Destruction of the Building. If the Lessor is of the opinion, which shall be given by notice within thirty ( 30 ) days of the loss, that twenty per cent ( 20 % ) or more of the leasable area of the Building is damaged, or if the Lessor is of the opinion that the Building is hazardous and that the Building cannot be reasonably repaired within one hundred and eighty ( 180 ) days or, that the proceeds of insurance do not cover the cost of repairs, then the Lessor may resiliate the Lease effective retroactively as of the date of the loss, all adjustments to the Rent to be made as of such date.
Destruction of the Building. (a) Notwithstanding the provisions of Section 9.1, if twenty-five percent (25%) or more of the Total Rentable Area of the Building is damaged or destroyed by any cause whatsoever (irrespective of whether the Leased Premises are damaged or destroyed) and if, in the opinion of the Landlord, acting reasonably, the Total Rentable Area of the Building so damaged or destroyed cannot be rebuilt or made fit for the purposes of the respective tenants of such space within one hundred and twenty (120) days of the damage or destruction, then, the Landlord may, at its option (to be exercised by written notice to the Tenant within sixty (60) days following such damage or destruction), elect to terminate this Lease. In the case of such election, the Term and the tenancy hereby created will expire upon the thirtieth day after such notice is given, without indemnity or penalty payable by, or any other recourse against, the Landlord, and the Tenant shall, within such thirty (30) day period, vacate and surrender the Leased Premises to the Landlord. Rent will be due and payable without reduction or abatement subsequent to the destruction or damage and until the date of termination, unless the Leased Premises will have been destroyed or damaged as well, in which event Section 9.1 will apply.
Destruction of the Building. If the Building should be substantially destroyed (which, as used herein, means destruction or damage to at least 50% of the Building) by fire or other casualty, either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within thirty (30) days of such casualty. In such event, the Rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord's expense, to substantially the same condition as they were prior to the casualty.
Destruction of the Building. (a) Subject to the terms of this Article 12, if the Building is totally or partially damaged or destroyed by Casualty, Lessee shall restore the Building to the same or better condition as existed immediately prior to such Casualty. Lessee shall have no obligation to repair and restore Lessee’s Equipment and Personalty, trade fixtures, decorations, signs, contents, or any non-standard improvements to the Premises. If (i) the Casualty results in damage to the Building which will take in excess of (A) two hundred seventy (270) days from the beginning of restoration to restore (as reasonably determined by an independent registered architect engaged by Lessor who will certify to Lessor and Lessee as soon as practicable, but in any event within forty-five (45) days after the Casualty the amount of time needed to restore) the Building to the same condition as existed immediately prior to such Casualty, using standard working methods, and such Casualty occurs at any time during the then current Lease Term, or (B) three (3) months from the beginning of restoration to restore (as reasonably determined by such architect in the same manner as in clause (A) above) the Building to the same condition as existed immediately prior to such Casualty and such Casualty occurs during the last twelve (12) months of the then current Lease Term; (ii) the repair, restoration or reconstruction is prohibited by any zoning ordinance, building code or other Applicable Law, which in Lessor’s commercially reasonable determination, makes the rebuilding of the Building not economically viable, then Lessor may elect to terminate this Lease upon giving notice of such election in writing to Lessee within sixty (60) days after the occurrence of the Casualty, which notice shall specify a proposed termination date not earlier than the later of (x) one hundred twenty (120) days after the Casualty and (y) sixty (60) days after the date of the notice.
Destruction of the Building. If all or any portion of the Building shall be damaged or destroyed by fire or other cause (regardless of whether the Premises may be affected thereby) to the extent that the cost of restoration thereof would exceed 25% of the amount it would have cost to replace the Building in its entirety at the time such damage or destruction occurred, then Landlord may elect to repair that portion of the Building owned by Landlord within a reasonable time after such damage or destruction, provided that Landlord shall not be obligated to expend for such rebuilding and repairing an amount in excess of the insurance proceeds recovered or recoverable as a result of such damage or destruction, or Landlord may elect to terminate this Lease upon 30 days notice to Tenant, which notice shall be given, if at all, within 60 days after the date of such occurrence. In the event of such termination, this Lease shall cease 30 days after such notice is given and all rent shall be adjusted as of that date.
