Common use of Substantial Destruction Clause in Contracts

Substantial Destruction. Except as otherwise set forth in this Lease, if a Facility is Substantially Destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time during the Term, Landlord may elect to terminate this Lease with respect to such Facility by providing notice to Tenant within 90 days after the date upon which Tenant notifies Landlord of the Property Loss, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination to Tenant. If Landlord elects to terminate this Lease with respect to such Facility, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Loss, and (c) as of the date of such termination, the applicable Facility shall be deleted from this Lease and the provisions of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facility, then, Tenant shall promptly rebuild and restore the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more of the licensed Units at the affected Facility or that would cost more than 50% of the value of such Facility to restore.

Appears in 2 contracts

Samples: Master Lease and Security Agreement (Brookdale Senior Living Inc.), Master Lease and Security Agreement (Brookdale Senior Living Inc.)

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Substantial Destruction. Except as otherwise set forth in this Leaseherein, if a Facility is Substantially Destroyed substantially destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss Casualty at any time during the Term, Landlord may elect to terminate this Lease with respect to the Leased Property on which such Facility is located by providing written notice to Tenant within 90 ninety (90) days after of the date upon which Tenant notifies Landlord of the Property LossCasualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlordof Tenant’s delivery receipt of such notice of termination to Tenantnotice. If Landlord elects to terminate this Lease with respect to such Facilityterminate, then (a) Landlord shall receive any and all of the insurance proceeds payable by reason of the Property Loss Casualty (the “Property Loss Casualty Insurance Proceeds”), (b) and Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Lossdeductible, and (c) as of the date of such termination, the applicable Facility Leased Property shall be deleted from this Lease and the provisions of Section 7.4.12 17.9 governing a deletion of a Facility Leased Property after Property Loss Casualty shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facilityterminate, then, then Tenant shall promptly rebuild and restore the Facility Leased Property in accordance with Section 11.4 below, 15.4 below and Landlord shall make the Property Loss Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.515.5 below. The term “Substantially Destroyedsubstantially destroyed” means any Property Loss Casualty resulting in the loss of use of fifty percent (50% %) or more of the licensed Units units at the affected Facility located on the relevant Leased Property or that would cost require more than fifty percent (50% %) of the value of such Facility the Leased Improvements to restore.

Appears in 1 contract

Samples: Master Lease Agreement (Emeritus Corp\wa\)

Substantial Destruction. Except as otherwise set forth in this LeaseIn the event the Leased Premises, if a Facility is Substantially Destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time during the Term, Landlord may elect to terminate while this Lease with respect to such Facility by providing notice to Tenant within 90 days after the date upon which Tenant notifies Landlord of the Property Losscontinues, which termination shall be effective as of the termination date specified destroyed by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination to Tenant. If Landlord elects to terminate this Lease with respect to such Facility, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible fire or other uninsured Losses in connection with casualty to the Property Loss, and (c) as extent of the date of such termination, the applicable Facility shall be deleted from this Lease and the provisions of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facility, then, Tenant shall promptly rebuild and restore the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more of the licensed Units at the affected Facility or that would cost more than 50% of the value replacement cost of the Leased Premises, Landlord shall have the option to decide whether or not to rebuild. Landlord shall notify Tenant in writing of its decision to rebuild or not to rebuild within 45 days after the occurrence of such Facility damage or destruction. Tenant shall also have the right for a period of 30 days, in such event, to restoreelect to terminate this Lease and, if Tenant so elects, this Lease shall terminate. In the event that Landlord shall decide to rebuild, and Tenant shall not have elected to terminate, Landlord shall forthwith start and complete the repair, rebuilding or restoration of the Leased Premises as soon as commercially reasonable. The rent hereunder shall abate to the extent of the percentage of the Leased Premises which ix xxxenantable from the occurrence of such damage until said repair, rebuilding or restoration has been completed. After such repair, rebuilding or restoration has been completed, Tenant shall pay rent in accordance with the terms hereof, from the time the rebuilding is completed. If Landlord shall decide not to rebuild, or if Tenant shall elect to terminate, then in such event this Lease shall be cancelled and of no effect, except that Tenant shall pay the rent up to the date of the fire or other casualty, and the Landlord shall release any claim to Tenant's insurance proceeds.

