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 and the Facility thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the option, by giving notice to Lessor 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) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI below, terminate this Lease and, in the latter event, 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, 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 XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, Lessee may either (i) offer pursuant to Article XXII to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destruction, or (ii) offer to purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction. (c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration. (d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicable.
Appears in 3 contracts
Samples: Lease Agreement (Medical Properties Trust Inc), Lease Agreement (Medical Properties Trust Inc), Lease Agreement (Medical Properties Trust Inc)
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 and the Facility thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the option, by giving notice to Lessor 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) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI below, terminate this Lease and, in the latter event, 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, 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 XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, Lessee may either (i) offer pursuant to Article XXII to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destruction, or (ii) offer to purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicable.
Appears in 2 contracts
Samples: Lease Agreement (Medical Properties Trust Inc), Lease Agreement (Medical Properties Trust Inc)
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 and the Facility thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the option, by giving written notice to Lessor 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) offer (A) to acquire so long as Lessee is not in monetary or payment default of any kind, and no event has occurred which with the giving of notice or the passage of time, or both, would constitute such a default, under this Lease and the Tenant Leases, purchase the Leased Property (including Lessor's interests and rights under the Air Space Agreement and the Parking Space Lease) from Lessor for a purchase price equal to the Fair Market Value Purchase Option Price as defined in Section 35.1 (less the amount of the Leased Property immediately prior to such damage or destruction any insurance proceeds held by Lessor), or (Biii) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition long as existed immediately before the damage or destruction orwas not caused by the negligence of Lessee, unless Lessor is excused its agents, servants, employees or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI belowcontractors, terminate this Lease and, in the latter this event, 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 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.
(b) Except as provided in Section 14.7, if 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 XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, so long as Lessee may either is not in monetary or payment default of any kind, and no event has occurred which with the giving of notice or the passage of time or both would constitute such a default, under the terms of this Lease and the Tenant Leases, Lessee shall have the option, by giving written notice to Lessor within sixty (i60) offer pursuant to Article XXII to substitute a new property, substantially equivalent to days following the Leased Property immediately before date of such damage or destruction, or (ii) offer to purchase the Leased Property (including Lessor's interests and rights under the Air Space Agreement and the Parking Space Lease) for a purchase price equal to the Fair Market Value Purchase Option Price as defined in Section 35.1 (less the amount of any insurance proceeds held by Lessor). In the event Lessee purchases the Leased Property immediately prior pursuant to such damage or destructionthis Section 14.2(b), 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.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee Lender if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor accepts Lessee's offer to purchase Lessee purchases the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery Option Price (less the amount of all documents required in connection with a Substitute Property under Article XXI any insurance proceeds held by Lessor) and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee Lender if applicable.
Appears in 2 contracts
Samples: Lease Agreement (Medical Properties Trust Inc), Lease Agreement (Medical Properties Trust Inc)
RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION NOT COVERED BY INSURANCE.
(a) . Except as provided in Section 14.715.7 below, if during the Term, Term the Leased Property Facility is totally destroyed or partially destroyed materially damaged (i) from a risk not covered by the insurance described in Article XIII XIV but that would have been covered if Tenant carried the insurance customarily maintained by, and generally available to, the operators of reputable facilities which are used for the Primary Intended Use in the region in which the Facility is located, (ii) from a risk for which insurance coverage is voided due to any act or omission by Tenant, or (iii) as result of an earthquake, whether or not such damage or destruction renders the Impacted Facility unsuitable for their Primary Intended Use (taking into account all relevant factors, including but not limited to the number of useable beds, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost), Tenant shall restore the Impacted Facility thereby to substantially the same condition as existed immediately before such damage or destruction and not terminate this Lease. Otherwise, if the Facility is rendered Unsuitable totally destroyed or materially damaged by a risk not covered by insurance such that the Facility shall be unusable for its Primary Intended Use, Lessee this Lease shall have the option, by giving notice to Lessor terminate within sixty (60) 90 days following the date of such destructiondestruction or damage, provided that the Tenant may elect to (i) restore the Impacted Facility, in which event, this Lease shall continue in full force and effect. If such damage or destruction does not render the Impacted Facility unusable for its Primary Intended Use, in Tenant's reasonable opinion, Tenant shall also restore the Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI below, terminate this Lease and, in the latter event, 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, 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 XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, Lessee may either (i) offer pursuant to Article XXII to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destruction, or (ii) offer to purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicable.
Appears in 1 contract
Samples: Lease Agreement (Emeritus Corp\wa\)
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 and the Facility thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the option, by giving written notice to Lessor 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) offer (A) to acquire so long as Lessee is not in monetary or payment default of any kind, and no event has occurred which with the giving of notice or the passage of time, or both, would constitute such a default, under this Lease, the Other Leases and the Tenant Leases, purchase the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Option Price of the Leased Property immediately prior to such damage or destruction as defined in Section 35.1, or (Biii) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition long as existed immediately before the damage or destruction orwas not caused by the negligence of Lessee, unless Lessor is excused its agents, servants, employees or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI belowcontractors, terminate this Lease and, in the latter this event, 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 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.
(b) Except as provided in Section 14.7, if 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 XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, so long as Lessee may either is not in monetary or payment default of any kind, and no event has occurred which with the giving of notice or the passage of time or both would constitute such a default, under the terms of this Lease, the Other Leases and the Tenant Leases, Lessee shall have the option, by giving written notice to Lessor within sixty (i60) offer pursuant to Article XXII to substitute a new property, substantially equivalent to days following the Leased Property immediately before date of such damage or destruction, or (ii) offer to purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Option Price of as defined in Section 35.1. In the event Lessee purchases the Leased Property immediately prior pursuant to such damage or destructionthis Section 14.2(b), 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.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI Option Price and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicable.
Appears in 1 contract
RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION NOT COVERED BY INSURANCE.
(a) . Except as provided in Section 14.715.7 below, if during the Term, Term the Leased Property Facility is totally destroyed or partially destroyed materially damaged (i) from a risk not covered by the insurance described in Article XIII XIV but that would have been covered if Tenant carried the insurance customarily maintained by, and generally available to, the operators of reputable facilities which are used for the Primary Intended Use in the region in which the Facility thereby is rendered Unsuitable located, (ii) from a risk for which insurance coverage is voided due to any act or omission by Tenant, or (iii) as result of an earthquake, whether or not such damage or destruction renders the Impacted Facility unsuitable for its Primary Intended UseUse (taking into account all relevant factors, Lessee including but not limited to the number of useable beds, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost), Tenant shall have the option, by giving notice to Lessor within sixty (60) days following the date of such destruction, to (i) restore the Impacted Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction and not terminate this Lease. Except as provided in Section 15.7 below, if during the Term the Facility is totally destroyed or materially damaged from a risk not covered by insurance described in Article XIV and not described in clause (i), (ii) or (Biii) to substitute a new property pursuant to of the immediately preceding sentence, whether or not such Facility is thereby rendered unusable for its Primary Intended Use (taking into account all relevant factors, including, but not limited to, the number of useable beds, the amount of square footage reasonably available for use by Tenant and in accordance with the provisions type and amount of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased PropertyGross Revenues lost), within thirty (30) days after the date of such offerTenant shall, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's noticeat its option, either withdraw its offer to purchase or substitute for the Leased Property and proceed to (i) restore the Impacted Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI below, terminate this Lease and, in the latter event, 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, 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 XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, Lessee may either (i) offer pursuant to Article XXII to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destruction, destruction and this Lease shall continue in full force and effect or (ii) offer to purchase the Leased Property from Landlord for a purchase price equal to the greater of the Minimum Repurchase Price or the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction.
