Buildings or Structures Built by Lessee Clause Samples

Buildings or Structures Built by Lessee. If any building or structure, or improvements, originally built by ▇▇▇▇▇▇ and not owned by the Lessor, is damaged, the Lessee shall restore the same with reasonable promptness. Lessee shall be responsible for the removal of all debris resulting from the damage or destruction of the buildings and structures built by ▇▇▇▇▇▇ and not owned by the Lessor. Lessee shall maintain standard fire and extended coverage insurance upon such said building, structures, and improvements. Lessee waives any right of subrogation against Lessor for loss or damages, which are covered under the aforementioned fire and extended coverage insurance. In this case, Lessee shall be entitled to receive and apply the proceeds of any insurance covering such loss, and any excess of proceeds shall belong to Lessee. Further, to the extent such proceeds do not fully satisfy the costs of such restoration, the costs expended by Lessor in excess of such proceeds shall be deemed an additional investment by Lessee pursuant to Section 2.2 above. However, if Lessee determines in its sole judgment that damages to the Leased Premises are uneconomical to restore, Lessee may terminate this Agreement pursuant to Section 15.1 (c). In such latter case, the proceeds of insurance, if any, shall be apportioned between Lessor and Lessee, with Lessor receiving the higher of the same proportion of such proceeds as the then expired portion of the contract term bears to the full term hereby granted or the funds required to restore the property to its initial state, and ▇▇▇▇▇▇ receiving the balance thereof.