Destruction of the Building. If the Building is totally destroyed by fire or any other casualty, then Landlord or Tenant shall have the option to terminate this Lease by giving Tenant written notice within thirty (30) days after such destruction, and any unearned rent shall be apportioned and returned to Tenant. If Landlord or Tenant does not elect to cancel this Lease, then the same shall remain in full force and effect and Landlord shall proceed with all reasonable diligence to repair the Building. In the event of such restoration or repair, Landlord shall expend such sums as required to repair or restore the building to the condition it was in immediately prior to the date of the destruction. If Landlord elects to repair or rebuild the Building as herein provided, Landlord’s obligation hereunder shall be limited to that work specifically designated herein as being Landlord’s responsibility. Tenant shall repair or replace its merchandise, trade fixtures, furnishings, and equipment. A just and proportionate part of the rent payable by Tenant, to the extent that such damage or destruction renders the Building untenantable, shall xxxxx from the date of such damage or destruction until the Building are repaired. Notwithstanding anything contained herein to the contrary, the obligation of Landlord with respect to repairing or rebuilding the Building is subject to the prior right of Landlord’s lender to receive insurance proceeds as a result of a fire or other casualty, with any obligation of Landlord to be limited to the extent insurance proceeds are received by Landlord for such repair or rebuilding.
Destruction of the Building. (a) If thirty-five per cent (35%) or more of the Rentable Area of the Building is at any time destroyed or damaged (including, without limitation, smoke and water damage) as a result of fire, the elements, accident or other casualty, whether or not the Premises are affected by such occurrence, and if, in the opinion of the Landlord, reasonably arrived at, the Rentable Area of the Building so damaged or destroyed cannot be rebuilt or be made fit for the purposes of the respective tenants of such space within one hundred and eighty (180) days of the happening of the damage and destruction, then and so often as any of such events occur, the Landlord may, at its option, to be exercised by written notice to the Tenant within forty-five (45) days following any such occurrence, elect to terminate this Lease.
Destruction of the Building. If the Building should be substantially destroyed (which, asused herein, means destruction or damage to at least 75% of the Building) by fire or other casualty, Landlord may, at its option, terminate this Lease by giving written notice thereof to Tenant within (30) days after such casualty. In such event, the Rent shall be apportioned to and shall cease to accrue as of the date of such casualty. In the event Landlord does not exercise this option, then the Premises shall be reconstructed and restored, at Landlord's expense, to substantially the same condition as they were prior to the casualty.
Destruction of the Building. (a) Subject to the immediately succeeding sentence and payment to Lessor of the full replacement cost insurance proceeds, if any of the Building is totally or partially damaged or destroyed by Casualty, Lessor shall restore such Building to the same condition as existed immediately prior to such Casualty. If (i) the Casualty results in damage to the Building which will take in excess of (A) twelve (12) months from the beginning of restoration to restore (as reasonably determined by an independent registered architect engaged by Xxxxxx who will certify to Lessor and Lessee as soon as practicable, but in any event within forty-five (45) days after the Casualty the amount of time needed to restore) the Building to the same condition as existed immediately prior to such Casualty, using standard working methods, and such Casualty occurs at any time during the then current Lease Term, or
Destruction of the Building. In the event that the Building shall be damaged or destroyed 7 Init. Init. Init. Mayor Xxxx Xxxxxxxx Xxxxx Xxxxxx City of Las Vegas CSN President NSHE, Chancellor during the term of this lease by fire or any other casualty, the City may, at the City’s option, elect to continue this lease in effect and, if the City does so elect, the City shall cause any damaged part of the fire station portion of the Building to be repaired and restored to substantially the same condition which existed before any fire or other casualty. Should the City exercise the City’s option to continue the lease and to restore the fire station portion of the Building, the City shall proceed with repairs, restoration and reconstruction with due diligence. In the event that the City does not exercise the City’s option to continue the lease upon the occurrence of damage to or destruction of the premises Fire Station Area by fire or other casualty, then the City may, at the City’s sole option, declare the lease terminated as of the end of the calendar month in which notice of termination is given. In such event, all obligations to pay rent and perform other covenants of this lease shall terminate at the end of such calendar month, and the City shall surrender possession to the Board of Regents. In the event of the termination of the lease after any fire or casualty loss, City shall pay to CSN the costs incurred for demolition of the remaining fire station improvements and restoration of the real property to the condition existing as of the commencement of this lease.
