Common use of Repair of Damage to Premises by Lessor Clause in Contracts

Repair of Damage to Premises by Lessor. Lessee shall promptly notify Lessor of any damage to the Premises resulting from fire or any other casualty. If the Premises shall be damaged by fire or other casualty, Lessor shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Lessor’s reasonable control, and subject to all other terms of this Article 7, restore the Premises. Such restoration shall be to substantially the same condition of the Premises and common areas prior to the casualty, except for (a) modifications required by zoning and building codes and other laws or by the holder of a mortgage on the Premises, (b) improvements or alterations of or additions to the Premises made by Lessee during the Term, which were not approved in writing by Lessor and covered by such all-risk insurance policy described in Section 5.1 hereof, or (c) any other modifications to the common areas or parking areas deemed desirable by Lessor. Any other restoration shall be performed by Lessee, at its sole cost and expense, in accordance with the terms of this Lease. Lessor shall not be liable for any inconvenience or annoyance to Lessee or its visitors, or injury to Lessee’s business resulting in any way from such damage or the repair thereof. However, if such fire or other casualty shall have damaged the Premises necessary to Lessee’s occupancy, Lessor shall allow Lessee a proportionate and equitable abatement of Rent for any portion of the Premises Lessee cannot and does not use, but only to the extent Lessor is reimbursed from the proceeds of loss of rents insurance purchased by Lessee pursuant to Section 5.1 hereof and to the extent the Premises are materially damaged and unfit for use for the Permitted Use under this Lease, and not actually used by Lessee as a result thereof.

Appears in 3 contracts

Samples: Purchase and Sale Agreement (Addvantage Technologies Group Inc), Lease Agreement (Addvantage Technologies Group Inc), Lease Agreement (Addvantage Technologies Group Inc)

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Repair of Damage to Premises by Lessor. Lessee shall promptly notify Lessor of any damage to the Premises resulting from fire or any other casualty. If the Premises shall be damaged by fire or other casualty, Lessor shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Lessor’s 's reasonable control, and subject to all other terms of this Article 7, restore the Premises. Such restoration shall be to substantially the same condition of the Premises and common areas prior to the casualty, except for (a) modifications required by zoning and building codes and other laws or by the holder of a mortgage on the Premises, (b) improvements or alterations of or additions to the Premises made by Lessee during the Term, which were not approved in writing by Lessor and covered by such all-risk insurance policy described in Section 5.1 hereof, or (c) any other modifications to the common areas or parking areas deemed desirable by Lessor. Any other restoration shall be performed by Lessee, at its sole cost and expense, in accordance with the terms of this Lease. Lessor shall not be liable for any inconvenience or annoyance to Lessee or its visitors, or injury to Lessee’s 's business resulting in any way from such damage or the repair thereof. However, if such fire or other casualty shall have damaged the Premises necessary to Lessee’s 's occupancy, Lessor shall allow Lessee a proportionate and equitable abatement of Rent for any portion of the Premises Lessee cannot and does not use, but only to the extent Lessor is reimbursed from the proceeds of loss of rents insurance purchased by Lessee pursuant to Section 5.1 hereof and to the extent the Premises are materially damaged and unfit for use for the Permitted Use under this Lease, and not actually used by Lessee as a result thereof.

Appears in 2 contracts

Samples: Agreement for Purchase and Sale of Real Estate (Addvantage Technologies Group Inc), Lease Agreement (Addvantage Technologies Group Inc)

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Repair of Damage to Premises by Lessor. Lessee shall promptly notify Lessor of any damage to the Premises resulting from fire or any other casualty. If the Premises shall be damaged by fire or other casualty, Lessor shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Lessor’s 's reasonable control, and subject to all other terms of this Article 7, restore the Premises. Such restoration shall be to substantially the same condition of the Premises and common areas prior to the casualty, except for (a) modifications required by zoning and building codes and other laws or by the holder of a mortgage on the Premises, (b) improvements or alterations of or additions to the Premises made by Lessee during the Term, which were not approved in writing by Lessor and covered by such all-risk insurance policy described in Section 5.1 hereof, or (c) any other modifications to the common areas or parking areas deemed desirable by Lessor. Any other restoration shall be performed by Lessee, at its sole cost and expense, in accordance with the terms of this Lease. Lessor shall not be liable for any inconvenience or annoyance to Lessee or its visitors, or injury to Lessee’s 's business resulting in any way from such damage or the repair thereof. However, if such fire or other casualty shall have damaged the Premises necessary to Lessee’s 's occupancy, Lessor shall allow Lessee a proportionate and equitable abatement of Rent for any portion of the Premises Lessee cannot and does not use, but only to the extent Lessor is reimbursed from the proceeds of loss of rents ofrents insurance purchased by Lessee pursuant to Section 5.1 hereof and to the extent the Premises are materially damaged and unfit for use for the Permitted Use under this Lease, and not actually used by Lessee as a result thereof.

Appears in 1 contract

Samples: Agreement for the Purchase and Sale of Real Estate (Addvantage Technologies Group Inc)

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