Common use of Obligation to Restore Clause in Contracts

Obligation to Restore. If the Premises or the Building is destroyed or damaged by fire, earthquake, or other casualty during the Term to the extent that they are untenantable in whole or in part, and if (i) the insurance proceeds available to Landlord equal or exceed the cost of such restoration, (ii) in the opinion of a registered architect or engineer appointed by Landlord such restoration can be completed within one hundred eighty (180) days after the date on which Landlord obtains all permits necessary for such restoration, and (iii) such restoration is permitted under then existing laws and the CC&Rs to be done in such a manner as to return the Premises (including only those fixtures and equipment insured under Landlord's property insurance policy) and the Building to substantially the same condition as they were in immediately before such destruction then such destruction shall not terminate this Lease and Landlord shall act with reasonable diligence to restore the Premises and the Building to substantially the same condition as they were in immediately before such destruction. To the extent that the insurance proceeds must be paid to a mortgagee under, or must be applied to reduce any debt secured by, a mortgage covering the Property, the insurance proceeds shall be deemed not to be available to Landlord unless such mortgagee permits Landlord to use the insurance proceeds for such restoration. In all other instances, Landlord shall have the right but not the obligation to rebuild and restore the Premises or the Building or the damaged part thereof.

Obligation to Restore. If the Premises or the Building is destroyed or damaged by fire, earthquake, or other casualty during the Term to the extent that they are untenantable in whole or in part, and if (i) the insurance proceeds available to Landlord equal or exceed the cost of such restoration, (ii) in the opinion of a registered architect or engineer appointed by Landlord and given within ninety (90) days of the casualty, such restoration can be completed within one hundred eighty (180) days after the date on which Landlord obtains all permits necessary for such restoration, and (iii) such restoration is permitted under then existing laws and the CC&Rs to be done in such a manner as to return the Premises (including only those fixtures and equipment insured under Landlord's ’s property insurance policy) and the Building to substantially the same condition as they were in immediately before such destruction then such destruction shall not terminate this Lease and Landlord shall act with reasonable diligence to restore the Premises and the Building to substantially the same condition as they were in immediately before such destruction. To the extent that the insurance proceeds must be paid to a mortgagee under, or must be applied to reduce any debt secured by, a mortgage covering the Property, the insurance proceeds shall be deemed not to be available to Landlord unless such mortgagee permits Landlord to use the insurance proceeds for such restoration. In all other instances, Landlord shall have the right but not the obligation to rebuild and restore the Premises or the Building or the damaged part thereof.

Obligation to Restore. If the Premises or the Building is destroyed or damaged by fire, earthquake, or other casualty during the Term to the extent that they are untenantable in whole or in part, and if (i) the insurance proceeds available to Landlord equal or exceed the cost of such restoration, (ii) in the opinion of a registered architect or engineer appointed by Landlord and given within ninety (90) days of the casualty, such restoration can be completed within one hundred eighty (180) days after the date on which Landlord obtains all permits necessary for such restoration, and (iii) such restoration is permitted under then existing laws and the CC&Rs to be done in such a manner as to return the Premises (including only those fixtures and equipment insured under Landlord's property insurance policy) and the Building to substantially the same condition as they were in immediately before such destruction then such destruction shall not terminate this Lease and Landlord shall act with reasonable diligence to restore the Premises and the Building to substantially the same condition as they were in immediately before such destruction. To the extent that the insurance proceeds must be paid to a mortgagee under, or must be applied to reduce any debt secured by, a mortgage covering the Property, the insurance proceeds shall be deemed not to be available to Landlord unless such mortgagee permits Landlord to use the insurance proceeds for such restoration. In all other instances, Landlord shall have the right but not the obligation to rebuild and restore the Premises or the Building or the damaged part thereof.