Appears in 1 contract

Samples: Lease Agreement (Advanta Corp)

Substantial Destruction. Except as otherwise set forth in this Leaseherein, if a Facility is Substantially Destroyed substantially destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss Casualty at any time during the Term, Landlord may elect to terminate this Lease with respect to the Leased Property on which such Facility is located by providing written notice to Tenant within 90 ninety (90) days after of the date upon which Tenant notifies Landlord of the Property LossCasualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of Tenant's receipt of such notice of termination to Tenantnotice. If Landlord elects to terminate this Lease with respect to such Facilityterminate, then (a) Landlord shall receive any and all of the insurance proceeds payable by reason of the Property Loss Casualty (the “Property Loss "Casualty Insurance Proceeds”), (b") and Tenant shall immediately within five (5) Business Days pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Lossdeductible, and (c) as of the date of such termination, the applicable Facility Leased Property shall be deleted from this Lease and the provisions of Section 7.4.12 17.9 governing a deletion of a Facility Leased Property after Property Loss Casualty shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facilityterminate, then, then Tenant shall promptly rebuild and restore the Facility Leased Property in accordance with Section 11.4 below, 15.4 below and Landlord shall make the Property Loss Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.515.5 below. The term “Substantially Destroyed” "substantially destroyed" means any Property Loss Casualty resulting in the loss of use of fifty percent (50% %) or more of the licensed Units total units at the affected Facility located on the relevant Leased Property or that would cost require more than fifty percent (50% %) of the value of such Facility the Leased Improvements to restore.

Appears in 1 contract

Samples: Master Lease Agreement (Capital Senior Living Corp)

Substantial Destruction. Except as otherwise set forth in this Leaseherein, if a Facility is Substantially Destroyed substantially destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss Casualty at any time during the Term, Landlord may elect to terminate this Lease with respect to the Leased Property on which such Facility is located by providing written notice to Tenant within 90 ninety (90) days after of the date upon which Tenant notifies Landlord of the Property LossCasualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlordof Tenant’s delivery receipt of such notice of termination to Tenantnotice. If Landlord elects to terminate this Lease with respect to such Facilityterminate, then (a) Landlord shall receive any and all of the insurance proceeds payable by reason of the Property Loss Casualty (the “Property Loss Casualty Insurance Proceeds”), (b) and Tenant shall immediately within five (5) Business Days pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Lossdeductible, and (c) as of the date of such termination, the applicable Facility Leased Property shall be deleted from this Lease and the provisions of Section 7.4.12 17.9 governing a deletion of a Facility Leased Property after Property Loss Casualty shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facilityterminate, then, then Tenant shall promptly rebuild and restore the Facility Leased Property in accordance with Section 11.4 below, 15.4 below and Landlord shall make the Property Loss Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.515.5 below. The term “Substantially Destroyedsubstantially destroyed” means any Property Loss Casualty resulting in the loss of use of fifty percent (50% %) or more of the licensed Units total units at the affected Facility located on the relevant Leased Property or that would cost require more than fifty percent (50% %) of the value of such Facility the Leased Improvements to restore.

Appears in 1 contract

Samples: Master Lease Agreement (Capital Senior Living Corp)

Substantial Destruction. Except as otherwise set forth in this LeaseIf the then-existing Leased Premises shall be substantially damaged by fire, if a Facility is Substantially Destroyed windstorm, or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time other casualty during the Term, Landlord shall, within thirty (30) days after such casualty, deliver to Tenant a written good faith estimate of the time needed to repair the damage (giving due consideration to the extent of the damage, the availability of materials and the availability of qualified contractors to perform the work). If the then-existing Leased Premises can be repaired within two hundred seventy (270) days after the date of discovery of the damage (without payment of overtime or other premiums), Landlord will promptly begin to repair the damage and diligently pursue the completion of such repair. If the then-existing Leased Premises cannot be repaired within two hundred seventy (270) days after the date of discovery of the damage (without payment of overtime or other premiums), then (1) Landlord may elect to terminate this Lease with respect as to such Facility the affected then-existing Premises by providing giving written notice to Tenant within 90 thirty (30) days after the damage occurs, or (2) Tenant may terminate the Lease as to the affected then-existing Premises by delivering written notice to Landlord within thirty (30) days after receiving notice of the damage from Landlord. If neither party elects to terminate the Lease, Landlord shall diligently proceed to repair and restore the then-existing Leased Premises to the condition existing immediately prior to such change. Tenant, at its sole cost and expense, shall repair and restore whatever trade fixtures and equipment and other improvements (including Alterations) it had installed prior to the damage or destruction. The terms “substantially damaged” and “substantial damage,” as used in this Article 10, shall have reference to damage of such a character as cannot reasonably be expected to be repaired or such that the then-existing Leased Premises cannot be restored within two hundred seventy (270) days after the date upon which Tenant notifies Landlord of discovery of the Property Loss, which termination shall be effective as damage (without payment of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination to Tenant. If Landlord elects to terminate this Lease with respect to such Facility, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible overtime or other uninsured Losses in connection with the Property Loss, and (c) as of the date of such termination, the applicable Facility shall be deleted from this Lease and the provisions of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facility, then, Tenant shall promptly rebuild and restore the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more of the licensed Units at the affected Facility or that would cost more than 50% of the value of such Facility to restorepremiums).