(c) . If this Lease continues in full force and effect, Tenant shall continue to pay Rent, in the cost manner and at the times herein specified, including the full amounts of Base Rent, Percentage Rent and Additional Charges, provided that during the repair or period of 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 when the Facility prior to use of the insurance proceeds. Such amount is not suitable for its Primary Intended Use, Tenant shall be paid by Lessee to Lessor (or pay Percentage Rent at a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application rate equal to the cost of repair and restorationPercentage Rent for the immediately preceding Fiscal Year during which Percentage Rent accrued.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicable.
Appears in 1 contract
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 and the Facility is thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the option, by giving written notice to Lessor 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) offer (A) to acquire so long as Lessee is not in default of any kind, and no event has occurred which with the giving of notice or the passage of time, or both, would constitute such a default, under this Lease, the Other Lease and the Tenant Leases, purchase the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction destruction, or (Biii) to substitute a new property pursuant to and in accordance with so long as the provisions damage or destruction was not caused by the negligence of Article XXILessee, its agents, servants, employees or contractors, terminate this Lease. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI below, terminate terminates this Lease and, as provided in the latter eventSection 14.2(a)(iii), 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 the Leased Property pursuant to Section 14.2(a)(ii), the terms set forth in Article XVIII shall apply except that the Fair Market Value Purchase Price shall be reduced by the amount of the insurance proceeds, which shall be retained by Lessor, 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. In the event Lessee elects to restore the Facility under Section 14.2(a)(i), Lessor shall promptly reimburse Lessee for all documented expenses thereof, up to the amount of the insurance proceeds collected by Lessor.
(b) Except as provided in Section 14.7, if 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 XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee shall restore the Facility to substantially the same condition as existed immediately before the damage or destructiondestruction and Lessor shall promptly reimburse Lessee for all documented expenses thereof up to the amount of the insurance proceeds collected by Lessor. Such damage or destruction shall not terminate this Lease; provided, however, if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after good faith diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, so long as Lessee may either is not in default of any kind, and no event has occurred which with the giving of notice or the passage of time or both would constitute such a default, under the terms of this Lease, the Other Lease and the Tenant Leases, Lessee shall have the option, by giving written notice to Lessor within sixty (i60) offer pursuant to Article XXII to substitute a new property, substantially equivalent to days following the Leased Property immediately before date of such damage or destruction, or (ii) offer to purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction. In the event Lessee purchases the Leased Property pursuant to this Section 14.2(b), the terms set forth in Article XVIII shall apply except that the Fair Market Value Purchase Price shall be reduced by the amount of the insurance proceeds, which shall be retained by Lessor, 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.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee Lender if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) . In the event Lessor accepts Lessee's offer that Lessee agrees to exercise any right under this Section 14.2 to purchase the Leased Property or to provide a Substitute Property, this Lease any such contribution by Lessee shall terminate upon payment of be credited toward the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and amount due by Lessee to Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicablefor said purchase.
Appears in 1 contract
RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION COVERED BY INSURANCE.
(a) Except as provided in Section 14.715.7, if during the Term, Term a portion of the Leased Property is totally destroyed or partially destroyed from materially damaged by a risk covered by the insurance described in Article XIII and XIV so that the Facility thereby is rendered Unsuitable unsuitable for its Primary Intended UseUse (taking into account all relevant factors, Lessee including but not limited to the number of useable beds, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost) (the "IMPACTED FACILITY"), Tenant shall have the option, by giving notice to Lessor within sixty (60) days following the date of such destruction, to at its option either (i) restore the Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Impacted Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused and this Lease shall continue in full force and effect or otherwise not required (ii) offer to accept such Substitute purchase the Property pursuant from Landlord for a purchase price equal to the provisions greater of Article XXI belowthe Minimum Repurchase Price or the Fair Market Value of the Property immediately prior to such damage or destruction. If Tenant restores the Impacted Facility, terminate this Lease and, in the latter event, Lessor insurance proceeds shall be entitled paid out by Landlord to retain Tenant or its designee from time to time as reasonably requested by Tenant to pay for the insurance proceeds, reasonable costs of such restoration and Lessee any excess proceeds remaining after such restoration shall pay to Lessor on demand, the amount of any deductible or uninsured loss arising in connection therewithbe retained by Tenant.
(b) Except as provided in Section 14.715.7, if during the Term, the Leased Improvements and/or the or Fixtures are totally or partially destroyed from due to a risk covered by the insurance described in Article XIII, XIV but the Impacted Facility is not thereby rendered Unsuitable unsuitable for its the Primary Intended Use, Lessee in Tenant's reasonable opinion (taking into account all relevant factors, including but not limited to the number of useable beds, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost), Tenant shall restore the Impacted Facility to substantially the same condition as existed immediately before the damage or destruction. Such damage or destruction shall not terminate this Lease; provided, however, that if Lessee Tenant cannot not, with reasonable diligence and within a reasonable time time, obtain all necessary governmental government approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able necessary to perform all required repair and restoration work and to operate the Impacted Facility for its Primary Intended Use in substantially the same manner as and for the Primary Intended Use, Tenant shall either (i) offer to purchase the Property for a purchase price equal to the greater of the Minimum Repurchase Price or the Fair Market Value immediately prior to such damage or destructiondestruction or (ii) continue to operate under the Lease which shall remain in full force and effect and Landlord shall be entitled to retain the insurance proceeds, Lessee less the amount needed to restore the Property so that the portion of the Facility unaffected by the casualty can be used as a complete architectural unit. If Tenant shall make such offer and Landlord does not accept the same within 120 days of Landlord's receipt of such offer, Tenant may either (ix) offer pursuant withdraw such offer, in which case this Lease shall remain in full force and effect and Tenant shall proceed to Article XXII restore the Impacted Facility as soon as reasonably practicable to substitute a new property, substantially equivalent to the Leased Property same condition as existed immediately before such damage or destruction, or (iiy) offer terminate this Lease after recovery by Landlord of all insurance proceeds and the payment by Tenant of any shortfall in cash. If Tenant so restores the Impacted Facility, insurance proceeds shall be paid out by Landlord from time to purchase time to pay for the Leased Property for a purchase price equal to the Fair Market Value Purchase Price reasonable costs of the Leased Property immediately prior to such damage or destructionrestoration, and any excess proceeds remaining after such restoration shall be retained by Landlord.
(c) If Tenant elects to repair or restore any damage or destruction to the Property and the cost of the any such repair or restoration exceeds the amount of proceeds received by Lessor Landlord from the insurance required under Article XIIIXIV, Lessee Tenant shall be obligated to contribute any and all excess amount needed amounts necessary to repair or restore the Facility prior Facility. Tenant shall provide Landlord with a payment or completion guaranty in form and substance reasonably acceptable to use Landlord. If no acceptable guarantor is available, Tenant shall pay Landlord the amount of the insurance proceeds. Such such difference, which amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust trust, together with any other insurance proceeds proceeds, for application to the cost of repair and restorationrestoration as such repair and restoration progresses.
