Common use of DAMAGE BY FIRE Clause in Contracts

DAMAGE BY FIRE. 12.01 – Restoration of Premises The parties hereto mutually agree that if the Premises are partially or totally destroyed or damaged by fire or other hazard, then Landlord shall repair and restore the Premises as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.

DAMAGE BY FIRE. 12.01 – Restoration of Premises The parties hereto mutually agree In the event that if any time during the Premises term hereof, or any renewal period or extended term hereof, the demised premises are partially damaged or totally destroyed or damaged by fire or other hazardrisks covered by any insurance which the Lessor may be carrying, Lessor shall, upon payment of the proceeds of such insurance, repair, rebuild and restore said premises with reasonable diligence so that the building on the demised premises shall be put into proper condition and made fit and available for Lessee's use and occupancy (including comparable office facilities), provided, however, (i) if the loss or damage shall exceed fifty (50%) percent of the full insurable value of the building on the premises; or (ii) if any mortgagee of the demised premises shall refuse to allow the proceeds of the insurance to be used for the repairing, rebuilding or restoring, as aforesaid; or (iii) if such loss shall not be covered by any insurance carried by the Lessor, then Landlord shall repair and restore the Premises as soon as is reasonably practicable Lessor may, by written notice to substantially the same condition in which Lessee within thirty (30) days after occurrence of such casualty, terminate this Lease. In the Premises were before event of such damage; provided that , Lessee shall be entitled to complete abatement thereof in proportions to the portions of the demised premises which are so damaged and which are untenantable by the Lessee until said premises have been restored in accordance with the provisions of this paragraph. Notwithstanding anything to the contrary hereinabove contained, if the insurance proceeds collected or collectible and available to Landlord to pay demised premises shall be damaged in an amount not exceeding fifty (50%) percent of the cost full insurable value thereof during the last year of such repairs and restoration by Landlord as a consequence the then existing term of such destruction or damage are less than the estimated cost of such repairs and restorationsLease, Landlord Lessor shall not be obligated to commence repair, rebuild or perform restore the building as aforesaid, unless within ten (10) days of such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed loss or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, Lessee shall exercise any available option to extend the term of the Lease in accordance with the terms and provisions thereof then Landlord shall receive in effect. Notwithstanding anything contained to the insurance proceedscontrary, this Lease may be terminated by Tenant serving notice upon Landlord following in the expiration event that the premises are unusable due to such loss or damage for Lessee for a period in excess of such sixty (60) days, but in no event may Tenant days then Lessee shall have the option to terminate this Lease after by giving Lessor notice to such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its businesseffect.

DAMAGE BY FIRE. 12.01 – Restoration of Premises The parties hereto mutually agree that if If the Premises are premises shall be partially or totally destroyed or damaged by fire fire, casualty, or other hazardthe elements, then Landlord but are not rendered unrentable, in TENANT’s reasonable business judgement, in whole or in part, the LANDLORD shall repair promptly, at his expense, cause such damage to be repaired and restore the Premises as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord rent shall not be obligated abated. If by reason of such occurrence the premises shall be rendered wholly or partially unfit for occupancy for the uses contemplated hereunder, LANDLORD shall promptly, at his own expense, cause the damage to commence be repaired, and the rent meanwhile shall be abated proportionately as to the proportion of the premises rendered unfit. If the building, or perform common areas appurtenant thereto, shall be rendered wholly unfit for the occupancy or for the use contemplated hereunder, in TENANT’s reasonable business judgement, by reason of such repairs occurrence, whether the premises have been damaged or not, and restorations and if such damage in the opinion of the LANDLORD cannot be restored to tenantable occupancy within sixty days of the date of occurrence, either the LANDLORD or TENANT may terminate this Lease upon on thirty (30) days written notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory other. In the event LANDLORD determines that the damage can be repaired to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such tenantable occupancy within sixty (60) days, but in no event fails for any reason including reasons beyond the control of LANDLORD to commence such repairs within 30 days and complete them within 60 days, the TENANT may Tenant terminate this Lease after such repairs have been commenced by Landlordlease upon 30 days notice to the LANDLORD. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenantrendered wholly untenable during the last two years of the term hereof, and TENANT may terminate this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance lease upon thirty (30) days notice to protect itself against any interruption of its businessthe LANDLORD.

