Common use of Minor Insured Damage Clause in Contracts

Minor Insured Damage. If the Premises are damaged only to such extent that repairs, rebuilding and/or restoration can be reasonably completed within one hundred twenty (120) days, subject to the provisions hereof, this Lease shall not terminate and, provided that insurance proceeds are available to fully repair the damage or, at Tenant's election to be made within ten (10) business days of being notified of said shortfall, Tenant contributes any shortfall in insurance proceeds, Landlord shall repair the Premises to substantially the same condition that existed prior to the occurrence of such casualty, except Landlord shall not be required to rebuild, repair, or replace the Tenant Improvements or any alterations, additions or improvements installed by or for the benefit of Tenant or any part of Tenant's Property. The Rent payable hereunder shall be abated proportionately from the date and to the extent such damage or destruction materially interferes with Tenant's use or occupancy of the Premises but only to the extent rental loss insurance proceeds are received by Landlord. Notwithstanding the foregoing, if insurance proceeds are not available to fully repair the damage and Tenant elects not to contribute said shortfall or fails to timely notify Landlord of said election, then Landlord may terminate this Lease by delivering written notice thereof to Tenant. If Landlord elects to terminate this Lease, Rent shall be abated from the date Tenant actually vacates the Premises.

Minor Insured Damage. If the Premises are damaged only to such extent that repairs, rebuilding and/or restoration can be reasonably completed within one hundred twenty ninety (12090) days, subject to the provisions hereof, this Lease shall not terminate and, provided that insurance proceeds are available to fully repair the damage or, at Tenant's election to be made within ten (10) business days of being notified of said shortfall, Tenant contributes any shortfall in insurance proceeds, and Tenant contributes any such shortfall, Landlord shall repair the Premises to substantially the same condition that existed prior to the occurrence of such casualty, except Landlord shall not be required to rebuild, repair, or replace the Tenant Improvements or any alterations, additions or improvements installed by or for the benefit of Tenant or any part of Tenant's Property. The Rent payable hereunder shall be abated proportionately from the date and to the extent such damage or destruction materially interferes with Tenant's use or occupancy of the Premises but only to the extent rental loss insurance proceeds are received by Landlord. Notwithstanding the foregoing, if insurance proceeds are not available to fully repair the damage and Tenant elects not to contribute said shortfall or fails to timely notify Landlord of said election, then Landlord may terminate this Lease by delivering written notice thereof to Tenant. If Landlord elects to terminate this Lease, Rent shall be abated from the date Tenant actually vacates the Premises.