Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) Except as provided in Section 14.6, if during the Term the Leased Property is totally or partially destroyed by a risk covered by the insurance described in Article 13 and the Hotel thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall, at Lessee’s option, either (1) restore the Hotel to substantially the same condition as existed immediately before the damage or destruction and otherwise in accordance with the terms of the Lease, or (2) offer to acquire the Leased Property from Lessor for a purchase price equal to the Rejectable Offer Price of the Leased Property. If Lessee restores the Hotel, the insurance proceeds shall be paid out by Lessor from time to time for the reasonable costs of such restoration upon satisfaction of reasonable terms and conditions, and any excess proceeds remaining after such restoration shall be paid to Lessee. If Lessee acquires the Leased Property, Lessee shall receive the insurance proceeds. If Lessor does not accept Lessee’s offer so to purchase the Leased Property within ninety (90) days, Lessee may withdraw its offer to purchase the Leased Property and, if so withdrawn, Lessee may terminate the Lease with respect to the Leased Property without further liability hereunder and Lessor shall be entitled to retain all insurance proceeds.
(b) Except as provided in Section 14.6, if during the Term the Leased Property is partially destroyed by a risk covered by the insurance described in Article 13, but the Hotel is not thereby rendered Unsuitable for its Primary Intended Use, Lessee shall restore the Hotel to substantially the same condition as existed immediately before the damage or destruction and otherwise in accordance with the terms of the Lease. Such damage or destruction shall not terminate this Lease; provided, however, that if Lessee cannot within a reasonable time obtain all necessary government approvals, including building permits, licenses and conditional use permits, after diligent efforts to do so, to perform all required repair and restoration work and to operate the Hotel for its Primary Intended Use in substantially the same manner as that existing immediately prior to such damage or destruction and otherwise in accordance with the terms of the Lease, Lessee may offer to purchase the Leased Property for a purchase price equal to the Rejectable Offer Price of the Leased Property, determined without regard to such damage or destruction if insurance proceeds are available to restore the Ho...
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) If the Leased Property is totally or partially destroyed by a risk covered by the insurance described in Article XIII and in Lessor’s reasonable judgment the Hotel thereby is rendered Unsuitable for its Primary Intended Use, Lessor may, at Lessor’s option to be exercised within ninety (90) days after the date of such occurrence, restore the Hotel to substantially the same condition as existed immediately before the damage or destruction and otherwise in accordance with the terms of the Lease. If Lessor fails to timely make such election, Lessor shall be deemed to have terminated the Lease, in which case Lessor must provide Lessee with Substitute Leases for execution by Lessee, at Lessee’s election, as described in Article XXXIX of this Lease.
(b) If the Leased Property is partially destroyed by a risk covered by the insurance described in Article XIII, but the Hotel is not thereby rendered Unsuitable for its Primary Intended Use, Lessor shall promptly restore the Hotel to substantially the same condition as existed immediately before the damage or destruction and otherwise in accordance with the terms of the Lease to the extent of insurance proceeds received by Lessor.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) Except as provided in Section 14.7, with respect to any Facility, if during the Term the portion of the Leased Property relating thereto is totally or partially destroyed from a risk covered by the insurance described in Article XIII and such portion of the Leased Property is thereby rendered Unsuitable for its Primary Intended Use (the “Casualty Impacted Facility”), Lessee shall elect, by giving written notice to Lessor within sixty (60) days following the date of such destruction, one of the following: (i) to restore such portion of the Leased Property relating to such Casualty Impacted Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) so long as no Event of Default then exists, to purchase such portion of the Leased Property from Lessor for the applicable Option Price (as defined herein), in which case all insurance proceeds payable pursuant to Section 14.1 with respect to the Casualty Impacted Facility shall be paid over to, or retained by, Lessee and the total Base Rent payable hereunder shall be reduced in accordance with Section 5.2, or (iii) so long as the damage or destruction was not caused by the negligence of Lessee, its agents, servants, employees or contractors, to terminate this Lease with respect to the portion of the Leased Property relating to such Casualty Impacted Facility and, in this event, the total Base Rent payable hereunder shall be reduced in accordance with Section 5.2, Lessor shall be entitled to retain the insurance proceeds, and Lessee shall pay to Lessor on demand, the amount of any deductible or uninsured loss arising in connection therewith. In the event Lessee purchases such portion of the Leased Property pursuant to this Section 14.2(a), the terms set forth in Article XVIII shall apply and the sale/purchase must be closed within ninety (90) days after the date of the written notice from Lessee to Lessor of Lessee’s intent to purchase, unless a different closing date is agreed upon in writing by Lessor and Lessee. For purposes of any appraisal conducted in accordance with this Section, such appraisal shall not take into account the damage or destruction giving rise to Lessee’s rights hereunder. The “Option Price” for a particular portion of the Leased Property relating to the Casualty Impacted Facility shall be calculated in the manner set forth on Schedule 14.2.
(b) Except as provided in Section 14.7, with respect to any Facility, if, during the Term, the po...
