Common use of Substantial Damage During Lease Term Clause in Contracts

Substantial Damage During Lease Term. Provided Tenant has ------------------------------------ fully complied with Section 4.01 hereof (including actually maintaining in effect rental value insurance or Business interruption insurance provided for in clause (c) thereof) and has satisfied the conditions of the last sentence of this Section 10.05, if, at any time during the Term or any Extension Term, as the case may be, of this Lease, any Leased Property is so damaged by fire or otherwise that it is Completely Destroyed or Partially Destroyed (as such terms are hereafter defined), Tenant may, within one hundred and eighty (180) days after such damage, give notice of its election to terminate this Lease with respect to such Leased Property and, subject to the further provisions of this Section, this Lease will cease with respect to such Leased Property on the thirtieth (30th) day after the delivery of such notice. If the Lease is so terminated, Tenant will have no obligation to repair, rebuild or replace such Leased Property, and the entire insurance proceeds will belong to Landlord. If the Lease is not so terminated, Tenant shall rebuild such Leased Property in accordance with Section 10.01. If Tenant elects to terminate this Lease pursuant to this Section 10.05, Tenant will pay (or cause to be paid) to Landlord, an amount equal to the excess amount, if any, of the book value of the damaged property as shown in Landlord's financial statements as of the date of such termination, over the amount of all insurance proceeds received by Landlord. A Leased Property shall be deemed to be "Completely Destroyed" if there is sufficient damage to such Leased Property that Landlord and Tenant agree to its classification as such. A Leased Property shall be deemed to be "Partially Destroyed" if, as a result of damages to it, a substantial part of the Business (as determined by a reasonable dealer in the trade, in light of standard trade practices) cannot be conducted on it within one hundred and eighty (180) days of the occurrence of such damages. In the event that Landlord and Tenant are unable to agree to a determination of whether any Leased Property is Completely Destroyed, Partially Destroyed or otherwise, such determination shall be made pursuant to the Arbitration provisions set forth in Article XIV.

Substantial Damage During Lease Term. Provided Tenant has ------------------------------------ fully complied with Section 4.01 hereof (including actually maintaining in effect rental value insurance or Business interruption insurance provided for in clause (c) thereof) and has satisfied the conditions of the last sentence of this Section 10.05, if, at any time during the Term or any Extension Term, as the case may be, of this Lease, any Leased Property is so damaged by fire or otherwise that it is Completely Destroyed or Partially Destroyed (as such terms are hereafter defined), Tenant may, within one hundred and eighty (180) days after such damage, give notice of its election to terminate this Lease with respect to such Leased Property and, subject to the further provisions of this Section, this Lease will cease with respect to such Leased Property on the thirtieth (30th) day after the delivery of such notice. If the Lease is so terminated, Tenant will have no obligation to repair, rebuild or replace such Leased Property, and the entire insurance proceeds will belong to Landlord. If the Lease is not so terminated, Tenant shall rebuild such Leased Property in accordance with Section 10.01. If Tenant elects to terminate this Lease pursuant to this Section 10.05, Tenant will pay (or cause to be paid) to Landlord, an amount equal to the excess amount, if any, of the book value of the damaged property as shown in Landlord's financial statements as of the date of such termination, over the amount of all insurance proceeds received by Landlord. A Leased Property shall be deemed to be "Completely Destroyed" if there is sufficient damage to such Leased Property that Landlord and Tenant agree to its classification as such. A Leased Property shall be deemed to be "Partially Destroyed" if, as a result of damages to it, a substantial part of the Business (as determined by a reasonable dealer in the trade, in light of standard trade practices) cannot be conducted on it within one hundred and eighty (180) days of the occurrence of such damages. In the event that Landlord and Tenant are unable to agree to a determination of whether any Leased Property is Completely Destroyed, Partially Destroyed or otherwise, such determination shall be made pursuant to the Arbitration provisions set forth in Article XIV.

