DESTRUCTION OR DAMAGE. In the event any of the Property is damaged or destroyed prior to the Closing Date, Seller shall notify Buyer in writing of such fact promptly after obtaining knowledge thereof. If any such damage or destruction: (i) (a) is an insured casualty and (b) would cost less than an amount equal to ten percent (10%) of the Purchase Price to repair or restore, and (ii) does not result in a termination of the Lease, then this Agreement shall remain in full force and effect and Buyer shall acquire the Property upon the terms and conditions set forth herein. The cost of repair shall be determined by an architect and contractor selected by Seller and reasonably approved by Buyer. In such event, Buyer shall receive a credit against the Purchase Price equal to the deductible amount applicable under Seller's casualty policy less all costs and expenses, including reasonable attorneys' fees and costs, incurred by Seller as of the Closing Date in connection with the negotiation and/or settlement of the casualty claim with the insurer ("REALIZATION Costs"), and Seller shall assign to Buyer all of Seller's right, title and interest in and to all proceeds of insurance on account of such damage or destruction. In the event the Property is damaged or destroyed prior to the Closing Date and the cost of repair would equal or exceed an amount equal to ten percent (10%) of the Purchase Price, or the casualty is an uninsured casualty, then, notwithstanding anything to the contrary set forth above in this section, Buyer shall have the right, at its election, to terminate this Agreement. Buyer shall have ten (10) days after Seller notifies Buyer of the cost of repairing the damage to make such election by delivery to Seller of a written election notice ("ELECTION NOTICE") and the Closing Date shall be extended, if necessary, to provide sufficient time for Buyer to make such election. The failure by Buyer to deliver the Election Notice within such ten (10) day period shall be deemed an election to terminate this Agreement. Notwithstanding anything contained in Section 7.1(d) to the contrary, any termination by Buyer under this Section 11.2 shall not result in a termination of Buyer's right to acquire any remaining Portfolio Properties under the Portfolio Agreements. In the event Buyer does not elect to terminate this Agreement as set forth above, this Agreement shall remain in full force and effect, Seller shall assign to Buyer all of Seller's right, title and interest in and to any and ...
DESTRUCTION OR DAMAGE a. If the Premises or the portion of the Building necessary for Tenant's occupancy is damaged by fire, earthquake, act of God, the elements of other casualty, Landlord shall, subject to the provisions of this Article, promptly repair the damage, if such repairs can, in Landlord's opinion, be completed within (90) ninety days. If Landlord determines that repairs can be completed within ninety (90) days, this Lease shall remain in full force and effect, except that if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant's agents, employees, contractors, licensees or invitees, the Base Rent shall be abated to the extent Tenant's use of the Premises is impaired, commencing with the date of damage and continuing until completion of the repairs required of Landlord under Section 19d.
DESTRUCTION OR DAMAGE. 21.01. If the Building or the Demised Premises shall be partially or totally damaged or destroyed by fire or other cause, then whether or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this Lease shall not have been terminated as in this Article hereinafter provided), Landlord shall repair the damage and restore and rebuild the Building and/or the Demised Premises, at its expense, with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of the Tenant's Property.
DESTRUCTION OR DAMAGE. In the event of partial or total destruction of the Property or improvements by fire or other casualty, the Landlord shall, as promptly as practicable, repair, reconstruct or replace the portions of the Property or the improvements destroyed in a good and workmanlike manner so as to provide for the continuation of the Tenant’s use of the Property for the permitted use, subject to the provisions hereof. During the period of repairs or restoration, this Lease shall continue in full force and effect and there shall be no abatement of Rent. If (i) the Property or improvements are so extensively destroyed by fire or other casualty so as to render the Property unsuitable for the Tenant’s use of the Property in the same manner as the Tenant’s use of the Property at the time of such fire or other casualty, and (ii) the Landlord’s contractor has notified Landlord that it estimates that the period of time required to repair, reconstruct or replace the portions of the Property or improvements destroyed, so as to provide for the continuation of the Tenant’s use in the same manner as the Tenant’s use of the Property at the time of such fire or other casualty, shall exceed one hundred eighty (180) days, then the Tenant may terminate this Lease by turning over any and all insurance proceeds related to the Property to Landlord and giving written notice to the Landlord within ninety (90) days after the date of such destruction. In the event of termination pursuant to this Section, this Lease shall terminate as of, and Rent shall be appropriately apportioned through and abated from and after, the first rental payment date occurring after the delivery of the notice of termination. If the Tenant has the option to terminate this Lease pursuant to this Section but elects not to so terminate, there shall be no abatement of Rent, and the Landlord shall, as promptly as practicable, repair, reconstruct or replace the portions of the Property or the improvements destroyed in a good and workmanlike manner so as to provide for the continuation of the Tenant’s use of the Property for the permitted use.
