Common use of Destruction of the Premises Clause in Contracts

Destruction of the Premises. If the building is rendered substantially untenantable by fire or other casualty, Lessor may elect by giving Lessee written notice within thirty (30) days after the date of the fire or casualty, either to: (a) terminate this Lease as of the date of the fire or other casualty; or (b) proceed to repair or restore the Premise, or the Building (other than any leasehold improvements and personal property installed by Lessee), to substantially the same condition as existed immediately prior to the fire or casualty. If Lessor elects to proceed pursuant to Subparagraph (b) above, Lessor’s notice shall contain Lessor’s reasonable estimate of the time required to substantially complete the repair or restoration. If the estimate indicates that the time so required will exceed ninety (90) days from the date of the casualty and Lessor does not make available to Lessee for its use and occupancy other office space substantially similar to the Premises(or if Lessee does not accept such replacement space) , then Lessee shall have the right to terminate this Lease as of the date of such casualty by giving written notice to Lessor not later than twenty (20) days after the date of Lessor’s notice. If Lessor’s estimate indicates that the repair or restoration can be substantially completed within ninety (90) days, or if Lessee fails to exercise its right to terminate this Lease, this Lease shall remain in force and effect though Rent shall be abated during any period where Lessee is unable to occupy the Premises. If either the Premises or the Building is damaged by fire or other casualty but is not rendered substantially untenantable, then Lessor shall diligently proceed to repair and restore the damaged portions thereof, other than the leasehold improvements and personal property installed by Lessee, to substantially the same condition as existed immediately prior to such fire or casualty, unless such damage occurs during the last twelve (12) months of the Term, in which event either Lessor or Lessee shall have the right to terminate this Lease as of the date of such fire or other casualty by giving written notice to the other party within thirty (30) days after the date of such fire or other casualty. During any restoration period, rent shall xxxxx based upon the percentage of the Premises rendered untenantable. In the event the Lease is terminated, rent shall xxxxx as of the date of casualty and any rent paid for periods beyond the date of casualty shall be refunded to Lessee.

Destruction of the Premises. If during the term of the lease, or of any extension thereof, the aforesaid buildings, or any part thereof, shall be so damaged by fire or lack of proper fire protection, the elements or causes other than Lessee’s negligence, as to render the leased space partially unfit for use by Lessee for the intended purpose of this lease and shall be capable of being repaired within a reasonable time, Lessor shall promptly undertake repair within a reasonable time of same and during the term that the building is rendered substantially untenantable untenantable, Lessee’s rent shall be abated pro-rata to the extent of the portion destroyed. If, during said term, or any extensions thereof, the aforesaid building, or any part thereof, shall be destroyed or so damaged by fire fire, the elements or other casualtycauses, other than Lessee’s negligence, as to render said premises totally unfit for use by Lessee for the intended purpose of this lease, this lease shall not be terminated, but Lessor may elect shall have the right or option to rebuild and of providing the same amount and kind of space herein leased in the building as rebuilt. Such option to rebuild shall be exercised by Lessor by giving Lessee written notice to Lessee of its election to rebuild within thirty (30) days after the date leased premises are rendered unfit for use by Lessee. In event of the fire or casualtyexercise of this option, either to: (a) terminate this Lease as Lessor shall promptly undertake reconstruction, Lessee’s rent shall xxxxx according to the extent that the Lessee is deprived of the date use of the fire or other casualty; or said leased premises. Reconstruction shall be completed within one hundred and twenty (b120) proceed to repair or restore the Premise, or the Building (other than any leasehold improvements and personal property installed by Lessee), to substantially the same condition as existed immediately prior to the fire or casualtydays after said notice. If Lessor elects does not exercise said option to proceed pursuant to Subparagraph (b) aboverebuild, Lessor’s notice the lease shall contain Lessor’s reasonable estimate of the time required to substantially complete the repair or restorationterminate. If the estimate indicates that the time so required will exceed ninety (90) days from the date aforesaid buildings are partially or wholly untenantable due to Lessee’s negligence or breach of the casualty and Lessor does not make available to Lessee for its use and occupancy other office space substantially similar to the Premises(or if Lessee does not accept such replacement space) covenant herein, then Lessee shall have the right to terminate this Lease as of the date of such casualty by giving written notice be liable to Lessor not later than twenty (20) days after the date of Lessor’s notice. If Lessor’s estimate indicates that the repair or restoration can be substantially completed within ninety (90) days, or if Lessee fails to exercise its right to terminate this Lease, this Lease shall remain in force and effect though Rent shall be abated during any period where Lessee is unable to occupy the Premises. If either the Premises or the Building is damaged by fire or other casualty but is not rendered substantially untenantable, then Lessor shall diligently proceed to repair and restore the damaged portions thereof, other than the leasehold improvements and personal property installed by Lessee, to substantially the same condition as existed immediately prior to such fire or casualty, unless such damage occurs during the last twelve (12) months of the Term, in which event either Lessor or Lessee shall have the right to terminate this Lease as of the date of such fire or other casualty by giving written notice to the other party within thirty (30) days after the date of such fire or other casualty. During any restoration period, rent shall xxxxx based upon the percentage of the Premises rendered untenantablefor all rents herein. In the event that the Lease entire building or any part thereof or the land on which it is terminatedlocated or any part thereof or Lessee’s leasehold interest or any part thereof should at any time be condemned or otherwise taken by public authority, rent shall xxxxx as of the date of casualty and any rent paid for periods beyond the date of casualty entire award or damages shall be refunded paid to Lessor, and Lessee may, at its option, terminate this lease without liability to Lessee for the damage to unexpired term of leasehold. Lessor shall not be liable for any interruptions to Lessee’s use due to any casualty or act of God.

