Total or Partial Destruction. (a) In the event the Building and/or the Premises is damaged by fire or other perils covered by Landlord’s insurance, Landlord shall:
(i) In the event of total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the Building and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or within sixty (60) days after such damage, elect not to so repair, reconstruct or restore the building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds41 sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof,42 insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then 40 and Landlord 41 from insurance to be obtained by Landlord hereunder 42 or if Landlord carries its insurance as required hereunder, but said terminate. Under any of the conditions of this Section 9.01(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination o...
Total or Partial Destruction. In the case of damage to or destruction of the Premises by hurricane, fire, wind or other casualty, Tenant shall restore, repair, replace or rebuild the Premises as nearly as possible to the condition the Premises was in prior to such damage or destruction to the extent that Landlord makes the insurance proceeds available for the same (the “Repairs”). Landlord shall make available to Tenant any insurance proceeds which Landlord may receive as a result of such damage or destruction subject to such controls over disbursement as Landlord or its mortgagee may deem necessary to insure (i) that the Repairs will be made properly; (ii) that adequate funds have been escrowed by Tenant to pay for any costs, expenses and repairs not covered by the insurance proceeds; (iii) that all contractors, subcontractors and suppliers will be paid in full; and (iv) that the Repairs will be made in conformity with plans and specifications approved by Landlord and in accordance with all applicable building codes, zoning ordinances and governmental laws and regulations. Notwithstanding the above, if the damage or destruction shall occur within the six (6) months of the end of the Term and if the cost of the Repairs as estimated by Landlord or its architect or contractor shall exceed the aggregate remaining amounts of Annual Minimum Rent due under this Lease, or in the event that the damage or destruction occurs anytime during the term of this Lease and the cost of the Repairs as estimated by Landlord or its architect or contractor in good faith, exceeds the aggregate remaining amounts of Annual Minimum Rent due under this Lease, then Tenant shall not be required to make the Repairs and either party may cancel this Lease. However, Landlord shall be entitled to all insurance proceeds on account of such destruction and damage. In no event will Tenant be relieved of its responsibility to pay rental and other sums due under this Lease because of casualty to the Premises. Tenant agrees to protect itself from possible casualty to the Premises and its obligation to pay rent by obtaining adequate business interruption insurance.
Total or Partial Destruction. If the Leased Premises shall be damaged by fire, windstorm or other insured casualty, but are not thereby rendered untenantable in whole or in part, Landlord shall at its own expense from the proceeds of such insurance, cause the damage to be repaired and the rent shall not be abated. If by reason of such occurrence, the premises shall be rendered untenantable only in part, Landlord shall at its own expense from the proceeds of such insurance, cause the damage to be repaired and the fixed minimum rent meanwhile shall be abated proportionately as to the portion of the premises rendered untenantable. If the premises shall be rendered wholly untenantable by reason of such occurrence Landlord shall, at its own expense from the proceeds of such insurance, cause such damage to be repaired and the fixed minimum rent meanwhile shall xxxxx until the Leased Premises have been restored and rendered tenantable, or Landlord may at its election, terminate this lease and the tenancy hereby created by giving to Tenant within the sixty (60) days following the date of said occurrence, written notice of Landlord's election to do so and in the event of such termination rent shall be adjusted as of such date. Nothing in this Section shall be construed to permit the abatement in whole or in part of the additional rentals unless the term hereof is terminated.
Total or Partial Destruction. If the Premises shall be damaged by fire, the elements or other casualty or cause whether or not insured against under the provisions of Section 16.01 and 16.03, Tenant at its own expense, shall cause such damage to be repaired and the Premises reconstructed and restored as soon as reasonably practical, and any Rent or other charges payable hereunder shall not be abated. Landlord shall make any insurance proceeds available to Tenant on a reasonable basis for that purpose. Tenant shall be responsible for the concurrent prompt repair and restoration of its furniture, fixtures and equipment in the Premises damaged by such event. In the event that fifty percent (50%) or more of the Premises are damaged or destroyed by fire, the elements or other cause or casualty, Landlord shall have the right, to be exercised by written notice delivered to Tenant within sixty (60) days from and after said occurrence, to elect not to require the Tenant to reconstruct and repair the Premises, and in such event this Lease and the tenancy hereby created shall cease as of the date of said damage. If Landlord electes to terminate this Lease in accordance with this Section 20.01, all insurance proceeds, except for insurance proceeds for Tenant’s fixtures, shall become the property of Landlord.
