Restoration Required. In case of damage to or destruction of the Improvements, or any part thereof, by fire or otherwise, Tenant shall promptly give written notice thereof to Landlord, and Tenant shall, at Tenant’s sole cost and expense, and without regard to the coverage, amount or availability of proceeds of any insurance, restore, repair, replace, rebuild or alter the same as nearly as possible to its condition immediately prior to such damage or destruction all in conformity with and subject to the construction requirements of Article 6 hereof. Such restorations, repairs, replacements, rebuildings or alterations shall be commenced as soon as practicable following the occurrence of such damage or destruction and shall thereafter be prosecuted continuously to completion with diligence.
Restoration Required. If the whole or any part of the Premises be damaged or destroyed by any cause whatsoever, whether insured or uninsured, at any time during the Term of this Lease, Tenant will, irrespective of insurance proceeds, promptly commence to replace or repair the portion of the Premises that is damaged or destroyed, and complete such repair and/or restoration with due diligence and at its sole cost and expense, with such changes, alterations or modifications as are reasonably determined by Tenant so long as such changes, alterations or modifications (a) do not diminish the overall utility for the Permitted Uses, and (b) comply with the aesthetic requirements contained in the RFP. The parties recognize that such damage or destruction may require emergency replacement or repair. Tenant will be entitled to all insurance proceeds in order to effect such replacement, modifications or alterations. Such restorations, repairs, replacements, building or alterations shall be commenced as soon as practicable following the occurrence of such damage or destruction and thereafter be prosecuted continuously to completion with diligence.
Restoration Required. In case of damage to or destruction of the Tenant Improvements or any part thereof or the FF&E or other property installed or used in, on, or about the Tenant Improvements by fire or otherwise, Tenant shall promptly give written notice thereof to the Landlord, and Tenant shall, at Tenant’s sole cost and expense, but subject to any Requirements, and without regard to the coverage, amount or availability of proceeds of any insurance, restore, repair, replace, rebuild or alter the same as nearly as possible to its condition immediately prior to such damage or destruction all in conformity with and subject to the construction conditions of ARTICLE III hereof. Such restorations, repairs, replacements, rebuilding or alterations shall be commenced as soon as practicable following the occurrence of such damage or destruction and shall thereafter be prosecuted continuously to completion with diligence. Notwithstanding anything to the contrary herein, the parties acknowledge that in light of the length of the Lease Term, in the event of damage to or destruction of a significant portion of the Hotel & Casino, it may be appropriate to redesign or otherwise construct the Hotel & Casino at variance with the Final Plans, so long as the Hotel & Casino remains of at least of substantially equal quality and, as permitted by the Requirements, guest capacity. The parties agree to cooperate and to reasonably agree upon any modifications to the Final Plans pursuant to the foregoing. There shall be no reduction or abatement of Rent during restoration, Tenant shall continue to pay all Rent due to Landlord. Tenant agrees that any insurance money paid on account of such damage or destruction that is not required to be delivered to the Trustee shall be used to rebuild or repair such damage or destruction and for no other purpose.
Restoration Required. (a) In the event the Premises or any portion thereof is destroyed or damaged by fire or casualty at any time during the first 108 months of the Original Term and neither Landlord or Tenant terminates this Lease pursuant to any right set forth in Section 7.1, Landlord and Tenant shall work together to repair and restore the Premises to its prior condition, in the manner and to the extent of the party’s respective obligations set forth in Section 7.2(b), provided, however, the Original Term of this Lease must be extended for an additional period consisting of the number of additional years necessary (measured from the date of the casualty) to provide for a full ten years of Original Term. (Such an extension shall not be deemed an exercise of Tenant’s Extension Option under Section 2.3.) During such additional period, Tenant shall pay Fixed Rent based upon the Annual Fixed Rent at the rate per rentable square foot of floor area last paid under this Lease (as of the date of the casualty) increased by 2.5% each year over the previous year’s Annual Fixed Rent Rate, and Tenant’s Extension Option shall be preserved.
