Common use of Substantial or Total Damage or Destruction of Leased Premises Clause in Contracts

Substantial or Total Damage or Destruction of Leased Premises. If the building or other improvements on the Leased Premises should be substantially or totally destroyed by fire, tornado or other casualty through no fault of Lessee, or so damaged that the rebuilding or repairs cannot reasonably be completed within one hundred twenty (120) days from the date of written notification by Lessee to City of the happening of the damage. City shall include a reasonable estimate of the time it will take to restore the Leased Premises to at least the same condition existing immediately before such damage or destruction. If such period exceeds one hundred twenty (120) days from the date of destruction or damage, Lessee may, at its option, terminate this Lease Agreement by giving notice thereof to City within ten (10) days of its receipt of the estimate of time required to rebuild and/or repair the Leased Premises, and this Lease Agreement shall be deemed to have terminated as of the date of such notification or upon such date as mutually agreed upon by City and Lessee. Lessee shall have no obligation hereunder other than to pay rent accrued to the date of destruction. If Lessee either does not give notice to City that it has exercised its option to terminate this Lease Agreement or gives notice to City that it elects for this Lease Agreement to be maintained notwithstanding that such rebuilding and/or repair shall take more than one hundred twenty (120) days, then City shall proceed forthwith and use reasonable diligence to rebuild or repair such buildings and other improvements on the Leased Premises to substantially the condition they were in prior to such damage. City may use the proceeds of any insurance covering the Leased Premise to make such restoration, or if this Lease Agreement terminates, City shall be entitled to the entire proceeds of any and all policies of fire and extended coverage insurance on the Leased Premises, including any policy of Lessee to the extent that the proceeds from the policy of City are insufficient, which may be paid in connection with the happening of the damage, provided that City shall not be entitled under any circumstance to use any proceeds that are not payable for the replacement of or repair of any damages to the structure of the Leased Premises, such as proceeds payable for loss of personal (movable) property or business interruption. To the extent required by the Senior Mortgage, any casualty and hazard insurance proceeds in respect of the Leased Premises shall be paid to the Mortgagee thereunder. In no event shall City receive any such insurance proceeds until such proceeds are first applied pursuant to the Senior Mortgage or the Senior Mortgage is paid in full.

Substantial or Total Damage or Destruction of Leased Premises. If the building or other improvements on the Leased Premises should be substantially or totally destroyed by fire, tornado or other casualty through no fault of LesseeTenant, or so damaged that the rebuilding or repairs cannot reasonably be completed within one hundred twenty (120) days from the date of written notification by Lessee Tenant to City of the happening of the damage. City shall include a reasonable estimate of the time it will take to restore the Leased Premises to at least the same condition existing immediately before such damage or destruction. If such period exceeds one hundred twenty (120) days from the date of destruction or damage, Lessee Tenant may, at its option, terminate this Lease Agreement by giving notice thereof to City within ten (10) days of its receipt of the estimate of time required to rebuild and/or repair the Leased Premises, and this Lease Agreement shall be deemed to have terminated as of the date of such notification or upon such date as mutually agreed upon by City and LesseeTenant. Lessee Tenant shall have no obligation hereunder other than to pay rent accrued to the date of destruction. If Lessee Tenant either does not give notice to City that it has exercised its option to terminate this Lease Agreement or gives notice to City that it elects for this Lease Agreement to be maintained notwithstanding that such rebuilding and/or repair shall take more than one hundred twenty (120) days, then City shall proceed forthwith and use reasonable diligence to rebuild or repair such buildings and other improvements on the Leased Premises to substantially the condition they were in prior to such damage. City may use the proceeds of any insurance covering the Leased Premise to make such restoration, or if this Lease Agreement terminates, City shall be entitled to the entire proceeds of any and all policies of fire and extended coverage insurance on the Leased Premises, including any policy of Lessee Tenant to the extent that the proceeds from the policy of City are insufficient, which may be paid in connection with the happening of the damage, provided that City shall not be entitled under any circumstance to use any proceeds that are not payable for the replacement of or repair of any damages to the structure of the Leased Premises, such as proceeds payable for loss of personal (movable) property or business interruption. To the extent required by the Senior Mortgage, any casualty and hazard insurance proceeds in respect of the Leased Premises shall be paid to the Mortgagee thereunder. In no event shall City receive any such insurance proceeds until such proceeds are first applied pursuant to the Senior Mortgage or the Senior Mortgage is paid in full.