Appears in 1 contract

Samples: Office Lease Agreement (Roblox Corp)

Substantial Destruction. Except as otherwise set forth in this Leaseherein, if a Facility is Substantially Destroyed substantially destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss Casualty at any time during the Term, Landlord may elect to terminate this Lease with respect to the Leased Property on which such Facility is located by providing written notice to Tenant within 90 ninety (90) days after of the date upon which Tenant notifies Landlord of the Property LossCasualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlordof Tenant’s delivery receipt of such notice of termination to Tenantnotice. If Landlord elects to terminate this Lease with respect to such Facilityterminate, then (a) Landlord shall receive any and all of the insurance proceeds payable by reason of the Property Loss Casualty (the “Property Loss Casualty Insurance Proceeds”), (b) and Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Lossdeductible, and (c) as of the date of such termination, the applicable Facility Leased Property shall be deleted from this Lease and the provisions of Section 7.4.12 17.9 governing a deletion of a Facility Leased Property after Property Loss Casualty shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facilityterminate, then, then Tenant shall promptly rebuild and restore the Facility Leased Property in accordance with Section 11.4 below, 15.4 below and Landlord shall make the Property Loss Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.515.5 below. The term “Substantially Destroyedsubstantially destroyed” means any Property Loss Casualty resulting in the loss of use of fifty percent (50% %) or more of the licensed Units beds or units at the affected Facility located on the relevant Leased Property or that would cost require more than fifty percent (50% %) of the value of such Facility the Leased Improvements to restore.

Appears in 1 contract

Samples: Master Lease Agreement (Emeritus Corp\wa\)

Substantial Destruction. Except as otherwise set forth in this Leaseherein, if a Facility is Substantially Destroyed substantially destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss Casualty at any time during the Term, Landlord may elect to terminate this Lease with respect to the Leased Property on which such Facility is located by providing written notice to Tenant within 90 days after of the date upon which Tenant notifies Landlord of the Property LossCasualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 is 90 days after LandlordTenant’s delivery receipt of such notice of termination to Tenantnotice. If Landlord elects to terminate this Lease with respect to such Facilityterminate, then (a) Landlord shall receive any and all of the insurance proceeds payable by reason of the Property Loss Casualty (the “Property Loss Casualty Insurance Proceeds”), (b) and Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Lossdeductible, and (c) as of the date of such termination, the applicable Facility Leased Property shall be deleted from this Lease and the provisions of Section 7.4.12 17.9 governing a deletion of a Facility Leased Property after Property Loss Casualty shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facilityterminate, then, then Tenant shall promptly rebuild and restore the Facility Leased Property in accordance with Section 11.4 below, 15.4 below and Landlord shall make the Property Loss Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.515.5 below. The term “Substantially Destroyedsubstantially destroyed” means any Property Loss Casualty resulting in the loss of use of 50% or more of the licensed Units beds at the affected Facility located on the relevant Leased Property or that would cost require more than 50% of the value of such Facility the Leased Improvements to restorebe restored.

