Common use of Partial Damage to Property Clause in Contracts

Partial Damage to Property. (a) Tenant shall notify Landlord in writing immediately upon the occurrence of any damage to the Property. If the Property is only partially damaged (i.e., less than fifty percent (50%) of the Property 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 insurance policies described in 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 fixtures, equipment, or improvements (unless Landlord obtained insurance for such improvements pursuant to Section 4.04(b) above and sufficient proceeds are available therefrom for such repair), and Tenant shall pay Landlord the "deductible" amount under Landlord's insurance policies as provided in Section 4.04(b).

Partial Damage to Property. (a) Tenant shall notify Landlord in writing immediately upon the occurrence of any damage to the Property. If the Property is only partially damaged (i.e., less than fifty percent (50%) of the Property 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 insurance policies described in 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. Notwithstanding the foregoing, in event Landlord does not elect to file a claim under its insurance policies, however elects to repair the damage or destruction to the Property, Tenant shall pay Landlord the amount of the deductible set forth in Paragraph 4.04(b) of this Lease or the cost to repair the damage, whichever is the lesser amount. Landlord may elect (but is not required) to repair any damage to Tenant's fixtures, equipment, or improvements (unless Landlord obtained insurance for such improvements pursuant to Section 4.04(b) above and sufficient proceeds are available therefrom for such repair), and Tenant shall pay Landlord the "deductible" amount under Landlord's insurance policies as provided in Section 4.04(b)improvements.