Common use of Total or Partial Destruction Clause in Contracts

Total or Partial Destruction. (a) In the event the Leased Premises are wholly or partially damaged or destroyed by an insurable hazard, and subject to the consent of the Lessor's mortgagee, if any, the Lessor shall with reasonable diligence repair or replace the Leased Premises at a cost not less than approximately the amount of insurance payable and paid by reason of such damage or destruction, and shall provide for the Lessee, as soon as reasonably practicable and subject to Section 14.01 (b) premises of a type, quality and character equal to or better than the premises were prior to the damage and destruction and suitable for the purposes of the Lessee. (b) The Lessor shall not be obligated to expend for such repair or replacement an amount in excess of the insurance proceeds recovered or recoverable as a result of such damage. The Lessee shall cause all proceeds of insurance to be paid to the Lessor on account of the cost of repair or replacement In no event shall the Lessor be required to repair or replace the Lessee's stock in trade, fixtures, furnishings, floor coverings and equipment. (c) If the casualty, repairing or rebuilding shall render the Leased Premises untenantable, in whole or in part, a proportionate abatement of the rent shall be allowed from the date when the damage occurred until the date the Lessor completes such work, said proportion to be computed on the basis of the relation which the gross square foot area of the space rendered untenantable bears to the floor area of the Leased Premises. (d) If any damage or destruction cannot, with reasonable diligence, be repaired and restored within one hundred and eighty (180) days of the date of happening of such damage or destruction, the Lessor or the Lessee may, at their respective options, terminate this Lease and the tenancy hereby created by giving to the Lessee or the Lessor, as the case may be, within sixty (60) days following the date of such occurrence, written notice of the election so to do, and in the event of such termination, the Lease shall terminate and the rent shall be adjusted as of the date of the occurrence of such damage.

Total or Partial Destruction. (a) In Except as provided in sub-paragraph (d) hereof: (i) if the event Building shall be destroyed or damaged by fire or other insured cause to the Leased Premises are wholly extent of twenty percent (20%) or partially damaged or destroyed by an insurable hazardless of the insured value of the Building, in the reasonable opinion of Landlord, and subject to if such Building may be repaired and restored within one hundred eighty (180) days after the consent date of such damage, then Landlord shall repair and restore the Lessor's mortgagee, if any, the Lessor shall same with reasonable diligence promptness provided, however, that in no event shall Landlord be required to repair or replace the Leased Premises at a cost not less than approximately the amount of insurance payable and paid by reason of such any damage or destruction, and shall provide for the Lessee, as soon as reasonably practicable and subject to Section 14.01 (b) premises of a type, quality and character equal to or better than the premises were prior to the damage and destruction and suitable for the purposes of the Lessee. (b) The Lessor shall not be obligated to expend for such repair or replacement an amount in excess of the insurance proceeds recovered or recoverable as a result therefor. (b) If such damage is to the extent of more than twenty percent (20%) of the insured value of the Building, in the reasonable opinion of the Landlord, and if such Building may be repaired and restored within one hundred eighty (180) days after the date of such damage. The Lessee damage or destruction, then Landlord shall cause all proceeds of insurance to be paid to the Lessor on account of the cost of repair or replacement In and restore same with reasonable promptness provided, however, that in no event shall the Lessor Landlord be required to repair any damage or replace destruction in excess of the Lessee's stock insurance proceeds recovered therefor. Notwithstanding the extent of such damage or destruction, if, in tradethe reasonable opinion of Landlord, fixturessuch damage or destruction cannot be repaired and restored within one hundred eighty (180) days after the date of such damage, furnishings, floor coverings then either Landlord or Tenant shall have the right to cancel and equipmentterminate this Lease and all rights and obligations of the parties thereunder upon giving notice of same to the other party at any time within thirty (30) days from the date such damage or destruction shall have occurred. (c) If In the casualtyevent any such damage or destruction, repairing or rebuilding shall render which renders the Leased Premises untenantableBuilding, in whole or in partthe, a proportionate reasonable opinion of Landlord, untenantable and if this Lease shall not be canceled and terminated by reason of such damage (provided Landlord receives reimbursement for the abatement of Base Rent due hereunder under an insurance policy carried pursuant to this Lease), then Base Rent only shall ▇▇▇▇▇ during the rent shall be allowed from period beginning with the date of such fire or other insured cause and ending with the date when the damage occurred until Building is again rendered tenantable by an amount bearing the date same ratio to the Lessor completes total amount of Base Rent for such work, said proportion to be computed on period as the basis untenable portion of the relation which the gross square foot area of the space rendered untenantable Building bears to the floor area entire Building. Should Landlord fail to receive reimbursement for the abatement of the Leased PremisesBase Rent hereunder then Base Rent shall not ▇▇▇▇▇. (d) If any damage or destruction to the Building is the result of an act or neglect of Tenant, its subtenants, licensees, or Tenant's partners, directors, officers, agents, employees, invitees or contractors, such damage or destruction shall be repaired or restored by Tenant, under the supervision and with the approval of Landlord, at Tenant's sole cost and expense. Notwithstanding anything to the contrary, if the insurance proceeds received by Tenant hereunder are insufficient to restore the Leased Premises in accordance with the Lease and if the damage or destruction is the result of an act or neglect of Landlord, its employees, agents, servants or contractors, then Landlord shall be responsible for payment to Tenant of the difference between the amount of insurance proceeds received by Tenant and the actual cost to restore replace the Leased Premises. (e) Tenant, as its sole remedy, may terminate this Lease if Tenant is unable to use all or a substantial portion of the Building as a result of fire or other casualty and if in the reasonable opinion of Landlord, such damage or destruction cannot, with reasonable diligence, not be repaired and restored within one hundred and eighty (180) days of the date of happening of such damage or destruction, the Lessor or the Lessee may, at their respective options, terminate this Lease and the tenancy hereby created by giving to the Lessee or the Lessor, as the case may be, within sixty (60) days following after the date of such occurrencedamage. In order to so terminate, Tenant must provide written notice to Landlord within thirty (30) days of the election so fire or casualty. In the event that Tenant, its subtenants or licensees, or Tenant's partners, directors, officers, agents, or employees, invitees, or contractors delay Landlord in performing such repairs, Landlord shall have additional time to docomplete the work equal to such delay. Notwithstanding the foregoing, and in Tenant may not terminate the Lease if the fire or other casualty was the result of the intentional acts of Tenant, its subtenants or licensees, or Tenant's partners, directors, officers, agents, employees, invitees or contractors. (f) In the event of such termination, termination of the Lease shall terminate and under this Article V whether due to destruction or eminent domain, Landlord share immediately return to Tenant the rent shall be adjusted as of Security Deposit posted by Tenant provided Tenant has otherwise complied with its obligations under the date of the occurrence of such damageLease.