Common use of Damage or Destruction Condemnation Clause in Contracts

Damage or Destruction Condemnation. (a) If the Leased Premises shall be partially damaged by any casualty covered under Landlord’s insurance policy, Landlord shall repair the same to the condition which existed as of the date of this Lease, and the Base Rent and all Additional Rent and other charges shall be abated proportionately as to that portion of the Leased Premises rendered untenantable; provided, however, that in light of the short term nature of this Lease, Landlord may either elect to repair the damage to the condition existing at the time of execution of this Lease (other than damage to Tenant’s fixtures, furniture, equipment, other personal property and any other portions of the Leased Premises or any property located therein for which Tenant is required to or does insure or as to which Tenant shall be responsible to repair or restore as provided below) or may cancel this Lease by notice of cancellation given within sixty (60) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. Upon the occurrence of any casualty which shall, in the written opinion of an architect selected by Landlord, require more than ninety (90) days from the date of the casualty for Landlord to repair and restore the Leased Premises, Tenant may cancel this Lease by notice of cancellation given within thirty (30) days after such event and thereupon this Lease shall expire. Tenant’s liability for Rent upon the termination of this Lease shall cease as of the later of (y) the day following the event or damages or (z) the date upon which Tenant ceased to do business at the Leased Premises. In the event Landlord elects to repair the damage, any abatement of Rent shall end upon the date that Landlord completes Landlord’s obligations to restore the Leased Premises.

Appears in 1 contract

Samples: Agreement of Sale (Lenox Group Inc)

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Damage or Destruction Condemnation. 9.1 9.1 If, after the date hereof, all or a material portion of the Property is destroyed by fire or other casualty and not restored prior to the Closing Date, Purchaser shall have the option to terminate this Contract of Sale within twenty (20) days after receiving notice thereof together with an estimate of the cost of the restoration as reasonably determined by an engineer selected by Seller which is reasonably satisfactory to Purchaser, and, in the event of such termination, Escrowee will return the Deposit to Purchaser, this Contract of Sale will terminate and neither party will have any further obligation hereunder. Notwithstanding any provisions of New Jersey law pertaining to risk of loss in the event of a fire or other casualty prior to the Closing to the contrary, if less than a material portion of the Property is damaged by fire or other casualty prior to the Closing, or if all or a material portion of the Property is damaged but Purchaser fails to timely terminate this Contract of Sale, (a) If Purchaser shall purchase the Leased Premises Property in its “as is” condition at Closing, (b) Seller shall be partially damaged by assign the proceeds of casualty insurance, if any, to Purchaser at the Closing and shall deliver to Purchaser any casualty covered under Landlord’s insurance policy, Landlord shall repair such proceeds actually theretofore paid after reimbursing itself for the same reasonable out-of-pocket costs of collection of the proceeds and of any repairs to the condition which existed as Property made by or on behalf of Seller and shall not adjust or compromise a claim for such insurance proceeds without Purchaser’s consent (such consent not to be unreasonably withheld), (c) the Purchase Price shall not be reduced or otherwise affected by such damage (except that at the Closing Purchaser shall receive a credit against the Purchase Price in the amount of the date deductible under Seller’s casualty policy), (d) Seller shall not be required to repair such damage and (e) Seller shall, at the Closing, execute, acknowledge and deliver to Purchaser such documents and instruments as Purchaser shall reasonably request in furtherance of the purpose of this LeaseSection 9.1. For purposes of this Section 9.1, and the Base Rent and all Additional Rent and other charges shall be abated proportionately as to that a material portion of the Leased Premises rendered untenantable; provided, however, that in light of the short term nature of this Lease, Landlord may either elect to repair the damage to the condition existing at the time of execution of this Lease (other than damage to Tenant’s fixtures, furniture, equipment, other personal property and any other portions of the Leased Premises or any property located therein for which Tenant is required to or does insure or as to which Tenant Property shall be responsible deemed to repair or restore as provided below) or may cancel this Lease by notice have been destroyed if the cost of cancellation given within sixty (60) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender restoring the Leased Premises to Landlord. Upon the occurrence of any casualty which shall, in the written opinion of an architect selected by Landlord, require more than ninety (90) days from the date of the casualty for Landlord to repair and restore the Leased Premises, Tenant may cancel this Lease by notice of cancellation given within thirty (30) days after such event and thereupon this Lease shall expire. Tenant’s liability for Rent upon the termination of this Lease shall cease as of the later of (y) the day following the event or damages or (z) the date upon which Tenant ceased to do business at the Leased Premises. In the event Landlord elects to repair the damage, any abatement of Rent shall end upon the date that Landlord completes Landlord’s obligations to restore the Leased PremisesImprovements exceeds $1,000,000.

