Common use of Damage to or Destruction of the Premises Clause in Contracts

Damage to or Destruction of the Premises. In the event the Premises are materially damaged in part or destroyed in their entirety, then either party may, at its option and upon written notice to the other party, cancel this Lease effective as of the date of the damage or destruction. If neither party elects to terminate this Lease as provided in this Section 7.6, then Landlord shall restore the Premises to the conditions existing immediately prior to such damage or destruction to the extent insurance proceeds are actually received by Landlord. For purposes of this Section 7.6, “materiality” shall be deemed to be damage to at least 40% of the floor area located within the Premises. If the Premises are not materially damaged, then Landlord agrees to rebuild or repair the Premises to the extent insurance proceeds are actually received by Landlord; provided, however, that if material damage to the Premises occurs during any renewal term, Landlord shall have no obligation to rebuild or repair the Premises if such as determined by Landlord is not commercially practicable during the Term remaining as extended, and both parties shall be released from any further liability under this Lease; provided, further, that Landlord shall have no obligation to repair any material damage unless Tenant waives its right to terminate this Lease in accordance with Section 4.11 above and Tenant renews the lease for any remaining Renewal Terms. Tenant shall remain responsible for the Base Rent for the undamaged portion of the Premises which Tenant is reasonably able to use, if any, in an amount that is determined by multiplying Base Rent by the fraction that is derived by dividing the total undamaged floor area Tenant occupies by the total floor area of the Premises.

Damage to or Destruction of the Premises. In the event Section 15.01 If the Premises are materially or any part thereof shall be damaged in part or destroyed in their entiretyrendered Untenantable by fire or other insured casualty and Tenant gives prompt notice thereof to Landlord and this Lease is not terminated pursuant to any provision of this Article, then either party mayLandlord shall proceed, with reasonable diligence after the collection of the insurance proceeds attributable to such damage, to repair or cause to be repaired such damage to the Basic Construction of the Building. All other repairs required by reason of such casualty shall be performed by Tenant, at its option sole cost and upon written notice expense, promptly and with due diligence. Except as provided in Section 15.07, the rent shall be equitably abated to the other partyextent that the Premises shall have been rendered Untenantable, cancel this Lease effective as of such abatement to be from the date of such damage to the damage or destruction. If neither party elects to terminate this Lease as provided in this Section 7.6, then Landlord shall restore date the Premises to the conditions existing immediately prior to such damage or destruction to the extent insurance proceeds are actually received by Landlord. For purposes of this Section 7.6, “materiality” shall no longer be deemed to be damage to at least 40% of the floor area located within the Premises. If the Premises are not materially damaged, then Landlord agrees to rebuild or repair the Premises to the extent insurance proceeds are actually received by LandlordUntenantable; provided, however, that if material damage to the Premises occurs during any renewal term, Landlord shall have no obligation to rebuild or repair the Premises if such as determined by Landlord is not commercially practicable during the Term remaining as extended, and both parties shall be released from any further liability under this Lease; provided, further, that Landlord shall have no obligation to repair any material damage unless should Tenant waives its right to terminate this Lease in accordance with Section 4.11 above and Tenant renews the lease for any remaining Renewal Terms. Tenant shall remain responsible for the Base Rent for the undamaged reoccupy a portion of the Premises during the period the repair work is taking place and prior to the date the Premises are no longer Untenantable, the rent allocable to such reoccupied portion, based upon the proportion which Tenant is reasonably able the reoccupied portion of the Premises bears to use, if any, in an amount that is determined by multiplying Base Rent by the fraction that is derived by dividing the total undamaged floor area Tenant occupies by the total floor area of the Premises, shall be payable by Tenant from the date of such occupancy.

Damage to or Destruction of the Premises. In the event the Premises are materially damaged in part or destroyed in their entirety, then either party may, at its option and upon written notice to the other party, cancel this Lease effective as of the date of the damage or destruction. If neither party elects to terminate this Lease as provided in this Section 7.6, then Landlord shall restore the Premises to the conditions existing immediately prior to such damage or destruction to the extent insurance proceeds are actually received by Landlord. For purposes of this Section 7.6, “materiality” shall be deemed to be damage to at least 40% of the floor area located within the Premises15.01. If the Premises are or any part thereof shall be damaged or rendered Untenantable by fire or other insured casualty and Tenant gives prompt notice thereof to Landlord and this Lease is not materially damagedterminated pursuant to any provision of this Article, then Landlord agrees shall proceed, with reasonable diligence after the collection of the insurance proceeds attributable to rebuild such damage, to repair or repair cause to be repaired such damage to the Premises Basic Construction of the Building and Landlord's Work. All other repairs required by reason of such casualty shall be performed by Tenant, at its sole cost and expense, promptly and with due diligence. Except as provided in Section 15.07, the rent shall be equitably abated to the extent insurance proceeds are actually received by Landlord; providedthat the Premises shall have been rendered Untenantable, however, that if material such abatement to be from the date of such damage to the Premises occurs during any renewal term, Landlord shall have no obligation to rebuild or repair date the Premises if shall no longer be Untenantable, the rent allocable to such as determined by Landlord is not commercially practicable during reoccupied portion, based upon the Term remaining as extended, and both parties shall be released from any further liability under this Lease; provided, further, that Landlord shall have no obligation to repair any material damage unless Tenant waives its right to terminate this Lease in accordance with Section 4.11 above and Tenant renews proportion which the lease for any remaining Renewal Terms. Tenant shall remain responsible for the Base Rent for the undamaged reoccupied portion of the Premises which Tenant is reasonably able bears to use, if any, in an amount that is determined by multiplying Base Rent by the fraction that is derived by dividing the total undamaged floor area Tenant occupies by the total floor area of the Premises, shall be payable by Tenant from the date of such occupancy.

