Common use of Restoration of Leased Premises Clause in Contracts

Restoration of Leased Premises. If during the term of this Agreement the Leased Premises shall be damaged, whether or not from a risk covered by insurance and subject to the other provisions of this Agreement regarding termination, Lessee shall promptly and expeditiously make the repairs necessary to restore the Leased Premises to a condition for occupancy or use comparable to the condition thereof before such damage, if such repairs to the facility are commercially feasible. Such damage shall not terminate this Agreement. If the cost of such repairs exceeds a commercially feasible amount, Lessee may nevertheless repair, restore, and replace the Leased Premises, or by prior written notice to Lessor, elect instead to demolish and reconstruct the improvements that were damaged. All repairs and restorations to the Leased Premises comparable to the condition thereof before such damage shall be deemed a part of the Leased Premises and belong solely to Lessor, and all repairs and restorations to any Lessee Owned Property, and any alterations, additions, or improvements to the Leased Premises made by Lessee, shall belong solely to Lessee.

Restoration of Leased Premises. If during the term of this Agreement Term the Leased Premises shall be damaged, whether or not from a risk covered by insurance and subject to the other provisions of this Agreement regarding termination, Lessee shall promptly and expeditiously make the repairs necessary to restore the Leased Premises to a condition for occupancy or use comparable to the condition thereof before such damage, if such repairs to the facility are commercially feasible. Such damage shall not terminate this Agreement. If the cost of such repairs exceeds a commercially feasible amount, Lessee may nevertheless repair, restore, and replace the Leased Premises, or by prior written notice to Lessor, elect instead to demolish and reconstruct the improvements that were damaged. All repairs and restorations to the Leased Premises comparable to the condition thereof before such damage shall be deemed a part of the Leased Premises and belong solely to Lessor, and all repairs and restorations to any Lessee Owned Property, and any alterations, additions, or improvements to the Leased Premises made by Lessee, shall belong solely to Lessee.