Common use of Major Damage to Leased Premises Clause in Contracts

Major Damage to Leased Premises. Notwithstanding any other right of termination contained herein, if the Leased Premises shall be damaged or destroyed by any hazard against which the Landlord is obligated to insure under this Lease, and if in the opinion of the Landlord’s architect or engineer, given within 30 Business Days of the happening of said damage or destruction, said damage or destruction is to the extent that the Leased Premises shall be incapable of being rebuilt or repaired or restored with reasonable diligence within 6 months after the occurrence of such damage or destruction, then the Landlord may, at its option, terminate this Lease by notice in writing to the Tenant. If such notice is given by the Landlord under this Section 10.02, then this Lease shall terminate on the date of such notice and the Tenant shall immediately surrender the Leased Premises and all interest therein to the Landlord and Rent shall be apportioned and shall be payable by the Tenant only to the date of such damage or destruction and the Landlord may thereafter re-enter and repossess the Leased Premises. For greater certainty, it is understood and agreed that (i) if the Landlord does not elect to terminate this Lease as aforesaid, upon substantial completion of the Landlord’s work, the Tenant shall repair or restore the Leased Premises as required by Section 7.06; and (ii) if the Landlord elects to terminate this Lease as aforesaid, the Tenant shall pay to the Landlord forthwith upon demand the cost of repairing or restoring the Leased Premises, as determined by the Landlord’s architect or engineer, acting reasonably (but not in any event to exceed the replacement cost of the then existing Leasehold Improvements), by way of insurance proceeds available to the Tenant or otherwise.

Major Damage to Leased Premises. Notwithstanding any other right of termination contained herein, if the Leased Premises shall be damaged or destroyed by any hazard against which the Landlord is obligated to insure under this Lease, or for which it is otherwise insured, and if in the opinion of the Landlord’s independent architect or engineer, given within 30 Business Days of the happening of said damage or destruction, said damage or destruction is to the extent that the Leased Premises shall be incapable of being rebuilt or repaired or restored with reasonable diligence within 6 months after the occurrence of such damage or destruction, then the Landlord may, at its option, terminate this Lease by notice in writing to the Tenant. If such notice is given by the Landlord under this Section 10.02, then this Lease shall terminate on the date of such notice and the Tenant shall immediately surrender the Leased Premises and all interest therein to the Landlord and Rent shall be apportioned and shall be payable by the Tenant only to the date of such damage or destruction and the Landlord may thereafter re-enter and repossess the Leased Premises. For greater certainty, it is understood and agreed that (i) that, if the Landlord does not elect to terminate this Lease as aforesaidaforesaid the Landlord shall proceed with reasonable diligence to rebuild and restore or repair the Leased Premises or comparable premises to Base Building Standards or such access routes or Service systems, as the case may be, in conformance with current laws, and upon substantial completion of the Landlord’s work, the Tenant shall repair or restore the Leasehold Improvements to the state existing prior to the destruction or damage and consistent with its obligations pursuant to Section 7.06. Notwithstanding the foregoing, the Landlord and Tenant agree that, if the Leased Premises as required by Section 7.06; and shall be damaged or destroyed within the last two (ii2) years of the Term or within the last two (2) years of any extension term of this Lease and, if in the opinion of the Landlord’s independent architect or independent engineer, given within thirty (30) Business Days of the happening of said damage or destruction, the said damage or destruction is to the extent that the Leased Premises shall be incapable of being rebuilt or repaired or restored with reasonable diligence within six (6) months after the occurrence of such damage or destruction, then either the Landlord or the Tenant shall have the right, at its option, to terminate this Lease by notice in writing to the other party to this Lease. If such notice is given by either the Landlord or the Tenant under this Section 10.02, this Lease shall terminate on the date of such notice and the Tenant shall immediately surrender the Leased Premises and all interest therein to the Landlord and Rent shall be apportioned and shall be payable by the Tenant only to the date of such damage or destruction and the Landlord may thereafter re- enter and re-possess the Leased Premises. If neither the Landlord nor the Tenant elects to terminate this Lease as aforesaid, upon substantial completion of the Landlord’s Work, the Tenant shall pay repair or restore the Leasehold Improvements to the Landlord forthwith upon demand the cost of repairing or restoring the Leased Premises, as determined by the Landlord’s architect or engineer, acting reasonably (but not in any event to exceed the replacement cost of the then state existing Leasehold Improvements), by way of insurance proceeds available prior to the Tenant destruction or otherwisedamage and consistent with its obligations pursuant to Section 7.06.

