Common use of Rebuilding Clause in Contracts

Rebuilding. In the event, during the Lease Term, the improvements on the Demised Premises are damaged or destroyed in whole or in part by fire or other casualty insured under the insurance carried by Tenant pursuant to Section 13.1 and the insurance proceeds are not required to be paid to any mortgagee under any mortgage upon the Demised Premises, then Landlord shall, after the adjustment of the insurance loss and receipt of insurance proceeds, immediately commence and diligently pursue the restoration of such improvements to good and tenantable condition unless Landlord shall elect not to rebuild as hereinafter provided. If (a) the insurance proceeds are insufficient to pay the full cost of the repairs (unless Tenant deposits sufficient funds with Landlord pursuant to Section 13.3 to pay the full cost of the repairs), (b) more than thirty-five percent (35%) of the improvements on the Demised Premises shall be destroyed by fire or other casualty, or (c) during the last twelve (12) months of the Lease Term (unless Tenant has previously exercised its option to renew), more than twenty percent (20%) of the improvements on the Demised Premises shall be destroyed by fire or other casualty, then each of Landlord and Tenant may, at its option, terminate this Lease by notice in writing delivered to the other within one hundred twenty (120) days after the occurrence of such fire or other casualty. If Landlord is obligated or elects to perform such repairs, the improvements on the Demised Premises are partially or totally untenantable, the fire or other casualty occurred through no fault directly or indirectly or Tenant, its employees, agents, contractors, customers or invitees and provided that rental interruption insurance is available at the time in question for similar properties in the locality in which the Demised Premises are located, then the Rent shall be proportionately reduced during the period of rebuilding, based upon the untenantable portion of the improvements on the Demised Premises, provided that Tenant does not in fact occupy such untenantable portion of the Demised Premises.

Rebuilding. In If the eventPremises shall, during the Lease Term, be damaged or destroyed or rendered untenable, in whole or part, by or as the result or consequence of fire or any other casualty or cause covered by the Required Insurance provided by Tenant pursuant to the provisions of Paragraph 11(b) hereof or by the actual insurance that Tenant provides, Tenant shall promptly repair, rebuild and restore, but only to the extent of the sum of: (i) the insurance proceeds actually received by Tenant and the Insurance Trustee for such purpose, plus (ii) the amount of the deductible, if any, under the fire and extended coverage insurance maintained pursuant to Paragraph 11(b)(i) above (the aggregate sum of which amounts is called below the "Rebuilding Sum"), the damaged or destroyed building and other improvements to a good tenantable condition with reasonable dispatch. In no event shall Tenant's duty to rebuild and repair require an expenditure by Tenant in excess of the Rebuilding Sum. If the building on the Premises is damaged or destroyed during the last year of the Term of this Lease, to the extent of more than one-half (½) of the value thereof, then Tenant shall have the right to terminate this Lease as of the date of such damage or destruction by giving written notice to Landlord within thirty (30) days following such damage or destruction. All rebuilding and repairing of the Premises required by this Paragraph 12 shall be made in accordance with drawings and specifications approved by Landlord, which drawings and specifications shall call for a building for use and of a size, quality and value at least substantially equal to the building and improvements on the Demised Premises immediately prior to such damage or destruction, unless otherwise agreed in writing by the Landlord and Tenant. Landlord shall approve or reject such drawings and specifications within ten (10) days after submission thereof to Landlord. Upon resubmission by Tenant to Landlord of revised drawings and specifications, Landlord shall approve or reject same within four (4) days after receipt thereof. If Landlord fails to reject the drawings and specifications within ten (10) days after the initial submission to it or within four (4) days after the resubmission to it, then it shall be conclusively presumed that the Landlord has duly approved. The Rents herein provided shall a▇▇▇▇ entirely in case the entire Premises are untenable, or if Tenant determines it cannot economically conduct business from the undamaged portion of the Premises; and the Rents shall a▇▇▇▇ in a just and proportionate amount if only a portion of the Premises is untenable and Tenant is conducting its normal business from the undamaged portion of the Premises, until the same shall be restored to a good tenable condition. If Tenant shall have paid Rents in advance, Landlord shall immediately repay to Tenant an amount equal to the portion of the Rents so paid in advance, payment of which is abated. If Tenant terminates this Lease, pursuant to any of the provisions of this Paragraph 12, then Tenant shall have no obligation to perform any other duties or functions set forth hereunder. Notwithstanding the foregoing provisions of this Paragraph 12, in the event the Premises shall be damaged or destroyed or rendered untenable, in whole or in part part, by or as a result of the consequence of fire or other casualty insured under or any other cause whatsoever prior to the insurance carried by end of the Term of this Lease, Tenant pursuant may exercise Tenant's option to Section 13.1 purchase the Premises as provided in Paragraph 4 hereof and the Tenant shall be entitled to receive all insurance proceeds are not required to be paid to any mortgagee under any mortgage upon the Demised Premises, then Landlord shall, after the adjustment of the insurance loss and receipt of insurance proceeds, immediately commence and diligently pursue the restoration as a result of such improvements to good and tenantable condition unless Landlord shall elect not to rebuild as hereinafter provided. If (a) the insurance proceeds are insufficient to pay the full cost of the repairs (unless Tenant deposits sufficient funds with Landlord pursuant to Section 13.3 to pay the full cost of the repairs), (b) more than thirty-five percent (35%) of the improvements on the Demised Premises shall be destroyed by fire casualty or other casualty, or (c) during the last twelve (12) months of the Lease Term (unless Tenant has previously exercised its option to renew), more than twenty percent (20%) of the improvements on the Demised Premises shall be destroyed by fire or other casualty, then each of Landlord and Tenant may, at its option, terminate this Lease by notice in writing delivered to the other within one hundred twenty (120) days after the occurrence of such fire or other casualty. If Landlord is obligated or elects to perform such repairs, the improvements on the Demised Premises are partially or totally untenantable, the fire or other casualty occurred through no fault directly or indirectly or Tenant, its employees, agents, contractors, customers or invitees and provided that rental interruption insurance is available at the time in question for similar properties in the locality in which the Demised Premises are located, then the Rent shall be proportionately reduced during the period of rebuilding, based upon the untenantable portion of the improvements on the Demised Premises, provided that Tenant does not in fact occupy such untenantable portion of the Demised Premisescause.