Damage or Destruction of the Premises. Mortgagor shall give the Mortgagee prompt notice of any damage to or destruction of the Premises and in case of loss covered by policies of insurance the Mortgagee (whether before or after foreclosure sale) is hereby authorized at its option to settle and adjust any claim arising out of such policies and collect and receipt for the proceeds payable therefrom, provided, that the Mortgagor may itself adjust and collect for any losses arising out of a single occurrence aggregating not in excess of $50,000.00. Any expense incurred by the Mortgagee in the adjustment and collection of insurance proceeds (including the cost of any independent appraisal of the loss or damage on behalf of Mortgagee) shall be reimbursed to the Mortgagee first out of any proceeds. Subject to the provisions of Section 4.4 below, the proceeds or any part thereof shall be applied to reduction of the Indebtedness Secured Hereby then most remotely to be paid, whether due or not, without the application of any prepayment premium, or to the restoration or repair of the Premises, the choice of application to be solely at the discretion of Mortgagee.
Damage or Destruction of the Premises. In the event any part or all of the Premises shall at any time during the term of this Lease be damaged or destroyed, regardless of cause, Tenant shall give prompt notice to Landlord. Tenant shall, as soon as circumstances permit, repair and restore the Premises to its original condition (including buildings and all other improvements on the Premises, and with any and all modifications as may be necessary to meet code compliance). Landlord’s consent to the contractor and proposed materials to be used, as well as labor and materials warranty(ies) to be issued (such consent by Landlord not to be unreasonably withheld, conditioned or delayed). Tenant shall Indemnify Landlord from any and all Claims resulting from such damage or destruction, and such repairs and restoration. Tenant shall use the net proceeds of property insurance maintained by Tenant for purposes of discharging its restoration and repair obligations under this Section 14.1, subject to Landlord's commercially reasonable construction draw terms and conditions relating to such proceeds. Tenant, and not Landlord, shall be responsible for paying for any cost of repairs and restoration in excess of the proceeds available from insurance policies procured by Tenant. The risk of loss or of decrease in the enjoyment and beneficial use of the Premises as a consequence of the damage or destruction thereof by fire, the elements, casualties, thefts, riots, wars or otherwise, is assumed by Tenant, and no such event shall entitle Tenant to any abatement of rent. Tenant is not entitled to any rent abatement during or resulting from any disturbance from partial or total destruction of the Premises. Notwithstanding anything herein to the contrary, Landlord shall make the insurance proceeds that Landlord receives, if any, related to such casualty from the insurance policies required by this Lease available to Tenant for purposes of Tenant discharging its restoration and repair obligations under this Section 14.1. Notwithstanding anything contained herein to the contrary, in lieu of undertaking its repair and restoration obligations as set forth in Section 14.1 above, Tenant may terminate this Lease as to the Damaged Property (as defined below) upon giving written notice to Landlord within thirty (30) days following the date upon which the Damaged Property is damaged or destroyed, provided: (i) such damage or destruction occurs within the last two (2) years of the Amended and Restated Master Lease - Par Petroleum ...
Damage or Destruction of the Premises. Subject to the terms of the lien of any first lien mortgage, deed of trust or other first lien security interest in the Premises, in the event the Premises are damaged or destroyed by vandalism, fire, storm, wind or other casualty, the insurance proceeds from the casualty insurance maintained pursuant to the terms hereof shall be utilized to repair, as soon as practical, the damaged portion of the Premises so as to restore the Premises to a condition substantially the same in all material respects as the condition existing immediately before such casualty to the extent of net insurance proceeds available to Lessor for repair. The rent payable pursuant to this Lease for the period during which such damaged condition continues shall be reasonably and equitably abated in proportion to the degree to which Lessee's use of the Premises is impaired.
Damage or Destruction of the Premises. If a casualty partially destroys the premises but they can be restored to a tenantable condition, then we shall repair the premises with reasonable dispatch; however, our obligation to repair the premises shall be limited to the amount of insurance proceeds actually received by the Owner/Agent. Your obligation to pay rent shall be suspended while the premises are untenantable. If a casualty damages the premises to the extent that they cannot be restored to habitable condition within a reasonable period of time, either party may terminate this lease by giving the other party written notice within 15 days after the casualty. We shall not be liable for any reasonable delay or for providing housing for you during repairs.
Damage or Destruction of the Premises. Borrower shall give the Lender prompt notice of any damage to or destruction of the Premises and in case of loss covered by policies of insurance the Lender is hereby authorized at its option to settle and adjust any claim arising out of such policies and collect and receipt for the proceeds payable therefrom; provided, that the Borrower may itself adjust and collect for any losses arising out of a single occurrence aggregating not in excess of Twenty-five Thousand and 00/100 ($25,000.00) Dollars. Any expense incurred by the Lender in the adjustment and collection of insurance proceeds (including the cost of any independent appraisal of the loss or damage on behalf of Lender) shall be reimbursed to the Lender first out of any proceeds. The proceeds or any part thereof shall be applied to reduction of the Indebtedness Secured Hereby then most remotely to be paid, whether due or not, without the application of any prepayment premium, or to the restoration or repair of the Premises, the choice of application to be solely at the discretion of Lender.