Damage to or Destruction of the Premises. In the event Section 15.01. If the Premises are materially or any part thereof shall be damaged in part or destroyed in their entiretyrendered Untenantable by fire or other insured casualty and if Tenant gives prompt notice thereof to Landlord and this Lease is not terminated pursuant to any provision of this Article, then either party may, at its option and upon written notice Landlord shall diligently proceed to repair or cause to be repaired such damage to the other party, cancel this Lease effective as Premises after and to the extent of Landlord's collection of the date insurance proceeds (except that Landlord shall be responsible for the amount of the damage or destruction. If neither party elects to terminate this Lease as provided in this Section 7.6, then Landlord shall restore deductible and for the Premises to the conditions existing immediately prior amount of any coinsurance) attributable to such damage or destruction to the extent Premises, provided, that Tenant shall have the right to expend its own funds and diligently repair the damage to the Premises prior to the collection by Landlord of the insurance proceeds are actually received by Landlord. For purposes of this Section 7.6, “materiality” and in such event Tenant shall be deemed to be have been given an assignment of such portion of said insurance proceeds attributable to the damage to at least 40% the Premises (as determined by Landlord's insurance adjuster), subject to the rights of the floor area located within the PremisesParamount Mortgagee, to secure its reimbursement for such work. If the Premises are not materially damaged, then Landlord agrees to rebuild or repair the Premises The rental shall be equitably abated to the extent insurance proceeds are actually received by Landlordthat the Premises shall have been rendered Untenantable, such abatement to be from the date of such damage to the date the Premises shall no longer be Untenantable; provided, however, that if material damage to the Premises occurs during any renewal term, Landlord shall have no obligation to rebuild or repair the Premises if such as determined by Landlord is not commercially practicable during the Term remaining as extended, and both parties shall be released from any further liability under this Lease; provided, further, that Landlord shall have no obligation to repair any material damage unless should Tenant waives its right to terminate this Lease in accordance with Section 4.11 above and Tenant renews the lease for any remaining Renewal Terms. Tenant shall remain responsible for the Base Rent for the undamaged occupy a portion of the Premises during the period the repair work is taking place and prior to the date the Premises are no longer Untenantable, the rent allocable to such occupied portion, based upon the proportion which Tenant is reasonably able the occupied portion of the Premises bears to use, if any, in an amount that is determined by multiplying Base Rent by the fraction that is derived by dividing the total undamaged floor area Tenant occupies by the total floor area of the Premises, shall be payable by Tenant from the date of such occupancy.

Damage to or Destruction of the Premises. In the event SECTION 15.01 If the Premises are materially or any part thereof shall be damaged in part or destroyed in their entiretyrendered Untenantable by fire or extended coverage peril and Tenant gives prompt notice thereof to Landlord and this Lease is not terminated pursuant to any provision of this Article, then either party mayLandlord shall proceed, with reasonable diligence after the collection of the insurance proceeds attributable to such damage, to repair or cause to be repaired such damage to the Basic Construction of the Building and Landlord's Work. All other repairs required by reason of such casualty shall be performed by Tenant, at its option sole cost and upon written notice expense, promptly and with due diligence. Except as provided in Section 15.07, the rent shall be equitably abated to the other partyextent that the Premises shall have been rendered Untenantable, cancel this Lease effective as of such abatement to be from the date of such damage to the damage or destruction. If neither party elects to terminate this Lease as provided in this Section 7.6, then Landlord shall restore date the Premises to the conditions existing immediately prior to such damage or destruction to the extent insurance proceeds are actually received by Landlord. For purposes of this Section 7.6, “materiality” shall no longer be deemed to be damage to at least 40% of the floor area located within the Premises. If the Premises are not materially damaged, then Landlord agrees to rebuild or repair the Premises to the extent insurance proceeds are actually received by LandlordUntenantable; provided, however, that if material damage to the Premises occurs during any renewal term, Landlord shall have no obligation to rebuild or repair the Premises if such as determined by Landlord is not commercially practicable during the Term remaining as extended, and both parties shall be released from any further liability under this Lease; provided, further, that Landlord shall have no obligation to repair any material damage unless should Tenant waives its right to terminate this Lease in accordance with Section 4.11 above and Tenant renews the lease for any remaining Renewal Terms. Tenant shall remain responsible for the Base Rent for the undamaged reoccupy a portion of the Premises during the period the repair work is taking place and prior to the date the Premises are no longer Untenantable, the rent allocable to such reoccupied portion based upon the proportion which Tenant is reasonably able the reoccupied portion of the Premises bears to use, if any, in an amount that is determined by multiplying Base Rent by the fraction that is derived by dividing the total undamaged floor area Tenant occupies by the total floor area of the Premises, shall be payable by Tenant from the date of such occupancy.