Appears in 1 contract

Samples: Master Lease Agreement (Assisted Living Concepts Inc)

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Substantial Destruction. Except as otherwise set forth in In the event the leased premises are totally damaged or destroyed or rendered wholly unfit for Tenant's business use, by fire, tornado, earthquake, or other casualty, then either party hereto shall have the right to terminate this Lease, if a Facility is Substantially Destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time during the Term, Landlord may elect to terminate this Lease with respect to such Facility by providing notice to Tenant within 90 days after the date upon which Tenant notifies Landlord of the Property Loss, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of such notice of termination to Tenant. If Landlord elects to terminate this Lease with respect to such Facility, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Loss, and (c) as of the date of such casualty, by giving to the other party hereto, within thirty (30) days after the happening of such casualty, written notice of such termination. If such notice be given within said thirty (30) day period, the applicable Facility shall be deleted from this Lease shall terminate, as afore said, rent and other charges shall abate from the provisions happening of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facility, then, Tenant shall promptly rebuild and restore the Facility in accordance with Section 11.4 belowxxxx casualty, and Landlord shall make the Property Loss Insurance Proceeds available promptly repay to Tenant for any rent and other charges theretofore paid in advance which has not been earned as of the date of such restoration only pursuant tocasualty. In the even such notice is not given within said thirty (30) day period, this Lease shall not terminate, and Landlord shall, at Landlord's expense, promptly repair and rebuild said premises and restore the same to substantially the condition in accordance withwhich they were immediately prior to the happening of such casualty and rent shall abate from the date of such xxxxxlty until said premises are so repaired, Section 11.5rebuilt and restored. The term “Substantially Destroyed” means It is mutually understood and agreed that for the purposes of construing the provisions of this Article relating to partial and total destruction of the leased premises, that any Property Loss resulting damage or destruction of said premises which renders more than twenty-five percent (25%) of it unusable shall be deemed to have totally destroyed said premises and rendered same wholly unfit for its accustomed uses; that is to say, in the loss event of use any damage or destruction as a result of 50% or which more than twenty-five percent (25%) of the licensed Units at the affected Facility or that would cost more than 50% total area of the value leased premises should become unfit for its accustomed uses, then the provisions of such Facility to restorethis subparagraph (b) hereof shall apply as in the case of total destruction.

Appears in 1 contract

Samples: PSC Inc

Substantial Destruction. Except as otherwise set forth in this LeaseIf the Premises are totally destroyed by fire or other casualty, or if a Facility is Substantially Destroyed the Premises are damaged so that rebuilding thereof cannot reasonably be completed within one hundred twenty (120) days after the date of the damage or rendered Unsuitable For Its Primary Intended Use by a Property Loss at any time during the Termdestruction, Landlord may elect and Tenant each shall have the option to terminate this Lease with respect to such Facility by providing notice to Tenant within 90 thirty (30) days after the date upon which Tenant notifies Landlord of the Property Lossdamage or destruction, which termination shall be effective as of the termination date specified by Landlord in its noticeof said damage or destruction, which date provided, however, that Landlord's right to terminate shall be not later than 30 days after Landlord’s delivery of such notice of termination subject to Tenant's right to exercise its option to purchase the Premises as set forth in Paragraph 31 below. In the event that this Lease is so terminated, Landlord shall be entitled to retain any insurance proceeds payable to Landlord under Paragraph 7 above provided, however, Landlord shall assign such proceeds (less the purchase price that may be established pursuant to Subparagraph 31.3 below) to Tenant if Tenant elects to exercise such option under Paragraph 31 below and closes the purchase of the Premises. If Landlord elects neither party exercises its right hereunder to terminate this Lease with respect to such FacilityLease, then (a) Landlord shall receive any forthwith commence and all insurance proceeds payable by reason thereafter diligently complete repair and restoration of the Property Loss (Leased Premises, subject to delays beyond Landlord's reasonable control and force majeure events, to substantially the “Property Loss Insurance Proceeds”)same operating condition in which they existed immediately prior to the damage or destruction, (b) Tenant in which event Base Rent and any additional rent shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Loss, and (c) as of be abated from the date of such terminationdamage or destruction until the Premises are restored and Tenant can reopen for business therein. Landlord shall not be required to repair and reconstruct any fixtures, the applicable Facility shall be deleted from this Lease and the provisions of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicableadditions, or other improvements that Tenant is required to insure under Paragraph 7. If Landlord does not elect to complete such repair and restoration of the Premises within 270 days after the date of casualty or destruction, Tenant may, in its sole discretion, terminate this Lease with respect to such Facility, then, Tenant shall promptly rebuild and restore the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more of the licensed Units at the affected Facility or that would cost more than 50% of the value of such Facility to restoreLease.