Destruction of the Premises. 12.1 If THE PREMISES should be destroyed by fire, earthquake, Act of God or the building elements during the term hereof, or damage to such an extent that THE PREMISES cannot be repaired within one hundred twenty (120) working days, THIS AGREEMENT, at BIG HOLLOW’s option, shall terminate, and any remaining or uncredited amount of BIG HOLLOW’s prior contribution, as defined in Section 3.1 above shall be refunded and paid to BIG HOLLOW, in the full amount to have been credited to BIG HOLLOW under THIS AGREEMENT had BIG HOLLOW remained a tenant through the entire lease-term. If after one hundred and twenty (120) working days, information is rendered substantially untenantable by fire or other casualtynot available for the parties to determine the future viability of the building, Lessor may elect by giving Lessee written notice within thirty the parties agree to negotiate in good faith as to the future use of the building. If during the first one hundred and twenty (30120) days after such damage or destruction BIG HOLLOW agrees to continue as a tenant, THIS AGREEMENT shall remain in full force and effect, and MAIN STREET shall, with all reasonable dispatch, proceed to replace THE PREMISES with a premises similar in character, and the date lease payments shall and rent credit shall xxxxx for such length of time during the period of replacement that BIG HOLLOW is deprived of the fire occupation or casualtyenjoyment of THE PREMISES. If, either to: (a) terminate this Lease as however, THE PREMISES are only partially destroyed by any of the date of above causes and the fire or other casualty; or damage thereto can be repaired within the one hundred twenty (b120) working day period, MAIN STREET shall with all reasonable dispatch, proceed to repair or restore the Premise, or the Building (other than any leasehold improvements THE PREMISES and personal property installed by Lessee), to place THE PREMISES in substantially the same condition as existed immediately THE PREMISES were prior to the fire or casualtydamage, and BIG HOLLOW shall remit lease payments (with the applicable rent credit given) to MAIN STREET for the damaged PREMISES should they be fit for occupancy during the time of repair. If Lessor elects to proceed pursuant to Subparagraph (b) above, Lessor’s notice shall contain Lessor’s reasonable estimate of THE PREMISES are not fit for occupancy during the time required to substantially complete the repair or restoration. If the estimate indicates that the time so required will exceed ninety (90) days from the date of the casualty and Lessor does not make available to Lessee for its use and occupancy other office space substantially similar to the Premises(or if Lessee does not accept such replacement space) repair, then Lessee shall have the right to terminate this Lease as of the date of such casualty by giving written notice to Lessor not later than twenty (20) days after the date of Lessor’s notice. If Lessor’s estimate indicates that the repair or restoration can be substantially completed within ninety (90) days, or if Lessee fails to exercise its right to terminate this Lease, this Lease shall remain in force lease payments and effect though Rent shall be abated during any period where Lessee is unable to occupy the Premises. If either the Premises or the Building is damaged by fire or other casualty but is not rendered substantially untenantable, then Lessor shall diligently proceed to repair and restore the damaged portions thereof, other than the leasehold improvements and personal property installed by Lessee, to substantially the same condition as existed immediately prior to such fire or casualty, unless such damage occurs during the last twelve (12) months of the Term, in which event either Lessor or Lessee shall have the right to terminate this Lease as of the date of such fire or other casualty by giving written notice to the other party within thirty (30) days after the date of such fire or other casualty. During any restoration period, rent credit shall xxxxx based upon the percentage of the Premises rendered untenantableduring such time period. In the event that MAIN STREET and BIG HOLLOW cannot agree as to whether THE PREMISES or a portion thereof is fit for occupancy the Lease is terminatedparties in dispute shall first submit such dispute to mediation in Laramie, rent Wyoming, by a mediator mutually acceptable to such parties, the cost of such mediation to be paid equally by such parties. If such parties in dispute are unable to resolve the dispute through mediation within thirty days, such dispute shall xxxxx as then be submitted to final and binding arbitration in Laramie, Wyoming, by a disinterested arbitrator, who shall be a retired Wyoming District Court or Circuit Court Judge; if the parties in dispute cannot agree upon the selection of such arbitrator, then a District Court Judge of the date Second Judicial District for Albany County, Wyoming shall appoint a retired Judge or other independent lawyer, licensed to practice law in Wyoming, to serve as arbitrator. The arbitrator shall have the power to award any and all equitable and legal relief, to assess as costs her or his fees and expenses, and to award to the prevailing party its, her, his, or their attorney’s fees and costs of casualty arbitration and any rent paid for periods beyond the date of casualty shall be refunded to Lesseeinvestigation.

