Insurable Events Clause Samples
Insurable Events. If an insurable event occurs, the Corporation shall indemnify the Indemnified Party as agreed hereto regardless of whether the Corporation receives the insurance proceeds. The Indemnified Party is entitled to full indemnification as agreed hereto notwithstanding any deductible amounts or policy limits contained in any such insurance policy.
Insurable Events. In the event of damage to or destruction of the Premises or any portion of the Complex by fire, flood, earthquake, or any other cause or causes other than Resident Damage (each, an “Insurable Event”), Landlord shall have the option to (A) treat this Lease as continuing and repair or restore the Premises to its condition before such Insurable Event; or (B) elect not to repair the damage, in which event this Lease shall terminate as provided in Landlord’s written notice to Resident. After the occurrence of any Insurable Event, (a) Resident’s obligation to pay Rent hereunder shall be abated in an amount which Landlord, in its sole discretion, shall determine to be proportionate to the area of the Premises rendered unfit for use by Resident during the period of repair or restoration; and (b) Resident’s sole remedy against Landlord shall be rent abatement, and Resident shall not be entitled to any other award of damages or compensation from Landlord.