Major Damage to Leased Premises. Notwithstanding any other right of termination contained herein, if the Leased Premises shall be damaged or destroyed by any hazard against which the Landlord is obligated to insure under this Lease, and if in the opinion of the Landlord’s 's architect or engineer, given within 30 Business Days business days of the happening of said damage or destruction, said damage or destruction is to the extent that the Leased Premises shall be incapable of being rebuilt or repaired or restored with reasonable diligence within 6 months after the occurrence of such damage or destruction, then the Landlord may, at its option, terminate this Lease by notice in writing to the TenantTenant given within 15 days after the giving of the opinion by the Landlord's architect or engineer. If such notice is given by the Landlord under this Section 10.02, then this Lease shall terminate on the date of such notice and the Tenant shall immediately surrender the Leased Premises and all interest therein to the Landlord and Rent shall be apportioned and shall be payable by the Tenant only to the date of such damage or destruction and the Landlord may thereafter re-enter and repossess the Leased Premises. For greater certainty, it is understood and agreed that that: (ia) if the Landlord does not elect to terminate this Lease as aforesaid, upon substantial completion of the Landlord’s 's work, the Tenant shall repair or restore the Leased Premises as required by Section 7.06; and (iib) if the Landlord elects to terminate this Lease as aforesaid, the Tenant shall pay to the Landlord forthwith upon demand the cost of repairing or restoring the Leased Premises, as determined by the Landlord’s 's architect or engineer, acting reasonably (but not in any event to exceed the replacement cost of the then existing Leasehold Improvements), by way of insurance proceeds available to the Tenant or otherwise.

Major Damage to Leased Premises. Notwithstanding any other right of termination anything contained hereinin this Lease to the contrary, if the Leased Premises shall be damaged or destroyed by any hazard against which the Landlord is obligated to insure under this Lease, ; and if in the opinion of the Landlord’s 's architect or engineer, given within 30 Business Days business days of the happening of said damage or destruction, said damage or destruction is to the extent that the Leased Premises shall be incapable of being rebuilt or repaired or restored with reasonable diligence within 6 months after the occurrence of such damage or destruction, then the Landlord may, at its option, terminate this Lease by notice in writing to the TenantTenant given within 15 days after the giving of the opinion by the Landlord's architect or engineer. If such notice is given by the Landlord under this Section 10.02, then this Lease shall terminate on the date of such notice and the Tenant shall immediately surrender the Leased Premises and all interest therein to the Landlord and Rent shall be apportioned and shall be payable by the Tenant only to the date of such damage or destruction and the Landlord may thereafter re-enter and repossess the Leased Premises. For greater certainty, it is understood and agreed The Tenant agrees that (i) if in the Landlord does not elect event of damage or destruction to terminate this Lease as aforesaid, upon substantial completion of the Landlord’s workLeased Premises covered by insurance required to be taken out by the Tenant pursuant to Section 9.02 or otherwise, the Tenant shall repair use the proceeds of such insurance for the purpose of repairing or restore restoring such damage or destruction. In the event of damage to or destruction of the Project or the Building entitling the Landlord to terminate the Lease pursuant to this Article 10.00, then, if the Leased Premises as required by Section 7.06; and (ii) if the Landlord elects to terminate this Lease as aforesaidhave been damaged or destroyed, the Tenant shall pay to the Landlord forthwith upon demand all of its insurance proceeds relating to any Leasehold Improvements in the cost Leased Premises which the Tenant was required to insure and, if the Leased Premises have not been damaged or destroyed, the Tenant shall deliver to the Landlord, in accordance with the provisions of repairing or restoring this Lease, all Leasehold Improvements and the Leased Premises, as determined by the Landlord’s architect or engineer, acting reasonably (but not in any event to exceed the replacement cost of the then existing Leasehold Improvements), by way of insurance proceeds available to the Tenant or otherwise.

Major Damage to Leased Premises. Notwithstanding any other right of termination contained herein, if the Leased Premises shall be damaged or destroyed by any hazard against which the Landlord is obligated to insure under this Lease, and if in the opinion of the Landlord’s 's architect or engineer, given within 30 Business Days of the happening of said damage or destruction, said damage or destruction is to the extent that the Leased Premises shall be incapable of being rebuilt or repaired or restored with reasonable diligence within 6 months after the occurrence of such damage or destruction, then the Landlord may, at its option, terminate this Lease by notice in writing to the Tenant. If such notice is given by the Landlord under this Section 10.02, then this Lease shall terminate on the date of such notice and the Tenant shall immediately surrender the Leased Premises and all interest therein to the Landlord and Rent shall be apportioned and shall be payable by the Tenant only to the date of such damage or destruction and the Landlord may thereafter re-enter and repossess the Leased Premises. For greater certainty, it is understood and agreed that that: (i) if the Landlord does not elect to terminate this Lease as aforesaid, upon substantial completion of the Landlord’s 's work, the Tenant shall repair or restore the Leased Premises as required by Section 7.06; and (ii) if the Landlord elects to terminate this Lease as aforesaid, the Tenant shall pay to the Landlord forthwith upon demand the cost of repairing or restoring the Leased Premises, as determined by the Landlord’s 's architect or engineer, acting reasonably (but not in any event to exceed the replacement cost of the then existing Leasehold Improvements), by way of insurance proceeds available to the Tenant or otherwise.. MORGUARD February 2005 - Net Office, Multi-Tenant (General Application)