(d) In the event Lessor If Landlord accepts LesseeTenant's offer to purchase the Leased Property or to provide a Substitute Propertyas set forth in this Section 15, this Lease shall terminate as to the Property upon payment of the purchase price or execution therefor and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor Landlord shall thereupon remit to Lessee Tenant all insurance proceeds being held pertaining to the Property less Landlord's reasonable expenses, including attorneys' fees, and assign Landlord's rights in trust by Lessor or the Facility Mortgagee if applicableany uncollected insurance proceeds to Tenant.
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RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION COVERED BY INSURANCE.
(a) Except as provided in Section 14.713.7, if during the Term, the Leased Property Facility is totally or partially destroyed from a risk covered by the insurance described in Article XIII XII and the Facility thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the option, by giving notice to Lessor within sixty (60) 60 days following the date of such destruction, to (i) apply all proceeds payable with respect thereto to restore the Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Minimum Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXIdestruction. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, Property within thirty (30) 30 days after the date of such offer, Lessee may, may either (a) by giving notice to Lessor within thirty (30) 30 days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction ordestruction, unless Lessor is excused or otherwise not required to accept such Substitute Property pursuant to (b) terminate the provisions of Article XXI below, terminate offer and this Lease andupon 30 days' prior written notice to Lessor, in which case the latter event, Lessor insurance proceeds shall be entitled to retain the insurance proceeds, and Lessee shall pay to Lessor on demand, the amount sole property of any deductible or uninsured loss arising in connection therewithLessor.
(b) Except as provided in Section 14.713.7, if during the Term, the Leased Improvements and/or the Fixtures are totally or Facility is partially destroyed from a risk covered by the insurance described in Article XIIIXII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, provided that if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, Lessee may either (i) offer pursuant to Article XXII to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destruction, or (ii) offer to purchase the Leased Property for a purchase price equal to the Fair Market Value Minimum Purchase Price of the Leased Property immediately prior to such damage or destruction. In the event Lessor does not accept Lessee's offer to so purchase the Leased Property within 30 days after receipt of the offer to purchase described in the preceding sentence, Lessee may either (a) withdraw its offer to purchase the Leased Property and proceed to restore the Facility, to the extent possible, to substantially the same condition as existed immediately before the partial destruction, or (b) terminate the offer and this Lease by written notice to Lessor, in which case any insurance proceeds shall be the sole property of Lessor.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or and execution and delivery of all documents required in connection with a Substitute Property under Article XXI and appropriate documentation. In such event Lessor shall remit to Lessee, or allow Lessee a credit toward the purchase price in an amount equal to, all insurance proceeds being held in trust received by Lessor or with respect to the Facility Mortgagee if applicableFacility.
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Samples: Master Development Agreement (Grand Court Lifestyles Inc)
RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION COVERED BY INSURANCE.
(a) Except as provided in Section 14.713.7, if during the Term, Term the Leased Property Facility is totally or partially destroyed from a risk covered by the insurance described in Article XIII XII and the Facility thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the option, by giving notice to Lessor within sixty (60) 60 days following the date of such destruction, to (i) apply all proceeds payable with respect thereto to restore the Facility to substantially the same condition as existed immediately before the damage or destructiondestruction or such other condition consistent with the Primary Intended Use as may be approved by Lessor in writing, which consent shall not be unreasonably withheld if such other condition would not, in Lessor's good faith judgment, result in a reduction in the value of the Leased Property or negatively affect the ability of Lessee to pay Rent hereunder as and when due, or (ii) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXIXX. In the event Lessee does not make an offer or Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, Property within thirty (30) 30 days after the date of such offer, Lessee may, by giving notice to Lessor shall either (i) within thirty (30) 3O days after receipt the end of Lessor's noticesuch 30-day period (or, either withdraw its if no offer to purchase or substitute for is made, within 60 days following the Leased Property and date of such destruction) proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction or such other condition consistent with the Primary Intended Use as may be approved by Lessor in writing, which consent shall not be unreasonably withheld if such other condition would not, in Lessor's good faith judgment, result in a reduction in the value of the Leased Property or negatively affect the ability of Lessee to pay Rent hereunder as and when due, or (ii) within 60 days after the end of such 30-day period (or, unless if no offer is made, within 60 days following the date of such destruction), acquire the Leased Property from Lessor is excused or otherwise not required to accept such Substitute Property pursuant for a purchase price equal to the provisions Minimum Repurchase Price of Article XXI below, terminate this Lease and, in the latter event, Lessor shall be entitled Leased Property immediately prior to retain the insurance proceeds, and Lessee shall pay to Lessor on demand, the amount of any deductible such damage or uninsured loss arising in connection therewithdestruction.
(b) Except as provided in Section 14.713.7, if during the Term, Term the Leased Improvements and/or the Fixtures are totally or Facility is partially destroyed from a risk covered by the insurance described in Article XIIIXII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee shall restore the Facility to substantially the same condition as existed immediately before the damage or destructiondestruction or such other condition consistent with the Primary Intended Use as may be approved by Lessor in writing, which consent shall not be unreasonably withheld if such other condition would not, in Lessor's good faith judgment, result in a reduction in the value of the Leased Property or negatively affect the ability of Lessee to pay Rent hereunder as and when due. Such damage or destruction shall not terminate this Lease; provided, however, provided that if Lessee cannot within a reasonable time -------- obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, Lessee may either (i) offer pursuant to Article XXII XX to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destruction, or (ii) offer to after the fourth anniversary of the Commencement Date, purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Minimum Repurchase Price of the Leased Property immediately prior to such damage or destruction.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price and execution and delivery of all appropriate documentation, or execution and delivery of all documents required in connection with a Substitute Property under Article XXI XX and Lessor shall remit to Lessee, or allow Lessee a credit toward the purchase price in an amount equal to, all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicableLessor.
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RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION COVERED BY INSURANCE.
(a) Except as provided in Section 14.715.7, if during the Term, Term a portion of the Leased Property is totally destroyed or partially destroyed from materially damaged by a risk covered by the insurance described in Article XIII and XIV so that the Facility thereby is rendered Unsuitable unsuitable for its Primary Intended UseUse (taking into account all relevant factors, Lessee including but no limited to the number of useable beds, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost) (the "IMPACTED FACILITY"), Tenant shall have the option, by giving notice to Lessor within sixty (60) days following the date of such destruction, to at its option either (i) restore the Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Impacted Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused and this Lease shall continue in full force and effect or otherwise not required (ii) offer to accept such Substitute purchase the Property pursuant from Landlord for a purchase price equal to the provisions greater of Article XXI belowthe Minimum Repurchase Price or the Fair Market Value of the Property immediately prior to such damage or destruction. If Tenant restores the Impacted Facility, terminate this Lease and, in the latter event, Lessor insurance proceeds shall be entitled paid out by Landlord to retain Tenant or its designee from time to time as reasonably requested by Tenant to pay for the insurance proceeds, reasonable costs of such restoration and Lessee any excess proceeds remaining after such restoration shall pay to Lessor on demand, the amount of any deductible or uninsured loss arising in connection therewithbe retained by Tenant.
