Destruction or Damage Sample Clauses

Destruction or Damage. In the event that the Leased Premises shall be totally destroyed by fire or other casualty insured against, or shall be so damaged that repairs and restoration cannot, in the opinion of Lessor in its sole discretion, be accomplished within a period of one hundred twenty (120) days from the date of such destruction or damage, this Lease shall automatically terminate without further act of either party hereto, and each party shall be relieved of any further obligation to the other except for the rights and obligations of the parties under Sections 18 and 19 hereof, and except that Lessee shall be liable for and shall promptly pay Lessor any rent then in arrears or Lessor shall promptly rebate to Lessee a PRO RATA portion of any rent paid in advance. In the event such facilities shall be so damaged that repairs and restoration can be accomplished within a period of one hundred twenty (120) days from the date of such destruction or damage, this Lease shall continue in effect in accordance with its terms; such repairs and restoration shall, unless otherwise agreed by Lessor and Lessee, be performed as closely as practicable to the original specifications (utilizing therefor the proceeds of the insurance applicable thereto without any apportionment thereof for damages to the leasehold interest created by this Indenture), and until such repairs and restoration have been accomplished a portion of the rent shall abat▇ ▇▇▇al to the proportion of the Leased Premises rendered unusable by the damage. It is understood that Lessor's obligation to restore, replace or rebuild such facilities shall not exceed in amount the sum of the insurance proceeds paid to it and/or released to it by any mortgagee with which settlement was made. Lessee agrees to execute and deliver to Lessor all instruments and documents necessary to evidence the fact that the right to such insurance proceeds is vested in Lessor. Lessor shall

Destruction or Damage. (a) If the Building or the Premises are totally destroyed by storm, fire, earthquake, or other casualty, or damaged to the extent that, in Landlord's reasonable opinion the damage cannot be restored within one hundred eighty (180) days of the date Landlord provides Tenant written notice of Landlord's reasonable estimate of the time necessary to restore the damage, or if the damage is not covered by standard "all risks" property insurance and as a result Landlord elects not to restore such damage, Landlord or Tenant shall have the right to terminate this Lease effective as of the date of such destruction or damage by written notice to the other on or before thirty (30) days following Landlord's notice described in the next sentence and Rent shall be accounted for as between Landlord and Tenant as of that date. Landlord shall provide Tenant with notice within forty-five (45) days following the date of the damage of the estimated time needed to restore, and whether the loss is covered by Landlord's insurance coverage (and if not, whether Landlord nevertheless elects to restore). (b) If the Premises are damaged by any such casualty or casualties but neither party is entitled to or neither party elects to terminate this Lease as provided in subparagraph (a) above, this Lease shall remain in full force and effect, Landlord shall notify Tenant in writing within forty-five (45) days of the date of the damage that the damage will be restored (and will include Landlord's good faith estimate of the date the restoration will be complete), in which case Rent shall ▇▇▇▇▇ as to any portion of the Premises which is not usable, and Landlord shall restore the Premises to substantially the same condition as before the damage occurred as soon as practicable, whereupon full Rent shall recommence.

Destruction or Damage. All risk of loss to any Property shall remain with Sellers prior to the Closing. In the event any of the Properties are damaged or destroyed prior to the Closing Date, Sellers shall notify Buyer, in writing, of such fact promptly after obtaining knowledge thereof. If any such damage or destruction: (a) is an insured casualty, and (b) would cost less than an amount equal to five percent (5%) of the Purchase Price (allocated to the damaged Property) to repair or restore, then this Agreement shall remain in full force and effect, and Buyer shall acquire the Properties upon the terms and conditions set forth herein. The cost of repair shall be determined by an architect and contractor selected by Sellers and reasonably approved by Buyer. In such event, Buyer shall receive a credit against the Purchase Price equal to the deductible amount applicable under Sellers’ casualty policy, less all actual and reasonable costs and expenses, including attorneys’ fees and costs, incurred by Sellers as of the Closing Date in connection with the negotiation and/or settlement of the casualty claim with the insurer (“Realization Costs”), and Sellers shall assign to Buyer all of Sellers’ right, title and interest in and to all proceeds of insurance on account of such damage or destruction. In the event any Property is damaged or destroyed prior to the Closing Date and the cost of repair would equal or exceed an amount equal to five percent (5%) of the Purchase Price (allocated to the damaged Property), or the casualty is an uninsured casualty, then, notwithstanding anything to the contrary set forth above in this Section, either Sellers or Buyer shall have the right, at its election, to terminate this Agreement. Buyer shall have five (5) days after Sellers notify Buyer of the cost of repairing the damage to make such election by delivery to Sellers 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 five (5) day period shall be deemed an election not to terminate this Agreement. In the event Buyer does not elect to terminate this Agreement as set forth above, this Agreement shall remain in full force and effect, Sellers shall assign to Buyer all of Sellers’ 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 ins...

