Common use of Restoration in the Event of Damage or Destruction Clause in Contracts

Restoration in the Event of Damage or Destruction. If all or any portion of a Leased Property is damaged by fire or other casualty, Lessee shall: (a) give Lessor Notice of such damage or destruction within five (5) Business Days of the occurrence thereof; (b) within thirty (30) Business Days of the occurrence commence the restoration of such Leased Property; and (c) thereafter proceed diligently to complete such restoration as quickly as reasonably possible, but in any event within one hundred eighty (180) days of the occurrence, to the end that the Leased Property is in substantially the same (or better) condition as the Leased Property was in immediately prior to the damage or destruction. Regardless of the anticipated cost thereof, if the restoration of a Leased Property requires any modification of structural elements, prior to commencing such modification Lessee shall obtain Lessor’s written approval of the plans and specifications therefor.

Appears in 4 contracts

Samples: Master Lease (Omega Healthcare Investors Inc), Operations Transfer Agreement (Omega Healthcare Investors Inc), Master Lease (Omega Healthcare Investors Inc)

AutoNDA by SimpleDocs

Restoration in the Event of Damage or Destruction. If all or any ------------------------------------------------------- portion of a the Leased Property is damaged by fire or other casualty, Lessee shall: (a) give Lessor Notice of such damage or destruction within five (5) Business Days of the occurrence thereof; (b) within thirty (30) Business Days of the occurrence commence the restoration of such the Leased Property; and (c) thereafter proceed diligently to complete such restoration as quickly as reasonably possible, but in any event within one hundred eighty (180) days of the occurrence, to the end that the Leased Property is in substantially the same (or better) condition as the Leased Property it was in immediately prior to the damage or destruction. Regardless of the anticipated cost thereof, if the restoration of a the Leased Property requires any modification of structural elements, prior to commencing such modification Lessee shall obtain Lessor’s 's written approval of the plans and specifications therefor.. 14.3

Appears in 1 contract

Samples: Operations Transfer Agreement (Emeritus Corp\wa\)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!