Common use of Effect of Casualty Clause in Contracts

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 are not in fact tenantable at the end of such period. In the event a party entitled to do so gives such termination notice, this Lease shall terminate (with appropriate proration(s) of Rent being made for Tenant’s possession of the tenantable portion of the Premises after the date of such damage) as of the date specified in such notice (but in no event sooner than thirty (30) days after the date of such notice) with the same force and effect as if the date specified were the date originally established as the expiration date hereof. Except as aforesaid, Landlord shall have no liability to Tenant, and except as specifically provided above, Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of such repairs and restoration. Further, in the event this Lease is not terminated, Landlord shall not be obligated to restore any portion of the Office Section or the Building outside of the Premises which is not necessary for reasonable access to and egress from the Premises. Rent shall xxxxx on those portions of the Premises as are, from time to time, untenantable as a result of such damage.

Effect of Casualty. ARTICLE 9 hereof notwithstandingIf any Casualty occurs, if then: (a) no Rent shall xxxxx; (b) this Lease shall not terminate or be impaired; (c) Tenant or those claiming under Tenant shall Restore with reasonable promptness regardless of cost; and (d) all Property Insurance Proceeds shall be applied to Restore, with any Property Insurance Proceeds (and the rights thereto) arising from the Casualty remaining after Restoration being paid to and belonging to Tenant or, at Tenant's direction, those claiming under Tenant. Provided Tenant or those claiming under Tenant otherwise complies with the terms of this Lease, it may construct Buildings which are larger, smaller or different in use and represent the highest and best use of the Premises. Tenant or those claiming under Tenant may also elect to demolish without reconstruction, in which case all debris shall be promptly removed and the site shall be filled and placed in a level and safe condition and the remaining Property Insurance Proceeds (and the rights thereto) arising from the such Casualty shall be paid to and belong to Landlord. Notwithstanding anything to the contrary contained herein, in the event that the Premises or the access thereto any Phase thereof shall be damaged affected by fire or other casualty and if such damage does not render all or a material portion Casualty during the last five (5) years of the Premises untenantable term of this Lease 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, estimated cost for 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 restoration exceeds an amount equal to One Million Dollars ($1,000,000) in excess 2012 (increasing 3.5% on January 1 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 periodeach calendar year thereafter), then Tenant shall have the right to terminate this Lease and its obligations hereunder (either entirely or as to the applicable Phase or Phases) by giving notice of Tenant’s election Notice to terminate not later than thirty Landlord within ninety (3090) 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 are not in fact tenantable at the end of such periodCasualty. In the event a party entitled to do so gives such termination noticeevent, this Lease shall terminate (with appropriate proration(seither entirely or as to the applicable Phase or Phases) of Rent being made for Tenant’s possession of the tenantable portion of the Premises after the date of such damage) as of the date specified in such notice (but in no event sooner than thirty (30) days after following such Notice, effective as of the date of such notice) with the same force and effect as if Casualty. The obligations of Tenant to pay rent under this Lease shall be prorated to the date specified were of termination. If termination is as to one or more Phases only, Fixed Rent shall be subject to a just and proportional adjustment after the date originally established as the expiration date hereof. Except as aforesaid, Landlord shall have no liability to Tenantpartial termination, and except as specifically provided above, Tenant Additional Rent shall not be entitled to terminate this Lease by virtue paid only on the portion of any delays in completion of such repairs and restorationthe Premises that remains leased after the partial termination. Further, in the event If this Lease is not terminated, Landlord shall not be obligated terminated (either entirely or as to restore any portion of the Office Section one or the Building outside of the Premises which is not necessary for reasonable access to and egress from the Premises. Rent shall xxxxx on those portions of the Premises as are, from time to time, untenantable more Phase) as a result of such damagea Casualty, Tenant or those claiming under Tenant shall use Property Insurance Proceeds to remove all debris from, fill any substantial excavations in and return the Premises, or the applicable Phase or Phases, to a level, safe and vacant condition, and the remaining Property Insurance Proceeds shall be paid to and belong to Landlord).

Effect of Casualty. ARTICLE 9 hereof notwithstandingIf any Casualty occurs, if then: (a) no Rent shall xxxxx; (b) this Lease shall not terminate or be impaired; (c) Tenant or those claiming under Tenant shall Restore with reasonable promptness regardless of cost; and (d) all Property Insurance Proceeds shall be applied to Restore, with any Property Insurance Proceeds (and the rights thereto) arising from the Casualty remaining after Restoration being paid to the applicable Leasehold Mortgagee and any remaining sums after payment to the Leasehold Mortgagee in accordance with its loan documents being paid to and belonging to Tenant or, at Tenant's direction, those claiming under Tenant. Provided Tenant or those claiming under Tenant otherwise complies with the terms of this Lease, it may construct Buildings which are larger, smaller or different in use and represent the highest and best use of the Premises. Tenant or those claiming under Tenant may also elect to demolish without reconstruction, in which case all debris shall be promptly removed and the site shall be filled and placed in a level and safe condition and the remaining Property Insurance Proceeds (and the rights thereto) arising from the such Casualty shall be paid to the applicable Leasehold Mortgagee and any remaining sums after payment to the Leasehold Mortgagee in accordance with its loan documents shall be paid to and belong to Landlord. Notwithstanding anything to the contrary contained herein, in the event that the Premises or the access thereto any Phase thereof shall be damaged affected by fire or other casualty and if such damage does not render all or a material portion Casualty during the last five (5) years of the Premises untenantable term of this Lease 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, estimated cost for 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 restoration exceeds an amount equal to One Million Dollars ($1,000,000) in excess 2012 (increasing 3.5% on January 1 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 periodeach calendar year thereafter), then Tenant shall have the right to terminate this Lease and its obligations hereunder (either entirely or as to the applicable Phase or Phases) by giving notice of Tenant’s election Notice to terminate not later than thirty Landlord within ninety (3090) 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 are not in fact tenantable at the end of such periodCasualty. In the event a party entitled to do so gives such termination noticeevent, this Lease shall terminate (with appropriate proration(seither entirely or as to the applicable Phase or Phases) of Rent being made for Tenant’s possession of the tenantable portion of the Premises after the date of such damage) as of the date specified in such notice (but in no event sooner than thirty (30) days after following such Notice, effective as of the date of such notice) with the same force and effect as if Casualty. The obligations of Tenant to pay rent under this Lease shall be prorated to the date specified were of termination. If termination is as to one or more Phases only, Fixed Rent shall be subject to a just and proportional adjustment after the date originally established as the expiration date hereof. Except as aforesaid, Landlord shall have no liability to Tenantpartial termination, and except as specifically provided above, Tenant Additional Rent shall not be entitled to terminate this Lease by virtue paid only on the portion of any delays in completion of such repairs and restorationthe Premises that remains leased after the partial termination. Further, in the event If this Lease is not terminated, Landlord shall not be obligated terminated (either entirely or as to restore any portion of the Office Section one or the Building outside of the Premises which is not necessary for reasonable access to and egress from the Premises. Rent shall xxxxx on those portions of the Premises as are, from time to time, untenantable more Phase) as a result of such damagea Casualty, Tenant or those claiming under Tenant shall use Property Insurance Proceeds to remove all debris from, fill any substantial excavations in and return the Premises, or the applicable Phase or Phases, to a level, safe and vacant condition, and the remaining Property Insurance Proceeds shall be paid to and belong to Landlord).