Common use of Repair and Rebuilding Clause in Contracts

Repair and Rebuilding. In the event that Tenant does not terminate this Agreement of Lease as provided for in Section 11.1 above and in all other events, then Tenant, at its own cost and expense, shall, subject to the other provisions of this Section 11, cause the same to be repaired, replaced or rebuilt as nearly as possible to its condition immediately prior to the damage or destruction subject to such alterations or changes as Tenant may elect to make in conformity with Section 8 hereof within a period of time which, under all prevailing circumstances, shall be reasonable. If Tenant shall exercise its option to terminate this Lease, this Lease shall expire automatically as provided in subsection 11.1 in which event Tenant shall be under no obligation to repair, replace or rebuild the buildings and improvements on the Property but shall clear away the ruins and leave the Demised Premises in a clean, orderly and sightly condition. In the event that (i) Tenant shall fail to give notice of its exercise of its option to terminate within such period or (ii) if the buildings and improvements on the Demised Premises shall not be damaged to the extent of more than seventy-five percent (75%) of this Gross Leaseable Area, then, Tenant shall, subject to the other provisions of this Section 11, cause the same to be repaired, replaced or rebuilt at its own cost and expense as herein provided. If Tenant does not repair, replace or rebuild any damaged or destroyed buildings or improvements, all insurance proceeds that are payable as a result of the destruction or damage to such buildings or improvements plus the deductible (to be paid by Tenant), if any, shall be paid to Landlord and this Agreement of Lease shall terminate on the date of such payment.

Repair and Rebuilding. In the event that Tenant does not terminate this Agreement of Lease as provided for in Section 11.1 8 above and in all other events, then the Tenant, at its own cost and expense, shall, subject to the other provisions of this Section 118, cause the same to be repaired, replaced or rebuilt as nearly as possible to its condition immediately prior to the damage or destruction subject to such alterations or changes as Tenant may elect to make in conformity with Section 8 hereof within a period of time which, under all prevailing circumstances, shall be reasonable. If Tenant shall exercise its option to terminate this Lease, this Lease shall expire automatically as provided in subsection 11.1 8(d) in which event Tenant shall be under no obligation to repair, replace or rebuild the buildings building and improvements on the Property property but shall clear away the ruins and leave the Demised Premises in a clean, orderly and sightly condition. In the event that (i) Tenant shall fail to give notice of its exercise of its option to terminate within such period or (ii) if the buildings and improvements on the Demised Premises shall not be damaged to the extent of more than seventy-five fifty percent (7550%) of this Gross Leaseable Area, thenthe, Tenant shall, subject to the other provisions of this Section 118, cause the same to be repaired, replaced or rebuilt at its own cost and expense as herein provided. If Tenant does not repair, replace or rebuild any damaged or destroyed buildings or improvements, all insurance proceeds that are payable as a result of the destruction or damage to such buildings or improvements plus the deductible (to be paid by Tenant)deductible, if any, shall be paid to Landlord and this Agreement of Lease shall terminate on the date of such payment.

Repair and Rebuilding. In the event that Tenant does not terminate this Agreement of Lease as provided for in Section 11.1 above and in all other events, then Tenant, at its own cost and expense, shall, subject any damage to the other provisions of this Section 11, cause the same to be repaired, replaced or rebuilt as nearly as possible to its condition immediately prior to the damage or destruction subject to such alterations of the Campus or changes as Tenant may elect to make in conformity with Section 8 hereof within a period of time whichany improvements thereon from any causes whatever, under all prevailing circumstances, shall be reasonable. If Tenant shall exercise its option promptly give written notice thereof to Landlord. In the event of destruction totaling more than Fifty percent(50%) of the total square footage contained within all of the Buildings leased to Tenant; Landlord shall have a right to terminate this Lease, this Lease shall expire automatically as provided in subsection 11.1 in which event Tenant shall be under no obligation to repair, replace or rebuild the buildings and improvements on the Property but shall clear away the ruins and leave the Demised Premises in a clean, orderly and sightly condition. In the event that (i) of any destruction, the Parties shall meet to confer on who shall bear the responsibility to repair the damage consistent with the allocation of responsibilities under this Lease and ownership of the improvement at the time of loss. The parties must come to mutual agreement on any decision to repair or rebuild. If the parties come to agreement, the Parties shall develop a timeframe and budget to implement the agreed upon repairs. Any obligations assumed by Landlord or Tenant shall fail to give notice hereunder are contingent upon available funding. Any insurance proceeds from insurance payable by reason of its exercise of its option to terminate within such period damage or (ii) if the buildings and improvements on the Demised Premises shall not be damaged destruction available to the extent Parties shall be applied to pay the cost of more than seventy-five percent (75%) of this Gross Leaseable Area, then, Tenant shall, subject to the other provisions of this Section 11, cause the same to be repaired, replaced or rebuilt at its own cost and expense as herein providedsuch reconstruction. If Tenant does not repair, replace or rebuild any damaged or destroyed buildings or improvements, all insurance proceeds that are payable as a result Insurance funds in excess of the destruction or damage to cost of such buildings or improvements plus the deductible (to be paid by Tenant), if any, reconstruction shall be paid to Commission, Landlord, and/or Tenant prorated based upon the unexpired term of this Lease, with Tenant receiving the fraction thereof which is equal to the then remaining term divided by the original term of this Lease. In the event such damage or destruction occurs within the last ten (10) years of the Term of this Lease, and if such damage or destruction cannot be substantially repaired within one hundred eighty (180) days, either Landlord and this Agreement of Lease shall terminate on or Tenant may elect by written notice to the other, within ninety (90) days after the date of such paymentdamage or destruction, to terminate this Lease. Tenant may need to procure property insurance for certain Buildings. In such event, Landlord agreesat Tenant’s request to procure such property insurance, the cost of which shall be paid by Tenant or may be passed through to the applicable subtenant.

Repair and Rebuilding. In the event that Tenant does not terminate this Agreement of Lease as provided for in Section 11.1 8 above and in all other events, then the Tenant, at its own cost and expense, shall, subject to the other provisions of this Section 118, cause the same to be repaired, replaced or rebuilt as nearly as possible to its condition immediately prior to the damage or destruction subject to such alterations or changes as Tenant may elect to make in conformity with Section 8 hereof within a period of time which, under all prevailing circumstances, shall be reasonable. If Tenant shall exercise its option to terminate this Lease, this Lease shall expire automatically as provided in subsection 11.1 8(d) in which event Tenant shall be under no obligation to repair, replace or rebuild the buildings and improvements on the Property property but shall clear away the ruins and leave the Demised Premises in a clean, orderly and sightly slightly condition. In the event that (i) Tenant shall fail to give notice of its exercise of its option to terminate within such period or (ii) if the buildings and improvements on the Demised demised Premises shall not be damaged to the extent of more than seventy-five fifty percent (75%505) of this Gross Leaseable gross leasable Area, then, Tenant shall, subject to the other provisions of this Section 118, cause the same to be repaired, replaced or rebuilt at its own cost and expense as herein provided. If Tenant does not repair, replace or rebuild any damaged or destroyed buildings or improvements, all insurance proceeds that are payable as a result of the destruction or damage to such buildings or improvements plus the deductible (to be paid by Tenant)deductible, if any, shall be paid to Landlord and this Agreement of Lease shall terminate on the date of such payment.. 151