Damage or Destruction of Improvements. In any case under this Section that Lessee is required or elects to restore the Premises, or the contents, furniture, fixtures or equipment therein, after damage or destruction the Port agrees promptly to execute all adjustment documents and to endorse any proceeds to Lessee and/or Lender. Lessee agrees to keep the Port advised during the adjustment process. In the case where Lessee is required or elects under this Section to restore the Premises, or the contents, furniture, fixtures or equipment therein and subject to the rights of any Lender set forth in this Lease, the proceeds of insurance shall be held by Lessee and/or Lender as trust funds to be used for the purpose of restoring the Premises damaged by fire or other casualty. Lessee agrees to use good faith reasonable efforts to have all Lenders agree in relevant loan documents to have insurance proceeds applied to restoration of the Premises. Lessee also agrees that if, nevertheless, a Lender will not so agree but reserves the power to apply all or portions of such proceeds against its loan, then in the event of a loss Lessee shall use diligent, good faith reasonable efforts (including legal action), in consultation with Lessee’s legal counsel and the Port, to cause all proceeds of insurance to be applied to restoration, but not so as to jeopardize Lessee’s interest in the leasehold estate in the good faith reasonable judgment of Lessee’s attorney. In any case under this Section that Lessee elects to terminate this Lease on account of damage or destruction Lessee agrees promptly to execute all adjustment documents and to endorse any proceeds to the Port subject to the rights of Lessee and any Lender as described in this Section. If during the term of this Lease the Improvements are damaged or destroyed by fire or other insured casualty to an extent in excess of 50% of the then replacement cost thereof, Lessee is hereby granted the privilege, upon giving at least 60 days’ prior written notice to the Port (such notice to be given within 60 days after such damage or destruction), to cancel and annul this Lease; provided, however, that if in such case Lessee shall not so elect to cancel and annul this Lease, it hereby agrees with due diligence to restore the Improvements, and all contents, furniture, fixtures and equipment therein, to a good and tenantable condition notwithstanding any inadequacy of insurance proceeds therefor. If this Lease is canceled or annulled in accordance with this Section, there shall be paid from insurance proceeds any amount which is payable to any Lender. The Port’s interest in the remainder of the insurance proceeds payable as a result of such damage or destruction shall be determined by applying the ratio which the then expired number of years of the original term of this Lease bears to the original term to the total amount of such insurance proceeds, including the amount thereof paid to Lenders. The phrase "original term" in the preceding sentence shall include options to extend which Lessee exercised before the damage or destruction occurred. The remainder of the insurance proceeds after deducting said amount paid to the Port shall be payable in full to Lessee after first deducting therefrom for the benefit of the Port the difference, if any, between the insurance proceeds which would have been paid to the Port had Lessee maintained all of the insurance coverage required by this Lease and the insurance proceeds actually paid to the Port under the insurance coverage actually maintained by Lessee. In addition to any other requirements to repair or rebuild as may be contained in this Section, in the event the Improvements are damaged or destroyed by fire or other insured casualty to an extent less than 50% of the then existing replacement cost thereof, or in the event the contents, or the furniture, fixtures or equipment are damaged or destroyed to any extent, Lessee with due diligence shall repair or restore any such loss, notwithstanding any inadequacy of insurance proceeds therefor. If during the term of this Lease the Improvements are damaged or destroyed to an extent in excess of 10% of the then replacement cost thereof by a cause not insured against hereunder and by a cause other than Lessee’s willful or intentional and wrongful act or omission, then within 60 days after such damage or destruction, Lessee shall elect by written notice delivered to the Port either to repair, reconstruct or replace the damaged Improvements, or to terminate this Lease as of the date of such damage or destruction. If no written notice is delivered to the Port within said 60-day period Lessee conclusively shall be deemed to have elected to repair, reconstruct and replace. If within 30 days after Lessee delivers to the Port a notice to terminate hereunder, the