Premises Partial Damage Sample Clauses
The Premises Partial Damage clause outlines the procedures and responsibilities when the leased property sustains damage that does not render it completely unusable. Typically, this clause specifies the landlord's obligation to repair the affected areas within a reasonable timeframe and may address whether the tenant is entitled to rent abatement during repairs. Its core function is to ensure both parties understand their rights and duties in the event of partial damage, thereby minimizing disputes and facilitating a prompt restoration of the premises.
Premises Partial Damage. If Premises Partial Damage that is an Insured Loss occurs, then Lessor shall, at Lessor's expense, repair such damage (but not Lessee's Trade Fixtures or Lessee Owned Alterations and Utility Installations) as soon as reasonably possible and this Lease shall continue in full force and effect, provided, however, that Lessee shall, at Lessor's election, make the repair of any damage or destruction the total cost to repair of which is $5,000 or less, and, in such event, Lessor shall make any applicable insurance proceeds available to Lessee on a reasonable basis for that purpose. Notwithstanding the foregoing, if the required insurance was not in force or the insurance proceeds are not sufficient to effect such repair, the Insuring Party shall promptly contribute the shortage in proceeds as and when required to complete said repairs. In the event, however, such shortage was due to the fact that, by reason of the unique nature of the improvements, full replacement cost insurance was not commercially reasonable and available, Lessor shall have no obligation to pay for the shortage in insurance proceeds or to fully restore the unique aspects of the Premises unless Lessee provides Lessor with the funds to cover some, or adequate assurance thereof, within 10 days following receipt of written notice of such shortage and request therefor. If Lessor receives said funds or adequate assurance thereof within said 10 day period, the party responsible for making the repairs shall complete them as soon as reasonably possible and this Lease shall remain in full force and effect. If such funds or assurance are not received, Lessor may nevertheless elect by written notice to Lessee within 10 days thereafter to: (i) make such restoration and repair as is commercially reasonable with Lessor paying any shortage in proceeds, in which case this Lease shall remain in full force and effect, or (ii) have this Lease terminate 30 days thereafter. Lessee shall not be entitled to reimbursement of any funds contributed by Lessee to repair any such damage or destruction. Premises Partial Damage due to flood or earthquake shall be subject to Paragraph 9.3, notwithstanding that there may be some insurance coverage, but the net proceeds of any such insurance shall be made available for the repairs if made by either Party.
Premises Partial Damage. If Premises Partial Damage occurs, then Landlord shall, at Landlord's expense, repair such damage (but not Tenant's Trade Fixtures or Tenant-Owned Alterations and Utility Installations) as soon as reasonably possible, but only to the extent of the available insurance proceeds. In the event that the available insurance proceeds are insufficient to enable Landlord to fully restore the Premises to the condition they were in prior to any Premises Partial Damage and, as a result, Landlord elects not to fully restore the Premises to such condition, Landlord shall promptly notify Tenant to that effect in writing in which case Tenant shall elect one of the following options: (a) agree to supply Landlord with funds equal to the difference between the available insurance proceeds and the cost to fully restore the Premises, in which case Landlord shall promptly fully restore the Premises to the condition they were in prior to the Premises Partial Damage, (b) terminate the Lease by written notice of termination to Landlord, in which case Tenant shall be entitled to continue to occupy the Premises, subject to all of the terms of the Lease, for a reasonable period of time (not to exceed 12 months, while Tenant secures another comparable facility to relocate to, or (c) continue to occupy the Premises for the remainder of the Lease Term, in which case Landlord shall promptly restore the Premises to the extent permitted by the available insurance proceeds and this Lease shall continue in full force and effect (and Tenant, at its option and expense, may make additional repairs to the Premises to more fully restore them to the condition they were in prior to the Premises Partial Damage). Tenant shall advise Landlord in writing as to which option Tenant elects within sixty (60) days after Tenant's receipt of Landlord's initial notice. Unless otherwise agreed, Tenant shall in no event have any right to reimbursement from Landlord for any funds contributed or costs incurred by Tenant to repair any Premises Partial Damage. For purposes of the foregoing, "available insurance proceeds" shall include any amounts which would have been available in the absence of Landlord's failure to maintain the insurance required under, or otherwise comply with the provisions of Paragraph 8.3 (a).
Premises Partial Damage. In the event of Partial Damage to the Premises:
8.2.1 If there is Partial Damage to the Premises which is an Insured Loss, Lessee shall at Lessee's expense, repair the damage as soon as reasonably possible and this Lease shall continue in full force and effect.
8.2.2 If there is Partial Damage to the Premises which is not an Insured Loss, unless caused by a negligent or willful act of Lessee (in which event Lessee shall make the repairs at Lessee's expense) Lessee may, at Lessee's option, either (a) repair the damage as soon as reasonably possible at Lessee's expense in which event this Lease shall continue or (b) if the Partial Damage is material (for which purpose, it will be deemed to be material if it would cost more than $1,000,000 to repair) give written notice to Lessor within thirty (30) days after the date of loss, of Lessee's cancellation and termination of this Lease which cancellation shall be effective as of the date of loss. It Lessee give such notice to cancel the Lease, Lessor shall have the right within ten (10) days after receipt of the notice to give lessee written notice of Lessor's intent to repair the damage at Lessor's expense, in which case this Lease shall continue and Lessor shall proceed to make such repairs as soon as reasonably possible.
Premises Partial Damage. (a) If the Premises and/or the improvements thereon (other than Alterations, Trade Fixtures, and damage to any items which Tenant has the responsibility to repair or replace pursuant to the provisions of Paragraph 10.01) shall be damaged, which damage is less than or equal to twenty-five percent (25%) of the replacement cost thereof, then Landlord shall, at Landlord’s and/or Landlord’s insurer’s expense, repair such damage (but not Tenant’s Trade Fixtures or Alterations) as soon as reasonably possible and this Lease shall continue in full force and effect. Tenant shall have no interest in or claim to any portion of any insurance proceeds.
(b) If the Premises and/or the improvements thereon (other than Alterations, Trade Fixtures, and damage to any items which Tenant has the responsibility to repair or replace pursuant to the provisions of Paragraph 10.01) shall be damaged, which damage is greater than twenty-five percent (25%) but less than fifty percent (50%) of the replacement cost thereof, then Landlord may, at its election, either (i) repair such damage (but not Tenant’s Trade Fixtures or Alterations) as soon as reasonably possible and this Lease shall continue in full force and effect; or (ii) terminate this Lease by giving written notice to Tenant within (30) days after the occurrence of such damage or destruction, which termination shall be effective sixty (60) days following the date of such notice.
Premises Partial Damage. PREMISES BUILDING PARTIAL DAMAGE.
Premises Partial Damage. If there shall occur a Premises Partial Damage with respect to the Property (said portion of the Property being referred to herein as the “Affected Property”), Tenant shall give Landlord prompt notice thereof within thirty (30) days after the occurrence of the Premises Partial Damage, and shall as soon as reasonably possible restore and rebuild at Tenant’s expense the Affected Property which was damaged as a result of such Premises Partial Damage so as to have a value, utility and remaining useful life at least equal to the value, utility and remaining useful life of the Affected Property immediately prior to such Premises Partial Damage, without any abatement, decrease or diminution in the Base Rent, Supplemental Rent and other charges and payments due under this Lease.
Premises Partial Damage