Destruction or Damage. Notwithstanding any contrary provision of this Agreement, if at any time prior to the Closing the Aircraft is destroyed or damaged in such a manner that constitutes a Total Loss, Seller will pay any Escrow Agent fees, the Deposit, in Purchaser’s sole discretion, will (i) be returned to Purchaser, or (ii) continue to be held by Seller in accordance with the Aircraft Operator Agreement, as amended from time-to-time, originally entered into on March 22, 2022 between Blade Urban Air Mobility, Inc., M&N Equipment, LLC d/b/a M&N Aviation, Aviation Bridge, LLC, and Atlas Jet, Inc. or follow on agreement as applicable (“Operator Agreement”), and Seller shall reimburse Purchaser for all documented costs incurred by Purchaser related to the attempted purchase of the Aircraft (including attorney’s fees), and upon receipt of such amounts, this Agreement shall terminate and be of no further force or effect. In the event of any damage to the Aircraft following the Effective Date (other than Total Loss occurring prior to Closing), Seller shall promptly notify Purchaser in writing of such damage. Purchaser will have the right, but not the obligation, to have its technical representatives inspect the Aircraft within ten (10) days of Seller’s notification to Purchaser (“Damage Inspection”). Purchaser shall, within five (5) Business Days of receipt of Seller’s notice or upon completion of its Damage Inspection, whichever occurs later, notify Seller in writing (such notice, the “Damage Election”) whether it desires (i) that the Aircraft be repaired by Seller in anticipation of the Closing, or (ii) to terminate this Agreement. In the event that Purchaser elects to terminate this Agreement as a result of damage in accordance with this Article 8.2.2, Seller will pay any Escrow Agent fees, the Deposit, in Purchaser’s sole discretion, will (a) be returned to Purchaser, or (b) continue to be held by Seller in accordance with Operator Agreement, and Seller shall reimburse Purchaser for all documented costs incurred by Purchaser related to the attempted purchase of the Aircraft (including attorney’s fees), and upon receipt of such amounts, this Agreement shall terminate and be of no further force or effect and the parties shall have no further obligations or liabilities with respect to this Agreement.

Destruction or Damage. In the event of partial or total destruction of the Property or improvements by fire or other casualty, the Landlord shall, as promptly as practicable, repair, reconstruct or replace the portions of the Property or the improvements destroyed in a good and workmanlike manner so as to provide for the continuation of the Tenant’s use of the Property for the permitted use, subject to the provisions hereof. During the period of repairs or restoration, this Lease shall continue in full force and effect and there shall be no abatement of Rent. If (i) the Property or improvements are so extensively destroyed by fire or other casualty so as to render the Property unsuitable for the Tenant’s use of the Property in the same manner as the Tenant’s use of the Property at the time of such fire or other casualty, and (ii) the Landlord’s contractor has notified Landlord that it estimates that the period of time required to repair, reconstruct or replace the portions of the Property or improvements destroyed, so as to provide for the continuation of the Tenant’s use in the same manner as the Tenant’s use of the Property at the time of such fire or other casualty, shall exceed one hundred eighty (180) days, then the Tenant may terminate this Lease by turning over any and all insurance proceeds related to the Property to Landlord and giving written notice to the Landlord within ninety (90) days after the date of such destruction. In the event of termination pursuant to this Section, this Lease shall terminate as of, and Rent shall be appropriately apportioned through and abated from and after, the first rental payment date occurring after the delivery of the notice of termination. If the Tenant has the option to terminate this Lease pursuant to this Section but elects not to so terminate, there shall be no abatement of Rent, and the Landlord shall, as promptly as practicable, repair, reconstruct or replace the portions of the Property or the improvements destroyed in a good and workmanlike manner so as to provide for the continuation of the Tenant’s use of the Property for the permitted use.