Port delivers to Lessee written notice that the Port agrees to pay all of the cost of reconstruction that exceeds said 10%, Lessee’s election to terminate shall then become ineffective. In all cases that Lessee elects not to terminate this Lease, or is not authorized hereunder to terminate this Lease, Lessee shall repair, reconstruct or replace the damaged Improvements with due diligence and at its sole cost and expense (except to the extent the Port has agreed to pay a portion thereof as provided in the immediately preceding sentence). No election by Lessee to cancel under this Section shall be effective if before the casualty the Port has given Lessee notice of default and Lessee has not cured each such default. If Lessee elects to terminate this Lease as provided in this Section, the Port by written notice to Lessee given within 30 days of the date notice of termination is given by Lessee to the Port, may require Lessee, at Lessee’s sole cost and expense within 90 days of receipt of such notice from the Port to demolish and lawfully dispose of off of Port property part or all of the Improvements and place the Premises in a secure, safe and reasonably level condition; provided, however, that in no event shall Lessee be obligated to repair or restore any portion of the Improvements; and provided, further, Lessee, by written notice to the Port given within 30 days of the giving by the Port of the written notice specified immediately above, may elect to rescind its notice to the Port canceling this Lease on account of such damage or destruction and, if such notice is timely given by Lessee, the provisions of this Section shall apply as though Lessee had elected not to cancel this Lease on account of such damage or destruction. In the event of any damage caused by a risk for which insurance is required hereunder, there shall be no abatement or reduction of rent. In the event of any damage caused by an uninsured casualty, Lessee shall be entitled, except when such damage or destruction results from Lessee’s negligence or other wrongdoing, to fair and reasonable abatement of Minimum Rent for the period and to the extent Lessee is deprived of the full use of the Premises as contemplated hereunder. Such abatement of Minimum Rent shall be determined by ascertaining the extent to which the utility to Lessee of the Premises for the uses permitted by this Lease has been diminished on account of said damage or destruction.
Appears in 1 contract
Samples: Lease
Damage or Destruction of Improvements. In any case under this Section that Lessee is required or elects to restore the Premises, or the contents, furniture, fixtures or equipment therein, after damage or destruction the Port agrees promptly to execute all adjustment documents and to endorse any proceeds to Lessee and/or Lender. Lessee agrees to keep the Port advised during the adjustment process. In the case where Lessee is required or elects under this Section to restore event the Premises, or the contents, furniture, fixtures or equipment therein and subject to the rights of any Lender set forth in this Lease, the proceeds of insurance improvements shall be held by Lessee and/or Lender as trust funds to be used for the purpose of restoring the Premises damaged rendered untenantable by fire or other casualty. Lessee agrees to use good faith reasonable efforts to have all Lenders agree in relevant loan documents to have insurance proceeds applied to restoration , landlord shall within one hundred twenty (120) days from the date of the Premises. Lessee also agrees that if, nevertheless, a Lender will not so agree but reserves the power to apply all or portions of such proceeds against its loan, then in the event of a loss Lessee shall use diligent, good faith reasonable efforts (including legal action), in consultation with Lessee’s legal counsel and the Port, to cause all proceeds of insurance to be applied to restoration, but not so as to jeopardize Lessee’s interest in the leasehold estate in the good faith reasonable judgment of Lessee’s attorney. In any case under this Section that Lessee elects to terminate this Lease on account of damage or destruction Lessee agrees promptly to execute all adjustment documents and to endorse any proceeds to the Port subject to the rights of Lessee and any Lender as described in this Section. If during the term of this Lease the Improvements are damaged or destroyed by fire or other insured casualty to an extent in excess of 50% of the then replacement cost thereof, Lessee is hereby granted the privilege, upon giving at least 60 days’ prior written notice to the Port (such notice to be given within 60 days after such said damage or destruction), repair or replace the improvements to cancel and annul this Lease; provided, however, that if in such case Lessee shall not so elect substantially