Appears in 1 contract

Samples: Contract of Sale (Rafael Holdings, Inc.)

Damage or Destruction Condemnation. Property Owners shall deliver to BPLP written notice of any casualty involving in excess of $50,000 to repair or any taking involving the Property promptly upon learning of such casualty or taking. If, prior to the Closing, either of the Properties (aeach a "DAMAGED PROPERTY") If is damaged or destroyed by casualty such that the Leased Premises cost to repair and/or restore such damage and/or destruction (which cost, for purposes of this Section, shall be partially damaged deemed to include reasonably anticipated post-Closing rental loss not covered by rental loss insurance through completion of such repair and/or restoration) would exceed Five Million Dollars ($5,000,000) with respect to any casualty covered under Landlord’s insurance policyone of the Properties, Landlord shall repair or Seven Million Five Hundred Thousand Dollars ($7,500,000) in the aggregate with respect to both Properties, and the Damaged Property cannot be repaired and/or restored to substantially the same condition as immediately prior to such casualty without termination, amendment or modification of the applicable Lease or other material agreement relating to the condition which existed Damaged Property (any such event, a "MAJOR CASUALTY"), within twelve (12) months after the Closing Date, then BPLP shall have the right to terminate its obligation to complete the transaction contemplated under this Agreement with respect to such Damaged Property by delivery of written notice thereof to Property Owners within ten (10) Business Days after BPLP's first learning of the occurrence of such casualty and Property Owners' good faith estimate of the cost of such repair and/or restoration, timing for completion of such repair and/or restoration and confirmation that no Leases or other material agreements will be terminated, amended or modified as a result of such casualty. If all or any part of the Property is damaged and/or destroyed by fire or other casualty prior to the Closing but (i) the event is not a Major Casualty or (ii) the event is a Major Casualty but BPLP does not terminate its obligation to complete the transaction contemplated under this Agreement with respect to such Damaged Property (or the Agreement in its entirety, as applicable) pursuant to this Section 4.5 as a result thereof, then the Closing Date shall occur as scheduled with respect to such Property notwithstanding such damage or destruction, and Property Owners' interest in all proceeds of insurance payable by reason of such casualty, including, without limitation, for rental loss to the extent allocable to the period after the Closing Date, shall be assigned to BPLP as of the date Closing Date or credited to BPLP if previously received by Property Owners, and Property Owners shall be responsible for the amount of this Leaseany deductible under such insurance (and such amount shall be credited to BPLP at the Closing). If, prior to Closing, an Authority commences any eminent domain or condemnation proceeding to take any portion of the Property or either Property Owner enters into an agreement in lieu thereof, and the Base Rent and all Additional Rent and other charges shall be abated proportionately as to that portion of the Leased Premises rendered untenantable; provided, however, that in light Property lost thereby would have a material adverse effect on the operations of the short term nature Property (a "MAJOR CONDEMNATION," and the effected Property, a "CONDEMNED PROPERTY"), then BPLP shall have the option to terminate its obligation to complete the transaction contemplated under this Agreement with respect to such Condemned Property by delivery of this Leasewritten notice thereof to Property Owners within ten (10) Business Days after BPLP first learns of such commencement or entry. If, Landlord may either elect to repair the damage prior to the condition existing at the time of execution of this Lease (other than damage Closing Date, an Authority commences any eminent domain or condemnation proceeding to Tenant’s fixtures, furniture, equipment, other personal property and take any other portions portion of the Leased Premises Property or any property located therein for which Tenant either Property Owner enters into an agreement in lieu thereof but (i) such event does not constitute a Major Condemnation or (ii) the event is required a Major Condemnation, but BPLP does not terminate its obligation to complete the transaction contemplated under this Agreement with respect to such Condemned Property pursuant to this Section 4.5 as a result thereof, then the Closing Date shall occur as scheduled notwithstanding such proceeding or does insure entry, and Property Owners' interest in all awards or as to which Tenant payments arising out of such proceedings or agreement shall be responsible assigned to repair or restore as provided below) or may cancel this Lease by notice of cancellation given within sixty (60) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. Upon the occurrence of any casualty which shall, in the written opinion of an architect selected by Landlord, require more than ninety (90) days from the date of the casualty for Landlord to repair and restore the Leased Premises, Tenant may cancel this Lease by notice of cancellation given within thirty (30) days after such event and thereupon this Lease shall expire. Tenant’s liability for Rent upon the termination of this Lease shall cease BPLP as of the later of (y) Closing Date or credited to BPLP if previously received by Property Owners. Property Owners' obligations under this Section shall survive the day following the event or damages or (z) the date upon which Tenant ceased to do business at the Leased Premises. In the event Landlord elects to repair the damage, any abatement of Rent shall end upon the date that Landlord completes Landlord’s obligations to restore the Leased PremisesClosing.