DESTRUCTION OR DAMAGE. (a) If the Premises is partially damaged by fire, earthquake, or other Act of God, Landlord shall repair the same at Landlord's expense, subject to the provisions of this Article and provided such repairs can, in Landlord's reasonable opinion, be made within sixty (60) days. During such repairs, the Lease shall remain in full force and effect, except that if there shall be damage to the Premises and such damage is not the result of the negligence or willful misconduct of Tenant, Tenant's employees, agents, or invitees, an abatement of Rents shall be allowed Tenant for such portion of Premises and period of time as the Premises was unusable by Tenant.
DESTRUCTION OR DAMAGE. 8 Article 20
DESTRUCTION OR DAMAGE. (a) If the Building or the Premises are totally destroyed by storm, fire earthquake, or other casualty, or damaged to the extent that, in Landlord's reasonable opinion the damage cannot be restored within one hundred eighty (180) days of the date Landlord provides Tenant written notice of Landlord's reasonable estimate of the time necessary to restore the damage, or if the damage is not covered by standard "all risks" property insurance, or if the Landlord's lender requires that the insurance proceeds be applied to its loan, Landlord shall have the right to terminate this Lease effective as of the date for such destruction or damage by written notice to Tenant on or before thirty (30) days following Landlord's notice described in the next sentence and Rent shall be accounted for as between Landlord and Tenant as of that date. Landlord shall provide Tenant with notice within sixty (60) days following the date of the damage of the estimated time needed to restore, whether the loss is covered by Landlord's insurance coverage and whether or not Landlord's lender requires the insurance proceeds be applied to its loan.
DESTRUCTION OR DAMAGE. 36 12.3 Insurance......................................................................................37 12.4
DESTRUCTION OR DAMAGE. 11.1 In the event the Demised Premises or any portion of the Building or the Development necessary for Tenant’s occupancy are damaged by fire, earthquake, act of God, the elements or other casualty in each case insured against by Landlord’s fire and extended coverage insurance policy covering the Building and the Development and, if Landlord’s reasonable estimate of the cost of making such repairs does not exceed the proceeds of such insurance by more than One Hundred Thousand Dollars ($100,000), Landlord shall forthwith repair the same if such repairs can, in Landlord’s opinion, be completed within one hundred twenty (120) days after commencement of such repairs. This Lease shall remain in full force and effect except all Basic rent and other sums due hereunder from Tenant, including Basic Rental, shall be abated for such part of the Demised Premises as shall be rendered unusable by Tenant in the conduct of its business during the time such part is so unusable to the extent Landlord is reimbursed therefor by loss of rental income or other insurance. If such repairs cannot, in Landlord’s opinion, be made within one hundred twenty (120) days, or if such damage or destruction is not insured against by Landlord’s fire and extended coverage insurance policy covering the Building or the Development or if Landlord’s reasonable estimate of the cost of making such repairs exceeds the proceeds of such insurance by more than Two Hundred Thousand Dollars ($200,000), Landlord may elect, upon notice to Tenant within thirty (30) days after the date of such fire or other casualty, to repair or restore such damage, in which event this Lease shall continue in full force and effect, but all rent and other sums due hereunder from Tenant, including Basic Rental shall be partially abated as provided in this Section 11.1. If Landlord elects not to make such repairs, this Lease shall terminate as of the date of such election by Landlord. If the estimated time to repair such damage or destruction exceeds one hundred eighty (180) days then Tenant shall have the right to terminate this Lease be providing Landlord at least thirty (30) days prior written notice of such election provided such damage or destruction was not caused by Tenant or its agents, employees, or contractors and provided Tenant is not in Default of this Lease beyond applicable notice, grace or cure periods at the time of the giving of such notice of termination.
DESTRUCTION OR DAMAGE. 22.01 If the Demised Premises and/or access thereto shall be partially or totally damaged or destroyed by fire or other casualty, then, Landlord shall, subject to its right under Section 22.03 hereof, repair such damage and restore and rebuild the Demised Premises and/or access thereto as nearly as may be reasonably practical to its condition and character immediately prior to such damage or destruction, with reasonable diligence after notice to it of the damage or destruction.