Damage or Destruction of the Premises. If the Premises are rendered inaccessible or untenable, by an act of God, The Landlord may at its sole discretion reinstate it to its former condition. The Tenant shall be entitled to a remission of rent according to the extent and the time during which it is deprived of beneficial use of the leased Premises.
Damage or Destruction of the Premises. (a) In the event the Building is damaged by vandalism, fire, storm, wind or other casualty so as to render it more than fifty percent (50%), based on square footage, untenable and such damage cannot reasonably be expected to be substantially repaired within one hundred and fifty (150) days, Lessee shall have the option for a period of fifteen (15) days following the date of such damage to terminate this Lease by written notice to Lessor. However, in the event of less damage that is reasonably expected to be capable of being substantially repaired within one hundred fifty (150) days, Lessee shall not have the right to terminate this Lease. In the event this Lease is not terminated as aforesaid, Lessor shall, as soon as practical, institute action to repair and rebuild the damaged portion of the Premises.
Damage or Destruction of the Premises. 28.1 Should the Premises become incapable of beneficial occupation due to total or partial destruction thereof, then the Lease shall immediately be terminated unless the parties agree in writing otherwise. Neither party shall be liable to the other for the remainder of the Lease Period. In these circumstances, the Lessee is entitled to proportionate refund of any rental paid in regard of any Lease Period beyond such termination.
Damage or Destruction of the Premises a. If the Premises are damaged by fire, lightning, windstorm, tornado, earthquake, civil disturbance, flood, acts of nature or other casualty loss, in connection with a Material Casualty (as hereinafter defined) or, in the reasonable opinion of the Tenant, the Premises are thereby rendered untenantable or unusable for the Tenant's purposes, this Lease shall immediately terminate, at the option of the Tenant, upon written notice to the Landlord. As used in connection herewith the term “Material Casualty” means a casualty loss (by fire, lightning, windstorm, tornado, earthquake, civil disturbance, flood, act of nature or otherwise) which, in the reasonable opinion of Landlord, would cost more than $100,000 to repair. {A1065856.DOCX / 1 PSA City to Rushmark (CL) 007511 000063} b. If the Premises are damaged by fire or otherwise which does not constitute a Material Casualty, and in the reasonable opinion of the Tenant the Premises is not rendered totally untenantable and unusable, upon being notified to do so by the Tenant or its duly authorized agent, the Landlord shall repair and restore the Premises as promptly as possible to their former condition. If the Landlord fails to make all repairs, replacement, restoration, or renovation as required in this subsection, or as otherwise required in this Lease where no other remedy is expressly provided, within a reasonable time after written notice to the Landlord, then the Tenant may choose either option (i) or (ii) below: i. The Tenant may undertake with its own resources to repair, replace, restore or renovate the Premises and may deduct the reasonable costs of the repairs, replacement, restoration, and renovation from the Rent or other payments otherwise due to the Landlord under the terms of this Lease, or any renewal or extension thereof, or the Tenant may collect all such costs from the Landlord in any manner provided by law, if the Landlord has not paid for such repairs within 30 days after receipt of billing therefor from the Tenant; or ii. The Tenant may terminate this Lease by giving fifteen (15) business days written notice to the Landlord. No notice of termination shall be given by the Tenant under this subsection if the Landlord, or its agents, has physically commenced repairs, replacement, restoration or renovation, and the work is being diligently and continuously pursued to completion in a professional and workmanlike manner.
Damage or Destruction of the Premises. Mortgagor will give Mortgagee prompt notice of damage to or destruction of the Premises, and in case of loss covered by policies of insurance, Mortgagee (whether before or after foreclosure sale) is hereby authorized at its option to settle and adjust any claim arising out of such policies and collect and receipt for the proceeds payable therefrom, provided, if Mortgagor is not in default hereunder, Mortgagor may itself adjust and collect for any losses arising out of a single occurrence aggregating not in excess of Fifty Thousand and No/100 Dollars ($50,000.00). Any expense incurred by Mortgagee in the adjustment and collection of insurance proceeds (including the cost of any independent appraisal of the loss or damage on behalf of Mortgagee) shall be reimbursed to Mortgagee first out of any such insurance proceeds. The insurance proceeds or any part thereof shall be applied to reduction of the Indebtedness then most remotely ~ be paid, whether due or not, or to the restoration or repair of the Premises, the choice of application to be solely at the discretion of Mortgagee. In the event Mortgagee does not make insurance proceeds available for restoration and applies the insurance proceeds to payment of the Indebtedness no prepayment fee shall be due on the insurance proceeds so applied and the monthly installment payments of principal and interest set forth in the Note shall be adjusted to an amount sufficient to reamortize the then unpaid principal balance of the Note together with interest in equal monthly installment payments over the then remaining portion of the original amortization period. In the event Mortgagee does not make insurance proceeds available for reconstruction of the Premises, Mortgagor shall have the right to prepay the Loan in full without a prepayment fee.