the same condition as prior to cancel and annul this Lease, it hereby agrees with due diligence to restore the Improvements, and all contents, furniture, fixtures and equipment therein, to a good and tenantable condition notwithstanding any inadequacy of insurance proceeds therefordamage or destruction. If this Lease is canceled or annulled in accordance with this Section, there shall be paid from insurance proceeds any amount which is payable landlord fails to any Lender. The Port’s interest in the remainder commence repair of the insurance proceeds payable as a result of such damage or destruction shall be determined by applying the ratio which the then expired number of years of the original term of this Lease bears to the original term to the total amount of such insurance proceeds, including the amount thereof paid to Lenders. The phrase "original term" in the preceding sentence shall include options to extend which Lessee exercised before the damage or destruction occurred. The remainder of the insurance proceeds after deducting said amount paid to the Port shall be payable in full to Lessee after first deducting therefrom for the benefit of the Port the difference, if any, between the insurance proceeds which would have been paid to the Port had Lessee maintained all of the insurance coverage required by this Lease and the insurance proceeds actually paid to the Port under the insurance coverage actually maintained by Lessee. In addition to any other requirements to repair or rebuild as may be contained in this Section, in the event the Improvements are damaged or destroyed by fire or other insured casualty to an extent less than 50% of the then existing replacement cost thereof, or in the event the contents, or the furniture, fixtures or equipment are damaged or destroyed to any extent, Lessee with due diligence shall repair or restore any such loss, notwithstanding any inadequacy of insurance proceeds therefor. If during the term of this Lease the Improvements are damaged or destroyed to an extent in excess of 10% of the then replacement cost thereof by a cause not insured against hereunder and by a cause other than Lessee’s willful or intentional and wrongful act or omission, then within 60 thirty (30) days after such damage or destruction, Lessee shall elect by written notice delivered to the Port either to repair, reconstruct or replace the damaged Improvements, or to terminate this Lease as of from the date of such damage or destruction. If no written notice is delivered to the Port within said 60-day period Lessee conclusively shall be deemed to have elected to repair, reconstruct and replace. If within 30 days after Lessee delivers to the Port a notice to terminate hereunder, the Port delivers to Lessee written notice that the Port agrees to pay all of the cost of reconstruction that exceeds said 10%, Lessee’s election to terminate shall then become ineffective. In all cases that Lessee elects not to terminate this Lease, or is if the improvements have not authorized hereunder been replaced or repaired to terminate this Leasesuch condition within one hundred twenty (120) days, Lessee shall repair, reconstruct or replace the damaged Improvements with due diligence and tenant may at its sole cost and expense tenant's option (except to the extent the Port has agreed to pay a portion thereof as provided in the immediately preceding sentence). No election by Lessee to cancel under this Section shall be effective if before the casualty the Port has given Lessee notice of default and Lessee has not cured each such default. If Lessee elects to terminate this Lease as provided in this Section, the Port exercised by written notice to Lessee given within 30 days landlord), terminate this lease. The rent herein required to be paid shall xxxxx during the period of such untenantability. If the date notice of termination is given improvements shall be damaged in part by Lessee fire or other casualty, but still remain tenantable, landlord shall repair the improvements to substantially the same condition as prior to the Port, may require Lessee, at Lessee’s sole cost and expense within 90 days of receipt damage. During the period of such notice from repairs and restorations, the Port to demolish lease shall continue in full force and lawfully dispose of off of Port property part or all of the Improvements and place the Premises in a secureeffect, safe and reasonably level condition; provided, however, that tenant shall be required to pay the rent herein reserved abated by the percentage of area destroyed as compared to the total area herein demised, unless such fire or other casualty is caused by tenant's negligence in no which case the rental shall not xxxxx but will continue unaffected during the repair period. In the event shall Lessee be obligated to repair