Appears in 1 contract

Samples: Contribution Agreement (Boston Properties Inc)

Damage or Destruction Condemnation. (a) If In the Leased Premises shall be partially damaged by any casualty covered under Landlord’s insurance policy, Landlord shall repair the same event of loss or of damage to the condition which existed as building improvements included within the Property by fire or other casualty prior to Close of Escrow (a "Casualty"), or in the date event a proceeding is instituted or threatened prior to Close of this Lease, and Escrow for the Base Rent and taking of all Additional Rent and other charges shall be abated proportionately as to that or any portion of the Leased Premises rendered untenantable; providedProperty under the power of eminent domain (a "Taking"), however, that in light of Buyer shall have the short term nature of this Lease, Landlord may either elect right by giving written notice to repair Seller and the damage to the condition existing at the time of execution of this Lease (other than damage to Tenant’s fixtures, furniture, equipment, other personal property and any other portions of the Leased Premises or any property located therein for which Tenant is required to or does insure or as to which Tenant shall be responsible to repair or restore as provided below) or may cancel this Lease by notice of cancellation given within sixty (60) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. Upon the occurrence of any casualty which shall, in the written opinion of an architect selected by Landlord, require more than ninety (90) days from the date of the casualty for Landlord to repair and restore the Leased Premises, Tenant may cancel this Lease by notice of cancellation given Escrow Holder within thirty (30) days after the date of receipt of written notice of any such Casualty or Taking, either to (i) consummate the purchase and sale of the Property in accordance with this Agreement (in which event Seller shall deliver to Buyer at Close of Escrow an assignment reasonably satisfactory in form and thereupon substance to Buyer of all of the right, title and interest, if any, which Seller may have in (A) the insurance payable under all insurance policies kept or maintained by Seller as a result of or in connection with such Casualty and (B) the award payable by reason of the Taking and, concurrently therewith, deposit cash in Escrow for Buyer in the amount of any and all such proceeds and award theretofore received by Seller); or (ii) terminate this Lease shall expire. Tenant’s liability for Rent upon the termination of this Lease shall cease Agreement effective as of the later date such notice of termination is given to Seller. The Closing Date shall be deferred, if necessary, to permit Buyer to have the thirty (y) 30)-day period following a Casualty or Taking to make the day following the event or damages or (z) the date upon which Tenant ceased to do business at the Leased Premiseselection specified hereinabove. In the event Landlord elects of any such termination the Escrow Holder shall forthwith terminate the Escrow. Seller and Buyer shall each be responsible for payment to repair the damageEscrow Holder of one-half (1/2) of the Escrow fees and charges related to termination, if any. Provided Buyer shall have given a copy to Seller of any abatement and all surveys, tests, audits and studies made by or for Buyer pursuant to Section 3.4.3 of Rent this Agreement, upon termination of this Agreement as provided above in this Section 13, the Escrow Holder shall end upon forthwith disburse Buyer's Xxxxxxx Money Deposit (and any interest earned thereon) to Buyer (less Buyer's share, if then unpaid, of the date that Landlord completes Landlord’s obligations Escrow fees and charges related to restore the Leased Premisestermination, if any).