(b) Except as provided in Section 14.715.7, if during the Term, the Leased Improvements and/or the or Fixtures are totally or partially destroyed from due to a risk covered by the insurance described in Article XIII, XIV but the Impacted Facility is not thereby rendered Unsuitable unsuitable for its the Primary Intended Use, Lessee in Tenant's reasonable opinion (taking into account all relevant factors, including but not limited to the number of useable beds, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost), Tenant shall restore the Impacted Facility to substantially the same condition as existed immediately before the damage or destruction. Such damage or destruction shall not terminate this Lease; provided, however, that if Lessee Tenant cannot not, with reasonable diligence and within a reasonable time time, obtain all necessary governmental government approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able necessary to perform all required repair and restoration work and to operate the Impacted Facility for its Primary Intended Use in substantially the same manner as and for the Primary Intended Use, Tenant shall either (i) offer to purchase the Property for a purchase price equal to the greater of the Minimum Repurchase Price or the Fair Market Value immediately prior to such damage or destructiondestruction or (ii) continue to operate under the Lease which shall remain in full force and effect and Landlord shall be entitled to retain the insurance proceeds, Lessee less the amount needed to restore the Property so that the portion of the Facility unaffected by the casualty can be used as a complete architectural unit. If Tenant shall make such offer and Landlord does not accept the same within 120 days of Landlord's receipt of such offer, Tenant may either (ix) offer pursuant withdraw such offer, in which case this Lease shall remain in full force and effect and Tenant shall proceed to Article XXII restore the Impacted Facility as soon as reasonably practicable to substitute a new property, substantially equivalent to the Leased Property same condition as existed immediately before such damage or destruction, or (iiy) offer terminate this Lease after recovery by Landlord of all insurance proceeds and the payment by Tenant of any Shortfall in cash. If Tenant so restores the Impacted Facility, insurance proceeds shall be paid out by Landlord from time to purchase time to pay for the Leased Property for a purchase price equal to the Fair Market Value Purchase Price reasonable costs of the Leased Property immediately prior to such damage or destructionrestoration, and any excess proceeds remaining after such restoration shall be retained by Landlord.
(c) If Tenant elects to repair or restore any damage or destruction to the Property and the cost of the any such repair or restoration exceeds the amount of proceeds received by Lessor Landlord from the insurance required under Article XIIIXIV, Lessee Tenant shall be obligated to contribute any and all excess amount needed amounts necessary to repair or restore the Facility prior Facility. Tenant shall provide Landlord with a payment or completion guaranty in form and substance reasonably acceptable to use Landlord. If no acceptable guarantor is available, Tenant shall pay Landlord the amount of the insurance proceeds. Such such difference, which amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust trust, together with any other insurance proceeds proceeds, for application to the cost of repair and restorationrestoration as such repair and restoration progresses.
(d) In the event Lessor If Landlord accepts LesseeTenant's offer to purchase the Leased Property or to provide a Substitute Property, as set forth in this Section 15 this Lease shall terminate as to the Property upon payment of the purchase price or execution therefor and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor Landlord shall thereupon remit to Lessee Tenant all insurance proceeds being held pertaining to the Property less Landlord's reasonable expenses, including attorneys' fees, and assign Landlord's rights in trust by Lessor or the Facility Mortgagee if applicableany uncollected insurance proceeds to Tenant.
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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 Hospital Improvements are totally or partially destroyed from a risk covered by the insurance described in Article XIII and the Facility Hospital Improvements is thereby is rendered Unsuitable for its Primary Intended Use, Lessee Tenant shall have the option, by giving written notice to Lessor Landlord within sixty (60) days following the date of such destruction, to (i) restore the Facility Hospital Improvements to substantially the same condition as existed immediately before the damage or destruction, or (ii) offer (A) so long as Tenant is not in default, or no event has occurred which with the giving of notice or the passage of time or both would constitute a default, under this Lease and the Secondary Leases, to acquire purchase Landlord's interest in the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property and the Hospital Improvements immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXIdestruction. In the event Lessor Landlord does not accept LesseeTenant's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date Landlord's receipt of such offerTenant's notice, Lessee Tenant may, by after giving notice to Lessor within Landlord thirty (30) days after receipt of Lessor's days' prior written notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility Hospital Improvements to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI below, terminate this Lease and, in the latter event, Lessor Landlord shall be entitled to retain the insurance proceeds, and Lessee Tenant shall pay to Lessor Landlord on demand, the amount of any deductible or uninsured loss arising in connection therewith.
(b) Except as provided in Section 14.7, if during the Term, the Leased Hospital Improvements and/or the Fixtures are totally or partially destroyed from a risk covered by the insurance described in Article XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessee Tenant cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, Lessee may either (i) offer pursuant to Article XXII to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destructionso long as Tenant is not in default, or (ii) offer no event has occurred which with the giving of notice or the passage of time or both would constitute a default, under the terms of this Lease and the Secondary Leases, Tenant shall have the option to purchase Landlord's interest in the Leased Property for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property and the Hospital Improvements immediately prior to such damage or destruction.
(c) If the cost of the repair or restoration exceeds the amount of proceeds received by Lessor Landlord from the insurance required under Article XIII, Lessee Tenant shall be obligated to contribute any excess amount needed to restore the Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee Tenant to Lessor Landlord (or a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor Landlord accepts LesseeTenant's offer to purchase Landlord's interest in the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor Landlord shall remit to Lessee Tenant all insurance proceeds being held in trust by Lessor Landlord or the Facility Mortgagee if applicable.
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RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION NOT COVERED BY INSURANCE.
(a) . Except as provided in Section 14.715.7 below, if during the Term, Term the Leased Property Facility is totally destroyed or partially destroyed materially damaged (i) from a risk not covered by the insurance described in Article XIII XIV but that would have been covered if Tenant carried the insurance customarily maintained by, and generally available to, the operators of reputable facilities which are used for the Primary Intended Use in the region in which the Facility is located, (ii) from a risk for which insurance coverage is voided due to any act or omission by Tenant, or (iii) as result of an earthquake, whether or not such damage or destruction renders the Impacted Facility unsuitable for their Primary Intended Use (taking into account all relevant factors, including but not limited to the number of useable bends, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost), Tenant shall restore the Impacted Facility to substantially the same condition as existed immediately before such damage or destruction and not terminate this Lease. Except as provided in Section 15.7 below, if during the Term either Facility is totally destroyed or materially damaged from a risk not covered by insurance described in Article XIV and not described in clause (i), (ii) or (iii) of the immediately preceding sentence, whether or not such Facility is thereby is rendered Unsuitable unusable for its Primary Intended UseUse (taking into account all relevant factors, Lessee shall have including, but not limited to, the number of useable beds, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost), Tenant shall, at its option, by giving notice to Lessor within sixty (60) days following the date of such destruction, to either (i) restore the Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI below, terminate this Lease and, shall continue in the latter event, Lessor shall be entitled to retain the insurance proceeds, full force 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, 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 XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, Lessee may either (i) offer pursuant to Article XXII to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destruction, effect or (ii) offer to purchase the Leased Property from Landlord for a purchase price equal to the greater of the Minimum Repurchase Price or the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction.
(c) . If this Lease continues in full force and effect, Tenant shall continue to pay Rent, in the cost manner and at the times herein specified, including the full amounts of Base Rent, Percentage Rent and Additional Charges, provided that during the repair or period of 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 when the Facility prior to use of the insurance proceeds. Such amount is not suitable for its Primary Intended Use, Tenant shall be paid by Lessee to Lessor (or pay Percentage Rent at a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application rate equal to the cost of repair and restorationPercentage Rent for the immediately preceding Fiscal Year during which Percentage Rent accrued.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicable.
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RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION COVERED BY INSURANCE.