that any damage or restore any portion destruction occurs during the last twelve (12) months of the Improvements; and providedoriginal term of this lease or any extension of the term, further, Lessee, by written notice to the Port given within 30 days extent of fifty (50%) percent or more of the giving by the Port insurable value of the written notice specified immediately aboveimprovements, landlord and tenant may elect to rescind its terminate this lease as of the date of the destruction or damage, by giving notice to the Port canceling this Lease on account of such damage or destruction and, if such notice is timely given by Lessee, the provisions of this Section shall apply as though Lessee had elected not to cancel this Lease on account of election within fifteen (15) days after such damage or destruction. In such event, landlord shall receive the event proceeds of the insurance policies without obligation to rebuild or restore the premises, and tenant shall execute any damage caused waiver which may be required of it by a risk for any insurer or landlord. Any dispute which insurance is required hereunder, there arises under this Section regarding the negligence of tenant shall be no abatement or reduction of rent. In the event of any damage caused settled by an uninsured casualty, Lessee shall be entitled, except when such damage or destruction results from Lessee’s negligence or other wrongdoing, to fair and reasonable abatement of Minimum Rent for the period and arbitration pursuant to the extent Lessee is deprived provisions of the full use of the Premises as contemplated hereunderSection 6-1. Such abatement of Minimum Rent shall be determined by ascertaining the extent to which the utility to Lessee of the Premises for the uses permitted by this Lease has been diminished on account of said damage or destruction.ARTICLE SIX ----------- General Provisions ------------------
Appears in 1 contract
Damage or Destruction of Improvements. In any case under this Section that Lessee is required or elects to restore the Premises, or the contents, furniture, fixtures or equipment therein, after damage or destruction the Port agrees promptly to execute all adjustment documents and to endorse any proceeds to Lessee and/or Lender. Lessee agrees to keep the Port advised during the adjustment process. In the case where Lessee is required or elects under this Section to restore event the Premises, or the contents, furniture, fixtures or equipment therein and subject to the rights of any Lender set forth in this Lease, the proceeds of insurance Improvements shall be held by Lessee and/or Lender as trust funds to be used for the purpose of restoring the Premises damaged rendered untenantable by fire or other casualty, Landlord shall within one hundred twenty (120) days from the date of such damage or destruction, repair or replace the Improvements to substantially the same condition as prior to the damage or destruction. Lessee agrees If Landlord fails to use good faith reasonable efforts to have all Lenders agree in relevant loan documents to have insurance proceeds applied to restoration commence repair of the Premises. Lessee also agrees that if, nevertheless, a Lender will not so agree but reserves the power to apply all or portions of such proceeds against its loan, then in the event of a loss Lessee shall use diligent, good faith reasonable efforts (including legal action), in consultation with Lessee’s legal counsel and the Port, to cause all proceeds of insurance to be applied to restoration, but not so as to jeopardize Lessee’s interest in the leasehold estate in the good faith reasonable judgment of Lessee’s attorney. In any case under this Section that Lessee elects to terminate this Lease on account of damage or destruction Lessee agrees promptly within thirty (30) days from the date of such damage or destruction, or if the Improvements have not been replaced or repaired to execute all adjustment documents and such condition within one hundred twenty (120) days, Tenant, at Tenant's option (to endorse any proceeds be exercised by written notice to the Port subject Landlord), may terminate this Lease, or Tenant may cause such repairs to the rights of Lessee be completed, and any Lender as described in this Sectioncost or expense incurred by Tenant with respect to such repairs will be immediately reimbursed by Landlord. If Landlord fails to so reimburse Tenant, Tenant, at Tenant's option, may off set the amount of such costs and expenses against the rent due under this Lease. The rent herein required to be paid shall xxxxx during the term period of this Lease such untenantability. If the Improvements are shall be damaged or destroyed in part by fire or other insured casualty casualty, but still remain tenantable, Landlord shall repair the Improvements to an extent