Tenant’s Duty to Repair or Replace. Except as otherwise provided herein, Xxxxxxxx's obligation to restore shall not include the restoration or replacement of Tenant's personal property, trade fixtures, merchandise, inventory, or equipment. Tenant shall restore and replace said items in the event that Landlord is obligated or elects to repair any damage or destruction of the Premises and the License Area.
Tenant’s Duty to Repair or Replace. A. Promptly following the damage or destruction of the Building from a casualty required to be insured against under this Lease, Tenant shall promptly during the time periods hereinafter provided commence repair or reconstruction of the Building and shall diligently prosecute such work to completion to the extent hereinafter provided:
(i) If such damage or destruction occurs prior to the 20th Lease Year, Tenant shall repair the damage and restore or reconstruct the Building, with such alterations as Tenant desires and is permitted to make by this Lease, with the Building upon completion of such repair or restorative work containing not less than 120,000 square feet of gross building area; and Medinah Temple Lease 22
(ii) If such damage or destruction occurs during or after the 20th Lease Year, Tenant shall have no obligation to repair or reconstruct the Building. The reconstructed Building shall have the same exterior entrances as existed before the damage or destruction.
B. Tenant shall use diligence efforts to cause any damaged portion of the Building which it is required to repair, replace or rebuild pursuant to this Section 7.5 to be completed and ready for occupancy as soon as practicable, but in any event within 18 months after such damage or destruction occurs. Prior to commencing any such rebuilding, replacement or repair, Tenant shall comply with the requirements herein with respect to initial construction except as to any such requirement that may be modified under this Section 7.5.
C. If Tenant is not expressly required by this Section 7.5 to restore the Building following damage or destruction by a casualty and the cost of repairing or restoring the Building to substantially the same condition as existed before the casualty would exceed $5 million, Tenant may elect to terminate this Lease by notice given to Landlord within 90 days after the casualty occurs, in which case, Tenant shall (at its own expense) clear away all debris and take all other action required by good construction practice so that the damaged improvements be left in a safe condition.
D. To the extent Tenant is not expressly required by this Section 7.5 to repair or restore any damage to the Building caused by a casualty and Tenant neither elects to terminate this Lease or fully repair and restore the damaged portion of the Building, Tenant shall clear away all debris and appropriately segregate by demising walls or otherwise all parts of the Building Tenant does not wish to fu...
