Fire or Other Casualty. In the event that the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In the event the Building shall be damaged by fire or other casualty, and substantial alteration or reconstruction of the Building shall, in Landlord’s reasonable opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), or in the event any mortgagee under a mortgage or deed of trust covering the Building should require that the insurance proceeds payable as a result of any fire or other casualty be applied against the mortgage debt, Landlord may terminate this Lease by notifying Tenant in writing of such termination within ninety (90) days after the date of notification to Landlord of such damage and the Monthly Rental Payment and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date of such damage; provided, however, Tenant’s obligation to pay any and all Additional Rent under this Lease shall continue and shall cover all periods up to the date of such damage. If Landlord elects not to terminate this Lease, Landlord shall, within ninety (90) days after notification from Tenant of such damage, commence to rebuild or repair the Building and shall proceed with reasonable diligence to restore the Building (except that Landlord shall not be responsible for delays outside its control) to substantially the same condition it was in immediately prior to the happening of the casualty. Landlord shall not be required to rebuild, repair, or replace any part of the furniture, equipment, or other personal property or any fixtures and other improvements which may have been placed by Tenant within the Building or the Premises, or related facilities. If the Building is to be rebuilt or repaired, Landlord shall allow Tenant a fair and reasonable diminution of Rent during the time and to the extent the Premises are unfit for Tenant’s intended use. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from any damage or repair thereof. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or, the Premises, therein shall be for the sole benefit of Landlord; provided, however, any insurance payments to Tenant for loss of any furniture, furnishings, fixtures, equipment, alterations, additions or improvements which w...
Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or to the Premises by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, shall be paid to Landlord, to be held by Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18.
Fire or Other Casualty. Tenant shall give Landlord prompt notice of any material fire or casualty occurring on or to the Premises. If any part of the Premises is damaged or destroyed by fire or other casualty, the rent shall be apportioned and suspended until the Premises are restored, taking into account the proportion of the Premises rendered untenantable. Promptly following such damage or destruction, (a) if the damage or destruction is total or constitutes a major structural injury to the building or the Premises, then either party may, at its option, terminate this Lease by giving written notice to the other, in which event this Lease shall terminate on the date of such damage or destruction with the same effect as if the full term had expired on that date; (b) if the damage or destruction is not total or does not constitute a major structural injury to the building or Landlord does not elect to terminate as permitted in this Section 9, Landlord shall, as soon as practicable, undertake restoration and repair work necessary to restore the Premises to the same condition as existed prior to the damage or destruction as nearly as reasonable. Notwithstanding anything to the contrary contained herein, but without limitation to Tenant's rights, if such restoration or repair is not complete within fifteen(15) days after the casualty occurs, Tenant shall have the right, upon written notice to Landlord, to terminate this Lease, in which event, this Lease shall terminate on the date of such damage or destruction with the same effect as if the full Term had expired on that date.
Fire or Other Casualty. If in LANDLORD’S reasonable judgment, the UNIT, the Bedroom, or the PROPERTY is materially damaged by fire or other casualty, LANDLORD may terminate this LEASE within a reasonable time after such determination by giving TENANT written notice of such termination. If LANDLORD does terminate the LEASE, and TENANT did not cause the loss, LANDLORD will refund prorated, prepaid RENT and the SECURITY DEPOSIT, less lawful deductions. If LANDLORD determines that material damage has not been caused to the UNIT, the Bedroom or the PROPERTY, or, if LANDLORD has elected not to terminate this LEASE, LANDLORD will, within a reasonable time, rebuild the damaged improvements, and this LEASE shall remain in full force and effect.
Fire or Other Casualty. A. Tenant shall give prompt notice to Landlord in case of fire or other damage to the Premises.
Fire or Other Casualty. If in our judgment, the Premises, the Building or the Apartment Community is materially damaged by Fire or other casualty, we may terminate this Lease Agreement within a reasonable time after such determination by giving you written notice of such termination. If we determine that material damage has not been caused to the Premises, the Building or the Apartment Community, or, if we have elected not to terminate this Lease Agreement, we will, within a reasonable time, rebuild the damaged Premises. During such reconstruction we may provide temporary housing within the Premises or within a reasonable distance of the Premises and you will have no right to withhold or offset any part of your Rent. During such reconstruction, if we do not provide temporary housing, we will make a reasonable reduction of Rent for the unusable portion of the Premises unless you or your guest is the cause of the fire or other casualty.