in excess of 50% of substantially the then replacement cost thereof, Lessee is hereby granted the privilege, upon giving at least 60 days’ same condition as prior written notice to the Port (damage. During the period of such notice to be given within 60 days after such damage or destruction)repairs and restorations, to cancel the Lease shall continue in full force and annul this Lease; effect, provided, however, that if Tenant shall be required to pay the rent herein reserved abated by the percentage of area destroyed as compared to the total area herein demised, unless such fire or other casualty is caused by Tenant's negligence in such which case Lessee the rental shall not so elect to cancel and annul this Lease, it hereby agrees with due diligence to restore xxxxx but will continue unaffected during the Improvements, and all contents, furniture, fixtures and equipment therein, to a good and tenantable condition notwithstanding any inadequacy of insurance proceeds thereforrepair period. If this Lease is canceled or annulled in accordance with this Section, there shall be paid from insurance proceeds any amount which is payable Landlord fails to any Lender. The Port’s interest in the remainder commence repair of the insurance proceeds payable as a result damage or destruction within thirty (30) days from the date of such damage or destruction, or if the Improvements have not been replaced or repaired to such condition within one hundred twenty (120) days, Tenant, at Tenant's option (to be exercised by written notice to Landlord), may terminate this Lease, or Tenant may cause such repairs to be completed, and any cost or expense incurred by Tenant with respect to such repairs will be immediately reimbursed by Landlord. If Landlord fails to so reimburse Tenant, Tenant, at Tenant's option, may off set the amount of such costs and expenses against the rent due under this Lease. In the event that any damage or destruction shall be determined by applying occurs during the ratio which the then expired number of years last twelve (12) months of the original term of this Lease bears or any extension of the term, to the original term to the total amount extent of such insurance proceeds, including the amount thereof paid to Lenders. The phrase "original term" in the preceding sentence shall include options to extend which Lessee exercised before the damage fifty (50%) percent or destruction occurred. The remainder more of the insurance proceeds after deducting said amount paid to the Port shall be payable in full to Lessee after first deducting therefrom for the benefit insurable value of the Port the difference, if any, between the insurance proceeds which would have been paid to the Port had Lessee maintained all of the insurance coverage required by this Lease and the insurance proceeds actually paid to the Port under the insurance coverage actually maintained by Lessee. In addition to any other requirements to repair or rebuild as may be contained in this Section, in the event the Improvements are damaged or destroyed by fire or other insured casualty to an extent less than 50% of the then existing replacement cost thereof, or in the event the contents, or the furniture, fixtures or equipment are damaged or destroyed to any extent, Lessee with due diligence shall repair or restore any such loss, notwithstanding any inadequacy of insurance proceeds therefor. If during the term of this Lease the Improvements are damaged or destroyed to an extent in excess of 10% of the then replacement cost thereof by a cause not insured against hereunder and by a cause other than Lessee’s willful or intentional and wrongful act or omission, then within 60 days after such damage or destruction, Lessee shall elect by written notice delivered to the Port either to repair, reconstruct or replace the damaged Improvements, Landlord or Tenant may elect to terminate this Lease as of the date of destruction or damage, by giving notice of such damage or destruction. If no written notice is delivered to the Port within said 60-day period Lessee conclusively shall be deemed to have elected to repair, reconstruct and replace. If within 30 election will fifteen (15) days after Lessee delivers to the Port a notice to terminate hereunder, the Port delivers to Lessee written notice that the Port agrees to pay all of the cost of reconstruction that exceeds said 10%, Lessee’s election to terminate shall then become ineffective. In all cases that Lessee elects not to terminate this Lease, or is not authorized hereunder to terminate this Lease, Lessee shall repair, reconstruct or replace the damaged Improvements with due diligence and at its sole cost and expense (except to the extent the Port has agreed to pay a portion thereof as provided in the immediately preceding sentence). No election by Lessee to