Common use of Damage to Development Clause in Contracts

Damage to Development. “Free-Standing Premises” means an ATM facility lo- cated at the Development that is not contained within a building at the Development (e.g., a thru-the-wall ATM as opposed to a drive-up ATM located in the Development’s parking area). If all or any portion of the Development (excluding a Free-Standing Premises) is damaged or destroyed by fire or other casualty, Land- lord shall, at Landlord’s cost and expense, promptly repair the same to the extent Landlord’s insurance‌ proceeds are made available to Landlord therefor and provided that (a) such repairs, in Landlord’s reason- able good faith opinion, can be made within 120 days from the date of such damage or destruction (without payment of overtime or other premiums) and (b) the cost of such repairs, in Landlord’s reasonable good faith opinion, will not exceed 50% of the then replacement cost of the Development. If Landlord is not required to repair such damage or destruction, then Landlord shall, within 30 days from the date of such damage or destruction, either (i) notify Tenant in writing of Landlord’s election to repair such damage or destruction, in which event Landlord shall promptly repair the same, or (ii) notify Tenant in writing of Landlord’s election to immediately terminate this Lease, in which event this Lease is terminated effective as of the date of such damage or destruction. As provided in Section 2.2 above, Tenant may ▇▇▇▇▇ Monthly Rent if access to the ATM facility is materially impeded by Landlord’s repairs or by such damage or de- struction. Notwithstanding anything set forth to the contrary in this Section 13.1, Tenant may terminate this Lease effective as of the date of any such damage or destruction if Tenant reasonably determines in its good faith opinion that such damage or destruction substantially impairs the satisfactory operation of the ATM facility by notifying Landlord in writing of Tenant’s election to terminate not later than 30 days after the date of such damage or destruction. In addition, and notwithstanding anything set forth to the contrary in this Section 13.1, if Landlord fails to complete the repairs described in this Section 13.1 within 120 days from the date of such damage or destruction, Tenant may terminate this Lease by giving 30 days’ prior written notice of termination to Landlord not later than 30 days after such failure (provided, however, that if Landlord completes such repairs within the foregoing 30-day notice period, then Tenant’s termination notice is void).

Damage to Development. “Free-Standing Premises” means an ATM facility lo- cated at the Development that is not contained within a building at If the Development (e.g., a thru-the-wall ATM as opposed to a drive-up ATM located in the Development’s parking area). If all or any portion of thereof other than the Development (excluding a Free-Standing Premises) is damaged or destroyed by fire or other casualty, Land- lord Landlord shall, at Landlord’s cost and expense, promptly repair the same to the extent Landlord’s insurance‌ insurance proceeds are made available to Landlord Land- lord therefor and provided that (a) such repairs, in Landlord’s reason- able reasonable good faith opinion, can be made within 120 days from the date of such damage or destruction (without payment of overtime or other premiumspremi- ums) and (b) the cost of such repairs, in Landlord’s reasonable good faith opinion, will not exceed 50% of the then replacement cost of the Development. If Landlord is not required to repair such damage or destructiondestruc- tion, then Landlord shall, within 30 days from the date of such damage or destruction, either (i) notify Tenant in writing of Landlord’s election to repair such damage or destruction, in which event Landlord shall promptly repair the same, or (ii) notify Tenant in writing of Landlord’s election to immediately terminate this Lease, in which event this Lease is terminated effective as of the date of such damage or destruction. As provided in Section 2.2 above, Tenant may ▇▇▇▇▇ Monthly Rent if access to the ATM facility is materially impeded by Landlord’s repairs or by such damage or de- structiondestruction. Notwithstanding anything set forth to the contrary in this Section 13.115.1, Tenant may terminate this Lease effective as of the date of any such damage or destruction if Tenant reasonably determines in its good faith opinion that such damage or destruction substantially impairs the satisfactory operation of the ATM facility by notifying Landlord in writing of Tenant’s election to terminate not later than 30 days after the date of such damage or destruction. In addition, and notwithstanding anything set forth to the contrary in this Section 13.115.1, if Landlord fails to complete the repairs described in this Section 13.1 15.1 within 120 days from the date of such damage or destruction, Tenant may terminate this Lease by giving 30 days’ prior written notice of termination to Landlord not later than 30 days after such failure (provided, however, that if Landlord completes such repairs within the foregoing 30-day notice period, then Tenant’s termination notice is void).void).‌