Common use of Damage to Improvements Clause in Contracts

Damage to Improvements. ‌ If a significant portion of the Improvements are materially damaged (such that all or a significant portion of the Improvements and Leased Property cannot be used for their intended uses) by fire, meteorological event, or other disaster, Tenant has the right either to terminate this Lease or to restore, replace and rebuild the Improvements to the same or better condition. ▇▇▇▇▇▇’s election must be provided to MAC in writing within sixty (60) days of the date of the damage. (i) If Tenant elects to terminate this Lease under this Section 14.2, Tenant must: (1) remove any damaged Improvements and debris; (2) return the Leased Property to buildable condition (as such term is defined in Section 12 [Removal of Improvements]); and (3) surrender the Leased Property in accordance with the terms and conditions of this Lease. ▇▇▇▇▇▇ agrees to use the proceeds of the insurance required by this Lease to the extent necessary to satisfy these obligations. This Lease, and all rent and other charges due to MAC, does not terminate unless and until Tenant fulfills such obligations. (ii) If Tenant elects to restore the Improvements under this Section 14.2 [Damage to Improvements], Tenant must: (1) remove any debris and eliminate any environmental contamination caused by the damaged Improvements; (2) return the Leased Property to buildable condition (as such term is defined in Section 12 [Removal of Improvements]); and (3) rebuild the Improvements, to the same or better condition in compliance with the requirements of this Lease. All of the above must be fulfilled within twelve (12) months of the date of such damage, plus any additional period reasonably granted by MAC Staff due to delays beyond Tenant’s reasonable control.

Damage to Improvements. ‌ If a significant portion of the Improvements are materially damaged (such that all or a significant portion of the Improvements and Leased Property cannot be used for their intended usesuse) by fire, meteorological event, or other disaster, Tenant has the right either to terminate this Lease or to restore, replace and rebuild the Improvements to the same or better condition. ▇▇▇▇▇▇’s election must be provided to MAC in writing within sixty (60) days of the date of the damage. (i) If Tenant elects to terminate this Lease under this Section 14.2, Tenant must: (1) remove any damaged Improvements and debris; (2) return the Leased Property to buildable condition (as such term is defined in Section 12 [Removal of Improvements]); and (3) surrender the Leased Property in accordance with the terms and conditions of this Lease. ▇▇▇▇▇▇ agrees to use the proceeds of the insurance required by this Lease to the extent necessary to satisfy these obligations. This Lease, and all rent and other charges due to MAC, does not terminate unless and until Tenant fulfills such obligations. (ii) If Tenant elects to restore the Improvements under this Section 14.2 [Damage to Improvements], Tenant must: (1) remove any debris and eliminate any environmental contamination caused by the damaged Improvements; (2) return the Leased Property to buildable condition (as such term is defined in Section 12 [Removal of Improvements]); and (3) rebuild the Improvements, to the same or better condition in compliance with the requirements of this Lease. All of the above must be fulfilled within twelve (12) months of the date of such damage, plus any additional period reasonably granted by MAC Staff due to delays beyond Tenant’s reasonable control.

Damage to Improvements. ‌ If a significant portion of the Improvements are materially damaged (such that all or a significant portion of the Improvements and Leased Property cannot be used for their intended usesit becomes impractical to operate Tenant’s business) by fire, meteorological event, or other disaster, Tenant has shall have the right either to terminate this Lease or to restore, replace and rebuild the Improvements to the same or better condition. ▇▇▇▇▇▇’s election must be provided to MAC in writing within sixty (60) days of the date of the damage. (i) If Tenant elects to terminate this Lease under this Section 14.2Section, Tenant must: (1) remove any damaged Improvements and debris; (2) return the Leased Property to buildable condition (as such term is defined in Section 12 [Removal of Improvements]); and (3) surrender the Leased Property in accordance with the terms and conditions of this Lease, including, but not limited to the provisions of Section 17 [Surrender of Leased Property]. ▇▇▇▇▇▇ agrees to use the proceeds of the insurance required by this Lease to the extent necessary to satisfy these obligations. This Lease, and all rent and other charges due to MAC, does shall not terminate unless and until Tenant fulfills such obligations. (ii) If Tenant elects to restore the Improvements under this Section 14.2 [Damage to Improvements]Section, Tenant must: (1) remove any debris and eliminate any environmental contamination caused by the damaged Improvements; (2) return the Leased Property to buildable condition (as such term is defined in Section 12 [Removal of Improvements]); and (3) rebuild the Improvements, to the same or better condition in compliance with the requirements of this Lease. All of the above must be fulfilled within twelve (12) months of the date of such damage, plus any additional period reasonably granted by MAC Staff due to delays beyond Tenant’s reasonable control.