Tenant’s Restoration Obligation. In case of damage to or destruction of the Housing or any part thereof by fire or other cause at any time during the Term, Tenant, at Tenant’s sole cost and expense (but only to the extent of insurance proceeds available pursuant to insurance required by this Agreement or, in the event Tenant fails to maintain insurance complying with the Agreement, to the extent or insurance proceeds that would have been available as reasonably determined by Tenant and District, shall restore the same as nearly as possible to their value, condition and character immediately prior to such damage or destruction, and this Agreement shall continue in full force and effect. Such restoration shall be commenced and prosecuted with due diligence and in good faith, except unavoidable delays beyond the control of Tenant. In case of damage to or destruction of the Property or any part thereof by fire or other cause resulting in a loss for which the repair cost is reasonably anticipated to exceed in the aggregate one hundred thousand dollars ($100,000), Tenant shall promptly give written notice thereof to District. Such restoration shall be commenced and prosecuted with due diligence and in good faith, Force Majeure Delays (as hereinafter defined) beyond the control of Tenant excepted. Notwithstanding any other provision of this Lease to the contrary, Tenant may, at its option, elect to terminate this Lease if the damage or destruction occurs during the final 25 years of the Term or the cost of the work to restore the Housing exceeds 25% of the then replacement value of the damaged or destroyed Housing. If Tenant elects to terminate this Lease, Tenant shall deliver possession of the Premises to District in a clean, graded condition with all remaining buildings and debris removed unless District elects, in its sole discretion, for any remaining structures to remain in place, without any representation or warranty of any kind or any obligation to repair, restore, or construct, and quitclaim all right, title, and interest in and to the Property to the District, and cause to be discharged all liens and encumbrances on the Premises resulting from any act or omission of Tenant. Tenant shall not be entitled to recover any sums from District, including but not limited to any lost profit, business opportunity or administrative or legal expenses as a result of terminating the Lease pursuant to this section.
Tenant’s Restoration Obligation. Landlord’s obligation to rebuild or restore the Demised Premises shall in any event be limited to restoring Landlord’s Work to substantially the condition in which the same existed prior to the casualty; and Tenant shall, promptly after the completion of such work by Landlord, proceed with reasonable diligence and at Tenant’s sole cost and expense to restore Tenant’s Work to substantially the condition in which the same existed prior to the casualty. Notwithstanding anything contained to the contrary in this Article XII, Landlord shall have no duty to restore or rebuild the Demised Premises in the event the fire or other casualty occurs during the last six (6) months of the term hereof or during any Renewal Term, unless Tenant exercises its option to renew the lease under Section 4.2 above, in which case Landlord is obligated to perform all obligations set forth in this Article XXII.
Tenant’s Restoration Obligation. Prior to the expiration of the Lease Term, Tenant shall have the obligation to restore the Premises to the condition set forth on the plan which is annexed hereto and made a part hereof as Exhibit "E". Tenant shall perform such work at its sole cost and expense. Upon completion of such restoration, Tenant shall deliver a certificate of occupancy for the Premises to the Landlord. Landlord and Tenant have agreed that the cost of such restoration shall be deemed to be the amount of SIX HUNDRED SIXTY SEVEN THOUSAND FIVE HUNDRED FIFTY FOUR AND 00/100 ($667,554.00) DOLLARS (the "Restoration Cost"). In the event that Tenant does not perform the restoration work required by the Section 5.3 and deliver a certificate of occupancy to Landlord as aforesaid, Landlord shall be entitled, as its sole remedy, to retain the Restoration Cost as liquidated damages out of the Security being held by Landlord under Section 4.3 hereof.
Tenant’s Restoration Obligation. 11 e. Rent Abatement .................................................. 11 f.