Destruction or Damage. If the Premises or a part of the Premises shall during the Term be destroyed or damaged by fire, lightning, storm or tempest, act of God or other casualty or accident so as to render the Premises untenable, the Rent payable pursuant to this Lease shall at once cease to accrue and not become payable until the Premises shall be tenantable, rebuilt or restored to their former condition and the Landlord shall rebate to the Tenant the proportionate part of the then current Rent paid in advance for the unexpired portion of the month in which such partial or total destruction occurs. In the event of total destruction of the Premises, the Tenant or the Landlord may within one (1) month after such destruction on giving notice in writing to the other party, terminate this Lease. The expression "total destruction" as used in this Section shall mean such damage or destruction that, in the opinion of an independent architect as approved by the Landlord, prevents the Premises from being made tenantable, rebuilt or repaired within a period of three (3) months (or such other time as may be mutually agreed upon by the Landlord and the Tenant) from the time of such destruction or damage. However, if in the reasonable opinion of the Landlord the Premises are capable of being made tenantable, rebuilt or repaired within a period of less than three (3) months (or such other time as may be mutually agreed upon by the Landlord and the Tenant) from the time of such destruction or damage, then the Landlord may at its sole option, rebuild and restore the Premises within a reasonable time, to the extent of the Landlord’s insurance proceeds and the Landlord’s obligations to repair, maintain and replace the Premises under this Lease, but excluding any of the Tenant’s equipment, chattels or improvements for which the Tenant is obligated to insure (for the purposes of this Article, the “Tenant’s Items”), and this Lease shall remain in full force and effect. For clarity, the Landlord shall not be obliged to replace, rebuild or restore any of the Tenant’s Items, which responsibility shall be solely the Tenant’s. If the Landlord elects to rebuild or restore the Premises, the Tenant shall immediately after completion of the Landlord’s work, rebuild and restore the Tenant’s Items and shall apply all insurance proceeds received to such end.

Destruction or Damage. If during the term hereof the Building shall be damaged by fire, lightning, tempest, impact of aircraft, acts of God or the Queens' enemies, riots, insurrections, explosions or other casualty, the following provisions shall have effect: (a) If the Demised Premises are rendered partially unfit for occupancy by the Tenant and remain so for at least Ten (10) days, then the Minimum Rent shall ▇▇▇▇▇ from the date of the damage in part only in the proportion that the part of the Demised Premises so rendered unfit is of the whole of the Demised Premises until the Demised Premises have been repaired or restored; (b) If the Demised Premises are rendered wholly unfit for occupancy by the Tenant and remain so for at least Ten (10) days, then the Minimum Rent shall be suspended from the date of the damage until the Demised Premises have been repaired or restored; (c) Notwithstanding the provisions of sub-clause (a) and (b) hereof, if the Demised Premises or Building shall be incapable of being repaid or restored with reasonable diligence within One Hundred Eighty (180) days of the happening of the damage, then either the Landlord or the Tenant may, at its option, terminate this lease by notice in writing to the other given within Sixty (60) days of the date of the damage, and if such notice is given, this lease shall cease and become null and void from the date of the damage, and the Tenant shall immediately surrender the Demised Premises and all of its interest therein to the Landlord, and the Minimum Rent and Additional Rent shall be apportioned and shall be payable by the Tenant only to the date of such damage or the date the Tenant ceases to occupy the Demised Premises, whichever last occurs, and the Landlord may renter and repossess the Demised Premises, but if within the said period of Sixty (60) days neither the Tenant nor the Landlord shall give notice terminating this lease as aforesaid, or if within the said period the Landlord and Tenant shall agree not to give such notice, then upon the expiration of the said period of Sixty (60) days or upon the Landlord and Tenant agreeing as aforesaid, whichever shall be the sooner, the Landlord shall begin to repair and restore the Demised Premises; (d) The Landlord shall determine within Thirty-Five (35) days whether or not the Demised Premises are capable, with reasonable diligence, of being repaired or restored within the One Hundred Eighty (180) day period as aforementioned, and the Landlord shall be entitled to re...

Destruction or Damage. 36 12.3 Insurance......................................................................................37 12.4

Destruction or Damage. 8 Article 20