(a) Except as provided in Section 14.715.7, if during the Term, Term a portion of the Leased Property is totally or partially substantially destroyed from by a risk covered by the insurance described in Article XIII and XIV so that the Facility thereby is rendered Unsuitable unsuitable for its Primary Intended UseUse (taking into account all relevant factors, Lessee including but not limited to the number of useable beds, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost) (the "IMPACTED FACILITY"), Tenant shall have the option, by giving notice to Lessor within sixty (60) days following the date of such destruction, to at its option either (i) restore the Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Impacted Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused or otherwise not required to accept such Substitute (ii) acquire the Property pursuant from Landlord for a purchase price equal to the provisions greater of Article XXI below, terminate this Lease and, in the latter event, Lessor shall be entitled to retain Minimum Repurchase Price or the insurance proceeds, and Lessee shall pay to Lessor on demand, Fair Market Value Purchase Price of the amount of any deductible or uninsured loss arising in connection therewith.
(b) Except as provided in Section 14.7, 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 XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as Property immediately prior to such damage or destruction, Lessee may either or (iiii) offer pursuant to Article XXII to substitute a new property, substantially equivalent terminate the Lease with respect to the Leased Property immediately before such damage or destruction, or (ii) offer to purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Price effective upon Landlord's receipt of the Leased Property immediately prior insurance proceeds and any "SHORTFALL" (as hereinafter defined) and in such event Landlord shall be entitled to such damage retain or destruction.
(c) If collect for its own benefit the cost of insurance proceeds, provided that, in the repair or restoration exceeds event the amount of the insurance proceeds received by Lessor from Landlord are less than the amounts which would be payable in the aggregate under the insurance required under Article XIIIpolicies specified in Section 14.1(a) such termination shall not be effective until Tenant pays Landlord the amount of such shortfall ("Shortfall") in cash. If Tenant restores the Impacted Facility, Lessee shall be obligated to contribute any excess amount needed to restore the Facility prior to use of the insurance proceeds. Such amount proceeds shall be paid out by Lessee Landlord to Lessor (Tenant or a Facility Mortgagee if required) its designee from time to be held in trust together with time as reasonably requested by Tenant to pay for the reasonable costs of such restoration and any other insurance excess proceeds for application to the cost of repair and remaining after such restoration.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicable.
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RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION COVERED BY INSURANCE.
(a) Except as provided in Section 14.7SECTION 14.6, if during the Term, Term the Leased Property is totally or partially destroyed from by a risk covered by the insurance described in Article XIII and ARTICLE XIII, whether or not such damage or destruction renders the Facility thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the optionbe obligated, by giving notice to Lessor 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) offer (A) to acquire the Leased Property from Lessor for a purchase price equal but only to the Fair Market Value Purchase Price extent of the Leased Property immediately prior any insurance proceeds made available to such damage or destruction or (B) to substitute a new property Lessee and any other sums advanced by Lessor pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Propertynext sentence, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction orand otherwise in accordance with the terms of the Lease. If the insurance proceeds are not adequate to restore the Facility to that condition, unless each of Lessor is excused or otherwise not required and Lessee shall have the right to accept such Substitute Property pursuant terminate this Lease, without in any way affecting any other leases in effect between Lessor and Lessee, by giving Notice to the provisions of Article XXI belowother and all insurance proceeds shall be retained by Lessor; provided, terminate this Lease andhowever, in the latter eventthat, if such termination is by Lessee, Lessor shall have the right, in its sole discretion, to nullify the termination and keep this Lease in full force by providing, within thirty (30) days after Lessee's Notice of termination, a Notice to Lessee of Lessor's unconditional, legally binding obligation to be entitled to retain responsible for all restoration costs in excess of the insurance proceeds. If this Lease is not terminated and Lessee restores the Facility, the insurance proceeds, and Lessee any other sums made available by Lessor as aforesaid, shall pay be paid out by Lessor from time to Lessor on demandtime for the reasonable costs of such restoration upon satisfaction of reasonable terms and conditions, the amount of and any deductible or uninsured loss arising in connection therewithexcess proceeds remaining after such restoration shall be retained by Lessor.
(b) Except as provided in Section 14.7, if during Notwithstanding the Term, the Leased Improvements and/or the Fixtures are totally or partially destroyed from a risk covered by the insurance described in Article XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, howeverprovisions of SECTION 14.2(a) above, if Lessee cannot within a reasonable time obtain all necessary governmental government approvals, including building permits, licenses, licenses and conditional use permits and any certificates of needpermits, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as that existing immediately prior to such damage or destructiondestruction and otherwise in accordance with the terms of the Lease, either Lessor or Lessee may either (i) offer pursuant to Article XXII to substitute a new property, substantially equivalent terminate this Lease by providing Notice to the Leased Property immediately before such damage or destructionother party, or (ii) offer to purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction.
(c) 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 without in any excess amount needed to restore the Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust together with way affecting any other insurance proceeds for application to the cost of repair Leases then in effect between Lessor and restoration.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this . Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicable.Agreement Ashford TRS Corporation
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RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION COVERED BY INSURANCE.
(a) Except as provided in Section 14.715.7, if during the Term, Term the Leased Property is totally or partially substantially destroyed from by a risk covered by the insurance described in Article XIII and 14 so that the Facility thereby is rendered Unsuitable unsuitable for its Primary Intended UseUse (taking into account all relevant factors, Lessee including but not limited to the amount of square footage reasonably available for use by Tenant and the type and amount of Tenant revenues lost), Tenant shall have the option, by giving notice to Lessor within sixty (60) days following the date of such destruction, to at its option either (i) restore the Facility to substantially the same condition as existed immediately before the damage or destruction, destruction in which event this Lease shall continue in full force and effect or (ii) offer (A) to acquire the Leased Property from Lessor Landlord for a purchase price equal to the greater of the Minimum Repurchase Price or the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction destruction. If Tenant restores the Facility, the insurance proceeds shall be paid out by Landlord to Tenant or (B) its designee from time to substitute a new property pursuant time as necessary to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute pay for the Leased reasonable costs of such restoration. If Tenant acquires the Property, within thirty (30) days after all applicable insurance proceeds shall become the date property of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after Tenant upon Landlord's receipt of Lessor's notice, either withdraw its offer to the full purchase or substitute price for the Leased Property and proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI below, terminate this Lease and, in the latter event, 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 therewithProperty.
(b) Except as provided in Section 14.715.7, if during the Term, Term the Leased Improvements and/or the Fixtures are totally or Property is partially destroyed from a risk covered by the insurance described in Article XIII, 14 but the Facility is not thereby rendered Unsuitable unsuitable for its the Primary Intended Use (taking into account all relevant factors, including but not limited to Legal Requirements applicable to the Primary Intended Use, Lessee the amount of square footage reasonably available for use by Tenant and the type and amount of Tenant revenues lost), 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; provided, however, that if Lessee Tenant cannot not, with reasonable diligence and within a reasonable time time, obtain all necessary governmental approvalsGovernmental Approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able necessary to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destructionand for the Primary Intended Use, Lessee may Tenant shall either (i) offer pursuant to Article XXII to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destruction, or (ii) offer to purchase the Leased Property for a purchase price equal to the greater of the Minimum Repurchase Price or the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (ii) continue with the Lease in full force and effect in which event Landlord shall be entitled to retain the insurance proceeds, less the amount needed to restore the Property so that the portion of the Facility unaffected by the casualty can be used as a complete architectural unit. If Tenant shall make such offer to purchase the Property and Landlord does not accept the same within 120 days of Landlord's receipt of such offer, Tenant may withdraw such offer, in which case this Lease shall remain in full force and effect and Tenant shall proceed to restore the Facility as soon as reasonably practicable to substantially the same condition as existed immediately before such damage or destruction. If Tenant so restores the Facility, insurance proceeds shall be paid out by Landlord from time to time to pay for the reasonable costs of such restoration, and any excess proceeds remaining after such restoration shall be retained by Landlord.
