Common use of DAMAGE BY FIRE OR THE ELEMENTS Clause in Contracts

DAMAGE BY FIRE OR THE ELEMENTS. 2.10.1 In the event that the Licensed Facilities should be totally destroyed by fire, hurricane, tornado or other casualty, or in the event the Licensed Facilities should be so damaged that rebuilding or repairs cannot be completed within two hundred seventy (270) days after the date of such damage, either SBBC or City may, at its option, by written notice to the other given not more than thirty (30) days after the date of such fire or other casualty, terminate this License Agreement. In such event, the sums payable under this License Agreement shall be abated during the unexpired portion of this License Agreement effective with the date of such fire or other casualty. 2.10.2 In the event the Licensed Facilities should be damaged by fire, hurricane, tornado, or other casualty covered by SBBC’s insurance but only to such extent that rebuilding or repairs can be completed within two hundred seventy (270) days after the date of such damage, or if the damage should be more serious but neither SBBC nor City elects to terminate this License Agreement, then SBBC shall, within thirty (30) days after the date of such damage or such election, commence to rebuild or repair the Licensed Facilities and shall proceed with reasonable diligence to restore the Licensed Facilities to substantially the same condition in which they were immediately prior to the happening of the casualty, except that SBBC shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by City within the Licensed Facilities. City shall, unless such damage is the result of the negligence or willful misconduct of City or City’s employees, agents, principals, contractors, consultants, assigns, subtenants or invitees, allow City a fair diminution of any sums payable to SBBC under this License Agreement during the time of such rebuilding or repairs. SBBC shall have no obligation to utilize insurance proceeds to rebuild the Licensed Facilities and this License Agreement shall terminate upon notice to City. Any insurance which may be carried by SBBC or City against loss or damage to the Licensed Facilities shall be for the sole benefit of the party carrying such insurance and under its sole control.

DAMAGE BY FIRE OR THE ELEMENTS. 2.10.1 2.54.1 In the event that the Licensed Facilities should be totally destroyed by fire, hurricane, tornado or other casualty, or in the event the Licensed Facilities should be so damaged that rebuilding or repairs cannot be completed within two hundred seventy (270) days after the date of such damage, either SBBC or City CBC, Inc. may, at its option, by written notice to the other given not more than thirty (30) days after the date of such fire or other casualty, terminate this License Agreement. In such event, the sums payable under this License Agreement shall be abated during the unexpired portion of this License Agreement effective with the date of such fire or other casualty. 2.10.2 2.54.2 In the event the Licensed Facilities should be damaged by fire, hurricane, tornado, or other casualty covered by SBBC’s insurance but only to such extent that rebuilding or repairs can be completed within two hundred seventy (270) days after the date of such damage, or if the damage should be more serious but neither SBBC nor City CBC, Inc. elects to terminate this License Agreement, then SBBC shall, within thirty (30) days after the date of such damage or such election, commence to rebuild or repair the Licensed Facilities and shall proceed with reasonable diligence to restore the Licensed Facilities to substantially the same condition in which they were immediately prior to the happening of the casualty, except that SBBC shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by City CBC, Inc. within the Licensed Facilities. City CBC, Inc. shall, unless such damage is the result of the negligence or willful misconduct of City CBC, Inc. or CityCBC, Inc.’s employees, agents, principals, contractors, consultants, assigns, subtenants or invitees, allow City CBC, Inc. a fair diminution of any sums payable to SBBC under this License Agreement during the time of such rebuilding or repairs. SBBC shall have no obligation to utilize insurance proceeds to rebuild the Licensed Facilities and this License Agreement shall terminate upon notice to City. CBC, Inc. Any insurance which may be carried by SBBC or City CBC, Inc. against loss or damage to the Licensed Facilities shall be for the sole benefit of the party carrying such insurance and under its sole control.