Common use of Repair by Lessor Clause in Contracts

Repair by Lessor. Except as provided in this Article 10, in case of damage to the Premises from a Casualty, Lessee, with reasonable dispatch (but Lessee shall not be required to perform the same on an overtime or premium pay basis) after the collection and to the extent of the insurance proceeds so collected which are attributable to such Casualty, shall rebuild and restore the Premises to the condition which existed immediately prior to such Casualty. A Casualty shall not cause an abatement of rent or in any other way affect the respective obligations of Lessor and Lessee hereunder. Notwithstanding the foregoing, if by reason of a Casualty (i) the Premises shall be totally damaged or destroyed, (ii) the Premises shall be so damaged or destroyed that repair or restoration shall require more than 270 days or the expenditure of more than forty percent (40%) of the full insurable value of the Building (which, for purposes of this Section 10.2, shall mean replacement cost less the cost of footings, foundations and other structures below the street and first floors of the Building) immediately prior to the Casualty or (iii) more than fifty percent (50%) of the Building shall be damaged or destroyed (as estimated in any such case by a reputable contractor, architect or engineer designated by Lessee), then in any such case Lessee may terminate this Lease by notice given to Lessor within 180 days after the Casualty. If the holder of any Mortgage on the Premises shall have the right to apply the insurance proceeds which would otherwise be payable for restoration of the Premises on account of the Mortgage debt and does in fact so apply such proceeds, then Lessor may, at its option, either (i) make available to Lessee funds equivalent to such insurance proceeds or (ii) terminate this Lease by written notice given to Lessee within 30 days after the aforesaid Mortgage debt has been satisfied, and in any event no later than 90 days after the Casualty. If Lessor shall elect to terminate this Lease pursuant to this Section 10.2, then such termination shall be effective as of the last day of the calendar month in which such termination notice is given.

Repair by Lessor. Except as provided in this Article 10, in case of Lessor shall repair any damage to the Premises resulting from a Casualtyfire or any other casualty. In the event of significant damage to the Premises, Lessee, with reasonable dispatch (but Lessee shall not be required to perform promptly notify Lessor within 24 hours of such damage occurring. If the same on an overtime Premises or premium pay basis) after the collection and to the extent any portion of the insurance proceeds so collected which are attributable to such Casualty, shall rebuild and restore the Premises to the condition which existed immediately prior to such Casualty. A Casualty shall not cause an abatement of rent or in any other way affect the respective obligations of Lessor and Lessee hereunder. Notwithstanding the foregoing, if by reason of a Casualty (i) Common Areas surrounding the Premises shall be totally damaged by fire or destroyedother casualty, (ii) the Premises Lessor shall be so damaged promptly and diligently, subject to reasonable delays for insurance adjustment or destroyed that repair or restoration shall require more than 270 days or the expenditure of more than forty percent (40%) of the full insurable value of the Building (whichother matters beyond Lessor's reasonable control, for purposes and subject to all other terms of this Section 10.29, restore the Premises and such Common Areas. Such restoration shall mean replacement cost less be to substantially the cost of footings, foundations and other structures below the street and first floors same condition of the Building) immediately Premises and such Common Areas prior to the Casualty casualty, except for modifications required by zoning and building codes and other laws or any other modifications to such Common Areas deemed desirable by Lessor. Lessee shall cooperate with Lessor in making such repairs, including vacating the Premises if necessary at Lessee’s sole cost and expense, and without any adjustment in the monthly rent. Notwithstanding any other provision of this Lease, upon the occurrence of any damage to the Premises, Lessee shall assign to Lessor (iiior to any party designated by Lessor) more than fifty percent (50%) all insurance proceeds payable to Lessee under Lessee’s insurance required under Section 12 of this Lease, to the Building extent applicable to Lessor's restoration, and Lessor shall repair any injury or damage to the improvements at or in the Premises, whether or not installed by Lessee or previously existing, including the Lessee improvements installed in the Premises and shall return such improvements to their original condition. Lessor shall not be damaged liable for any inconvenience or destroyed (as estimated annoyance to Lessee or its visitors, or injury to Lessee’s business resulting in any way from such case by a reputable contractor, architect damage or engineer designated by Lessee), then in any such case Lessee may terminate this Lease by notice given to Lessor within 180 days after the Casualty. If the holder of any Mortgage on the Premises shall have the right to apply the insurance proceeds which would otherwise be payable for restoration of the Premises on account of the Mortgage debt and does in fact so apply such proceeds, then Lessor may, at its option, either (i) make available to Lessee funds equivalent to such insurance proceeds or (ii) terminate this Lease by written notice given to Lessee within 30 days after the aforesaid Mortgage debt has been satisfied, and in any event no later than 90 days after the Casualty. If Lessor shall elect to terminate this Lease pursuant to this Section 10.2, then such termination shall be effective as of the last day of the calendar month in which such termination notice is givenrepair thereof.