Notice of Casualty, Continuation of Lease, Restoration Sample Clauses

Notice of Casualty, Continuation of Lease, Restoration. In the event of the total destruction of the Building or the Demised Premises by fire or otherwise during the Term created hereby or prior thereto, or in the event of such partial destruction thereof: (a) Tenant shall immediately notify Landlord in writing thereof; (b) upon receipt of said notice Landlord shall have its Architect make a full and comprehensive report on the damage of the Premises and/or Building, and ascertain the number of days to complete the repair of the Building or Premises. Unless such damages can, in the opinion of Landlord's Architect, be repaired within one hundred eighty (180) days after its occurrence, this Lease and the Term hereby created shall cease and become null and void from the date of such damage or destruction, and Tenant shall upon written notice from Landlord, then immediately surrender the Demised Premises and all interest therein to Landlord, and Tenant shall pay Basic Rent and any additional rent within said Term only to the time of such damage or destruction. If, however, in such Architect's opinion, the damage aforesaid can be repaired within one hundred eighty (180) days from the occurrence thereof, Landlord (or Tenant, if such repair is Tenant's responsibility under Article X) shall repair or rebuild the Demised Premises with all reasonable speed, and this Lease shall continue in full force and effect, but there shall be an abatement of Basic Rent and any additional rent to the extent of insurance payments received from rent insurance. Notwithstanding anything contained in this Section 11.01 to the contrary, in no event shall Landlord be required to expend more to reconstruct, repair or restore the Building than the amount actually received by Landlord from the proceeds of the insurance carried by Landlord. In the event the repair work is Tenant's responsibility as aforesaid, and the estimated cost to perform the required repair exceeds $10,000.00, Tenant acknowledges that Landlord shall have the right to require detailed drawings and written specifications of the work to be performed, prior to Tenant's commencement of the required repair. Landlord shall have the right to review the submitted plans and specifications to ensure the repair work's compliance with all relevant provisions of this Lease, including, without limitation, Article VIII. Tenant shall not commence any repair work until Landlord has issued written approval of the plans and specifications.
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Notice of Casualty, Continuation of Lease, Restoration. In the event of the total destruction of the Building or the Demised Premises by fire or otherwise during the Term created hereby or prior thereto, or in the event of such partial destruction thereof: (a) Tenant shall immediately notify Landlord in writing thereof; (b) upon receipt of said notice Landlord shall have its Architect make a full and comprehensive report on the damage of the Premises and/or Building, and ascertain the number of days to complete the repair of the Building or Premises. Unless such damages can, in the opinion of Landlord’s Architect, be repaired within one hundred twenty (120) days after its occurrence, this Lease and the Term hereby created shall cease and become null and void from the date of such damage or destruction, and Tenant shall upon written notice from Landlord, then immediately surrender the Demised Premises and all interest therein to Landlord, and Tenant shall pay Basic Rent and any additional rent within said Term only to the time of such damage or destruction. If, however, in such Architect’s opinion, the damage aforesaid can be repaired within one hundred twenty (120) days from the occurrence thereof, Landlord shall repair or rebuild the Demised Premises with all reasonable speed, and this Lease shall continue in full force and effect, but there shall be an abatement of Basic Rent and any additional rent to the extent of insurance payments received from rent insurance.
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Notice of Casualty, Continuation of Lease, Restoration. In the event of the destruction of all or part of the Improvement by fire or otherwise during the term created hereby:
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Related to Notice of Casualty, Continuation of Lease, Restoration

  • Insurance Casualty Condemnation Restoration SECTION 8.1. INSURANCE SECTION 8.2. CASUALTY SECTION 8.3. CONDEMNATION SECTION 8.4. RESTORATION

  • Continuation of Lease In the event of any Default by Tenant, then in addition to any other remedies available to Landlord at law or in equity and under this Lease, Landlord shall have the remedy described in California Civil Code Section 1951.4 (Landlord may continue this Lease in effect after Tenant’s Default and abandonment and recover Rent as it becomes due, provided tenant has the right to sublet or assign, subject only to reasonable limitations).

  • Notice of Casualty Tenant shall give Landlord notice in case of a fire or accident in the Premises promptly after Tenant is aware of such event.