Appears in 1 contract

Samples: Purchase/Sale Agreement (CDW Computer Centers Inc)

Damage or Destruction Condemnation. (a) If Issuer covenants and agrees that in the Leased Premises event of damage to or destruction of the Facilities, or if all or any part of the Facilities shall be partially damaged by any casualty covered taken under Landlord’s the exercise of eminent domain, it will immediately notify Trustee. All insurance policymoney paid or net amounts awarded shall be paid to Issuer, Landlord and Issuer shall repair proceed to restore, repair, replace or rebuild the same Facilities as nearly as possible to the condition which existed they were in immediately prior to such damage or condemnation, to the extent that the same may be feasible, subject to such alterations as Issuer may elect to make. If the insurance money or net amounts awarded shall be insufficient to pay all costs of the date restoration, Issuer shall pay the deficiency and shall nevertheless proceed to complete the restoration and pay the cost thereof. Any balance of this Lease, the insurance or condemnation proceeds remaining over and above the Base Rent and all Additional Rent and other charges cost of the restoration shall be abated proportionately as to that portion considered Revenues of the Leased Premises rendered untenantable; provided, however, that in light of the short term nature of this Lease, Landlord may either elect to repair the damage to the condition existing at the time of execution of this Lease (other than damage to Tenant’s fixtures, furniture, equipment, other personal property and any other portions of the Leased Premises or any property located therein for which Tenant is required to or does insure or as to which Tenant shall be responsible to repair or restore as provided below) or may cancel this Lease by notice of cancellation given within sixty (60) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to LandlordIssuer. Upon the occurrence of any casualty which shall, in the written opinion of an architect selected by Landlord, require more than ninety (90) days from the date of the casualty for Landlord to repair and restore the Leased Premises, Tenant may cancel this Lease by notice of cancellation given within thirty (30) days after such event and thereupon this Lease shall expire. Tenant’s liability for Rent upon the termination of this Lease shall cease as of the later of (y) the day following the event or damages or (z) the date upon which Tenant ceased to do business at the Leased Premises. In the event Landlord elects to repair the damage, any abatement of Rent shall end upon the date that Landlord completes LandlordIssuer’s obligations to restore make all payments set forth herein and to perform all other covenants and agreements on its part to be performed shall not be affected by any such damage or destruction or condemnation. Notwithstanding the Leased Premisesforegoing provisions of this Section, Issuer shall not be required to repair, restore, replace or rebuild the Facilities, or any part thereof, if Issuer shall elect pursuant to Section 3.09 above to redeem prior to maturity on the next possible redemption date all of the Debentures then Outstanding, together with accrued interest to the redemption date, and to pay all charges, fees and expenses necessarily incurred and required to be incurred in connection with such redemption, and all other amounts then owing by Issuer. In that event, the proceeds of all insurance or condemnation awards shall be placed in and become part of the Debenture Fund. If there be any deficiency in the monies on deposit in the Debenture Fund after the deposit of all such proceeds, Issuer shall immediately deposit therein the amount of the deficiency.

Appears in 1 contract

Samples: Cross Border Resources, Inc.

