Casualty and Insurance. (a) In the event of partial or total destruction of the Building or the Demised Premises by reason of fire or any other cause Tenant shall immediately after it becomes aware of such destruction notify Landlord of same and Landlord shall promptly restore and rebuild the Building or the Demised Premises at Landlord’s expense (but only to the extent of the insurance proceeds covering such damage), unless Landlord elects by notice to Tenant within ninety (90) days of said destruction not to restore and rebuild the Building or the Demised Premises, and, in such case, this Lease shall terminate. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease if the destruction is limited to the Common Areas of the Building or, if in Landlord’s reasonable opinion, the Demised Premises can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45) days after such destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Demised Premises are not restored within two hundred seventy (270) days of the casualty (subject to Force Majeure), or if more than fifty percent (50%) of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Demised Premises are totally or materially destroyed during the last twelve (12) months of the Term or last twelve (12) months of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease by providing written notice to the other of such cancellation within ten (10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the dat...
Casualty and Insurance. (a) If the Lease Property is damaged or destroyed by fire, flood, tornado or other element, or by any other casualty, this Lease shall continue in full force and effect and Lessee shall, as promptly as possible, restore, repair or rebuild the Lease Property to substantially the same condition as it existed before the damage or destruction. Lessee shall for this purpose use all, or such part as may be necessary, of the insurance proceeds received from insurance policies carried on the Premises under the provision of subparagraph 10(b) hereinbelow. If such insurance proceeds are not sufficient to pay such costs, Lessee shall pay such deficit. Notwithstanding the foregoing, in the event there is a damage or destruction to the Improvements on the Leased Property to the extent of fifty percent (50%) or more of the then existing value thereof, the Lessee may, at its option, terminate this Lease and elect not to repair and rebuild the damaged Improvements; but in any such event, all of the proceeds from the insurance policies required to be obtained pursuant to the provisions in Subparagraph 10(b) herein below shall belong exclusively to the Landlord. If Lessee elects to so terminate this Lease, written notice must be given to Landlord within thirty (30) days following the damage or destruction to the Improvements. During that period after destruction until restoration of the Premises, rent shall xxxxx to the extent set forth in the Prime Lease.
Casualty and Insurance. 15 11. Indemnification.............................................18 12.
Casualty and Insurance. (a) In the event of partial or total destruction of the improvements to Premises by reason of fire or any other cause Tenant shall immediately notify Landlord of same, assign all of its rights under the insurance policies insuring the Premises to Landlord, as its interest may appear, and pay to Landlord, as its interest may appear, following the final settlement of all insurance claims, the amount of any deductible provided by such insurance policy or policies and this Lease, excluding any insurance for Tenant’s property. The provisions of this Paragraph shall survive the expiration or sooner termination of this Lease.
Casualty and Insurance. (a) Landlord shall maintain property damage and civil liability insurance policies in scope and amounts over the Building as it deems prudent.
Casualty and Insurance. (a) In the event of partial or total destruction of the Building or the Demised Premises by reason of fire or any other cause, Tenant shall immediately notify Landlord of same and Landlord shall promptly restore and rebuild the Building or the Demised Premises at Landlord's expense (but only to the extent of the insurance proceeds covering such damage) unless Landlord elects by notice to Tenant within ninety (90) days of said destruction not to restore and rebuild the Demised Premises, and, in such case, this Lease shall terminate. If Landlord elects to restore and rebuild the Demised Premises, then during the period of restoration of any such area, and, if any portion of Demised Premises are rendered untenantable by said damage, Tenant shall be relieved of the obligation to pay that portion of the rent herein reserved which relates to said untenantable area.
Casualty and Insurance. Lessee shall carry property and casualty insurance on the Property in an amount of $600,000. Additionally, Lessee shall carry liability insurance in the amount of $2 Million with an umbrella policy of $5 Million, naming Lessor as an additional insured. Lessee agrees to provide Lessor proof of such insurance.
Casualty and Insurance. [confirm with DIRM]
Casualty and Insurance. (a) The Acquired Companies shall maintain until Closing all existing insurance policies (the “Company Policies”) relating to the Plant, and the Acquired Companies’ other assets, at their sole cost and expense.
Casualty and Insurance. (a) The Sellers shall maintain until Closing all existing insurance policies relating to the Business or the Purchased Assets (the “Seller Policies”), at their sole cost and expense. If, between the date hereof and the Closing, any of the Purchased Assets shall be damaged or destroyed by fire, theft, vandalism or other casualty event, or become subject to any condemnation or eminent domain proceeding, the Sellers -71- shall promptly notify Purchaser in writing of such fact and Purchaser shall have the option to (a) acquire such Purchased Assets on an “as is” basis and take an assignment from the Sellers of any and all insurance proceeds payable to the Sellers in respect of such event, (b) elect to exclude such Purchased Asset from this Agreement, or (c) in the event such event would have a Seller Material Adverse Effect, terminate this Agreement and the transactions contemplated hereby. (b) The Sellers shall add Purchaser (or cause Purchaser to be added) as an additional insured or loss payee, as applicable, on each Seller Policy (other than directors’ and officers’ liability insurance terminable upon the Closing) for the duration of each Seller Policy as is in effect on the Effective Date, effective as of the Closing Date. For the avoidance of doubt, the Sellers shall not be required to renew any Seller Policy beyond the duration that is in effect on the Effective Date. Purchaser shall be entitled to insurance proceeds paid under such Seller Policies with respect to any claim relating to a Purchased Asset or an Assumed Liability or the Business generally from and after the Closing Date. 8.9