Total or Partial Destruction. If any Unit or the Plant is totally or partially damaged or destroyed by any cause whatsoever, the Owner shall, notwithstanding any other provision of this Arrangement, promptly inform the Buyer, in writing, of such event. In addition the Owner shall, as soon as it is reasonable inform the Buyer of the likely period for which such Unit or the Plant will be unavailable for operation. The Owner shall repair, replace, rebuild or restore such Unit or the Plant with all reasonable diligence consistent with Good Operating Practice to at least as good condition or state of repair as it was prior to that damage or destruction; provided that if this Arrangement is terminated in whole or in part under the terms of Sections 15.2 or 15.3, then the Owner shall not be obligated to repair, replace, rebuild or restore such Unit or the Plant. In the event that this Arrangement is not terminated in respect of such Unit, the Owner shall regularly report to the Buyer, in writing, of the progress of the repair work, including an estimate of when the work will be completed.
Total or Partial Destruction. If the Premises are damaged by casualty, the Landlord has an option to restore the Premises. If the Landlord chooses not to restore, this Agreement will terminate. If the Landlord chooses to restore, the Landlord will notify the Tenants of the estimated time to restore and give the Tenants the option to terminate this Agreement by notifying Landlord within ten (10) days. If the Tenants do not terminate this Agreement, the lease will continue.
Total or Partial Destruction. If the Improvements shall be damaged by fire, the elements, unavoidable accidents or other casualty, but is not thereby rendered untenantable in whole or in part, Tenant shall at its own expense cause such damage to be repaired. If by reason of such occurrence, the Improvements shall be rendered wholly untenantable or untenantable only in part, Tenant shall at its own expense cause the damage to be repaired. Under no circumstances shall any such damage entitle Tenant to rental abatement. Notwithstanding anything contained herein to the contrary, if more than twenty thirty (30%) of the floor area of the Improvements shall be damaged or destroyed by fire or other casualty within the last two (2) years of the Term, then Tenant shall be under no obligation to restore the Improvements (but shall be obligated to remove the debris and clear the Leased Premises), in which case this Lease shall terminate at Tenant’s option, such option to be exercised within sixty (60) days following the date of the casualty event by Tenant giving not less than thirty (30) days prior written notice to Landlord, and in such event this Lease shall terminate as of the termination date specified in such notice. In such event, the insurance proceeds shall be payable to Landlord. Unless insurance proceeds are payable to Landlord in accordance with the preceding sentence, all insurance proceeds shall be payable to and shall be the sole property of Tenant.
Total or Partial Destruction. (a) Damage or destruction of all or any portion of the Leased Premises, or other improvements now or during the Term of the Lease by fire, the elements, or any other cause whatsoever, shall not cause an abatement of Rent or entitle Tenant to terminate this Lease, surrender the Leased Premises or in any other way affect the respective obligations of Landlord and Tenant hereunder, except to the extent specifically set forth as follows in this Article XVII. Tenant shall give Landlord prompt written notice of any such damage or destruction.
(b) In the event of any such damage or destruction Tenant hereby authorizes Landlord, and appoints Landlord as its attorney-in-fact, to endorse any check drawn to the order of both Landlord and Tenant for the proceeds of any insurance, and Landlord may deposit any such check in its own account and apply the proceeds thereof as set forth as follows in this Article XVII.
Total or Partial Destruction. 9.1.1 In the event the Building and/or the Premises is damaged by fire or other perils covered by Landlord's insurance, Landlord shall:
9.1.1.1 In the event of Total Destruction, either Landlord or Tenant may elect to terminate this Lease by written notice delivered to the other not later than sixty (60) days after the event causing the Total Destruction. In the event neither party delivers such notice, the Lease shall remain in effect, subject to the remaining provisions of this Section 9.
1. As used herein, the term "Total Destruction" means damage to the Building and/or Premises exceeding fifty percent (50%) of the full insurable value thereof.
Total or Partial Destruction. Continuation or termination of this Lease upon total or partial destruction of the Building from fire or other casualty shall be as provided in this Paragraph 10.