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Damage or Destruction Condemnation. The Property Owners shall deliver to BPLP written notice of any casualty involving in excess of $50,000 to repair or any taking involving the Property promptly upon learning of such casualty or taking. If, prior to the Closing, any Property (aeach such Property, a "DAMAGED PROPERTY") If is damaged or destroyed by casualty such that the Leased Premises cost to repair and/or restore such damage and/or destruction (which cost, for purposes of this Section, shall be partially damaged deemed to include reasonably anticipated post-Closing rental loss not covered by rental loss insurance through completion of such repair and/or restoration) would exceed Five Million Dollars ($5,000,000) with respect to any casualty covered under Landlord’s insurance policyindividual Property, Landlord shall repair or Twenty-Five Million Dollars ($25,000,000) in the aggregate with respect to all Properties, and the Damaged Property cannot be repaired and/or restored to substantially the same condition as immediately prior to such casualty, without termination, amendment or modification of any Leases or other material agreements relating to such Damaged Property, within twelve (12) months after the Closing Date (any such event, a "MAJOR CASUALTY"), then BPLP shall have the right to terminate its obligation to complete the transaction contemplated under this Agreement in its entirety by delivery of written notice thereof to the condition which existed Property Owners within ten (10) Business Days after BPLP's first learning of the occurrence of such casualty and the Property Owner's good faith estimate of the cost of such repair and/or restoration, timing for completion of such repair and/or restoration and confirmation that no Leases or other material agreements will be terminated, amended or modified as a result of such casualty. If all or any part of the Property is damaged and/or destroyed by fire or other casualty prior to the Closing but (i) the event is not a Major Casualty or (ii) the event is a Major Casualty but BPLP does not terminate its obligation to complete the transaction contemplated under this Agreement in its entirety pursuant to this Section 4.6 as a result thereof, then the Closing Date shall occur as scheduled with respect to such Property notwithstanding such damage or destruction, and the Property Owner's interest in all proceeds of insurance payable by reason of such casualty, including, without limitation, for rental loss to the extent allocable to the period after the Closing Date, shall be assigned to BPLP as of the date of this LeaseClosing Date or credited to BPLP if previously received by the Property Owner, and the Base Rent Property Owner shall also be responsible for the amount of any deductible under such insurance (and all Additional Rent and other charges such amount shall be abated proportionately as credited to that BPLP at the Closing). If, prior to Closing, an Authority commences any eminent domain or condemnation proceeding to take any portion of the Leased Premises rendered untenantable; providedProperty or the Property Owner enters into an agreement in lieu thereof, however, that in light and the portion of the short term nature Property lost thereby would have a material adverse effect on the operations of the Property (a "MAJOR CONDEMNATION", and the effected Developed Property, a "CONDEMNED PROPERTY"), then, except as set forth below, BPLP shall have the option to terminate its obligation to complete the transaction contemplated under this Lease, Landlord may either elect to repair the damage Agreement in its entirety by delivery of written notice thereof to the condition existing at Property Owners within ten (10) Business Days after BPLP first learns of such commencement or entry. If, prior to the time of execution of this Lease (other than damage Closing Date, an Authority commences any eminent domain or condemnation proceeding to Tenant’s fixtures, furniture, equipment, other personal property and take any other portions portion of the Leased Premises Property or any property located therein for which Tenant the Property Owner enters into an agreement in lieu thereof but (i) such event does not constitute a Major Condemnation or (ii) the event is required a Major Condemnation, but BPLP does not terminate its obligation to complete the transaction contemplated under this Agreement in its entirety pursuant to this Section 4.6 as a result thereof, then the Closing Date shall occur as scheduled notwithstanding such proceeding or does insure entry, and the Property Owner's interest in all awards or as to which Tenant payments arising out of such proceedings or agreement shall be responsible assigned to repair or restore as provided below) or may cancel this Lease by notice of cancellation given within sixty (60) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. Upon the occurrence of any casualty which shall, in the written opinion of an architect selected by Landlord, require more than ninety (90) days from the date of the casualty for Landlord to repair and restore the Leased Premises, Tenant may cancel this Lease by notice of cancellation given within thirty (30) days after such event and thereupon this Lease shall expire. Tenant’s liability for Rent upon the termination of this Lease shall cease BPLP as of the later of (y) Closing Date or credited to BPLP if previously received by the day following Property Owner. The Property Owner's obligations under this Section shall survive the event or damages or (z) the date upon which Tenant ceased to do business at the Leased Premises. In the event Landlord elects to repair the damage, any abatement of Rent shall end upon the date that Landlord completes Landlord’s obligations to restore the Leased PremisesClosing.

Appears in 1 contract

Samples: Contribution and Conveyance Agreement (Boston Properties Inc)

