Common use of Casualty - Building Clause in Contracts

Casualty - Building. If the Building is damaged by reason of fire or other casualty, such that the time to repair the damage or rebuild may reasonably be expected to take more than ninety (90) days, or the insurance proceeds including deductible amounts, if any, are insufficient to pay the entire cost of the rebuilding, provided that Landlord is maintaining the insurance required by this Lease, then Landlord shall have the right to either (i) rebuild as soon as reasonably possible after receipt of insurance proceeds, in which event the Lease shall remain in full force and effect, provided, however, Tenant shall have the right to terminate the Lease if the rebuilding is not substantially completed within 365 days following Landlords’ receipt of insurance proceeds (the “Rebuilding”), provided that Tenant gives notice of termination within thirty (30) days after the Rebuilding deadline, or (ii) terminate this Lease effective as of the date of the fire or other casualty, and in such event Landlord shall notify Tenant of this decision within forty-five (45) days after the later of the fire or other casualty or learning of the fact that the insurance proceeds, if any, are insufficient to pay the entire cost of the Rebuilding. If the Building is damaged by reason of fire or other casualty, such that the time to repair the damage or rebuild is not expected to take more than ninety (90) days, and the insurance proceeds including deductible amounts, if any, are sufficient to pay the entire cost of the rebuilding, then Landlord shall repair the damage promptly following the receipt of any insurance proceeds, subject to delays caused by force majeure. The Rebuilding shall be deemed complete when Landlord notifies Tenant that Tenant can once again use and occupy the damaged area of the Building and Landlord has delivered to Tenant a temporary or permanent certificate of occupancy, if required due to the extent of the damage sustained by the Building. No damages, compensation, or claim shall be payable to Tenant for any inconvenience, loss of business or profit, or annoyance of Tenant arising from any fire or other casualty, or any related repair, rebuilding, remodeling or restoration of the Building. Except with respect to obligations that expressly survive a termination, upon a termination of this Lease, this Lease shall be of no further force or effect, all rights, duties and obligations of Landlord and Tenant shall terminate, and neither party shall be under any obligation to the other under this Lease or with respect to the Leased Premises or the Building or the Property.

Casualty - Building. If the Building is damaged by reason of fire or other casualty, such that the time to repair the damage or rebuild may reasonably be expected to take more than ninety (90) days, or the insurance proceeds including deductible amounts, if any, are insufficient to pay the entire cost of the rebuilding, provided that Landlord is maintaining the insurance th e insuranc e required by this LeaseLease , then Landlord shall have the right to either (i) rebuild as soon as reasonably possible after receipt of insurance proceeds, in which event the Lease shall i n whic h even t th e Leas e shal l remain in i n full force and effect, provided, however, Tenant shall have shallhave the right to terminate the Lease if the rebuilding is rebuildingis not substantially completed within 365 days following Landlords’ ' receipt of insurance proceeds (the “"Rebuilding”"), provided that Tenant gives notice of noticeof termination within thirty (30) days after the Rebuilding deadline, or (ii) terminate this Lease effective as of the date of the fire or other casualty, and in such event Landlord shall notify Tenant of this decision within forty-forty - five (45) days after the later of the fire or other casualty or learning of the fact that the insurance proceeds, if any, are insufficient to pay the entire cost of the Rebuilding. If the Building is damaged by reason of fire or other casualty, such that the time to repair the damage or rebuild is not expected to take more than ninety (90) days, and the insurance proceeds including deductible amounts, if any, are sufficient to pay the entire cost of the rebuilding, then Landlord shall repair the damage promptly following the receipt of any insurance proceeds, subject to delays caused by force majeure. The Rebuilding shall be deemed complete when Landlord notifies Tenant that Tenant can once again use and occupy the damaged area of the Building and Landlord has delivered to Tenant a temporary or permanent certificate of occupancy, if required ifrequired due to the extent of the damage sustained by the Building. No N o damages, compensationcompensation , or claim shall clai m shal l be payable to Tenant for any inconvenience, loss of business or profit, or annoyance of Tenant arising from any fire or other casualty, or any related repair, rebuilding, remodeling or restoration of the Building. Except with respect to obligations that expressly survive a termination, upon a termination of this Lease, this Lease shall be of no further force or effect, all rights, duties and obligations of Landlord and Tenant shall terminate, and neither party shall be under any obligation to the other under this Lease or with respect to the Leased Premises or the Building or the Property.any