Common use of FIRE CLAUSE Clause in Contracts

FIRE CLAUSE. In the event the Building or the Demised Premises shall be damaged by fire, flood, windstorm, earthquake or any other casualty to such an extent that, in the written opinion (certified as such) of a mutually acceptable licensed architect, they cannot be restored to as good a condition as they were prior to such damage within one hundred fifty (150) days after the date of such casualty, Lessor and Lessee shall each have the right to cancel and terminate this Lease by delivering written notice of such termination to the other party within thirty (30) days after receipt of such architect's opinion (with the rental obligation being reduced from the date of such damage to the date of such termination in such proportion as will compensate Lessee for any space not usable by Lessee). If Lessor or Lessee does not exercise such right to cancel this Lease within such thirty (30) day period or if such architect shall have certified that such repairs can be made within a period of one hundred fifty (150) days, Lessor agrees to repair the Building and the Demised Premises with due diligence and, in the meantime, the rent shall be reduced in such proportion as will compensate Lessee for the space not in proper condition during such repair period. Notwithstanding any terms to the contrary in this Lease, Lessor and Lessee may each terminate this Lease if the damage is not covered by the insurance policies that Landlord must maintain, pursuant to Paragraph 23 of this Lease. It is further provided that in the event the Demised Premises is substantially destroyed by fire, flood, windstorm, earthquake or any other casualty within one (1) year prior to the expiration or earlier termination of the lease term, both Lessor and Lessee shall have the mutual right to terminate this Lease as of the date of such damage with written notice to the other party.

FIRE CLAUSE. In the event the Building or the Demised Premises shall be damaged by fire, flood, windstorm, earthquake or any other casualty to such an extent that, in the written opinion (certified as such) of a mutually acceptable licensed architect, they cannot be restored to as good a condition as they were prior to such damage within one hundred fifty (150) days after the date of such casualty, Lessor and Lessee shall each have the right to cancel and terminate this Lease by delivering written notice of such termination to the other party within thirty (30) days after receipt of such architect's ’s opinion (with the rental obligation being reduced from the date of such damage to the date of such termination in such proportion as will compensate Lessee for any space not usable by Lessee). If Lessor or Lessee does not exercise such right to cancel this Lease within such thirty (30) day period or if such architect shall have certified that such repairs can be made within a period of one hundred fifty (150) days, Lessor agrees to repair the Building and the Demised Premises with due diligence and, in the meantime, the rent shall be reduced in such proportion as will compensate Lessee for the space not in proper condition during such repair period. Notwithstanding any terms to the contrary in this Lease, Lessor and Lessee may each terminate this Lease if the damage is not covered by the insurance policies that Landlord must maintain, pursuant to Paragraph 23 24 of this Lease. It is further provided that in the event the Demised Premises is substantially destroyed by fire, flood, windstorm, earthquake or any other casualty within one (1) year prior to the expiration or earlier termination of the lease term, both Lessor and Lessee shall have the mutual right to terminate this Lease as of the date of such damage with written notice to the other party.