DAMAGE BY FIRE. 12.01 – Restoration of If the Leased Premises The parties hereto mutually agree that if the Premises are partially or totally destroyed or shall be damaged by fire or other hazardcasualty prior to the Rent Commencement Date, then Landlord shall repair and agrees that it will restore the Premises as soon as is reasonably practicable said building with reasonable dispatch, at Landlord’s sole cost, to substantially the same condition they were in which the Premises were before prior to such damage; provided that if . From the insurance proceeds collected or collectible time of the Rent Commencement Date and available to Landlord to pay thereafter for the cost initial Term of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice and any extensions thereof, Tenant will restore said building and the Tenant’s upfit with said upfit to be performed by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months Tenant’s contractor under Tenant’s supervision to substantially the same condition as existed immediately prior to which the casualty (subject to modifications required by applicable law or governmental authorities). If the Leased Premises were before are rendered untenantable in whole or in part as a result of such damage, then Landlord the rent payable hereunder shall receive be equitably and proportionately abated (according to loss of use) during the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following period intervening between the expiration date of such sixty damage and the date the Leased Premises are restored; provided, however, that if such damage exceeds fifty percent (6050%) daysof the insurable value of said premises at the time such damage occurs, but in no event either Landlord or Tenant may Tenant terminate this Lease as of the date of such damage by giving the other written notice of its intention to do so, within thirty (30) days after such repairs have been commenced by Landlorddamage occurs. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and If this Lease is not terminated as above providedso terminated, there then rent payable hereunder shall be no abatement abated as of rentthe date of such damage, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption remove all of its businessproperty from the Leased Premises within thirty (30) days after the notice of termination was given.

DAMAGE BY FIRE. 12.01 – Restoration of If the Leased Premises The parties hereto mutually agree that if the Premises are partially or totally destroyed or shall be damaged by fire or other hazard------------------ casualty during the term hereof (provided such casualty is not caused by Tenant, then its agents, employees or invitees), Landlord shall repair and agrees that it will restore the Premises as soon as those items for which it is reasonably practicable responsible pursuant to paragraph 12 hereof with reasonable dispatch to substantially the same condition they were in which the Premises were before prior to such damage; , insofar as the proceeds from Landlord's insurance permit and provided that if the Landlord's mortgagee does not require insurance proceeds collected paid to it. Landlord shall be deemed to comply with this paragraph and the other terms of this Lease if it has expended all such insurance proceeds paid to landlord for the restoration of the Leased Premises. All other repairs and remodeling shall be conducted at the sole expense of Tenant. Tenant covenants it will repair and restore the Leased Premises at its sole expense if such casualty is caused by its negligence or collectible and available to Landlord to pay that of its agents, employees or invitees. If the cost Leased Premises are rendered untenantable in whole or in part as a result of such repairs damage (where the casualty is not caused by Tenant, its agents, employees or invitees), the Minimum Rent payable hereunder shall be equitably and restoration by Landlord as a consequence proportionately abated (according to loss of such destruction or damage the date the Leased Premises are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. Ifrestored; provided, however, that if such damage occurs during the last two (2) years of the term and exceeds fifty percent (50%) of the Landlord's insurable value of the Leased Premises are completely destroyed or at the time such damage occurs, Landlord may terminate this Lease as of the date of such damage by giving Tenant written notice of its intention to do so, within thirty (30) days after such damage occurs. If this Lease is so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially terminated, then rent payable hereunder shall be abated as of the same condition to which the Premises were before date of such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption remove all of its businessproperty from the Leased Premises within thirty (30) days after the notice of termination is given.

DAMAGE BY FIRE. 12.01 – Restoration That the LESSEE shall, in case of Premises The parties hereto mutually agree that fire, give immediate notice thereof to the LESSOR who shall thereupon cause the damage to be repaired with reasonable speed; but if the Premises are partially or totally destroyed or damaged by fire or other hazard, then Landlord shall repair and restore the Premises as soon as damage is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided so extensive that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall it cannot be obligated to commence or perform such repairs rendered tenantable and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (put in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such good repair within sixty (60) days, but in no event may Tenant then either party shall, on ten (10) days written notice of his intention, have the option to terminate this Lease after and accrued rent shall be paid up to the time of the fire. It is, however, agreed that, if without fault, neglect or improper conduct of the LESSEE, its agents, servants or employees, only a portion of the Demised Premises shall be rendered untenantable by fire, the elements, or otherwise, the LESSEE shall continue to pay rent only for such repairs have been commenced by Landlordportion of the Demised Premises as may reasonably be occupied during the time required to make the necessary repairs, and during the time of such partial occupancy the LESSEE shall pay rental in such proportion to the entire rental herein reserved that the space actually occupied bears to the entire space herein leased. LESSOR’S obligation to restore the Demised Premises is expressly conditioned upon availability of adequate insurance proceeds for restoration. In the event adequate insurance proceeds are not available, LESSOR, in its sole discretion, may terminate the Lease. LESSOR’S obligation to restore Demised Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and this contingent on LESSEE being in full compliance with all Lease covenants. LESSOR is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance obligated to protect itself against any interruption of its businessrestore LESSEE’S leasehold improvements.