FIRE AND CASUALTY DAMAGE. (a) Notwithstanding anything herein to the contrary, if (1) fire or other casualty renders the Premises substantially unusable for Tenant's purposes, (2) the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds in an amount greater than $500,000.00 paid for such casualty to the Premises be applied to such indebtedness and the amount of insurance proceeds made available to Landlord for restoration of the Premises is substantially less than the amount needed to restore the Premises to the substantial equivalent of the pre- casualty condition and to make the Premises lawfully occupiable within 120 days after the casualty, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within 5 days after such requirement is made by any such holder, whereupon all rights and obligations hereunder thereafter accruing shall cease and terminate. Landlord shall allow Tenant reasonable access and time in order to remove property that Tenant may lawfully remove. Upon the occurrence of a casualty described in this subsection (a), Landlord shall use reasonable efforts to locate and offer to Tenant substitute comparable space for Tenant within another building owned by Landlord or an affiliate of Landlord and within five miles of the Building.
(b) Subject to Section 7(b) of the Lease, it is agreed that the obligation of Landlord in this paragraph to repair and restore the Premises and the Building as provided herein, does not include an obligation of Landlord to repair the fixtures, equipment, or personal property of Tenant, except to the extent the repair and restoration is needed because of the Landlord’s breach of its obligations under this Lease or because of the negligence or intentional acts of the Landlord or its contractors.
(c) The period of time within which repair and restoration of the Premises as contemplated in this section 3 must be completed shall be extended due to delays occasioned by force majeure. As used in this Lease, “force majeure” means events beyond the control of Landlord that cause delays that adversely affect the critical path of preparing the Premises for Tenant’s occupancy.
FIRE AND CASUALTY DAMAGE. If the Premises are so injured or damaged by fire or other cause as to be uninhabitable for more than 120 days, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claim.
FIRE AND CASUALTY DAMAGE. If the Premises should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give immediate written notice thereof to Landlord. If the Premises should be totally destroyed by fire, tornado or other casualty, or if Premises should be so damaged that rebuilding or repairs cannot be completed within one hundred twenty (120) days after the date upon which Landlord, using reasonable diligence, has received all necessary governmental approvals and permits for reconstruction, this Lease shall, at the option of Tenant, terminate and the rent shall be abated during the unexpired portion of the this Lease, effective upon the date of occurrence of such damage. However, if the Premises should be damaged by fire, tornado or other casualty, but only to such extent that rebuilding or repairs can be completed within one hundred twenty (120) days after the aforementioned date, this Lease shall not terminate and the Landlord shall, at its expense, proceed with reasonable diligence to rebuild and repair the Premises in substantially the condition in which the Premises existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace and leasehold improvements which may have been placed on the Premises by the Tenant. If the Premises are untenable in whole of in part following such damage, the rent payable hereunder during the period in which the Premises are untenable shall be prorated to such extent as shall be fair and reasonable under all the circumstances. Should Landlord elect to rebuild or repair the Premises as aforesaid and should the actual construction or repair work go beyond one hundred twenty (120) days after the receipt by Landlord of notice of such casualty or damage by Tenant diligently prosecuting such rebuilding or repairing to completion. Notwithstanding anything herein to the contrary, if the holder of any indebtedness secured by mortgage or deed of trust covering the Premises requires that the insurance proceed by applied to such indebtedness, than Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant.