Substantial Damage During Lease Term. Provided Tenant has ------------------------------------ fully complied with Section 4.01 hereof (including actually maintaining in effect rental value insurance or Business interruption insurance provided for in clause (c) thereof) and has satisfied the conditions of the last sentence of this Section 10.05, if, at any time during the Term or any Extension Term, as the case may be, of this Lease, any Leased Property is so damaged by fire or otherwise that it is Completely Destroyed or Partially Destroyed (as such terms are hereafter defined), Tenant may, within one hundred and eighty (180) days after such damage, give notice of its election to terminate this Lease with respect to such Leased Property and, subject to the further provisions of this Section, this Lease will cease with respect to such Leased Property on the thirtieth (30th) day after the delivery of such notice. If the Lease is so terminated, Tenant will have no obligation to repair, rebuild or replace such Leased Property, and the entire insurance proceeds will belong to Landlord. If the Lease is not so terminated, Tenant shall rebuild such Leased Property in accordance with Section 10.01. If Tenant elects to terminate this Lease pursuant to this Section 10.05, Tenant will pay (or cause to be paid) to Landlord, an amount equal to the excess amount, if any, of the book value of the damaged property (excluding the land) as shown in Landlord's financial statements as of the date of such termination, over the amount of all insurance proceeds received by Landlord. A Leased Property shall be deemed to be "Completely Destroyed" if there is sufficient damage to such Leased Property that Landlord and Tenant agree to its classification as such. A Leased Property shall be deemed to be "Partially Destroyed" if, as a result of damages to it, a substantial part of the Business (as determined by a reasonable dealer in the trade, in light of standard trade practices) cannot be conducted on it within one hundred and eighty (180) days of the occurrence of such damages. In the event that Landlord and Tenant are unable to agree to a determination of whether any Leased Property is Completely Destroyed, Partially Destroyed or otherwise, such determination shall be made pursuant to the Arbitration provisions set forth in Article XIV.

Substantial Damage During Lease Term. Provided Notwithstanding Section ------------------------------------ 10.01 and provided that Tenant has ------------------------------------ fully complied with Section 4.01 hereof (including actually maintaining in effect rental value insurance or Business interruption insurance provided for in clause (c) thereof) and has satisfied the conditions of the last sentence of this Section 10.05), if, at any time during the Term or any Extension Term, as the case may be, Term of this Lease, any Leased Property is so damaged by fire or otherwise to such a magnitude that it is Completely Destroyed the improvements thereon cannot be rebuilt or Partially Destroyed repaired through diligent prosecution of such repairs and rebuilding so as to allow Tenant to conduct a substantial part of its Business (as such terms are hereafter defined)determined by a reasonable dealer in the trade, in light of standard trade practices) within one calendar year, then Tenant may, within one hundred and eighty ninety (18090) days after such damage, give notice of its election to terminate this Lease with respect to such Leased Property and, subject to the further provisions of this Section, this Lease will cease with respect to such Leased Property on the thirtieth (30th) day after the delivery of such notice, unless Landlord disagrees with Tenant's contention as to the magnitude of the damage and the length of time necessary to repair or rebuild the Leased Property and has sought determination of and is diligently prosecuting this dispute in a judicial (or other mutually agreeable) proceeding during this thirty (30) day period, in which case this Lease shall continue in full force and effect unless and until such proceeding shall result in a final award upholding the Tenant's position. In the event of a final award upholding Tenant's position, this Lease shall be deemed to have been terminated on the thirtieth (30th) day after delivery of notice of Tenant's election to terminate the Lease and Landlord shall rebate the Rent paid by Tenant after this thirty (30) day period.. If the Lease is so terminatedterminated pursuant to Tenant's election or to a final award upholding the Tenant's position under this Section 10.05, (a) Tenant will have no obligation to repair, rebuild or replace such Leased Property, and the entire insurance proceeds will belong to Landlord, and (b) Tenant will pay (or cause to be paid) to Landlord the entire insurance proceeds. If the Lease is not so terminatedterminated pursuant to this Section 10.05, Tenant shall rebuild such Leased Property in accordance with Section 10.01. If Tenant elects to terminate this Lease pursuant to this Section 10.05, Tenant will pay (or cause to be paid) to Landlord, an amount equal to the excess amount, if any, of the book value of the damaged property as shown in Landlord's financial statements as of the date of such termination, over the amount of all insurance proceeds received by Landlord. A Leased Property shall be deemed to be "Completely Destroyed" if there is sufficient damage to such Leased Property that Landlord and Tenant agree to its classification as such. A Leased Property shall be deemed to be "Partially Destroyed" if, as a result of damages to it, a substantial part of the Business (as determined by a reasonable dealer in the trade, in light of standard trade practices) cannot be conducted on it within one hundred and eighty (180) days of the occurrence of such damages. In the event that Landlord and Tenant are unable to agree to a determination of whether any Leased Property is Completely Destroyed, Partially Destroyed or otherwise, such determination shall be made pursuant to the Arbitration provisions set forth in Article XIV.

