Effect of Casualty. ARTICLE 9 hereof notwithstanding, if the Premises or the access thereto shall be damaged by fire or other casualty and if such damage does not render all or a material portion of the Premises untenantable and if the Premises, the Office Section or the Building are not substantially damaged (as hereinafter defined), then Landlord shall, subject to building and zoning laws then applicable, repair and restore the same with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control, but shall not be obligated to expend therefor an amount in excess of the proceeds of insurance recovered with respect thereto plus any associated deductible amount. If all or a material portion of the Premises are rendered untenantable by fire or other casualty, or if the Premises, the Office Section or the Building are substantially damaged by fire or other casualty (the term “substantially damaged” meaning damage of such a character that the same cannot, in the ordinary course, reasonably be expected to be repaired within one hundred eighty (180) days from the time that repair work would commence) and Landlord is terminating all other leases in Tower IV, then, in either such case, Landlord shall have the right to terminate this Lease by giving notice of Landlord’s election so to do not later than one hundred twenty (120) days after Landlord has ascertained all information required by Landlord to determine whether or not to terminate this Lease, including without limitation the amount of insurance proceeds which are available to Landlord for restoration. If all or a material portion of the Premises or access thereto are so damaged by fire or other casualty that the Premises are rendered untenantable (reasonable commercial access to the Premises being necessary for the Premises to be “tenantable”) for the operation of Tenant’s business for a period reasonably estimated by Landlord to exceed two hundred forty (240) days or if the damage is not in fact repaired so that the Premises are tenantable for the operation of Tenant’s business within such two hundred forty (240) day period, then Tenant shall have the right to terminate this Lease by giving notice of Tenant’s election to terminate not later than thirty (30) days after (a) receiving notice from Landlord that the period for repair will exceed two hundred forty (240) days or (b) the end of such two hundred forty (240) day period if the Premises a...
Effect of Casualty. 92 17.4 Effect of Appropriation..................................... 93 17.5
Effect of Casualty. If the Project should be destroyed or damaged by any cause, then the Foundation shall take such actions as required by the Project Sublease.
Effect of Casualty. No loss or damage by fire or other cause required to be insured against hereunder resulting in either partial or total destruction of any building, structure, or other Improvement on the Premises, shall operate to terminate this Lease, or to relieve or discharge Tenant from the payment of Base Rent and other amounts payable by Tenant hereunder as they become due and payable, or from the performance and observance of any of the agreements, covenants and conditions herein contained on the part of Tenant to be performed and observed.
Effect of Casualty or Taking on the Tax Excess and the Operating Cost Excess....... 32 ARTICLE 8.......... DEFAULTS.................................................................................................... 32
Effect of Casualty or Taking on the Tax Excess and the Operating Cost Excess. In the event of any taking, condemnation or damage by fire or casualty affecting the Property whereby the term of this Lease shall not terminate pursuant to the provisions of Section 7.1, then for purposes of determining the Operating Cost Excess or Tax Excess there shall be established new Base Taxes and Base Operating Costs as hereinafter provided. Base Taxes shall be a product of the initial Base Taxes as recited in Section 1.1 multiplied by a fraction, the numerator of which shall be the Taxes for the first full Tax Year subsequent to the taking, condemnation or damage which reflects the occurrence of such taking, condemnation or damage (the “Revised Tax Year”), and the denominator of which shall be the Taxes for the full Tax Year prior to such taking, condemnation or damage; and Base Operating Costs shall be the product of the initial Base Operating Costs as recited in Section 1.1 multiplied by a fraction, the numerator of which shall be Operating Costs for the first full Operating Year subsequent to such taking, condemnation or damage which reflects the occurrence of such taking, condemnation or damage (the “Revised Operating Year”) and the denominator of which shall be the Operating Costs for the full Operating Year prior to such taking, condemnation or damage. The foregoing revisions shall be effective as of the first day of the Revised Tax Year or the Revised Operating Year (as applicable). Effective as of the date of any such taking, condemnation or damage, Tenant’s Percentage shall be adjusted appropriately to reflect the change, if any, in the rentable area of the Premises and/or the rentable area of the Building. ARTICLE 8
Effect of Casualty. 36 13.3 Substantial Condemnation........................................36 13.4 Insubstantial Condemnation......................................37 13.5 Temporary Condemnation..........................................37 13.6 Use of Loss Proceeds............................................38 13.7 Payments for Fee Estate.........................................38 13.8 Continuation of Lease...........................................38 14 Representations and Warranties..........................................39 14.1 Due Authorization and Execution.................................39 14.2 No Litigation...................................................39 14.3 FIRPTA..........................................................39 15 Transfers by Landlord...................................................39 15.1 Landlord's Right to Convey......................................39 16 Fee Mortgages...........................................................40 16.1 Landlord's Rights...............................................40 16.2 Fee Mortgage Foreclosure........................................40 16.3 Protection of Fee Mortgagees....................................40 17 Tenant's Transfers......................................................41 17.1 Tenant's Absolute Right.........................................41
Effect of Casualty. If any Casualty occurs after the Commencement Date, then no Rent shall xxxxx. Tenant shall Restore with reasonable promptness. In the event of any such Casualty, (a) this Lease shall not terminate; (b) Tenant shall be solely responsible for negotiating and adjusting any Property Insurance Proceeds; and (c) all Property Insurance Proceeds shall be applied to Restore, in accordance with the disbursement procedures set forth in the Senior Leasehold Mortgagee's loan documents.
Effect of Casualty. If any Casualty occurs, then: (a) no Rent shall xxxxx; (b) this Lease shall not terminate or be impaired; (c) Tenant shall restore the Premises to substantially the same condition as before such Casualty; and (d) Landlord shall assign to Tenant its entire right, title and interest in and to any insurance proceeds. Notwithstanding the foregoing, in the event the cost to repair such damage, as reasonably estimated by Tenant’s contractor, exceeds $1,000,000, Tenant shall have the right (in its sole discretion), provided, however, that such Casualty is not the result of Tenant’s gross negligence or willful misconduct, by notice to Landlord, given within ninety (90) days after the occurrence of such Casualty, to terminate this Lease and Tenant shall assign to Landlord its entire right, title and interest in and to any insurance proceeds. Notwithstanding the foregoing to the contrary, if the Casualty is the result of the act or omission of Tenant, Tenant shall use commercially reasonable efforts to restore the Premises to substantially the same condition as before such Casualty at Tenant’s sole cost; provided that Tenant shall not be responsbile for any costs to restore the Premises in excess of the insurance proceeds received by Tenant for the purpose of restoring the Premises.
Effect of Casualty. No Rent shall xxxxx in the event of a Casualty. Except as set forth below, if a Casualty occurs and the Improvements are damaged or destroyed by fire or other casualty, Tenant, at its sole cost and expense, shall rebuild and/or restore the Improvements damaged by such Casualty to, as nearly as possible, the same condition as existed immediately prior to such Casualty and in conformance with this Lease, except for any modifications approved by Landlord in writing, such approval not to be unreasonably withheld, conditioned or delayed. Tenant shall commence its restoration work within ninety (90) days after the later of the date (a) the Casualty occurs,