FIRE AND CASUALTY DAMAGE. A. Landlord agrees to maintain insurance covering the building of which the premises are a part in an amount not less than eighty percent (80%) (or such greater percentage as may be necessary to comply with the provisions of any co-insurance clauses of the policy) of the replacement cost thereof, insuring against the perils of Fire, Lightning, Extended Coverage, Vandalism and Malicious Mischief, extended by Special Extended Coverage Endorsement to insure against all other Risks of Direct Physical Loss, such coverage and endorsements to be as defined, provided and limited in the standard bureau forms prescribed by the insurance regulatory authority for the state in which the premises are situated by use by insurance companies admitted in such state for the writing of such insurance on risks located within such state. Subject to the provisions of subparagraphs 12.C., 12.D. and 12.E. below, such insurance shall be for the sole benefit of Landlord and under its sole control. If during the second calendar year after the commencement date of this lease, or during any subsequent calendar year of the primary term or any renewal or extension, Landlord's cost of maintaining such insurance shall exceed Landlord's cost of maintaining such insurance for the first calendar year of the term hereof, Tenant agrees to pay to Landlord, as additional rental, the amount of such excess (or in the event the premises constitute a portion of a multiple occupancy building, Tenant's full proportionate share of such excess). The first calendar year shall be the year in which the lease commences. Said payments shall be made to Landlord within ten (10) days after presentation to Tenant of Landlord's statement setting forth the amount due. Any payment to be made pursuant to this subparagraph A with respect to the year in which this lease commences or terminates shall bear the same ratio to the payment which would be required to be made for the full year as the part of such year covered by the term of this lease bears to a full year.
B. If the buildings situated upon the premises should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give immediate written notice thereof to landlord.
C. If the buildings situated upon the premises should be totally damaged or destroyed by fire, tornado or other casualty, or if they should be so damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed with two hundred (200) days after the date upon wh...
FIRE AND CASUALTY DAMAGE. (a) Landlord agrees to maintain standard fire and extended coverage insurance for the Building in an amount not less than full replacement cost as such term is defined in the Replacement Cost Endorsement to be attached thereto, insuring against special causes of loss, including, the perils of fire, and lightning, such coverages and endorsements to be as defined, provided and limited in the standard bureau forms prescribed by the insurance regulatory authority for the State of North Carolina. Subject to the provisions of subparagraphs 10(c), 10(d) and 10(e) below, such insurance shall be for the sole benefit of Landlord and under its sole control.
(b) If the Premises should be damaged or destroyed by any peril covered by the insurance to be provided by Landlord under subparagraph 10(a) above, Tenant shall give immediate written notice thereof to Landlord.
(c) If the Premises should be totally destroyed by any peril covered by the insurance to be provided by Landlord under subparagraph 10(a) above, or if they should be so damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within one hundred and eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
(d) If the Premises should be damaged by any peril covered by the insurance to be provided by Landlord under subparagraph 10(a) above, but only to such extent that rebuilding or repairs can, in Landlord's estimation, be
FIRE AND CASUALTY DAMAGE. If the Building in which the Premises are located is totally destroyed or damaged by fire or other casualty, this Lease shall immediately terminate. If the Building in which the Premises are located is only partially destroyed or damaged, so as to render the Premises untenantable, or not usable for their intended purpose, the Lessor shall have the option to elect to repair and restore the Premises or terminate the Lease. The Lessor shall be permitted a reasonable amount of time, not to exceed one hundred and eighty (180) days from the event of destruction or damage, to repair or restore the Premises, if the Lessor submits to the Government a reasonable schedule for repair of the Premises within thirty (30) days of the event of destruction or damage. If the Lessor fails to timely submit a reasonable schedule for completing the work, the Government may elect to terminate the Lease effective as of the date of the event of destruction or damage. If the Lessor elects to repair or restore the Premises, but fails to repair or restore the Premises within one hundred and eighty (180) days from the event of destruction or damage, or fails to diligently pursue such repairs or restoration so as to render timely completion commercially impracticable, the Government may terminate the Lease effective as of the date of the destruction or damage. During the time that the Premises cannot reasonably be utilized for its intended use, rent shall be abated. Termination of the Lease by either party under this clause shall not give rise to liability for either party. This clause shall not apply if the event of destruction or damage is caused by the Lessor’s negligence or willful misconduct.
