Damages and Destruction Sample Clauses

Damages and Destruction. If fire or other casualty damages the Leased Premises, then Landlord shall repair the Leased Premises as soon as practical. Landlord shall notify Tenant within fifteen (15) days after a casualty whether it can repair the Leased Premises within ninety (90) days after the date of the casualty. If Landlord notifies Tenant that the repairs cannot be completed within such ninety (90) day period, then Landlord may terminate this Lease by notice to Tenant.
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Damages and Destruction. If all or any part of the Property is damaged or destroyed by fire, the elements or any other destructive force or cause between the Effective Date and Closing Date, Buyer may at its election either: (i) proceed to closing without an abatement of the Purchase Price, in which event Seller shall assign to Buyer all of Seller’s right, title and interest in and to any insurance proceeds from Seller’s casualty insurer resulting from the damage or destruction; (ii) or terminate this Agreement by delivery of written notice to Seller, in which event the Deposit shall be returned to Buyer and this Agreement shall be null and void.
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Damages and Destruction. If, prior to Close of Escrow, the Property is damaged by a casualty which is not caused by the negligence or activities of Buyer or Buyer’s Parties on the Property and which casualty results in a loss that exceeds Two Hundred Fifty Thousand Dollars ($250,000), and if, in any such case, the damage is not repaired by the Closing Date, then Buyer, at its option, may elect, within five (5) days after the date of such casualty, to terminate this Agreement, in which case the Deposit shall be returned to Buyer, and neither party shall have any further obligation hereunder except for the indemnities in Section 7(e) and 14; or (ii) proceed with the Close of Escrow, in which case Seller shall assign to Buyer at the Close of Escrow all proceeds of insurance paid or payable with respect to the casualty, without any reduction in the Purchase Price.
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Damages and Destruction. (a) Subject to the terms of Master Lease and Main Lease and to the terms of any mortgage which may now or hereafter encumber Landlord's interest in all or any portion of the land and/or building, in the event that the Premises or the Building are damaged by fire or other insured casualty, the damage shall be repaired by and at the expense of Landlord so that the building shall be as nearly as possible, or better than, the value, condition and character of the Building immediately prior to the damage, provided such repairs can, in Landlord's reasonable opinion, be completed within one (1) year after the occurrence of such damage, without the payment of overtime or other premiums. If the repairs cannot, in Landlord's reasonable opinion, be made within said one (1) year period, or if same occurs within twelve (12) months or less prior to the stated expiration date of the term, Landlord shall notify Tenant within forty-five (45) days of the date of occurrence of such damage as to whether or not Landlord shall have elected to make such repairs. If Landlord elects not to make such repairs, then this Lease shall be deemed canceled effective thirty (30) days after the date that Landlord has notified Tenant of its election not to make such repairs. If this Lease is not terminated as aforesaid, then this Lease shall be deemed canceled effective thirty (30) days after the date that Landlord has notified Tenant of its election not to make such repairs. If this Lease is not terminated as aforesaid, there shall be no abatement of the Monthly Base Rental or Additional Rental and no liability of Landlord by reason of any inconvenience, temporary limitation of access or interference to or with Tenant's business or property arising from the making of any necessary repairs, or any alterations or improvements in or to any portion of the Building or the Premises, or in or to fixtures, appurtenances and equipment therein necessitated by such damage. Tenant understands that Landlord will not carry insurance of any kind on Tenant's furniture and furnishings or on any fixtures or equipment owned by Tenant, and that Landlord shall not be required to repair any damage caused by fire or other cause, or shall make any repair or replacement to or of improvements installed in the Premises by or for Tenant at Tenant's cost. Provided, however, the Monthly Base Rental will abate to the extent that Landlord actually receives proceeds of the xxxx insurance policy. If Landlord fails to substa...
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Related to Damages and Destruction

  • Damage and Destruction If all or any part of the Premises shall be damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if:

  • Cancellation and Destruction All Debentures shall forthwith after payment thereof be delivered to the Trustee and cancelled by it. All Debentures cancelled or required to be cancelled under this or any other provision of this Indenture shall be destroyed by the Trustee and, if required by the Corporation, the Trustee shall furnish to it a destruction certificate setting out the designating numbers of the Debentures so destroyed.

