Common use of Partial Damage to Premises Clause in Contracts

Partial Damage to Premises. (a) Tenant shall notify Landlord in writing immediately upon the occurrence of any damage to the Premises. If the Premises is only partially damaged (i.e., less than fifty percent (50%) of the Premises is untenantable as a result of such damage or less than fifty percent (50%) of Tenant’s operations are materially impaired) and if the proceeds received by Landlord from the casualty insurance policy described in Section 4.04(b) are sufficient to pay for the necessary repairs, this Lease shall remain in effect and Landlord shall repair the damage as soon as reasonably possible. Landlord may elect (but is not required) to repair any damage to Tenant’s fixtures, equipment, or improvements constructed by Tenant. The Base Rent and Additional Rent shall be abated as stated in Section 7.03.

Partial Damage to Premises. (a) Tenant shall notify Landlord in writing immediately upon the occurrence of any damage to the Premises. If the Premises is only partially damaged (i.e., less than fifty percent (50%) of the Premises is untenantable as a result of such damage or less than fifty percent (50%) of Tenant’s 's operations are materially impaired) and if the proceeds received by Landlord from the casualty insurance policy policies described in Section Paragraph 4.04(b) are sufficient to pay for the necessary repairs, this Lease shall remain in effect and Landlord shall repair the damage as soon as reasonably possible. Landlord may elect (but is not required) to repair any damage to Tenant’s 's fixtures, equipment, or improvements constructed by Tenant. The Base Rent and Additional Rent shall be abated as stated in Section 7.03improvements.