Appears in 1 contract

Samples: Lease Agreement (Electro Energy Inc)

Substantial Destruction. Except as otherwise set forth in If a Substantial Destruction shall occur, then Lessor shall promptly restore the Building, at Lessor’s expense, to the condition which existed immediately prior to the occurrence of such damage, unless Lessor, within one hundred and twenty (120) days after the occurrence of such damage, shall give notice to Lessee of Lessor’s election to terminate this Lease. The Lessor shall have the right to make such election in the event of substantial damage to the Building whether or not such damage materially interferes with Lessee’s use of the Premises. If Lessor shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if a Facility is Substantially Destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss at such date were the date originally established as the expiration date hereof. If Lessor has not restored the Premises to the extent required under this Section 9.4 within twelve (12) months after Lessor’s receipt of all applicable insurance proceeds, such twelve (12) month period to be extended to the extent of any time during delays of the Termcompletion of such restoration due to matters beyond Lessor’s reasonable control, Landlord then Lessee may elect to terminate this Lease with respect by giving written notice of such election to Lessor within thirty (30) days after the end of such Facility by providing notice twelve (12) month period and before the substantial completion of such restoration. If Lessee so elects to Tenant within 90 terminate this Lease, then this Lease and the term hereof shall cease and come to an end on the date that is thirty (30) days after the date upon which Tenant notifies Landlord of the Property Loss, which that Lessor receives Lessee’s termination shall be effective as of the termination date specified by Landlord in its notice, which unless on or before such date shall be not later than 30 days after Landlord’s delivery of Lessor has substantially completed such notice of termination to Tenantrestoration. If Landlord elects the damage or destruction was caused by the gross negligence or willful misconduct of Lessee, Lessor shall have the right to terminate this Lease with respect to such Facilityrecover Lessor's damages from Lessee, then (a) Landlord shall receive any and all insurance proceeds payable by reason of the Property Loss (the “Property Loss Insurance Proceeds”), (b) Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses except as provided in connection with the Property Loss, and (c) as of the date of such termination, the applicable Facility shall be deleted from this Lease and the provisions of Section 7.4.12 governing a deletion of a Facility after Property Loss shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facility, then, Tenant shall promptly rebuild and restore the Facility in accordance with Section 11.4 below, and Landlord shall make the Property Loss Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.5. The term “Substantially Destroyed” means any Property Loss resulting in the loss of use of 50% or more of the licensed Units at the affected Facility or that would cost more than 50% of the value of such Facility to restoreParagraph 8.6.

Appears in 1 contract

Samples: Work Letter Agreement

Substantial Destruction. Except as otherwise set forth in this Leaseherein, if a Facility is Substantially Destroyed substantially destroyed or rendered Unsuitable For Its Primary Intended Use by a Property Loss Casualty at any time during the Term, Landlord may elect to terminate this Lease with respect to the Leased Property on which such Facility is located by providing written notice to Tenant within 90 ninety (90) days after of the date upon which Tenant notifies Landlord of the Property LossCasualty, which termination shall be effective as of the termination date specified by Landlord in its notice, which date shall be not later than 30 days after Landlord’s delivery of Tenant's receipt of such notice of termination to Tenantnotice. If Landlord elects to terminate this Lease with respect terminate, then, subject to such Facilitythe requirements of any Facility Mortgage binding upon or secured by the Leased Property, then (a) Landlord shall receive any and all of the insurance proceeds payable by reason of the Property Loss Casualty (the “Property Loss "Casualty Insurance Proceeds”), (b") and Tenant shall immediately pay to Landlord an amount equal to any uninsured deductible or other uninsured Losses in connection with the Property Lossdeductible, and (c) as of the date of such termination, the applicable Facility Leased Property shall be deleted from this Lease and the provisions of Section 7.4.12 17.9 governing a deletion of a Facility Leased Property after Property Loss Casualty shall be applicable. If Landlord does not elect to terminate this Lease with respect to such Facilityterminate, then, then Tenant shall promptly rebuild and restore the Facility Leased Property in accordance with Section 11.4 below, 15.4 below and Landlord shall make the Property Loss Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, and in accordance with, Section 11.515.5 below. The term “Substantially Destroyed” "substantially destroyed" means any Property Loss Casualty resulting in the loss of use of fifty percent (50% %) or more of the licensed Units beds at the affected Facility located on the relevant Leased Property or that would cost require more than fifty percent (50% %) of the value of such Facility the Leased Improvements to restore.

Appears in 1 contract

Samples: Master Lease Agreement (Ventas Inc)

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