(c) If Tenant elects to repair or restore any damage or destruction to the Property and the cost of the any such repair or restoration exceeds the amount of proceeds received by Lessor Landlord from the insurance required under Article XIII14, Lessee Tenant shall be obligated to contribute any and all excess amount needed amounts necessary to repair or restore the Facility prior Facility. Tenant shall provide Landlord with a payment or completion guaranty in form and substance and from a guarantor reasonably acceptable to use Landlord. If no acceptable guarantor is available, Tenant shall pay Landlord the amount of the insurance proceeds. Such such difference, which amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust trust, together with any other insurance proceeds proceeds, for application to the cost of repair and restorationrestoration as such repair and restoration progresses.
(d) In the event Lessor If Landlord accepts LesseeTenant's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate as to the entire Property upon payment of the purchase price or execution therefor and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor Landlord shall thereupon remit to Lessee Tenant all insurance proceeds being held pertaining to the Property less Landlord's expenses, including attorneys' fees, and assign Landlord's rights in trust by Lessor or the Facility Mortgagee if applicableany uncollected insurance proceeds to Tenant.
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RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION COVERED BY INSURANCE.
(a) Except as provided in Section 14.7, if during the Term, Term the Leased Property is totally or partially destroyed from a risk covered by the insurance described in Article XIII and the Facility is thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the option, by giving written notice to Lessor 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) offer (A) to acquire so long as Lessee is not in default, and no event has occurred which with the giving of notice or the passage of time or both would constitute such a default, under this Lease, the Other Leases, the Tenant Leases, the Loan and the Loan Documents, purchase the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction destruction, or (Biii) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition long as existed immediately before the damage or destruction orwas not caused by the negligence of Lessee, unless Lessor is excused its agents, servants, employees or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI belowcontractors, terminate this Lease and, in the latter this event, 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 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.
(b) Except as provided in Section 14.7, if during the Term, Term the Leased Improvements and/or the Fixtures are totally or partially destroyed from a risk covered by the insurance described in Article XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessor determines in its sole discretion that Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after good faith diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, so long as Lessee may either is not in default, and no event has occurred which with the giving of notice or the passage of time or both would constitute such a default, under the terms of this Lease, the Other Leases, the Tenant Leases, the Loan and the Loan Documents, Lessee shall have the option, by giving written notice to Lessor within sixty (i60) offer pursuant to Article XXII to substitute a new property, substantially equivalent to days following the Leased Property immediately before date of such damage or destruction, or (ii) offer to purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction. In the event Lessee purchases the Leased Property pursuant to this Section 14.2(b), 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.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee Lender if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor accepts Lessee's offer Lessee elects to purchase the Leased Property as provided in this Section 14.2, and no default or to provide a Substitute PropertyEvent of Default exists at the time of the closing of such purchase, this Lease shall terminate upon payment of the purchase price or execution and delivery transfer of all documents required in connection with a Substitute title to the Leased Property under Article XXI to Lessee, and Lessor shall transfer to Lessee its rights in or remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicableLender on or prior to the closing of Lessee's purchase of the Leased Property.
Appears in 1 contract
RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION COVERED BY INSURANCE.
(a) Except as provided in Section 14.715.7, if during the Termduring, the Leased Term a portion of the Property is totally or partially substantially destroyed from by a risk covered by the insurance described in Article XIII and XIV so that the Facility thereby is rendered Unsuitable unsuitable for its Primary Intended UseUse (taking into account all relevant factors, Lessee including but not limited to the number of useable beds, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost) (the "Impacted Facility"), Tenant shall have the option, by giving notice to Lessor within sixty (60) days following the date of such destruction, to at its option either (i) restore the Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Impacted Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused or otherwise not required to accept such Substitute (ii) acquire the Property pursuant from Landlord for a purchase price equal to the provisions greater of Article XXI belowthe Minimum Repurchase Price or the Fair Market Value Purchase Price of the Property immediately prior to such damage or destruction, or (iii) terminate this the Lease and, with respect to the Property effective upon Landlord's receipt of the insurance proceeds and any "Shortfall" (as hereinafter defined) and in the latter event, Lessor such event Landlord shall be entitled to retain or collect for its own benefit the insurance proceeds, and Lessee shall pay to Lessor on demandprovided that, in the event the amount of the insurance proceeds received by Landlord are less than the amounts which would be payable in the aggregate under the insurance policies specified in Section 14.1(a) such termination shall not be effective until Tenant pays Landlord the amount of such shortfall ("Shortfall") in cash. If Tenant restores the Impacted Facility, the insurance proceeds shall be paid out by Landlord to Tenant or its designee from time to time as reasonably requested by Tenant to pay for the reasonable costs of such restoration and any deductible or uninsured loss arising in connection therewithexcess proceeds remaining after such restoration shall be retained by Tenant. If Tenant acquires the Property, all applicable insurance proceeds shall be the property of Tenant.
(b) Except as provided in Section 14.715.7, if during the Term, the Leased Improvements and/or the or Fixtures are totally or partially destroyed from due to a risk covered by the insurance described in Article XIII, XIV but the Impacted Facility is not thereby rendered Unsuitable unsuitable for its the Primary Intended UseUse (taking into account all relevant factors, Lessee including but not limited to the number of useable beds, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost), Tenant shall restore the Impacted Facility to substantially the same condition as existed immediately before the damage or destruction. Such damage or destruction shall not terminate this Lease; provided, provided however, that if Lessee Tenant cannot not, with reasonable diligence and within a reasonable time time, obtain all necessary governmental government approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, Lessee may either (i) offer pursuant to Article XXII to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destruction, or (ii) offer to purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicable.,
Appears in 1 contract
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 and the Facility thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the option, by giving written notice to Lessor 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) offer (A) to acquire so long as Lessee is not in monetary or payment default of any kind, and no event has occurred which with the giving of notice or the passage of time, or both, would constitute such a default, under this Lease, the Other Leases and the Tenant Leases, purchase the Leased Property (including the Parking Lot Interest) from Lessor for a purchase price equal to the Fair Market Value Purchase Option Price as defined in Section 35.1 (less the amount of the Leased Property immediately prior to such damage or destruction any insurance proceeds held by Lessor), or (Biii) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition long as existed immediately before the damage or destruction orwas not caused by the negligence of Lessee, unless Lessor is excused its agents, servants, employees or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI belowcontractors, terminate this Lease and, in the latter this event, 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 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.
(b) Except as provided in Section 14.7, if 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 XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, so long as Lessee may either is not in monetary or payment default of any kind, and no event has occurred which with the giving of notice or the passage of time or both would constitute such a default, under the terms of this Lease, the Other Leases and the Tenant Leases, Lessee shall have the option, by giving written notice to Lessor within sixty (i60) offer pursuant to Article XXII to substitute a new property, substantially equivalent to days following the Leased Property immediately before date of such damage or destruction, or (ii) offer to purchase the Leased Property (including the Parking Lot Interest) for a purchase price equal to the Fair Market Value Purchase Option Price as defined in Section 35.1 (less the amount of any insurance proceeds held by Lessor). In the event Lessee purchases the Leased Property immediately prior pursuant to such damage or destructionthis Section 14.2(b), 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.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee Lender if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor accepts Lessee's offer to purchase Lessee purchases the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery Option Price (less the amount of all documents required in connection with a Substitute Property under Article XXI any insurance proceeds held by Lessor) and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee Lender if applicable.
Appears in 1 contract
RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION COVERED BY INSURANCE.
(a) Except as provided in Section 14.715.7, if during the Term, Term a portion of the Leased Property is totally or partially substantially destroyed from by a risk covered by the insurance described in Article XIII and XIV so that the Facility thereby is rendered Unsuitable unsuitable for its Primary Intended Use, Lessee in Tenant's reasonable opinion (taking into account all relevant factors, including but not limited to the number of useable beds, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross Revenues lost) (the "IMPACTED FACILITY"), Tenant shall have the option, by giving notice to Lessor within sixty (60) days following the date of such destruction, to at its option either (i) restore the Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Impacted Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused or otherwise not required to accept such Substitute (ii) acquire the Property pursuant from Landlord for a purchase price equal to the provisions greater of Article XXI belowthe Minimum Repurchase Price or the Fair Market Value Purchase Price of the Property immediately prior to such damage or destruction, or (iii) terminate this the Lease and, with respect to the Property effective upon Landlord' s receipt of the insurance proceeds and any "Shortfall" (as hereinafter defined) and in the latter event, Lessor such event Landlord shall be entitled to retain or collect for its own benefit the insurance proceeds, and Lessee shall pay to Lessor on demandprovided that, in the event the amount of the insurance proceeds received by Landlord are less than the amount which would be payable in the aggregate under the insurance policies specified in Section 14.1(a) such termination shall not be effective until Tenant pays Landlord the amount of such shortfall ("SHORTFALL") in cash. If Tenant restores the Impacted Facility, the insurance proceeds shall be paid out by Landlord to Tenant or its designee from time to time as reasonably requested by Tenant to pay for the reasonable costs of such restoration and any deductible or uninsured loss arising in connection therewithexcess proceeds remaining after such restoration shall be retained by Tenant. If Tenant acquires the Property, all applicable insurance proceeds shall be the property of Tenant.
(b) Except as provided in Section 14.715.7, if during the Term, the Leased Improvements and/or the or Fixtures are totally or partially destroyed from due to a risk covered by the insurance described in Article XIII, XIV but the Impacted Facility is not thereby rendered Unsuitable unsuitable for its the Primary Intended Use, Lessee in Tenant's reasonable opinion (taking into account all relevant factors, including but not limited to the number of useable beds, the amount of square footage reasonably available for use by Tenant and the type and amount of Gross revenues lost), Tenant shall restore the Impacted Facility to substantially the same condition as existed immediately before the damage or destruction. Such damage or destruction construction shall not terminate this Lease; provided, however, that if Lessee Tenant cannot not, with reasonable diligence and within a reasonable time time, obtain all necessary governmental government approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able necessary to perform all required repair and restoration work and to operate the Impacted Facility for its Primary Intended Use in substantially the same manner as and for the Primary Intended Use, Tenant shall either (i) offer to purchase the Property for a purchase price equal to the greater of the Minimum Repurchase Price or the Fair Market Value Purchase Price immediately prior to such damage or destructiondestruction or (ii) continue to operate under the Lease which shall remain in full force and effect and Landlord shall be entitled to retain the insurance proceeds, Lessee less the amount needed to restore the Property so that the portion of the Facility unaffected by the casualty can be used as a complete architectural unit. If Tenant shall make such offer and Landlord does not accept the same within 120 days of Landlord's receipt of such offer, Tenant may either (ix) offer pursuant withdraw such offer, in which case this Lease shall remain in full force and effect and Tenant shall proceed to Article XXII restore the Impacted Facility as soon as reasonably practicable to substitute a new property, substantially equivalent to the Leased Property same condition as existed immediately before such damage or destruction, or (iiy) offer terminate this Lease after recovery by Landlord of all insurance proceeds and the payment by Tenant of any Shortfall in cash. If Tenant so restores the Impacted Facility, insurance proceeds shall be paid out by Landlord from time to purchase time as reasonably requested by Tenant to pay for the Leased Property for a purchase price equal to the Fair Market Value Purchase Price reasonable costs of the Leased Property immediately prior to such damage or destructionrestoration, and any excess proceeds remaining after such restoration shall be retained by Tenant.
(c) If Tenant elects to repair or restore any damage or destruction to the Property and the cost of the such repair or restoration exceeds the amount of proceeds received by Lessor Landlord from the insurance required under Article XIIIXIV, Lessee Tenant shall be obligated to contribute any and all excess amount needed amounts necessary to repair or restore the Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restorationFacility.
(d) In the event Lessor If Landlord accepts LesseeTenant's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate as to the Property upon payment of the purchase price or execution therefor and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor Landlord shall thereupon remit to Lessee Tenant all insurance proceeds being held pertaining to the Property less Landlord's reasonable expenses, including attorneys' fees, and assign Landlord's rights in trust by Lessor or the Facility Mortgagee if applicableany uncollected insurance proceeds to Tenant.
Appears in 1 contract
Samples: Lease Agreement (Emeritus Corp\wa\)
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 and the Facility thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the option, by giving written notice to Lessor 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) offer (A) to acquire so long as Lessee is not in default, and no event has occurred which with the giving of notice or the passage of time, or both, would constitute such a default, under this Lease, the Other Leases and the Tenant Leases, purchase the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction destruction, so long as such right to purchase is consistent with the terms of the Ground Lease, or (Biii) to substitute a new property pursuant to and in accordance with the provisions of Article XXI. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition long as existed immediately before the damage or destruction orwas not caused by the negligence of Lessee, unless Lessor is excused its agents, servants, employees or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI belowcontractors, terminate this Lease and, in the latter this event, 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 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.
(b) Except as provided in Section 14.7, 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 XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, so long as Lessee may either is not in default, and no event has occurred which with the giving of notice or the passage of time or both would constitute such a default, under the terms of this Lease, the Other Leases and the Tenant Leases, Lessee shall have the option, by giving written notice to Lessor within sixty (i60) offer pursuant to Article XXII to substitute a new property, substantially equivalent to days following the Leased Property immediately before date of such damage or destruction, or (ii) offer to purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction, so long as such right to purchase is consistent with the terms of the Ground Lease. In the event Lessee purchases the Leased Property pursuant to this Section 14.2(b), 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.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee Lender if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicable.
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RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION COVERED BY INSURANCE.