  • Cancellation and Destruction of ADRs All ADRs surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy ADRs in certificated form so cancelled in accordance with its customary practices.

  • DESTRUCTION OR DAMAGE In the event any of the Property is damaged or destroyed prior to the Closing Date, Seller shall notify Buyer in writing of such fact promptly after obtaining knowledge thereof. If any such damage or destruction: (i) (a) is an insured casualty and (b) would cost less than an amount equal to ten percent (10%) of the Purchase Price to repair or restore, and (ii) does not result in a termination of the Lease, then this Agreement shall remain in full force and effect and Buyer shall acquire the Property upon the terms and conditions set forth herein. The cost of repair shall be determined by an architect and contractor selected by Seller and reasonably approved by Buyer. In such event, Buyer shall receive a credit against the Purchase Price equal to the deductible amount applicable under Seller's casualty policy less all costs and expenses, including reasonable attorneys' fees and costs, incurred by Seller as of the Closing Date in connection with the negotiation and/or settlement of the casualty claim with the insurer ("REALIZATION Costs"), and Seller shall assign to Buyer all of Seller's right, title and interest in and to all proceeds of insurance on account of such damage or destruction. In the event the Property is damaged or destroyed prior to the Closing Date and the cost of repair would equal or exceed an amount equal to ten percent (10%) of the Purchase Price, or the casualty is an uninsured casualty, then, notwithstanding anything to the contrary set forth above in this section, Buyer shall have the right, at its election, to terminate this Agreement. Buyer shall have ten (10) days after Seller notifies Buyer of the cost of repairing the damage to make such election by delivery to Seller of a written election notice ("ELECTION NOTICE") and the Closing Date shall be extended, if necessary, to provide sufficient time for Buyer to make such election. The failure by Buyer to deliver the Election Notice within such ten (10) day period shall be deemed an election to terminate this Agreement. Notwithstanding anything contained in Section 7.1(d) to the contrary, any termination by Buyer under this Section 11.2 shall not result in a termination of Buyer's right to acquire any remaining Portfolio Properties under the Portfolio Agreements. In the event Buyer does not elect to terminate this Agreement as set forth above, this Agreement shall remain in full force and effect, Seller shall assign to Buyer all of Seller's right, title and interest in and to any and all proceeds of insurance on account of such damage or destruction, if any, and, if the casualty was an insured casualty, Buyer shall receive a credit against the Purchase Price equal to the deductible amount (less the Realization Costs) under Seller's casualty insurance policy.

  • Insurance; Damage to or Destruction of Collateral (a) The Credit Parties shall, at their sole cost and expense, maintain the policies of insurance described on Disclosure Schedule (3.18) as in effect on the date hereof or otherwise in form and amounts and with insurers reasonably acceptable to Agent. Such policies of insurance (or the loss payable and additional insured endorsements delivered to Agent) shall contain provisions pursuant to which the insurer agrees to provide 30 days prior written notice to Agent in the event of any non-renewal, cancellation or amendment of any such insurance policy. If any Credit Party at any time or times hereafter shall fail to obtain or maintain any of the policies of insurance required above or to pay all premiums relating thereto, Agent may at any time or times thereafter obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto that Agent deems advisable. Agent shall have no obligation to obtain insurance for any Credit Party or pay any premiums therefor. By doing so, Agent shall not be deemed to have waived any Default or Event of Default arising from any Credit Party's failure to maintain such insurance or pay any premiums therefor. All sums so disbursed, including reasonable attorneys' fees, court costs and other charges related thereto, shall be payable on demand by Borrower to Agent and shall be additional Obligations hereunder secured by the Collateral.

  • Partial Damage or Destruction If, during the Term, any Property shall be totally or partially destroyed but the Facility is not rendered Unsuitable for Its Permitted Use, Tenant shall, subject to Section 10.2.3, promptly restore such Facility as provided in Section 10.2.4.

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