Common use of Repair and Rebuilding Clause in Contracts

Repair and Rebuilding. In the event that Tenant does not terminate this Agreement of Lease as provided for in Section 11.1 above and in all other events, then Tenant, at its own cost and expense, shall, subject to the other provisions of this Section 11, cause the same to be repaired, replaced or rebuilt as nearly as possible to its condition immediately prior to the damage or destruction subject to such alterations or changes as Tenant may elect to make in conformity with Section 8 hereof within a period of time which, under all prevailing circumstances, shall be reasonable. If Tenant shall exercise its option to terminate this Lease, this Lease shall expire automatically as provided in subsection 11.1 in which event Tenant shall be under no obligation to repair, replace or rebuild the buildings and improvements on the Property but shall clear away the ruins and leave the Demised Premises in a clean, orderly and sightly condition. In the event that (i) Tenant shall fail to give notice of its exercise of its option to terminate within such period or (ii) if the buildings and improvements on the Demised Premises shall not be damaged to the extent of more than seventy-five percent (75%) of this Gross Leaseable Area, then, Tenant shall, subject to the other provisions of this Section 11, cause the same to be repaired, replaced or rebuilt at its own cost and expense as herein provided. If Tenant does not repair, replace or rebuild any damaged or destroyed buildings or improvements, all insurance proceeds that are payable as a result of the destruction or damage to such buildings or improvements plus the deductible (to be paid by Tenant), if any, shall be paid to Landlord and this Agreement of Lease shall terminate on the date of such payment.

Repair and Rebuilding. In the event that Tenant does not terminate this Agreement of Lease as provided for in Section 11.1 8 above and in all other events, then the Tenant, at its own cost and expense, shall, subject to the other provisions of this Section 118, cause the same to be repaired, replaced or rebuilt as nearly as possible to its condition immediately prior to the damage or destruction subject to such alterations or changes as Tenant may elect to make in conformity with Section 8 hereof within a period of time which, under all prevailing circumstances, shall be reasonable. If Tenant shall exercise its option to terminate this Lease, this Lease shall expire automatically as provided in subsection 11.1 8(d) in which event Tenant shall be under no obligation to repair, replace or rebuild the buildings building and improvements on the Property property but shall clear away the ruins and leave the Demised Premises in a clean, orderly and sightly condition. In the event that (i) Tenant shall fail to give notice of its exercise of its option to terminate within such period or (ii) if the buildings and improvements on the Demised Premises shall not be damaged to the extent of more than seventy-five fifty percent (7550%) of this Gross Leaseable Area, thenthe, Tenant shall, subject to the other provisions of this Section 118, cause the same to be repaired, replaced or rebuilt at its own cost and expense as herein provided. If Tenant does not repair, replace or rebuild any damaged or destroyed buildings or improvements, all insurance proceeds that are payable as a result of the destruction or damage to such buildings or improvements plus the deductible (to be paid by Tenant)deductible, if any, shall be paid to Landlord and this Agreement of Lease shall terminate on the date of such payment.

Repair and Rebuilding. In the event that Tenant does not terminate this Agreement of Lease as provided for in Section 11.1 8 above and in all other events, then the Tenant, at its own cost and expense, shall, subject to the other provisions of this Section 118, cause the same to be repaired, replaced or rebuilt as nearly as possible to its condition immediately prior to the damage or destruction subject to such alterations or changes as Tenant may elect to make in conformity with Section 8 hereof within a period of time which, under all prevailing circumstances, shall be reasonable. If Tenant shall exercise its option to terminate this Lease, this Lease shall expire automatically as provided in subsection 11.1 8(d) in which event Tenant shall be under no obligation to repair, replace or rebuild the buildings and improvements on the Property property but shall clear away the ruins and leave the Demised Premises in a clean, orderly and sightly slightly condition. In the event that (i) Tenant shall fail to give notice of its exercise of its option to terminate within such period or (ii) if the buildings and improvements on the Demised demised Premises shall not be damaged to the extent of more than seventy-five fifty percent (75%505) of this Gross Leaseable gross leasable Area, then, Tenant shall, subject to the other provisions of this Section 118, cause the same to be repaired, replaced or rebuilt at its own cost and expense as herein provided. If Tenant does not repair, replace or rebuild any damaged or destroyed buildings or improvements, all insurance proceeds that are payable as a result of the destruction or damage to such buildings or improvements plus the deductible (to be paid by Tenant)deductible, if any, shall be paid to Landlord and this Agreement of Lease shall terminate on the date of such payment.. 151