  • Insurance Casualty Condemnation Seller agrees that it will keep the Property insured against casualty until the Closing Date under its existing insurance policies or replacement policies with the same coverage as existing at the date of execution hereof. Such policies shall be terminated by Seller at the Closing Date. In the event that, prior to the Closing Date, all or any portion of the Property shall be destroyed by fire or other casualty, or taken by condemnation or exercise of the right of eminent domain, or if proceedings therefor shall be instituted or threatened and the amount of any such damage or condemnation exceeds $100,000, then Buyer may, within ten (10) days of its receipt of notice of such event, elect to terminate this Agreement by written notice to Seller and Escrow Agent. If the damage or condemnation is equal to or less than $100,000 or if the damage or condemnation exceeds $100,000 but Buyer does not terminate this Agreement, then the parties shall proceed to close the transaction contemplated hereby, in which event any insurance or condemnation proceeds (excluding rental loss proceeds attributable to the period prior to the Closing Date) shall inure to the benefit of Buyer and shall be assigned by Seller to Buyer at close of Escrow. In the event the parties proceed to close the transaction contemplated hereby, Seller shall pay any required deductible applicable to such insurance coverage, or the Purchase Price shall be reduced by the amount of any such deductible.

  • Insurance Casualty and Condemnation 38 Section 6.1. Insurance Coverage...............................................38 Section 6.2. Condemnation.....................................................45

  • Termination of Lease Should Landlord elect to terminate this Lease pursuant to the provisions of Sections 24.1 (a) or (c) above, Landlord may recover from Tenant, as damages, the following: (a) The worth at the time of award of any unpaid rental which had been earned at the time of the termination, plus (b) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of rental loss Tenant proves could have been reasonably avoided, plus (c) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided, plus (d) any other amounts necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease or which, in the ordinary course of things, would be likely to result therefrom including, but not limited to, any costs or expenses incurred by Landlord in (i) retaking possession of the Premises, including reasonable attorneys' fees therefor, (ii) maintaining or preserving the Premises after any default, (iii) preparing the Premises for reletting to a new tenant, including repairs or alterations to the Premises, (iv) leasing commissions, or (v) any other costs necessary or appropriate to relet the Premises, plus (e) at Landlord's election, any other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by the laws of the State of Nevada. As used in subparagraphs (a) and (b) above, the "worth at the time of award" is computed by allowing interest at the maximum lawful rate. As used in subparagraph (c) above, the "worth at the time of award" is computed by discounting such amount at the discount rate of the Federal Reserve Bank situated nearest to the location of the Shopping Center at the time of award plus one percent (1%).

  • Maintenance of Casualty Insurance Grantor shall procure and maintain all risks insurance, including without limitation fire, theft and liability coverage together with such other insurance as Lender may require with respect to the Collateral, in form, amounts, coverages and basis reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Grantor, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days' prior written notice to Lender and not including any disclaimer of the insurer's liability for failure to give such a notice. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. In connection with all policies covering assets in which Lender holds or is offered a security interest, Grantor will provide Lender with such loss payable or other endorsements as Lender may require. If Grantor at any time fails to obtain or maintain any insurance as required under this Agreement, Lender may (but shall not be obligated to) obtain such insurance as Lender deems appropriate, including if Lender so chooses "single interest insurance," which will cover only Lender's interest in the Collateral.

  • Property Insurance Building Improvements and Rental Value 9.2.1 Lessor shall obtain and keep in force a policy or policies of insurance in the name of Lessor, with loss payable to Lessor, any ground-lessor, and to any Lender insuring loss or damage to the Premises. The amount of such insurance shall be equal to the full insurable replacement cost of the Premises, as the same shall exist from time to time, or the amount required by any Lender, but in no event more than the commercially reasonable and available insurable value thereof. If the coverage is available and commercially appropriate, such policy or policies shall insure against all types of direct physical loss or damage (except the perils of flood and/or earthquake unless required by a Lender), including coverage for debris removal and the enforcement of any Applicable Requirements requiring the upgrading, demolition, reconstruction or replacement of any portion of the Premises as the result of a covered loss. Said policy or policies shall also contain an agreed valuation provision in lieu of any coinsurance clause, waiver of subrogation, and inflation guard protection causing an increase in the annual property insurance coverage amount by a factor of not less than the adjusted U.S. Department of Labor Consumer Price Index for All Urban Consumers for the city nearest to where the Premises are located. Lessee Owned Alterations and Utility Installations, Trade Fixtures, and Lessee’s personal property shall be insured by Lessee not by Lessor unless the item in question has become the property of Lessor under the terms of this Lease.

  • Partial Release of Collateral Lender hereby releases the following collateral:

  • Extension of Lease Term The Original Lease Term is hereby extended for a period of eighteen (18) months continuing through and including November 30, 2022 (the “Extension Term” and the Original Lease Term as so extended by the Extension Term, the “Lease Term”).

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