Fire or Other Casualty. In the event of a fire or other casualty in the Leased Premises, Tenant shall immediately give notice thereof to Landlord. If the Leased Premises is partially damaged by fire or other casualty, whether or not such casualty is an insured or insurable risk, so as to render the Leased Premises untenantable in whole or in part, the rental provided for shall axxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as determined by Landlord, and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, in the event such destruction results in the Leased Premises being untenantable in whole or in substantial part for a period reasonably estimated by a responsible contractor selected by Landlord to be one hundred twenty (120) days or longer after Landlord’s insurance settlement, or in the event of total or substantial damage or destruction of the Leased Premises or the remainder of the Building from any cause and if Landlord shall decide not to rebuild, then in either event all rent owed up to the time of such destruction or termination shall be paid by Tenant and thenceforth this Lease shall cease and come to an end. Landlord shall give Tenant written notice of its decisions, estimates or elections hereunder within sixty (60) days after receipt by Landlord of notice of settlement from Landlord’s insurance carrier. Notwithstanding anything contained in this Lease, Landlord shall only be obligated to restore or rebuild: (i) the structural components and common areas of the Building; and (ii) the Covered Tenant Improvements.
Fire or Other Casualty. If in the University’s judgment the Premises, or the Apartment Community is materially damaged by Fire or other casualty, the University may terminate this Contract within a reasonable time after written notice to Resident. If the University terminates this Contract, and the Resident was not the cause of the fire or other casualty, the University will refund prorated, prepaid Rent and the Security Deposit, less deductions. If the University determines that material damage has not been caused to the Premises or the Apartment Community, or, if the University elects not to terminate this Contract, the University will rebuild the damaged improvements. During such reconstruction, there shall be a reasonable reduction of the Rent for the unusable portion of the Premises or the Apartment Community.
Fire or Other Casualty. Should the Leased Premises be damaged or destroyed by any cause and such damage or destruction be of such a nature that it may be repaired or restored within a period of one hundred twenty (120) days after the occurrence, then this Lease shall not terminate, but it shall be the obligation of Landlord to repair or restore the leased Premises as nearly as possible to its condition prior to such damage or destruction, and the Landlord shall proceed promptly to make such repairs or restoration; provided, however, that such repairs or restoration; provided, however, that such repairs or restoration can be made by Landlord for an amount not in excess of the amount recovered by Landlord on the fire, extended coverage and all risk insurance. There shall be a full abatement of rent during the period that the Leased Premises may be wholly unavailable for sue xx Tenant for the operation of its business. There shall be a partial abatement of rent during the period that the Leased Premises is partially unavailable. Should the damage or destruction be of a character that will not permit repair or restoration of the Leased Premises within the one hundred twenty (120) days after the occurrence thereof, or if the cost of such repair or restoration exceeds Landlord's insurance recovery, either Landlord or Tenant shall have the privilege of canceling the unexpired term of this Lease upon giving written notice to the other within forty five (45) days after such destruction. Landlord will use reasonable efforts to relocate Tenant to another space within the office building.
Fire or Other Casualty. Seller agrees to promptly advise Buyer in writing of any material damage to the Property. If all or any substantial portion of the Property (i.e. 10% or more of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause, and such damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, Buyer may, at Buyer's option: (a) remain obligated to perform this Agreement and receive all insurance proceeds received by or payable to Seller as a result of such damage or destruction plus an amount equal to any insurance policy deductible; or (b) by written notice of termination given to Seller not later than thirty (30) days after Seller provides Buyer with written notice of such damage or destruction, terminate this Agreement and receive any documents, instruments and funds previously deposited or paid including the Xxxxxxx Money Deposit (together with all interest earned thereon). If an unsubstantial portion of the Property (i.e. 10% or less of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause and such damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, then Buyer shall be obligated to proceed to close the transaction contemplated hereby, but shall receive from Seller, on the Closing Date, an assignment of proceeds of the insurance payable under Seller's insurance policy plus an amount equal to any insurance policy deductible. Upon termination of this Agreement by Buyer pursuant to this Section 13, neither party shall thereafter be under any further liability to the other, except as otherwise expressly set forth in this Agreement.