Substantial Damage During Lease Term. Provided Notwithstanding Section 10.01 and provided that Tenant has ------------------------------------ fully complied with Section 4.01 hereof (including actually maintaining in effect rental value insurance or Business interruption insurance provided for in clause (c) thereof) and has satisfied the conditions of the last sentence of this Section 10.05), if, at any time during the Term or any Extension Term, as the case may be, Term of this Lease, any Leased Property is so damaged by fire or otherwise to such a magnitude that it is Completely Destroyed the improvements thereon cannot be rebuilt or Partially Destroyed repaired through diligent prosecution of such repairs and rebuilding so as to allow Tenant to conduct a substantial part of its Business (as such terms are hereafter defined)determined by a reasonable dealer in the trade, in light of standard trade practices) within one calendar year, then Tenant may, within one hundred and eighty thirty (18030) days after such damage, give notice of its election to terminate this Lease with respect to such Leased Property and, subject to the further provisions of this Section, this Lease will cease with respect to such Leased Property on the thirtieth (30th) day after the delivery of such notice, unless Landlord disagrees with Tenant's contention as to the magnitude of the damage and the length of time necessary to repair or rebuild the Leased Property and has requested Arbitration pursuant to Article XIV during this thirty (30) day period, in which case this Lease shall continue in full force and effect unless and until the Arbitration proceeding shall result in a final award upholding the Tenant's position. If the Lease is so terminatedterminated pursuant to Tenant's election under this Section 10.05, (a) Tenant will have no obligation to repair, rebuild or replace such Leased Property, and the entire insurance proceeds will belong to Landlord. If the Lease is not so terminated, Tenant shall rebuild such Leased Property in accordance with Section 10.01. If Tenant elects to terminate this Lease pursuant to this Section 10.05, and (b) Tenant will pay (or cause to be paid) to Landlord, an amount equal to the excess amount, if any, of difference between the book value of the damaged property as shown in Landlord's financial statements as of the date of such termination, over termination and the amount of all the insurance proceeds received by Landlord. A Leased Property If the Lease is not terminated pursuant to this Section 10.05, Tenant shall be deemed to be "Completely Destroyed" if there is sufficient damage to rebuild such Leased Property that Landlord and Tenant agree to its classification as such. A Leased Property shall be deemed to be "Partially Destroyed" if, as a result of damages to it, a substantial part of the Business (as determined by a reasonable dealer in the trade, in light of standard trade practices) cannot be conducted on it within one hundred and eighty (180) days of the occurrence of such damages. In the event that Landlord and Tenant are unable to agree to a determination of whether any Leased Property is Completely Destroyed, Partially Destroyed or otherwise, such determination shall be made pursuant to the Arbitration provisions set forth in Article XIVaccordance with Section 10.01.

