Destruction and Damage Sample Clauses
The 'Destruction and Damage' clause outlines the procedures and responsibilities in the event that the subject property or goods are damaged or destroyed during the term of the agreement. Typically, this clause specifies who bears the risk of loss, how repairs or replacements are to be handled, and whether the contract can be terminated or modified if significant damage occurs. For example, it may require the party in possession to promptly notify the other party and to restore the property to its original condition, or it may allow for insurance proceeds to be used for repairs. The core function of this clause is to allocate risk and provide a clear process for addressing unexpected damage, thereby minimizing disputes and ensuring both parties understand their obligations.
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary cont...
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Destruction and Damage. 22.01 If the Demised Premises and/or access thereto shall be partially or totally damaged or destroyed by fire or other casualty, then, Landlord shall, subject to its rights under Section 22.03 hereof, repair the damage and restore and rebuild the Demised Premises and/or access thereto as nearly as may be reasonably practical to its condition and character immediately prior to such damage or destruction, with reasonable diligence after notice to it of the damage or destruction.
22.02 If the Demised Premises and/or access thereto shall be partially or totally damaged or destroyed by fire or other casualty not attributable to the fault, negligence or misuse of the Demised Premises by the Tenant, its agent or employees under the provisions of this Lease, the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable from the date of such damage or destruction to the date the damage shall be substantially repaired or restored or rebuilt. Should Tenant reoccupy a portion of the Demised Premises during the period that the repair, restoration, or rebuilding is in progress and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy to the date the Demised Premises are made tenantable.
22.03 In case of substantial damage or destruction of the Demised Premises, Tenant may terminate this Lease by notice to Landlord, if Landlord has not completed the making of required repairs and restored and rebuilt the Demised Premises and/or access thereto within 12 months from the date of such damage or destruction, and such additional time after such date (but in no event to exceed 9 months) as shall equal the aggregate period Landlord may have been delayed in doing so by adjustment of insurance or Unavoidable Delays. In case the Building shall be so damaged by such fire or other casualty that substantial renovation, reconstruction or demolition of the Building shall, in Landlord’s opinion, be required (whether or not the Demised Premises shall have been damaged by such fire or other casualty), then Landlord may, at its option, terminate this Lease and the Term and estate hereby granted, by notifying Tenant of such termination, within sixty (60) days after the date of such damage. If at any time prior to Landlord giving Tenant the aforesaid notice of termination or commencing the repair and restoration pursuant to Section 2...
Destruction and Damage. If the Project is destroyed or damaged for any reason, except where such destruction or damage was caused by the sole negligence of the Contractor or its subcontractors, Owner shall pay Contractor for any additional work done by Contractor in rebuilding or restoring the Project to its condition prior to such destruction or damage. If the estimated cost of replacing work already accomplished by Contractor exceeds 20 percent of the Contract price, either the Contractor or Owner may terminate this Contract. Upon termination by either party, Contractor shall be excused from further performance under this Contract and Owner shall pay Contractor a percentage of the Contract price in proportion to the amount of work accomplished prior to the destruction or damage.
Destruction and Damage. 15.1 In the event the Building being wholly or substantially destroyed by flood or by fire, or by being wholly or partially uninhabitable by Force Majeure or any other cause then the Lessee shall not be entitled to a total or partial remission of any rental nor have any claim whatsoever upon the Lessor for any damages in consequence of deprivation of beneficial occupation;
15.2 In this eventuality the Lessee shall be obliged to notify the Lessor in writing within 3 (three) months of the date of such happening whether or not it intends to rebuild and restore the Building. Failure to elect to rebuild and restore on the part of the Lessee will entitle the Lessor to regard this Lease Agreement as cancelled and, with the exception of the costs associated with the cleaning of the Site, neither Party shall have any further obligations thereunder to the other;
15.3 In the event of the Lessee notifying the Lessor of its intention not to restore the Building, the Lessee loses their right to the Site and their Diamond Share will be redeemed and the Diamond Shareholder will be issued with 5 (five) ordinary shares in the Company .
15.4 In the event of the Lessee electing to rebuild they undertake to do so without undue delay.
15.5 Notwithstanding any deprivation use of the Site and its Buildings, the Lessee shall still be obliged to pay any amounts due by them for services rendered under the terms of this Lease Agreement.
Destruction and Damage. If anyone in Renter’s party damages the facilities, restrooms, gallery area or artwork during the rental period, Renter shall pay for all necessary repairs. This includes any damage to the audio/visual or technical equipment, when operated by anyone other than those authorized by DTS or Longhouse staff.
Destruction and Damage of the Lease shall be deleted, and a new paragraph 7.02 shall be inserted in lieu thereof to read as follows:
Destruction and Damage. (a) If the Project or the Premises are damaged by fire or other perils covered by extended coverage insurance, Tenant shall give Landlord prompt notice thereof. Landlord shall provide notice of its estimated time to restore the Premises within ninety (90) days after such notice.
(i) In the event of Major Damage or Destruction that Landlord estimates will take in excess of two hundred seventy days to repair, either Landlord or Tenant may elect to terminate this Lease by written notice to the other party given within thirty (30) days after the date of Landlord’s notice of the estimated time to restore, in which case this Lease shall be deemed to have terminated as of the Casualty Discovery Date. As used herein “Major Damage or Destruction” shall mean damage or destruction of all or of any portion of the improvements constructed by Landlord on the Project, if the hard costs of restoring such portion of the improvements will exceed twenty-five percent (25%) of the hard cost of replacing all such improvements in their entirety. To the extent neither party terminates this Lease, Landlord shall commence promptly to repair and restore the Premises and prosecute the same diligently to completion, and the Lease shall remain in full force and effect.
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Destruction and Damage. If the Premises is destroyed or partially damaged and such damage materially affects Tenant's use of the Premises, then Landlord may, at its option, choose to restore the Premises or repair the damage or terminate this Agreement. If Landlord chooses to restore the destroyed Premises, then Tenant shall be entitled to rent abatement until the Premises is restored. If Landlord chooses to repair the materially damaged Premises, then Tenant shall be entitled to rent reduction or abatement in an amount that reasonably approximates a commensurate loss of use of a portion of the Premises. Tenant shall not be entitled to rent abatement or reduction when the destruction or damage is caused by ▇▇▇▇▇▇'s acts or omissions, or the acts or omissions of any person or entity affiliated with Tenant, including invitees, licensees, or any person or entity under ▇▇▇▇▇▇'s control.