Damage or Destruction Condemnation. (a) If the Leased Premises any Improved Property shall be partially have been damaged by any fire or other casualty covered under Landlordprior to the Closing (a “Casualty”), such that in the reasonable estimate of Seller’s insurance policyarchitect or engineer, Landlord shall the cost to repair the same exceeds three percent (3%) of the amount of the Purchase Price allocated to such Improved Property pursuant to Article 3 hereof or would allow any tenant to terminate its Lease (a “Material Casualty”), and unless Seller has previously repaired or restored the applicable Improved Property to its former condition prior to the condition which existed as Closing Date, then, at Buyer’s sole option, Seller shall either (i) pay over or assign to Buyer, on delivery of the date Deed all physical damage proceeds of this Leaseany insurance policies payable to Seller (including any rental loss proceeds for the period after Closing (if any)), less any amounts reasonably expended by Seller for partial restoration, with a credit to Buyer for the amount of any deductible or uninsured casualty cost, or (ii) direct Escrow Agent to return the Deposit and accrued interest thereon to Buyer in which case, except for the Base Rent and Surviving Obligation, all Additional Rent and other charges shall be abated proportionately as to that portion obligations of the Leased Premises rendered untenantable; provided, however, that in light of the short term nature of parties hereto shall cease and this Lease, Landlord may either elect to repair the damage Agreement shall terminate and be without further recourse or remedy to the condition existing at the time of execution of this Lease (other than damage to Tenant’s fixtures, furniture, equipment, other personal property and any other portions of the Leased Premises or any property located therein for which Tenant is required to or does insure or as to which Tenant shall be responsible to repair or restore as provided below) or may cancel this Lease by notice of cancellation given within sixty (60) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. Upon the occurrence of any casualty which shall, in the written opinion of an architect selected by Landlord, require more than ninety (90) days from the date of the casualty for Landlord to repair and restore the Leased Premises, Tenant may cancel this Lease by notice of cancellation given within thirty (30) days after such event and thereupon this Lease shall expire. Tenant’s liability for Rent upon the termination of this Lease shall cease as of the later of (y) the day following the event or damages or (z) the date upon which Tenant ceased to do business at the Leased Premisesparties hereto. In the event Landlord of any Casualty that is not a Material Casualty, Buyer and Seller shall proceed to Closing in accordance with the terms and conditions of this Agreement and, unless Seller has previously repaired or restored the applicable Improved Property to its former condition prior to the Closing Date, then Seller shall pay over or assign to Buyer, on delivery of the Deed all physical damage proceeds of any insurance policies payable to Seller (including any rental loss proceeds for the period after Closing (if any)), less any amounts reasonably expended by Seller for partial restoration, with a credit to Buyer for the amount of any deductible or uninsured casualty cost. In the event Buyer is required to, or elects to repair to, close, Seller shall not compromise, settle or adjust any claims without the damageprior written consent of Buyer, any abatement of Rent which shall end upon the date that Landlord completes Landlord’s obligations to restore the Leased Premisesnot be unreasonably withheld, conditioned or delayed.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Industrial Property Trust Inc.)

Damage or Destruction Condemnation. (a) If the Leased Premises shall be partially damaged by any casualty covered under Landlord’s insurance policy, Landlord shall repair the same to the condition which existed as of the date of this Lease, and the Base Rent and all Additional Rent and other charges shall be abated proportionately as to that portion of the Leased Premises rendered untenantable; provided. If (a) the Leased Premises (i) by reason of such occurrence is rendered wholly untenantable, however, that or (ii) should be damaged in light whole or in part during the last year of the short term nature Lease Term or of this Leaseany Renewal Term hereof, or (b) the building of which the Leased Premises is a part (whether or not the Leased Premises is damaged) is damaged to the extent of seventy-five percent (75%) or more of the then monetary value thereof or (c) if a substantial material portion of or all of the buildings or common facilities are damaged, whether or not the Leased Premises are damaged, to such an extent that the Property cannot, in the reasonable judgment of Landlord, be operated as an integral unit, then, in any of such events described in (a) through (c) above, Landlord may either elect to repair the damage to the condition existing at the time of execution of this Lease (other than damage to Tenant’s fixtures, furniture, equipment, other personal property and any other portions of the Leased Premises or any property located therein for which Tenant is required to or does insure or as to which Tenant shall be responsible to repair or restore as provided below) or may cancel this Lease by notice of cancellation given within sixty (60) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. Upon the occurrence of any casualty which shall, in the written opinion of an architect selected by Landlord, require more than ninety (90) days from the date of the casualty for Landlord to repair and restore the Leased Premisesevents described in (a) through (c) above, Tenant may cancel this Lease by notice of cancellation given within thirty sixty (3060) days after such event and thereupon this Lease shall expire. Tenant’s liability for Rent upon the termination of this Lease shall cease as of the later of (y) the day following the event or damages or (z) the date upon which Tenant ceased to do business at the Leased Demised Premises. In the event Landlord elects to repair the damage, any abatement of Rent shall end upon the date that Landlord completes Landlord’s obligations to restore the Leased Premises.

Appears in 1 contract

Samples: Agreement of Sale (Lenox Group Inc)

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