Fire or Other Casualty. Seller agrees to give Purchaser prompt notice of any fire or other casualty to the Property costing more than One Hundred Thousand Dollars ($100,000.00) to repair and occurring between the Effective Date and the Closing Date of which Seller has knowledge. If, prior to Closing, the Property is damaged by fire or other casualty which is fully insured (without regard to deductibles) and would cost less than Five Hundred Thousand Dollars ($500,000.00) and require less than 180 days to repair, then neither party shall have the right to terminate this Agreement by reason thereof and the Closing shall take place without abatement of the Purchase Price, but Seller shall assign to Purchaser at the Closing all of Seller’s interest in any insurance proceeds (except use and occupancy insurance, rent loss and business interruption insurance, and any similar insurance, attributable to the period preceding the Closing Date) that may be payable to Seller on account of any such fire or other casualty, to the extent such proceeds have not been previously expended or are otherwise required to reimburse Seller for actual expenditures of restoration made prior to the Closing Date, plus Seller shall credit the amount of any deductibles under any policies related to such proceeds to the Purchase Price together with any amount not covered by insurance. If any such damage due to fire or other casualty is insured and would cost in excess of Five Hundred Thousand Dollars ($500,000.00) or require more than 180 days to repair, then Purchaser may terminate this Agreement by written notice given to Seller within ten (10) days after Seller has given Purchaser the notice of damage or casualty referred to in this Section 7.1, or on the Closing Date, whichever is earlier, in which case the parties hereto shall be released of all further obligations hereunder with respect to the Property except those which expressly survive a termination of this Agreement. Should Purchaser elect to proceed to Closing notwithstanding the amount of the insured loss or the time required for repairs, the Closing shall take place without abatement of the Purchase Price and at Closing Seller shall assign to Purchaser the insurance proceeds and grant to Purchaser a credit against the Purchase Price equal to the amount of the applicable deductible. If, prior to Closing, any Property is damaged by fire or casualty which is uninsured and would cost Five Hundred Thousand Dollars ($500,000.00) or more to repair, then Pu...
Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or to the Premises by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, shall be paid to Landlord, to be held by Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18.
Fire or Other Casualty. If in LANDLORD’S reasonable judgment, the UNIT, the Bedroom, or the PROPERTY is materially damaged by fire or other casualty, LANDLORD may terminate this LEASE within a reasonable time after such determination by giving TENANT written notice of such termination. If LANDLORD does terminate the LEASE, and TENANT did not cause the loss, LANDLORD will refund prorated, prepaid RENT and the SECURITY DEPOSIT, less lawful deductions. If LANDLORD determines that material damage has not been caused to the UNIT, the Bedroom or the PROPERTY, or, if LANDLORD has elected not to terminate this LEASE, LANDLORD will, within a reasonable time, rebuild the damaged improvements, and this LEASE shall remain in full force and effect.
Fire or Other Casualty. A. Tenant shall give prompt notice to Landlord in case of fire or other damage to the Premises.
Fire or Other Casualty. If in our judgment, the Premises, the Building or the Apartment Community is materially damaged by Fire or other casualty, we may terminate this Lease Agreement within a reasonable time after such determination by giving you written notice of such termination. If we determine that material damage has not been caused to the Premises, the Building or the Apartment Community, or, if we have elected not to terminate this Lease Agreement, we will, within a reasonable time, rebuild the damaged Premises. During such reconstruction we may provide temporary housing within the Premises or within a reasonable distance of the Premises and you will have no right to withhold or offset any part of your Rent. During such reconstruction, if we do not provide temporary housing, we will make a reasonable reduction of Rent for the unusable portion of the Premises unless you or your guest is the cause of the fire or other casualty.
Fire or Other Casualty. 11.1.1. If the Premises or the Building are damaged in whole or in part by any fire or other casualty (a "casualty"), with respect to the Premises only, Tenant shall immediately give notice thereof to the Landlord. Unless this Lease is terminated as provided herein, the Landlord, at its own expense (except for any insurance deductibles, which shall be deemed Operating Expenses in accordance with Section 8.2), and proceeding with due diligence and all reasonable dispatch, but subject to delays beyond the reasonable control of Landlord, shall repair and reconstruct the same so as to restore the Premises (but not any alterations or additions made by or for Tenant or any trade fixtures, equipment or personal property of Tenant) to substantially the same condition they were in prior to the casualty, subject to zoning and building laws then in effect. Notwithstanding the foregoing, in no event shall Landlord be obligated either to repair or rebuild if the damage or destruction results from an uninsured casualty or if the costs of such repairing or rebuilding exceeds the amount of the insurance proceeds (net of all costs and expenses incurred in obtaining same) received by Landlord on account thereof. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If such damage or destruction occurs as a result of the negligence or the intentional acts of Tenant or Tenant's employees, agents, contractors or invitees, and the proceeds of insurance which are actually received by Landlord are not sufficient to pay for the repair of all of the damage, Tenant shall pay, at Tenant's sole cost and expense, to Landlord upon demand, the difference between the cost of repairing the damage and the insurance proceeds received by Landlord.
