Common use of Destruction Rendering Facility Unsuitable for its Primary Intended Use Clause in Contracts

Destruction Rendering Facility Unsuitable for its Primary Intended Use. If during the Term the Leased Property is totally or partially destroyed and the Facility thereby is rendered Unsuitable For Its Primary Intended Use, Tenant shall diligently restore the Facility to substantially the same condition as existed immediately before the damage or destruction; provided, however, if the Facility cannot be fully repaired or restored within a nine (9) month period from the date of damage or destruction to substantially the same condition as existed immediately before the damage or destruction, then Tenant may terminate this Lease by giving Landlord written notice of such termination within sixty (60) days after the date of such damage or destruction, and the effective date of such termination shall be thirty (30) days following such notice of termination; provided, however, that if (i) Landlord notifies Tenant in writing within fifteen (15) days after Landlord's receipt of Tenant's notice of termination that Landlord intends to restore the Facility to substantially the same condition as existed immediately before the damage and destruction, and (ii) Landlord diligently commences and prosecutes such restoration and completes such restoration within nine (9) months after the date of damage or destruction, then Tenant's election to terminate this Lease shall be deemed rescinded and this Lease shall remain in full force and effect. Upon any such termination of this Lease by Tenant or upon Landlord's election to restore the Facility as provided in this section, Landlord shall be entitled to retain all insurance proceeds, grossed up by Tenant to account for the deductible or any self-insured retention; provided, further, that Tenant shall be entitled to retain or receive all insurance proceeds relating to Tenant's Personal Property and the Tenant Improvements.

Appears in 2 contracts

Samples: Sublease Agreement (Eldertrust), Lease Agreement (Eldertrust)

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Destruction Rendering Facility Unsuitable for its Primary Intended Use. If during the Term the Leased Property is totally or partially destroyed and the Facility thereby is rendered Unsuitable For Its Primary Intended Use, Tenant shall diligently restore the Facility to substantially the same condition as existed immediately before the damage or destruction; provided, however, if the Facility cannot be fully repaired or restored within a nine (9) month period from the date of damage or destruction to substantially the same condition as existed immediately before the damage or destruction, then Tenant may terminate this Lease by giving Landlord written notice of such termination within sixty (60) days after the date of such damage or destruction, and the effective date of such termination shall be thirty (30) days following such notice of termination; provided, however, that if (i) Landlord notifies Tenant in writing within fifteen (15) days after Landlord's receipt of Tenant's notice of termination that Landlord intends to restore the Facility to substantially the same condition as existed immediately before the damage and destruction, destruction and (ii) Landlord diligently commences and prosecutes such restoration and completes such restoration within nine (9) months after the date of damage or destruction, then Tenant's election to terminate this Lease shall be deemed rescinded and this Lease shall remain in full force and effect. Upon any such termination of this Lease by Tenant or upon Landlord's election to restore the Facility as provided in this section, Landlord shall be entitled to retain all insurance proceeds, grossed up by Tenant to account for the deductible or any self-insured retention; provided, further, that Tenant shall be entitled to retain or receive all insurance proceeds relating to Tenant's Personal Property and the Tenant Improvements.

Appears in 1 contract

Samples: Lease Agreement (Eldertrust)

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Destruction Rendering Facility Unsuitable for its Primary Intended Use. If during the Term the Leased Property is totally or partially destroyed and the Facility thereby is rendered Unsuitable For Its Primary Intended Use, Tenant shall diligently restore the Facility to substantially the same condition as existed immediately before the damage or destruction; provided, however, if the Facility cannot be fully repaired or restored within a nine twelve (912) month period from the date of damage or destruction to substantially the same condition as existed immediately before the damage or destruction, then Tenant may terminate this Lease by giving Landlord written notice of such termination within sixty (60) days after the date of such damage or destruction, and the effective date of such termination shall be thirty (30) days following such notice of termination; provided, however, that if (i) Landlord notifies Tenant in writing within fifteen (15) days after Landlord's receipt of Tenant's notice of termination that Landlord intends to restore the Facility to substantially the same condition as existed immediately before the damage and destruction, and (ii) Landlord diligently commences and prosecutes such restoration and completes such restoration within nine fourteen (914) months after the date of damage or destruction, then Tenant's election to terminate this Lease shall be deemed rescinded and this Lease shall remain in full force and effect. Upon any such termination of this Lease by Tenant or upon Landlord's election to restore the Facility as provided in this section, Landlord shall be entitled to retain all insurance proceeds, grossed up by Tenant to account for the deductible or any self-insured retentiondeductible; provided, further, that Tenant shall be entitled to retain or receive all insurance proceeds relating to Tenant's Personal Property and the Tenant ImprovementsImprovements to the extent that same is not Landlord's Personal Property or has not been deemed Landlord's Personal Property pursuant to Section 6.5 hereof.

Appears in 1 contract

Samples: Master Agreement (Eldertrust)

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