SUBSTANTIAL DAMAGE TO THE BUILDING Sample Clauses
The 'Substantial Damage to the Building' clause defines the procedures and rights of the parties if the building suffers significant physical harm. Typically, this clause outlines what constitutes 'substantial damage,' such as destruction from fire, natural disasters, or other major incidents, and details the steps to be taken, such as repair obligations, insurance claims, or possible termination of the lease or contract. Its core function is to allocate responsibility and provide a clear process for addressing major damage, thereby reducing uncertainty and potential disputes between the parties involved.
SUBSTANTIAL DAMAGE TO THE BUILDING. If during the Lease Term there shall be substantial damage to the Building by fire or other casualty and if such damage shall materially interfere with the LESSEE's use of the Leased Premises as contemplated by this Lease, the LESSOR shall, to the extent insurance proceeds are available to LESSOR, promptly restore the Building to an architectural unit that is not less suitable than that which existed prior to such fire or casualty, unless the LESSOR or the LESSEE, within forty-five (45) days after the occurrence of such damage, shall give notice to the other of its election to terminate this Lease. If at any time during such forty-five (45) day period the LESSOR notifies the LESSEE of its intention to restore the Building, the LESSEE must then give notice to the LESSOR, within ten (10) days of its receipt of the LESSOR's notice of intention to restore the Building, as to whether the LESSEE will elect to terminate the Lease. Should the LESSEE fail to elect to terminate the Lease within such ten (10) day period, the LESSEE's right to terminate under this Paragraph 17.3 shall expire. If the LESSOR proceeds with the restoration of the Building and if such damage shall not have been repaired to the extent necessary for the LESSEE to resume its normal business operations at the Leased Premises by the end of the 180th day following the date of such fire or casualty, or if the LESSOR shall fail diligently to cause such repair and restoration work to be performed, then the LESSEE may, at any time thereafter while the damage remains unrepaired, terminate this Lease upon notice to the LESSOR. If the LESSOR or the LESSEE shall give such notice of termination, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof.
SUBSTANTIAL DAMAGE TO THE BUILDING. If, during the Lease Term there shall be substantial damage or lack of access to the Building as a result of fire or casualty, Landlord may terminate this Lease by notice to Tenant given within sixty (60) days after the occurrence of such damage, regardless of whether such damage materially interferes with Tenant’s use of the Premises. If Landlord shall give such notice, then this Lease shall terminate as of the sixtieth (60th) day after such notice is given, with the same force and effect as if such date were the date originally established as the expiration date hereof. If Landlord does not elect to terminate this Lease, Landlord shall provide Tenant with notice in writing (the “Restoration Notice”), no later than sixty (60) days after the date of any damage covered by this Article, that Landlord intends to restore the Premises or access to the Premises and such notice shall set forth reasonable estimate of Landlord’s general contractor required to complete such restoration (“Estimated Completion Date”).
SUBSTANTIAL DAMAGE TO THE BUILDING. If, during the Lease Term there shall be substantial damage to the Building by fire or casualty, then Landlord shall promptly restore the Premises if it has been affected thereby (and the Building to the extent reasonably necessary to permit Tenant to use the Premises), unless Landlord, within ninety (90) days after the occurrence of such damage, shall give notice to Tenant of Landlord’s election to terminate this Lease; provided, however, in no event shall Landlord be obligated to expend more than the insurance proceeds actually received by Landlord, plus the amount of any deductible carried by Landlord. Landlord shall have the right to make such election in the event of substantial damage to the Building whether or not such damage materially interferes with Tenant’s use of the Premises. If Landlord shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof.
SUBSTANTIAL DAMAGE TO THE BUILDING. If during the Lease Term there shall be substantial damage to the Building by fire or other casualty and if such damage shall materially interfere with the Tenant's use of the Premises as contemplated by this Lease, the Landlord shall promptly restore the Building, to the extent reasonably necessary to enable the Tenant's use of the Premises, unless the Landlord, within forty-five (45) days ("Landlord's Termination Period") after the occurrence of such damage, shall give notice to the Tenant of the Landlord's election to terminate this Lease. The Landlord shall have the right to make such election in the event of substantial damage to the Building whether or not such damage materially interferes with the Tenant's use of the Premises.
SUBSTANTIAL DAMAGE TO THE BUILDING. If during the Lease Term there shall be substantial damage to the Building by fire or other casualty, Landlord shall promptly restore the Building to the extent reasonably necessary to enable Tenant's use of the Premises, unless Landlord, within ninety (90) days after the occurrence of such damage, shall give notice to Tenant of Landlord's election to terminate this Lease. If Landlord shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof.
SUBSTANTIAL DAMAGE TO THE BUILDING. If during the Lease Term there shall be substantial damage to the Building by fire or other casualty and if such damage shall unreasonably interfere with the Tenant's use of the Premises as contemplated by this Lease, the Landlord shall promptly and diligently proceed to restore, or cause to be restored, the Building to substantially the same condition in which it was immediately prior to the occurrence of such damage, unless the Landlord or the Tenant, within thirty (30) days after the occurrence of such damage, shall give notice to the other party of its election to terminate this Lease. If either party shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof.