Damage by Fire or Other Casualty Casualty Insurance
Damage by Fire or Other Casualty Casualty Insurance Sample Clauses
Related to Damage by Fire or Other Casualty Casualty Insurance
Damage by Fire or Other Casualty Tenant shall promptly notify Landlord of any damage or destruction of any portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualty.
Damage by Casualty If, during the Initial Term or any Renewal Term(s) or this Lease and in the sole judgment of Lessor, the Premises suffer damage by fire, explosion, or any other casualty (a) to the extent that the Premises cannot reasonably be repaired within 180 days after date of such damage; or, (b) to the extent the Premises cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall xxxxx on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminate.
Liability and Casualty Insurance The Administrative Agent shall have received copies of insurance policies or certificates of insurance evidencing liability and casualty insurance meeting the requirements set forth herein or in the Security Documents. The Administrative Agent shall be named as loss payee and additional insured on all such insurance policies for the benefit of the Lenders.
Fire or Other Casualty If the Subleased Premises are destroyed in whole or in part by fire or other casualty at any time during the Sublease and if after such damage or destruction, Sublessee, in its reasonable judgment, is not able to use Subleased Premises to substantially the same extent and for substantially the same purposes as Sublessee used the Subleased Premises before the fire or other casualty, Sublessee simultaneously shall give to Sublessor and Landlord written notice describing in reasonable detail the destruction. If the damage is not the result of negligence on the part of Sublessee, its agents, employees, or invitees and the Landlord terminates the Lease, this Sublease shall automatically terminate. If Landlord elects to restore or repair the damage so that the Subleased Premises are substantially the same as before the damage, the Sublease shall continue in effect in accordance with its terms, except that if Sublessor receives any abatement in rent, Sublessee shall receive an abatement in its Rental equal to the same percentage abatement received by Sublessor. If the damage is a result of the negligence of Sublessee or any of its agents, employees or invitees, then this Sublease shall continue in full effect in accordance with its terms with no abatement in the Rental. Sublessee shall furthermore be liable either to Sublessor or Landlord, at Sublessor's election, for all costs incurred in repairing or replacing the damage caused by the negligent action of Sublessee, its agents, employees, or invitees. SUBLESSEE ALSO AGREES TO INDEMNIFY SUBLESSOR FOR ANY AND ALL CLAIMS MADE AGAINST SUBLESSOR BY LANDLORD OR ANY OTHER PARTY, WHETHER SOUNDING IN CONTRACT, TORT, OR ANY OTHER LEGAL DOCTRINE, WHICH CLAIMS ARISE IN ANY MANNER FROM THE DAMAGE CAUSED BY THE SUBLESSEE'S, ITS AGENTS', EMPLOYEES', REPRESENTATIVES OR INVITEES' NEGLIGENCE.
Insurance Casualty and Condemnation 38 Section 6.1. Insurance Coverage...............................................38 Section 6.2. Condemnation.....................................................45
Casualty Insurance Landlord covenants and agrees to obtain and keep in full force and effect during the Lease Term Casualty Insurance as hereinafter defined. "Casualty Insurance" shall mean fire and extended coverage insurance with respect to the Property, in an amount equal to the full replacement cost of all Improvements, with coinsurance clauses of no less than 80%, and with coverage, at Landlord's option, by endorsement or otherwise, for all risks, vandalism and malicious mischief, sprinkler leakage, boilers, and rental loss, and with a deductible in an amount for each occurrence as Landlord, in its sole discretion, may determine from time to time. Casualty Insurance obtained by Landlord need not name Tenant as an insured party and may, at Landlord's option, name any mortgagee or holder of a deed of trust as an insured party as its interest may appear. Tenant covenants and agrees to pay its Pro Rata Share of the cost of Casualty Insurance obtained by Landlord as Additional Rent, payable pursuant to the provisions hereinabove for Monthly Deposits. TENANT SHALL BE RESPONSIBLE FOR OBTAINING, AT TENANT'S OPTION, COST AND EXPENSE, INSURANCE COVERAGE FOR THE PROPERTY OF TENANT LOCATED WITHIN THE DEMISED PREMISES AND FOR BUSINESS INTERRUPTION OF TENANT. LANDLORD AND TENANT HEREBY GRANT TO EACH OTHER ON THEIR OWN BEHALF AND ON BEHALF OF ANY INSURER PROVIDING FIRE AND EXTENDED COVERAGE TO EITHER OF THEM COVERING THE IMPROVEMENTS, THE DEMISED PREMISES, OR CONTENTS THEREOF, A WAIVER OF ANY CLAIM OF EITHER AGAINST THE OTHER AND A WAIVER OF ANY RIGHT OF SUBROGATION WHICH ANY SUCH INSURER OF ONE PARTY MAY ACQUIRE AGAINST THE OTHER BY VIRTUE OF A CASUALTY COVERED BY SUCH INSURANCE OR BY VIRTUE OF PAYMENT OF LOSS UNDER ANY SUCH INSURANCE. NEITHER PARTY, NOR ANYONE CLAIMING UNDER THEM BY WAY OF SUBROGATION OR OTHERWISE, SHALL HAVE ANY INTEREST IN THE PROCEEDS OF INSURANCE RECEIVED BY THE OTHER PARTY.
Damage; Strike; Casualty Any material damage to, or loss, theft or destruction of, any Property, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than 30 consecutive days beyond the coverage period of any applicable business interruption insurance, the cessation or substantial curtailment of revenue producing activities of the Borrower and its Subsidiaries, taken as a whole, and only if any such event or circumstance could reasonably be expected to have a Material Adverse Effect.
Condemnation and Casualty If, prior to the Closing Date, all or any portion of the Property is taken by condemnation or eminent domain, or is the subject of a pending taking which has not been consummated, or is destroyed or damaged by fire or other casualty, Seller shall notify Purchaser of such fact promptly after Seller obtains knowledge thereof. If such condemnation or casualty is "Material" (defined below), Purchaser shall have the option to terminate this Agreement upon notice to Seller given not later than fifteen (15) days after receipt of Seller's notice, or the date of the Closing, whichever is earlier. If this Agreement is terminated, the Deposit shall be returned to Purchaser and thereafter neither Seller nor Purchaser shall have any further rights or obligations to the other hereunder except as otherwise provided in this Agreement. If this Agreement is not terminated, Seller shall not be obligated to repair any damage or destruction but: (x) Seller shall assign, without recourse, and turn over to Purchaser all of the insurance proceeds or condemnation proceeds, as applicable, net of any costs of repairs and net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty or condemnation including any rent abatement insurance for such casualty or condemnation; and (y) the parties shall proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price.
Casualty Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
Insurance; Damage to or Destruction of Collateral (a) The Credit Parties shall, at their sole cost and expense, maintain the policies of insurance described on Disclosure Schedule (3.18) as in effect on the date hereof or otherwise in form and amounts and with insurers reasonably acceptable to Agent. Such policies of insurance (or the loss payable and additional insured endorsements delivered to Agent) shall contain provisions pursuant to which the insurer agrees to provide 30 days prior written notice to Agent in the event of any non-renewal, cancellation or amendment of any such insurance policy. If any Credit Party at any time or times hereafter shall fail to obtain or maintain any of the policies of insurance required above or to pay all premiums relating thereto, Agent may at any time or times thereafter obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto that Agent deems advisable. Agent shall have no obligation to obtain insurance for any Credit Party or pay any premiums therefor. By doing so, Agent shall not be deemed to have waived any Default or Event of Default arising from any Credit Party's failure to maintain such insurance or pay any premiums therefor. All sums so disbursed, including reasonable attorneys' fees, court costs and other charges related thereto, shall be payable on demand by Borrower to Agent and shall be additional Obligations hereunder secured by the Collateral.