cancel under this Section shall be effective if before the casualty the Port has given Lessee notice of default and Lessee has not cured each such default. If Lessee elects to terminate this Lease as provided in this Section, the Port by written notice to Lessee given within 30 days of the date notice of termination is given by Lessee to the Port, may require Lessee, at Lessee’s sole cost and expense within 90 days of receipt of such notice from the Port to demolish and lawfully dispose of off of Port property part or all of the Improvements and place the Premises in a secure, safe and reasonably level condition; provided, however, that in no event shall Lessee be obligated to repair or restore any portion of the Improvements; and provided, further, Lessee, by written notice to the Port given within 30 days of the giving by the Port of the written notice specified immediately above, may elect to rescind its notice to the Port canceling this Lease on account of such damage or destruction and, if such notice is timely given by Lessee, the provisions of this Section shall apply as though Lessee had elected not to cancel this Lease on account of such damage or destruction. In such event, Landlord shall receive the event proceeds of the insurance without obligation to rebuild or restore the Premises, and shall execute any damage caused waiver which may be required of it by a risk for any or Landlord. Any dispute which insurance is required hereunder, there arises under this Section regarding the negligence of Tenant shall be no abatement or reduction of rent. In the event of any damage caused settled by an uninsured casualty, Lessee shall be entitled, except when such damage or destruction results from Lessee’s negligence or other wrongdoing, to fair and reasonable abatement of Minimum Rent for the period and arbitration pursuant to the extent Lessee is deprived provisions of the full use of the Premises as contemplated hereunderSection 6-1. Such abatement of Minimum Rent shall be determined by ascertaining the extent to which the utility to Lessee of the Premises for the uses permitted by this Lease has been diminished on account of said damage or destruction.ARTICLE SIX ----------- General Provisions ------------------
Appears in 1 contract
Damage or Destruction of Improvements. In any case under this Section that Lessee is required or elects to restore the Premises, or the contents, furniture, fixtures or equipment therein, after damage or destruction the Port agrees promptly to execute all adjustment documents and to endorse any proceeds to Lessee and/or Lender. Lessee Xxxxxx agrees to keep the Port advised during the adjustment process. In the case where Lessee is required or elects under this Section to restore the Premises, or the contents, furniture, fixtures or equipment therein and subject to the rights of any Lender set forth in this Lease, the proceeds of insurance shall be held by Lessee and/or Lender as trust funds to be used for the purpose of restoring the Premises damaged by fire or other casualty. Lessee Xxxxxx agrees to use good faith reasonable efforts to have all Lenders agree in relevant loan documents to have insurance proceeds applied to restoration of the Premises. Lessee Xxxxxx also agrees that if, nevertheless, a Lender will not so agree but reserves the power to apply all or portions of such proceeds against its loan, then in the event of a loss Lessee shall use diligent, good faith reasonable efforts (including legal action), in consultation with LesseeXxxxxx’s legal counsel and the Port, to cause all proceeds of insurance to be applied to restoration, but not so as to jeopardize Lessee’s interest in the leasehold estate in the good faith reasonable judgment of LesseeXxxxxx’s attorney. In any case under this Section that Lessee elects to terminate this Lease on account of damage or destruction Lessee Xxxxxx agrees promptly to execute all adjustment documents and to endorse any proceeds to the Port subject to the rights of Lessee Xxxxxx and any Lender as described in this Section. If during the term of this Lease the Improvements are damaged or destroyed by fire or other insured casualty to an extent in excess of 50% of the then replacement cost thereof, Lessee is hereby granted the privilege, upon giving at least 60 days’ prior written notice to the Port (such notice to be given within 60 days after such damage or destruction), to cancel and annul this Lease; provided, however, that if in such case Lessee shall not so elect to cancel and annul this Lease, it hereby agrees with due diligence to restore the Improvements, and all contents, furniture, fixtures and equipment therein, to a good and tenantable condition notwithstanding any inadequacy of insurance proceeds therefor. If this Lease is canceled or annulled in accordance with this