Common use of DAMAGE BY FIRE Clause in Contracts

DAMAGE BY FIRE. If the Leased Premises shall be damaged by fire or other casualty during the term hereof, Landlord agrees that it will restore said premises with reason­able dispatch to subsequently the same condition they were in prior to such damage, insofar as the proceeds from Landlord's insurance permit. If the Leased Premises are rendered untenantable in whole or in part as a result of such damage, the rent payable hereunder shall be equitably and proportionately abated (according to loss of use) during the period intervening between the date of such damage and the date the Leased Premises are restored; provided, however, that if such damage occurs during the last two (2) years of the term and exceeds fifty percent (50%) of the insurable value of said premises at the time such damage occurs, either Landlord or Tenant may terminate this Lease as of the date of such damage by giving the other written notice of its in­tention to do so, within thirty (30) days after such damage occurs. If this Lease is so terminated, then rent payable hereunder shall be abated as of the date of such damage, and Tenant shall remove all of its property from the Leased Premises within thirty (30) days after the notice of termination was given.

DAMAGE BY FIRE. If the Leased Premises shall be damaged by fire or other casualty during the term Term hereof, Landlord agrees that it will restore said premises the Premises in accordance with reason­able dispatch to subsequently the same condition they were in prior to such damagestandard unit specifications set forth on Exhibit “E” with reasonable dispatch, insofar as the proceeds from Landlord's ’s insurance permitpermit and provided that Landlord’s mortgagee does not require insurance proceeds to be paid to it. All other repairs shall be conducted at the sole expense of Tenant. If the Leased Premises are rendered untenantable in whole or in part as a result of such damage, the rent Base Rent payable hereunder shall be equitably and proportionately abated (according to loss of use) during the period intervening between the date of such damage and the date the Leased Premises are restored; provided, however, that if such damage occurs during the last two (2) years of the term Term and exceeds fifty percent (50%) of the insurable value of said premises the Premises at the time such damage occurs, either unless Tenant has duly exercised an option to renew pursuant to the terms hereof or any further options subsequently granted by Landlord or Tenant in writing, Landlord may terminate this Lease as of the date of such damage by giving the other Tenant written notice of its in­tention intention to do so, so within thirty (30) days after such damage occurs. If this Lease is so terminated, then rent Rent payable hereunder shall be abated as of the date of such damage, and Tenant shall remove all of its property from the Leased Premises within thirty fifteen (3015) days after the notice of termination was is given.