cause not required to be insured against by this Lease (an “Uninsured Loss”), and where all of the following occur:‌occur:

Option to Terminate for Uninsured Casualty. In the event of any damage to or destruction of the Property Premises or any Improvements located thereon (other than the Excluded Improvements, except to the extent damage thereto is caused by the Lessee, its agents, employees, Sublessees or contractors, or to Improvements constructed by or on behalf of Lessee)thereon, Lessee shall, except as otherwise expressly provided in this Section 10.410.5, promptly (taking into consideration the necessity of obtaining approvals and permits for such reconstruction) repair and/or restore such Improvements to their condition existing prior to the damage or destruction. Except as otherwise expressly provided in this Section 10.410.5, such obligation to repair and restore is absolute, and is in no way dependent upon the existence or availability of insurance proceeds. Repair and restoration of any damage or destruction shall take place in accordance with the provisions of Article 5. Notwithstanding the foregoing, Lessee shall have the option to terminate this Lease and be relieved of the obligation to restore the Improvements on the Property Premises where all the damage or substantially all of destruction to the Improvements on renders the Property (other than the Excluded Improvements) are Improvements substantially damaged or destroyed unusable for their intended purpose and such damage or destruction resulted from a cause (a) not required to be insured against by this Lease or (b) for which coverage existed, but for which the insurer does not provide the insurance proceeds to Lessee due to the insurer’s insolvency (the circumstances reference in clause (a) or (b), an “Uninsured Loss”), and where . Lessee’s right to terminate the Lease pursuant to the immediately preceding sentence shall be conditioned upon the satisfaction of all of the following occur:‌following:

Option to Terminate for Uninsured Casualty. In the event of any damage to or destruction of the Property Premises or any Improvements located thereon (other than the Excluded ImprovementsConditions and the Seawall, except to the extent damage thereto is caused by the Lessee, its agents, employees, Sublessees or contractors, or to by Improvements constructed by or on behalf of Lessee), Lessee shall, except as otherwise expressly provided in this Section 10.410.5, promptly (taking into consideration the necessity of obtaining approvals and permits for such reconstruction) repair and/or restore such Improvements to their condition existing prior to the damage or destruction. Except as otherwise expressly provided in this Section 10.410.5, such obligation to repair and restore is absolute, and is in no way dependent upon the existence or availability of insurance proceeds. Repair and restoration of any damage or destruction shall take place in accordance with the provisions of Article 5. Notwithstanding the foregoing, Lessee shall have the option to terminate this Lease and be relieved of the obligation to restore the Improvements on the Property Premises where all or substantially all of the Improvements on the Property Premises (other than the Excluded ImprovementsConditions and the Seawall) are substantially damaged or destroyed and such damage or destruction resulted from a cause not required to be insured against by this Lease (an “Uninsured Loss”), and where all of the following occur:‌occur:

Option to Terminate for Uninsured Casualty. In the event of any damage to or destruction of the Property Premises, or any Improvements located thereon (other than the Excluded ImprovementsConditions and the Seawall, except to the extent damage thereto is caused by the Lessee, its agents, employees, Sublessees subtenants or contractors, or to by Improvements constructed by or on behalf of Lessee), Lessee shall, except as otherwise expressly provided in this Section 10.410.3, promptly (taking into consideration the necessity of obtaining approvals and permits for such reconstruction) repair and/or restore such Improvements to their condition existing prior to the damage or destruction. Except as otherwise expressly provided in this Section 10.410.3, such obligation to repair and restore is absolute, and is in no way dependent upon the existence or availability of insurance proceeds. Repair and restoration of any damage or destruction shall take place in accordance with the provisions of Article 5. Notwithstanding the foregoing, Lessee shall have the option to terminate this Lease and be relieved of the obligation to restore the Improvements on the Property Premises where all or substantially all of the Improvements on the Property Premises (other than excluding the Excluded ImprovementsConditions and the Seawall) are substantially damaged or destroyed and such damage or destruction resulted from a cause not required to be insured against by this Lease (an “Uninsured Loss”), and where all of the following occur:‌occur:

Option to Terminate for Uninsured Casualty. In the event of any damage to or destruction of the Property Premises or any Improvements located thereon (other than the Excluded Improvements, except to the extent damage thereto is caused by the Lessee, its agents, employees, Sublessees or contractors, or to Improvements constructed by or on behalf of Lessee)thereon, Lessee shall, except as otherwise expressly provided in this Section 10.410.5, promptly (taking into consideration the necessity of obtaining approvals and permits for such reconstruction) repair and/or restore such Improvements to their condition existing prior to the damage or destruction. Except as otherwise expressly provided in this Section 10.410.5, such obligation to repair and restore is absolute, and is in no way dependent upon the existence or availability of insurance proceeds. Repair and restoration of any damage or destruction shall take place in accordance with the provisions of Article 5. Notwithstanding the foregoing, Lessee shall have the option to terminate this Lease and be relieved of the obligation to restore the Improvements on the Property Premises where all the damage or substantially all of destruction to the Improvements on renders the Property (other than the Excluded Improvements) are Improvements substantially damaged or destroyed unusable for their intended purpose and such damage or destruction resulted from a cause (a) not required to be insured against by this Lease or (b) for which coverage existed, but for which the insurer does not provide the insurance proceeds to Lessee due to the insurer’s insolvency (the circumstances reference in clause (a) or (b), an “Uninsured Loss”), and where . Xxxxxx’s right to terminate the Lease pursuant to the immediately preceding sentence shall be conditioned upon the satisfaction of all of the following occur:‌following: