Common use of RECONSTRUCTION IN THE EVENT Clause in Contracts

RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION NOT COVERED BY INSURANCE. Except as provided in Section 13.7, if during the Term the Facility is totally or materially destroyed from a risk (including earthquake) not covered by the insurance described in Article XII, whether or not such damage or destruction renders the Facility Unsuitable for Its Primary Intended Use, Lessee shall: (i) restore the Facility to substantially the same condition it was in immediately prior to such damage or destruction and such damage or destruction shall not terminate this Lease, and all of Lessee's obligations hereunder, including Lessee's obligations with respect to the payment of the Rent, shall continue in full force and effect and not be affected thereby, or (ii) offer either (A) to acquire the Leased Property from Lessor for a purchase price equal to the Minimum Repurchase Price immediately prior to such damage or destruction, or (B) to substitute a new property or properties for the Leased Property pursuant to and in accordance with the provisions of Article XX (which offers Lessor in its sole discretion may refuse); provided that if such damage or destruction is not material in the reasonable opinion of Lessor, Lessee shall restore the Facility to substantially the same condition as existed immediately prior to any such damage or destruction.

Appears in 3 contracts

Samples: Lease Agreement (Balanced Care Corp), Lease Agreement (Balanced Care Corp), Lease (Balanced Care Corp)

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RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION NOT COVERED BY INSURANCE. Except as provided in Section 13.7, if during the Term the Facility is totally or materially destroyed from a risk (including earthquake) not covered by the insurance described in Article XII12, whether or not such damage or destruction renders the Facility Unsuitable for Its Primary Intended Use, Lessee shallshall at its option: (i) restore the Facility to substantially the same condition it was in immediately prior to such damage or destruction and such damage or destruction shall not terminate this Lease, and all of Lessee's obligations hereunder, including Lessee's obligations with respect to the payment of the Rent, shall continue in full force and effect and not be affected thereby, or (ii) offer either (A) to acquire the Leased Property from Lessor for a purchase price equal to the Minimum Repurchase Purchase Price immediately prior to such damage or destruction, or (B) to substitute a new property or properties for the Leased Property pursuant to and in accordance with the provisions of Article XX 20 (which offers Lessor in its sole discretion may refuse); provided that if such damage or destruction is not material in the reasonable opinion of Lessor, Lessee shall restore the Facility to substantially the same condition as existed immediately prior to any such damage or destruction.

Appears in 1 contract

Samples: Lease Agreement (Ramsay Health Care Inc)

RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION NOT COVERED BY INSURANCE. Except as provided in Section 13.713.7 below, if during the Term the Facility is totally or materially destroyed from a risk (including earthquake) which is not covered by the Lessee's insurance described in Article XII, XII (whether or not such damage or destruction renders the Facility Unsuitable for Its Primary Intended Use), Lessee shall: at its option shall either (ia) restore the Facility to substantially the same its condition it was in immediately prior to before such 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, and such damage or destruction shall not terminate this Lease, and all of Lessee's obligations hereunder, including Lessee's obligations with respect to the payment of the Rent, shall continue in full force and effect and not be affected thereby, or or (iib) offer either (A) to acquire the Leased Property from Lessor for a purchase price equal to the Minimum Repurchase Price immediately prior to such damage or destruction, destruction or (Bc) if all of the criteria for such substitution are satisfied, offer to substitute a new property or properties for substantially equivalent to the Leased Property immediately before such damage or destruction pursuant to and in accordance with the provisions of Article XX (which offers Lessor in its sole discretion may refuse)XX; provided provided. however. that if such damage or destruction ------------------ is not material in the reasonable opinion of Lessor, Lessee shall restore the Facility to substantially the same condition as existed immediately prior to any such damage or destructionLeased Property.

Appears in 1 contract

Samples: Lease Agreement (Ramsay Health Care Inc)

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RECONSTRUCTION IN THE EVENT. OF DAMAGE OR DESTRUCTION NOT COVERED BY INSURANCE. Except as provided in Section 13.713.7 below, if during the Term the Facility is totally or materially destroyed from a risk (including earthquake) which is not covered by the Lessee's insurance described in Article XII, XII (whether or not such damage or destruction renders the Facility Unsuitable for Its Primary Intended Use), Lessee shall: at its option shall either (ia) restore the Facility to substantially the same its condition it was in immediately prior to before such 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, and such damage or destruction shall not terminate this Lease, and all of Lessee's obligations hereunder, including Lessee's obligations with respect to the payment of the Rent, shall continue in full force and effect and not be affected thereby, or or (iib) offer either (A) to acquire the Leased Property from Lessor for a purchase price equal to the Minimum Repurchase Price immediately prior to such damage or destruction, destruction or (Bc) if all of the criteria for such substitution are satisfied, offer to substitute a new property or properties for substantially equivalent to the Leased Property immediately before such damage or destruction pursuant to and in accordance with the provisions of Article XX (which offers Lessor in its sole discretion may refuse)XX; provided provided, however, that if such damage or destruction ------------------ is not material in the reasonable opinion of Lessor, Lessee shall restore the Facility to substantially the same condition as existed immediately prior to any such damage or destructionLeased Property.

Appears in 1 contract

Samples: Lease Agreement (Ramsay Health Care Inc)

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