Substantial Damage During Lease Term. Provided Tenant has ------------------------------------ fully complied with Section 4.01 hereof (including actually maintaining in effect rental value insurance or Business interruption insurance provided for in clause (c) thereof) and has satisfied the conditions of the last sentence of this Section 10.05, if, at any time during the Term or any Extension Term, as the case may be, of this Lease, any Leased Property is so damaged by fire or otherwise that it is Completely Destroyed or Partially Destroyed (as such terms are hereafter defined), Tenant may, within one hundred and eighty (180) days after such damage, give notice of its election to terminate this Lease with respect to such Leased Property and, subject to the further provisions of this Section, this Lease will cease with respect to such Leased Property on the thirtieth (30th) day after the delivery of such notice. If the Lease is so terminated, Tenant will have no obligation to repair, rebuild or replace such Leased Property, and the entire insurance proceeds will belong to Landlord. If the Lease is not so terminated, Tenant shall rebuild such Leased Property in accordance with Section 10.01. If Tenant elects to terminate this Lease pursuant to this Section 10.05, Tenant will pay (or cause to be paid) to Landlord, an amount equal to the excess amount, if any, of the book value of the damaged property (excluding the land) as shown in Landlord's financial statements as of the date of such termination, over the amount of all insurance proceeds received by Landlord. A Leased Property shall be deemed to be "Completely Destroyed" if there is sufficient damage to such Leased Property that Landlord and Tenant agree to its classification as such. A Leased Property shall be deemed to be "Partially Destroyed" if, as a result of damages to it, a substantial part of the Business (as determined by a reasonable dealer in the trade, in light of standard trade practices) cannot be conducted on it within one hundred and eighty (180) days of the occurrence of such damages. In the event that Landlord and Tenant are unable to agree to a determination of whether any Leased Property is Completely Destroyed, Partially Destroyed or otherwise, such determination shall be made pursuant to the Arbitration provisions set forth in Article XIV.

Substantial Damage During Lease Term. Provided Tenant has fully ------------------------------------ fully complied with Section 4.01 hereof (including actually maintaining in effect rental value insurance or Business interruption insurance provided for in clause (c) thereof) and has satisfied the conditions of the last sentence of this Section 10.05, if, at any time during the Term or any Extension Term, as the case may be, of this Lease, any Leased Property is so damaged by fire or otherwise that it is Completely Destroyed or Partially Destroyed (as such terms are hereafter defined), Tenant may, within one hundred and eighty (180) days after such damage, give notice of its election to terminate this Lease with respect to such Leased Property and, subject to the further provisions of this Section, this Lease will cease with respect to such Leased Property on the thirtieth (30th) day after the delivery of such notice. If the Lease is so terminated, Tenant will have no obligation to repair, rebuild or replace such Leased Property, and the entire insurance proceeds will belong to Landlord. If the Lease is not so terminated, Tenant shall rebuild such Leased Property in accordance with Section 10.01. If Tenant elects to terminate this Lease pursuant to this Section 10.05, Tenant will pay (or cause to be paid) to Landlord, an amount equal to the excess amount, if any, of the book value of the damaged property as shown in Landlord's financial statements as of the date of such termination, over the amount of all insurance proceeds received by Landlord. A Leased Property shall be deemed to be "Completely Destroyed" if there is sufficient damage to such Leased Property that Landlord and Tenant agree to its classification as such. A Leased Property shall be deemed to be "Partially Destroyed" if, as a result of damages to it, a substantial part of the Business (as determined by a reasonable dealer in the trade, in light of standard trade practices) cannot be conducted on it within one hundred and eighty (180) days of the occurrence of such damages. In the event that Landlord and Tenant are unable to agree to a determination of whether any Leased Property is Completely Destroyed, Partially Destroyed or otherwise, such determination shall be made pursuant to the Arbitration provisions set forth in Article XIV.