Fire or Other Casualty Sample Clauses
POPULAR SAMPLE Copied 122 times
Fire or Other Casualty. 13.1 Tenant immediately shall deliver written notice to Landlord of any damage caused to the Building by fire or other casualty.
13.2 If the Building shall be damaged or destroyed by fire or other casualty and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building, and this Lease shall continue in full force and effect. If the Building shall be destroyed or materially damaged, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Building. If Landlord elects to terminate this Lease it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty, and this Lease shall terminate as of the date of such notice. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that if any Holder (defined below) of an Encumbrance (defined below) requires that the insurance proceeds be applied under such Encumbrance as a result of any such casualty, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. So long as the casualty does not result from any willful or negligent action or inaction of Tenant or Tenant’s agents, employees, customers, contractors, or invitees, Landlord shall allow Tenant a reduction of Base Rent during the time the Building is unfit for occupancy, which reduction shall be based upon the proportion of square feet of the Building unfit for occupancy to the total square feet in the Building. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building shall be for the sole benefit of the party carrying such insurance and under its sole control.
13.3 Landlord’s obligation to repair shall be limited to the restoration of the Building, and further shall be limited to the extent of insurance proceeds available to Landlord for such restoration. In no event shall Landlord be obligated to rebuild, or otherwise be liable for, any damage to Tenant’s fixtures, signs, furnishings, equipment or personal property within the Building.
13.4 Tenant agrees that during any period of reconstruction or repair of the Building, Tenant will continue the operation of its business within the Building to the extent prac...
Fire or Other Casualty. If all or part of the Leased Premises is rendered untenantable by damage from fire or other casualty which in Prime Lessor's reasonable opinion cannot be substantially repaired (employing normal construction methods without overtime or other premium) under applicable laws and governmental regulations within (60 days for 1 year lease, 90 days for 3 year lease, 120 days for 5 year lease) from the date of the fire or other casualty, then either Prime Lessor or Subtenant may elect to terminate this Sublease Agreement as of the date of such casualty by written notice delivered to the other not later than ten (10) days after notice of such determination is given by Prime Lessor. If in Prime Lessor's reasonable opinion the damage caused by the fire or casualty can be substantially repaired (employing normal construction methods without overtime or other premium) under applicable laws and governmental regulations within (60 days for 1 year lease, 90 days for 3 year lease, 120 days for 5 year lease) from the date of the fire or other casualty, or if neither party exercises its right to terminate under the previous sentence, Prime Lessor shall, but only to the extent that insurance proceeds are available for such purpose, repair such damage, other than damage to furniture, furnishings, equipment, trade fixtures or other personal property which does not belong to the Prime Lessor, all of which shall be repaired or replaced forthwith by Subtenant at its own expense. During any period of restoration, the Rent payable by Subtenant shall be proportionately reduced to the extent that the Leased Premises are thereby rendered untenantable from the date of casualty until substantial completion by Prime Lessor of the repairs to the Leased Premises (or the part thereof rendered untenantable) or until Subtenant again uses the Leased Premises (or the part thereof rendered untenantable) in its business, whichever first occurs. Notwithstanding anything to the contrary in this paragraph 28.1, if all or a substantial part (whether or not including the Leased Premises) of the Center is rendered untenantable by damage from fire or other casualty to such a material extent that in the opinion of Prime Lessor the Center must be totally or partially demolished, whether or not to be reconstructed in whole or in part, Prime Lessor may elect to terminate this Sublease Agreement as of the date of the casualty (or on the date of notice if the Leased Premises are unaffected by such casualty) by...
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 a. In the event of minor damage to the Premises by fire or other cause which renders the premises untenantable in part but Tenant is able to conduct its business therein, and Tenant continues to occupy them in part, the rent shall be apportioned and reduced from the date the damage occurs in the proportion that the unoccupied portion of the Premises bears to the entire Premises until the damage has been repaired.
b. In the event of substantial, damage (including destruction) to the Premises by fire or any other cause which renders the Premises untenantable in whole or in such part that it is impractical for Tenant to conduct its business therein, the rent shall wholly abate and be apportioned from the date the damage occurs until the d▇▇▇▇▇ has been repaired.