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) Except as provided in Section 14.7, with respect to any Property, if during the Term such Property is totally or partially destroyed from a risk covered by the insurance described in Article XIII and such Property is thereby rendered Unsuitable for its Primary Intended Use (the “Casualty Impacted Property”), Lessee shall elect, by giving written notice to Lessor within sixty (60) days following the date of such destruction, one of the following: (i) to restore such Casualty Impacted Property to substantially the same condition as existed immediately before the damage or destruction, or (ii) so long as the damage or destruction was not caused by the negligence of Lessee, its agents, servants, employees or contractors, to terminate this Lease with respect to the Casualty Impacted Property and, in this event, the total Base Rent payable hereunder shall be reduced in accordance with Section 5.2, Lessor shall be entitled to retain the insurance proceeds, and Lessee shall pay to Lessor on demand, the amount of any deductible or uninsured loss arising in connection therewith.
(b) Except as provided in Section 14.7, with respect to any Property, if, during the Term, such Property is totally or partially destroyed from a risk covered by the insurance described in Article XIII, but such Property is not thereby rendered Unsuitable for its Primary Intended Use, Lessee shall restore such Property to substantially the same condition as existed immediately before the damage or destruction. Such damage or destruction shall not terminate this Lease with respect to such Property.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) If the Leased Property is totally or partially destroyed by a risk covered by the insurance described in Article XIII and the Facility thereby is rendered Unsuitable for its Primary Intended Use, Lessor may, at Lessor's option to be exercised within ninety (90) days after the date of such occurrence, restore the Facility to substantially the same condition as existed immediately before the damage or destruction and otherwise in accordance with the terms of the Lease.
(b) If the Leased Property is partially destroyed by a risk covered by the insurance described in Article XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessor shall promptly restore the Facility to substantially the same condition as existed immediately before the damage or destruction and otherwise in accordance with the terms of the Lease to the extent of insurance proceeds received by Lessor.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. Except as provided in Section 12.6, and subject to the terms of any Landlord’s Mortgage, if during the Term, the Premises are partially destroyed from a risk covered by the insurance described in Article 11, Landlord shall apply all proceeds payable with respect thereto to restore the Premises to substantially the same condition as existed immediately before the damage or destruction. Such damage or destruction shall not terminate this Lease.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) Except as provided in Section 12.7, if during the Term, the Leased Property is totally or partially destroyed from a risk covered by the insurance described in Article 11 and the Facility thereby is rendered Unsuitable for Its Primary Intended Use, or if the damage to the Facility is so extensive that the estimated repair period exceeds 180 days, Tenant shall have the option, by giving notice to Landlord within sixty (60) days following the date of such destruction, to (i) restore the Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) terminate this Lease. In the latter event, Landlord shall be entitled to retain the insurance proceeds covering Landlords interest in the Facility, and Tenant shall pay to Landlord on demand, the amount of any deductible or uninsured loss arising in connection therewith.
(b) Except as provided in Section 12.7, if during the Term, the Leased Improvements and/or the Fixtures are totally or partially destroyed from a risk covered by the insurance described in Article 11, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use and the estimated time for repairs is less than 180 days, Tenant shall restore the Facility to substantially the same condition as existed immediately before the damage or destruction. Such damage or destruction shall not terminate this Lease.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) If during the Term the Property is totally or substantially destroyed by a risk covered by the insurance described in Article 14 so that the Property thereby is rendered unsuitable for its Permitted Use(s) or the use(s) then permitted hereunder (taking into account all relevant factors, including, but not limited to, the number of useable suites and beds and the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost), Tenant shall use insurance proceeds hereunder to restore the destroyed Property to substantially the same condition as existed immediately before the damage or destruction, and this Lease shall continue in full force and effect. The insurance proceeds shall be paid to Tenant or its designee in accordance with Section 15.1 from time to time as necessary to pay for the costs of such restoration.
(b) If the cost of any such repair or restoration exceeds the amount of 40 42 proceeds received by Landlord (or the insurance trustee described in Section 15.1) and paid over to Tenant from the insurance required under Article 14, Tenant shall contribute any and all excess amounts necessary to repair or restore the Property.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) Except as provided in Section 14.7, if during the Term the Leased Property is totally or partially destroyed from a risk covered by the insurance described in Article XIII, Lessee shall restore the Leased Property to substantially the same condition as existed immediately before the damage or destruction, whether or not the Leased Property is rendered Unsuitable for its Primary Intended Use. Such damage or destruction shall not terminate this Lease.
(b) If the cost of the repair or restoration exceeds the amount of proceeds received by Lessor from the insurance required under Article XIII, Lessee shall be obligated to contribute any excess amount needed to restore the Leased Property prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Lender if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) If the Leased Property is totally or partially destroyed Lessor shall, with all reasonable diligence, to the extent that proceeds from the insurance required by this Lease are available (subject to the provisions of any Mortgage encumbering the Hotel) for such purpose, repair or replace the damaged or destroyed portion of the Leased Property to substantially the same condition as existed previously; provided that Lessor shall have no obligation to repair or replace the damaged or destroyed portion of the Leased Property if: (i) such damage, destruction or casualty occurs within two (2) years of the expiration of the Term, (ii) such damage, destruction or casualty is in excess of sixty percent (60%) of the “fair market value” of the Leased Property as agreed by the parties, and (iii) Lessor elects not to rebuild the Hotel. In the event that the conditions set forth in (i), (ii), and (iii) of the preceding sentence are satisfied, Lessee may terminate this Agreement. A termination under this Section 14.2 shall not be a Default.