FIRE AND CASUALTY DAMAGE. (a) Landlord agrees to maintain standard fire and extended coverage insurance covering the Building in an amount not less than 80% (or such greater percentage as may be necessary to comply with the provisions of any co-insurance clauses of the policy) of the "replacement cost" thereof as such term is defined in the Replacement Cost Endorsement to be attached thereto, such coverage and endorsements to be defined, provided and limited in the standard forms prescribed by the insurance regulatory authority for the State in which the Premises are situated for use by insurance companies within such state. Subject to the provisions of subparagraphs 12(c), 12(d) and 12(e) below, such insurance shall be for the sole benefit of Landlord and under its sole control. Tenant agrees to pay to Landlord, as Additional Rent, the amount of Tenant's full Proportionate Share (as defined in subparagraph 4(b) above) of such insurance costs. Said payments shall be made to Landlord within ten (10) days after presentation to Tenant of Landlord's statement setting forth the amount due. Any payment to be made pursuant to this subparagraph (a) with respect to the year in which this Lease commences or terminates shall bear the same ratio to the payment which would be required to be made for the full year as the part of such year covered by the term of this Lease bears to a full year.
(b) In the event that the Building or the Premises is damaged or destroyed by fire, tornado and other casualty, Tenant shall give immediate written notice thereof to Landlord.
(c) In the event that the Building or the Premises is (i) totally destroyed by fire, tornado, or other casualty; or (ii) is so damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within two hundred (200) days after the date upon which Landlord is notified of such damage, or if the Building shall be so damaged or destroyed by fire or other casualty (whether or not the Premises are damaged or destroyed) that its repair or restoration requires the expenditure (as estimated by a reputable contractor or architect designated by Landlord) of more than 50 percent of the full insurable value of the Building
(d) In the event that the Building or the Premises is damaged by any peril covered by the insurance to be provided by Landlord under subparagraph 12(a) above, and Landlord is not entitled to or does not elect to terminate this Lease as provided in paragraph (c), then this Lease shall not terminate, and L...
FIRE AND CASUALTY DAMAGE. (a) Landlord agrees to maintain insurance covering the building of which the premises are a part in an amount not less than eighty (80%) percent (or such greater percentage as may be necessary to comply with the provisions of any co-insurance clauses of the policy) of the replacement cost thereof, insuring against the perils of Fire, Lightning, Extended Coverage, Vandalism and Malicious Mischief, extended by Special Extended Coverage Endorsement to insure against all other Risks of Direct Physical Loss, such coverages and endorsements to be as defined, provided and limited in the standard bureau forms prescribed by the insurance regulatory authority for the state in which the premises are situated for use by insurance companies admitted in such state for the writing of such insurance on risks located within such state. Subject to the provisions of subparagraphs 15.01(c), 15.01(d), and 15.01(e) below, such insurance shall be for the sole benefit of Landlord and under its sole control.
(b) If the building situated upon the premises should be damaged or destroyed by fire, tornado or other casualty, tenant shall give written notice thereof to Landlord.
(c) If the buildings situated upon the premises should be totally destroyed by fire, tornado or other casualty, or if they should be so damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within two hundred (200) days after the date upon which Landlord is notified by Tenant of such damage, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective upon the date of the occurrence of such damage.
FIRE AND CASUALTY DAMAGE. A. If the building or other improvements on the Leased Premises should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give prompt written notice thereof to Landlord.
FIRE AND CASUALTY DAMAGE. Tenant is required to advise Owner immediately in the event of fire or other casualty which renders the apartment partially or wholly unfit for occupancy. Owner shall repair the premises as soon as possible subject to any delays due to adjustment of insurance claims or any cause not under Owner’s control. If part of the premises are usable, Tenant must pay rent for the usable part. If the premises are damaged and Owner determines that the apartment is beyond repair, the term of this Lease shall end, and Tenant must vacate the apartment. If the fire or casualty was caused by Xxxxxx’s actions, the costs of the repairs shall be repaid to Owner by Xxxxxx as added rent.