c. In the event of either minor or substantial damages, unless this Lease is terminated as hereafter provided in Paragraph 0 hereof, Landlord shall commence within ten (10) days after the date the damage occurs (or within ten (10) days after receipt of such notice is given) to repair the Premises to the condition in which they were immediately prior to such damage, and Landlord shall complete, such repair with due diligence and dispatch. If the damage is not repaired within a reasonable time or in any event within sixty (60) days from the date the damage occurs in the case of minor, damage and one hundred twenty (120) days from the date the damage occurs in the case of substantial damage, Tenant shall have the right to terminate this Lease by giving Landlord written notice (served no later than thirty (30) days after such right to cancel and terminate arises) of termination. Tenant may terminate this Lease immediately in the event that the damage cannot be repaired within one hundred twenty (120) days and Tenant provides to Landlord the written opinion of a registered professional engineer so stating.
d. In the event the Premises are damaged at any time by fire or any other cause to the extent of fifty percent (50%) or more of the replacement value thereof as of the date such damage occurs, this Lease may be terminated at the election of Landlord by giving notice in writing of such election to Tenant within twenty (20) days from the date the damage occurs. Upon such termination, any unearned rent or other payments and deposits paid in advance beyond the date of the damage shall immediately be refunded to Tenant, and the Security instrument shall be returned to Tenant.
Fire or Other Casualty. (a) If the Premises are damaged by fire or other casualty, the damages shall be repaired by and at the expense of Landlord and the rent and other charges until such repairs shall be made shall be apportioned from the date of such fire or other casualty according to the part of the Premises that is usable by Tenant. Landlord agrees to repair such damage within a reasonable period of time after the occurrence of fire or other damage, except that Tenant shall be responsible to repair and replace its own furniture, furnishings, equipment and any alteration or improvement installed by Tenant, Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from such damage or the repair thereof. All repairs shall be performed with due diligence and in a good and workmanlike manner.
(b) If the Premises are rendered substantially untenantable by fire or other casualty, and the Premises cannot be fully restored within 120 days of the date of casualty, Tenant shall have the option to terminate the Lease upon written notice to Landlord.
(c) If the Premises, in the opinion of Landlord’s licensed architect or engineer, are rendered substantially untenantable by reason of such fire or other casualty, and less than six (6) months remain on the Lease term from the date of loss, including any options to renew, then Landlord shall have the right to be exercised by notice in writing delivered to the Tenant within thirty (30) days from and after said occurrence, to elect to terminate this Lease, and, in such event, this Lease and the tenancy hereby created shall cease as of the date of said occurrence, the rent to be adjusted as of said date.
(d) Landlord shall procure and maintain the following insurance coverage during the term and all renewal periods at Landlord’s expense, subject to reimbursement as set forth in this Lease: “all-risk” (also known as “causes of loss — special form”) property damage insurance on all buildings and common area improvements, to the extent insurable, for the full replacement cost of such buildings and improvements. Such insurance shall be issued for periods of not less than one (1) year by companies having an AM Best rating of A- or better (or equivalent) and authorized to issue such insurance in the state in which the Premises is located. The policy or policies shall provide that any loss will be paid notwithstanding any act or negligence of Landlord, Tenant or any other tenant or occupan...
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 Lease within a reasonable time after written notice to Leaseholder. If the University terminates this Lease, and the Leaseholder 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 Lease, 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. Seller agrees to promptly advise Buyer in writing of any material damage to the Property. If all or any substantial portion of the Property (i.e. 10% or more of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause, and such damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, Buyer may, at Buyer's option: (a) remain obligated to perform this Agreement and receive all insurance proceeds received by or payable to Seller as a result of such damage or destruction plus an amount equal to any insurance policy deductible; or (b) by written notice of termination given to Seller not later than thirty (30) days after Seller provides Buyer with written notice of such damage or destruction, terminate this Agreement and receive any documents, instruments and funds previously deposited or paid including the Earn▇▇▇ ▇▇▇ey Deposit (together with all interest earned thereon). If an unsubstantial portion of the Property (i.e. 10% or less of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause and such damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, then Buyer shall be obligated to proceed to close the transaction contemplated hereby, but shall receive from Seller, on the Closing Date, an assignment of proceeds of the insurance payable under Seller's insurance policy plus an amount equal to any insurance policy deductible. Upon termination of this Agreement by Buyer pursuant to this Section 13, neither party shall thereafter be under any further liability to the other, except as otherwise expressly set forth in this Agreement.
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. 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. 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.