Fire or Other Casualty. Tenant shall give Landlord prompt notice of any material fire or casualty occurring on or to the Premises. If any part of the Premises is damaged or destroyed by fire or other casualty, the rent shall be apportioned and suspended until the Premises are restored, taking into account the proportion of the Premises rendered untenantable. Promptly following such damage or destruction, (a) if the damage or destruction is total or constitutes a major structural injury to the building or the Premises, then either party may, at its option, terminate this Lease by giving written notice to the other, in which event this Lease shall terminate on the date of such damage or destruction with the same effect as if the full term had expired on that date; (b) if the damage or destruction is not total or does not constitute a major structural injury to the building or Landlord does not elect to terminate as permitted in this Section 9, Landlord shall, as soon as practicable, undertake restoration and repair work necessary to restore the Premises to the same condition as existed prior to the damage or destruction as nearly as reasonable. Notwithstanding anything to the contrary contained herein, but without limitation to Tenant's rights, if such restoration or repair is not complete within fifteen(15) days after the casualty occurs, Tenant shall have the right, upon written notice to Landlord, to terminate this Lease, in which event, this Lease shall terminate on the date of such damage or destruction with the same effect as if the full Term had expired on that date.
Fire or Other Casualty. If in the University’s judgment the Premises, or the Apartment Community is materially damaged by Fire or other casualty, the University may terminate this Contract within a reasonable time after written notice to Resident. If the University terminates this Contract, and the Resident was not the cause of the fire or other casualty, the University will refund prorated, prepaid Rent and the Security Deposit, less deductions. If the University determines that material damage has not been caused to the Premises or the Apartment Community, or, if the University elects not to terminate this Contract, the University will rebuild the damaged improvements. During such reconstruction, there shall be a reasonable reduction of the Rent for the unusable portion of the Premises or the Apartment Community.
Fire or Other Casualty. If the Premises or the Building is damaged or destroyed in whole or in part by fire or other casualty at any time during the term of this Lease and if after the damage or destruction Tenant is not able to use the portion of the Premises not damaged or destroyed to substantially the same extent and for substantially the same purposes as Tenant used the Premises prior thereto, then within thirty (30) days after delivery to Landlord by Tenant of written notice describing in reasonable detail such damage or destruction, Landlord shall give Tenant a written notice setting forth Landlord's election either (i) to terminate this Lease, or (ii) to restore or replace the damaged or destroyed portion to substantially the same condition that existed immediately prior to such damage or destruction. If Landlord does not elect in writing to proceed under the foregoing subsection (ii), it shall be deemed that it has elected to terminate this Lease pursuant to the foregoing subsection (i). If such damage or destruction occurs, then, unless such damage or destruction is the result of the gross negligence or willful misconduct of Tenant, after such damage or destruction the Rent shall be abated proportionately to the extent that Tenant is unable to use the portion of the Premises damaged or destroyed to substantially the same extent and for substantially the same purposes as Tenant used the Premises prior thereto. Landlord shall not be liable to Tenant for any injury or inconvenience to Tenant or its business resulting from the above damage or repair thereof except for the above rent abatement (if any). If Landlord elects to restore or replace the damaged or destroyed portions of the Premises or Building, this Lease shall continue in full force and effect in accordance with the terms hereof except for the rent abatement referred to above (if applicable) and such restoration or replacement shall be made within one hundred eighty (180) days, subject to delays attributable to force majeure, as set forth in ARTICLE 19.15. If Landlord elects to terminate this Lease, this Lease shall terminate on the last day of the month next following the end of the thirty (30) day period referred to above. In the event of a major casualty, Tenant, unless such major casualty is the result of the gross negligence or willful misconduct of Tenant, shall have the right, but not the obligation, to terminate this Lease if the repair and restoration of the damaged or destroyed portion of the Premises r...
Fire or Other Casualty. In the event that the Premises, the improvements thereon, or any portions thereof, are damaged by fire or other casualty during the Term, and if in Tenant’s sole judgment, the damage is of such nature or extent that it is uneconomical to repair and restore the Premises or the improvements thereon, as the case may be, Tenant may terminate this Lease by written notice to Landlord. The proceeds of any casualty insurance policy maintained by Tenant shall be payable to Tenant.