(a) Except as provided in Section 14.713.7, if during the Term, Term the Leased Property Facility is totally or partially destroyed from a risk covered by the insurance described in Article XIII XII and the Facility thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the option, by giving notice to Lessor within sixty (60) 60 days following the date of such destruction, to (i) apply all proceeds payable with respect thereto to restore the Facility to substantially the same condition as existed immediately before the damage or destructiondestruction or such other condition consistent with the Primary Intended Use as may be approved by Lessor in writing, which consent shall not be unreasonably withheld if such other condition would not, in Lessor's good faith judgment, result in a reduction in the value of the Leased Property or negatively affect the ability of Lessee to pay Rent hereunder as and when due, or (ii) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXIXX. In the event Lessee does not make an offer or Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, Property within thirty (30) 30 days after the date of such offer, Lessee may, by giving notice to Lessor shall either (i) within thirty (30) 30 days after receipt the end of Lessor's noticesuch 30-day period (or, either withdraw its if no offer to purchase or substitute for is made, within 60 days following the Leased Property and date of such destruction) proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction or such other condition consistent with the Primary Intended Use as may be approved by Lessor in writing, which consent shall not be unreasonably withheld if such other condition would not, in Lessor's good faith judgment, result in a reduction in the value of the Leased Property or negatively affect the ability of Lessee to pay Rent hereunder as and when due, or (ii) within 60 days after the end of such 30-day period (or, unless if no offer is made, within 60 days following the date of such destruction), acquire the Leased Property from Lessor is excused or otherwise not required to accept such Substitute Property pursuant for a purchase price equal to the provisions Minimum Repurchase Price of Article XXI below, terminate this Lease and, in the latter event, Lessor shall be entitled Leased Property immediately prior to retain the insurance proceeds, and Lessee shall pay to Lessor on demand, the amount of any deductible such damage or uninsured loss arising in connection therewithdestruction .
(b) Except as provided in Section 14.713.7, if during the Term, Term the Leased Improvements and/or the Fixtures are totally or Facility is partially destroyed from a risk covered by the insurance described in Article XIIIXII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee shall restore the Facility to substantially the same condition as existed immediately before the damage or destructiondestruction or such other condition consistent with the Primary Intended Use as may be approved by Lessor in writing, which consent shall not be unreasonably withheld if such other condition would not, in Lessor's good faith judgment, result in a reduction in the value of the Leased Property or negatively affect the ability of Lessee to pay Rent hereunder as and when due. Such damage or destruction shall not terminate this Lease; provided, however, provided that if Lessee cannot within a reasonable time -------- obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, Lessee may either (i) offer pursuant to Article XXII XX to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destruction, or (ii) offer to after the fourth anniversary of the Commencement Date, purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Minimum Repurchase Price of the Leased Property immediately prior to such damage or destruction.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price and execution and delivery of all appropriate documentation, or execution and delivery of all documents required in connection with a Substitute Property under Article XXI XX, and Lessor shall remit to Lessee, or allow Lessee a credit toward the purchase price in an amount equal to, all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicableLessor.
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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 and the Facility is thereby is rendered Unsuitable for its Primary Intended Use, Lessee Tenant shall have the option, by giving written notice to Lessor 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) offer (A) so long as Tenant is not in default, or no event has occurred which with the giving of notice or the passage of time or both would constitute a default, under this Lease and the Secondary Leases, to acquire purchase Landlord's interest in the Leased Property from Lessor Landlord for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXIdestruction. In the event Lessor Landlord does not accept LesseeTenant's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date Landlord's receipt of such offerTenant's notice, Lessee Tenant may, by after giving notice to Lessor within Landlord thirty (30) days after receipt of Lessor's days' prior written notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction or, unless Lessor is excused or otherwise not required to accept such Substitute Property pursuant to the provisions of Article XXI below, terminate this Lease and, in the latter event, Lessor Landlord shall be entitled to retain the insurance proceeds, and Lessee Tenant shall pay to Lessor Landlord on demand, the amount of any deductible or uninsured loss arising in connection therewith.
(b) Except as provided in Section 14.7, 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 XIII, but the Facility is not thereby rendered Unsuitable for its Primary Intended Use, Lessee 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; provided, however, if Lessee Tenant cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, Lessee may either (i) offer pursuant to Article XXII to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destructionso long as Tenant is not in default, or (ii) offer no event has occurred which with the giving of notice or the passage of time or both would constitute a default, under the terms of this Lease and the Secondary Leases, Tenant shall have the option to purchase Landlord's interest in the Leased Property for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction.
(c) If the cost of the repair or restoration exceeds the amount of proceeds received by Lessor Landlord from the insurance required under Article XIII, Lessee Tenant shall be obligated to contribute any excess amount needed to restore the Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee Tenant to Lessor Landlord (or a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor Landlord accepts LesseeTenant's offer to purchase Landlord's interest in the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor Landlord shall remit to Lessee Tenant all insurance proceeds being held in trust by Lessor Landlord or the Facility Mortgagee if applicable.
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RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION NOT COVERED BY INSURANCE.
(a) . Except as provided in Section 14.715.7 below, if during the Term, Term the Leased Property Facility is totally destroyed or partially destroyed materially damaged (i) from a risk not covered by the insurance described in Article XIII 14 but that would have been covered if Tenant carried the insurance customarily maintained by, and generally available to, the operators of reputable health care facilities in the region in which the Facility thereby is rendered Unsuitable located, (ii) from a risk for which insurance coverage is voided due to any act or omission by Tenant, or (iii) as result of storm, flood or an earthquake, whether or not such damage or destruction renders the Facility unsuitable for its Primary Intended Use (taking into account all relevant factors, including but not limited to the Legal Requirements applicable to the Primary Intended Use, Lessee amount of square footage reasonably available for use by Tenant and the type and amount of Tenant revenues lost), Tenant shall have the option, by giving notice to Lessor 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 such damage or destructiondestruction and not terminate this Lease. Otherwise, if the Facility is totally destroyed or materially damaged by a risk not covered by insurance such that the Facility shall be unusable for its Primary Intended Use, Tenant shall, within 90 days of such destruction or damage, elect either (i) to restore the Property to the same condition as existed immediately prior to such damage or destruction so that the Facility shall be suitable for its primary intended use, in which event, this Lease shall continue in full force and effect or (ii) offer (A) to acquire purchase the Leased Property from Lessor Landlord for a purchase price equal to the greater of the Minimum Repurchase Price or the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XXIdestruction. In the event Lessor does not accept Lessee's offer to so purchase or substitute for the Leased Property, within thirty (30) days after the date of If such offer, Lessee may, by giving notice to Lessor within thirty (30) days after receipt of Lessor's notice, either withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition as existed immediately before the uninsured damage or destruction or, unless Lessor is excused or otherwise does not required to accept such Substitute render the Property pursuant to the provisions of Article XXI below, terminate this Lease and, in the latter event, 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, 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 XIII, but the Facility is not thereby rendered Unsuitable unusable for its Primary Intended Use, Lessee 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; provided, however, if Lessee cannot within a reasonable time obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so, in order to be able to perform all required repair and restoration work and to operate the Facility for its Primary Intended Use in substantially the same manner as immediately prior to such damage or destruction, Lessee may either (i) offer pursuant to Article XXII to substitute a new property, substantially equivalent to the Leased Property immediately before such damage or destruction, or (ii) offer to purchase the Leased Property for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction.
(c) 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 Facility prior to use of the insurance proceeds. Such amount shall be paid by Lessee to Lessor (or a Facility Mortgagee if required) to be held in trust together with any other insurance proceeds for application to the cost of repair and restoration.
(d) In the event Lessor accepts Lessee's offer to purchase the Leased Property or to provide a Substitute Property, this Lease shall terminate upon payment of the purchase price or execution and delivery of all documents required in connection with a Substitute Property under Article XXI and Lessor shall remit to Lessee all insurance proceeds being held in trust by Lessor or the Facility Mortgagee if applicable.
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