Section, there shall be paid from insurance proceeds any amount which is payable to any Lender. The Port’s interest in the remainder of the insurance proceeds payable as a result of such damage or destruction shall be determined by applying the ratio which the then expired number of years of the original term of this Lease bears to the original term to the total amount of such insurance proceeds, including the amount thereof paid to Lenders. The phrase "original term" in the preceding sentence shall include options to extend which Lessee exercised before the damage or destruction occurred. The remainder of the insurance proceeds after deducting said amount paid to the Port shall be payable in full to Lessee after first deducting therefrom for the benefit of the Port the difference, if any, between the insurance proceeds which would have been paid to the Port had Lessee maintained all of the insurance coverage required by this Lease and the insurance proceeds actually paid to the Port under the insurance coverage actually maintained by Lessee. In addition to any other requirements to repair or rebuild as may be contained in this Section, in the event the Improvements are damaged or destroyed by fire or other insured casualty to an extent less than 50% of the then existing replacement cost thereof, or in the event the contents, or the furniture, fixtures or equipment are damaged or destroyed to any extent, Lessee with due diligence shall repair or restore any such loss, notwithstanding any inadequacy of insurance proceeds therefor. If during the term of this Lease the Improvements are damaged or destroyed to an extent in excess of 10% of the then replacement cost thereof by a cause not insured against hereunder and by a cause other than LesseeXxxxxx’s willful or intentional and wrongful act or omission, then within 60 days after such damage or destruction, Lessee shall elect by written notice delivered to the Port either to repair, reconstruct or replace the damaged Improvements, or to terminate this Lease as of the date of such damage or destruction. If no written notice is delivered to the Port within said 60-day period Lessee conclusively shall be deemed to have elected to repair, reconstruct and replace. If within 30 days after Lessee Xxxxxx delivers to the Port a notice to terminate hereunder, the Port delivers to Lessee Xxxxxx written notice that the Port agrees to pay all of the cost of reconstruction that exceeds said 10%, LesseeXxxxxx’s election to terminate shall then become ineffective. In all cases that Lessee elects not to terminate this Lease, or is not authorized hereunder to terminate this Lease, Lessee shall repair, reconstruct or replace the damaged Improvements with due diligence and at its sole cost and expense (except to the extent the Port has agreed to pay a portion thereof as provided in the immediately preceding sentence). No election by Lessee Xxxxxx to cancel under this Section shall be effective if before the casualty the Port has given Lessee notice of default and Lessee has not cured each such default. If Lessee elects to terminate this Lease as provided in this Section, the Port by written notice to Lessee given within 30 days of the date notice of termination is given by Lessee to the Port, may require Lessee, at Lessee’s sole cost and expense within 90 days of receipt of such notice from the Port to demolish and lawfully dispose of off of Port property part or all of the Improvements and place the Premises in a secure, safe and reasonably level condition; provided, however, that in no event shall Lessee be obligated to repair or restore any portion of the Improvements; and provided, further, Lessee, by written notice to the Port given within 30 days of the giving by the Port of the written notice specified immediately above, may elect to rescind its notice to the Port canceling this Lease on account of such damage or destruction and, if such notice is timely given by Lessee, the provisions of this Section shall apply as though Lessee had elected not to cancel this Lease on account of such damage or destruction. In the event of any damage caused by a risk for which insurance is required hereunder, there shall be no abatement or reduction of rent. In the event of any damage caused by an uninsured casualty, Lessee shall be entitled, except when such damage or destruction results from LesseeXxxxxx’s negligence or other wrongdoing, to fair and reasonable abatement of Minimum Rent for the period and to the extent Lessee is deprived of the full use of the Premises as contemplated hereunder. Such abatement of Minimum Rent shall be determined by ascertaining the extent to which the utility to Lessee of the Premises for the uses permitted by this Lease has been diminished on account of said damage or destruction.
Appears in 1 contract
Samples: Lease