Destruction of the Premises. If during the term of the lease, or of any extension thereof, the aforesaid buildings, or any part thereof, shall be so damaged by fire or lack of proper fire protection, the elements or causes other than Lessee’s negligence, as to render the leased space partially unfit for use by Lessee for the intended purpose of this lease and shall be capable of being repaired within a reasonable time, Lessor shall promptly undertake repair within a reasonable time of same and during the term that the building is rendered substantially untenantable untenantable, Lessee’s rent shall be abated pro-rata to the extent of the portion destroyed. If, during said term, or any extensions thereof, the aforesaid building, or any part thereof, shall be destroyed or so damaged by fire fire, the elements or other casualtycauses, other than Lessee’s negligence, as to render said premises totally unfit for use by Lessee for the intended purpose of this lease, this lease shall not be terminated, but Lessor may elect shall have the right or option to rebuild and of providing the same amount and kind of space herein leased in the building as rebuilt. Such option to rebuild shall be exercised by Lessor by giving Lessee written notice to Lessee of its election to rebuild within thirty (30) days after the date leased premises are rendered unfit for use by Xxxxxx. In event of the fire or casualtyexercise of this option, either to: (a) terminate this Lease as Lessor shall promptly undertake reconstruction, Xxxxxx’s rent shall xxxxx according to the extent that the Lessee is deprived of the date use of the fire or other casualty; or said leased premises. Reconstruction shall be completed within one hundred and twenty (b120) proceed to repair or restore the Premise, or the Building (other than any leasehold improvements and personal property installed by Lessee), to substantially the same condition as existed immediately prior to the fire or casualtydays after said notice. If Lessor elects does not exercise said option to proceed pursuant to Subparagraph (b) aboverebuild, Lessor’s notice the lease shall contain Lessor’s reasonable estimate of the time required to substantially complete the repair or restorationterminate. If the estimate indicates that the time so required will exceed ninety (90) days from the date aforesaid buildings are partially or wholly untenantable due to Lessee’s negligence or breach of the casualty and Lessor does not make available to Lessee for its use and occupancy other office space substantially similar to the Premises(or if Lessee does not accept such replacement space) covenant herein, then Lessee shall have the right to terminate this Lease as of the date of such casualty by giving written notice be liable to Lessor not later than twenty (20) days after the date of Lessor’s notice. If Lessor’s estimate indicates that the repair or restoration can be substantially completed within ninety (90) days, or if Lessee fails to exercise its right to terminate this Lease, this Lease shall remain in force and effect though Rent shall be abated during any period where Lessee is unable to occupy the Premises. If either the Premises or the Building is damaged by fire or other casualty but is not rendered substantially untenantable, then Lessor shall diligently proceed to repair and restore the damaged portions thereof, other than the leasehold improvements and personal property installed by Lessee, to substantially the same condition as existed immediately prior to such fire or casualty, unless such damage occurs during the last twelve (12) months of the Term, in which event either Lessor or Lessee shall have the right to terminate this Lease as of the date of such fire or other casualty by giving written notice to the other party within thirty (30) days after the date of such fire or other casualty. During any restoration period, rent shall xxxxx based upon the percentage of the Premises rendered untenantablefor all rents herein. In the event that the Lease entire building or any part thereof or the land on which it is terminatedlocated or any part thereof or Lessee’s leasehold interest or any part thereof should at any time be condemned or otherwise taken by public authority, rent shall xxxxx as of the date of casualty and any rent paid for periods beyond the date of casualty entire award or damages shall be refunded paid to LesseeLessor, and Lessee may, at its option, terminate this lease without liability to Lessee for the damage to unexpired term of leasehold. Lessor shall not be liable for any interruptions to Xxxxxx’s use due to any casualty or act of God.