Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) Except as provided in Section 14.6, if during the Term the Leased Property is totally or partially destroyed by a risk covered by the insurance described in Article 13 and the Hotel thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall, at Lessee’s option, either (1) restore the Hotel to substantially the same condition as existed immediately before the damage or destruction and otherwise in accordance with the terms of the Lease, or (2) offer to acquire the Leased Property from Lessor for a purchase price equal to the Rejectable Offer Price of the Leased Property. If Lessee restores the Hotel, the insurance proceeds shall be paid out by Lessor from time to time for the reasonable costs of such restoration upon satisfaction of reasonable terms and conditions, and any excess proceeds remaining after such restoration shall be paid to Lessee. If Lessee acquires the Leased Property, Lessee shall receive the insurance proceeds. If Lessor does not accept Lessee’s offer so to purchase the Leased Property within ninety (90) days, Lessee may withdraw its offer to purchase the Leased Property and, if so withdrawn, Lessee may terminate the Lease with respect to the Leased Property without further liability hereunder and Lessor shall be entitled to retain all insurance proceeds.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) If during the Lease Term, the Leased Premises are totally or partially damaged or destroyed from a risk covered by the types of insurance described in Article 12 and the Leased Premises is thereby rendered Unsuitable for its Primary Intended Use, Landlord shall, to the extent that insurance proceeds have been made available therefor, within ninety (90) days of the occurrence (but only if the necessary insurance proceeds have been received by Landlord), commence the restoration process for the Leased Premises so damaged or destroyed to substantially the same (or better) condition as their condition immediately prior to such damage or destruction, and diligently prosecute the same to completion; provided, however, nothing in this Lease shall be construed to require Landlord to expend in connection with the repair or reconstruction of the Leased Premises an amount greater than the actual insurance proceeds made available to Landlord. Such damage or destruction shall not terminate this Lease. Only an agreement in writing between Tenant and Landlord to terminate this Lease and/or Landlord’s inability to obtain all necessary government approvals, within a reasonable time, including building permits, licenses, and/or conditional use permits after diligent efforts to do so, shall terminate this Lease. Landlord shall give Tenant written notice thereof, and this Lease shall terminate as of the later of (a) the first day of the calendar month following the date of delivery of the notice to Tenant or (b) fifteen (15) Business Days after the date of delivery of the notice to Tenant. Tenant may elect, at any time subsequent to such damage or destruction, upon Landlord’s prior written consent which shall not be unreasonably withheld, to commence such restoration at Tenant’s own expense, and shall diligently prosecute the same to completion. If Tenant elects to undertake the restoration of the Leased Premises so damaged or destroyed it shall restore the Leased Premises to substantially the same (or better) condition as the condition immediately prior to such damage or destruction. Tenant shall have the right to be reimbursed from the insurance proceeds, for its external expenses (i.e., exclusive of general overhead such as salaries for its employees) related to such restoration.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) If the Leased Property is totally or partially destroyed by a risk covered by the insurance described in Article XIII and in Lessor’s reasonable judgment the Hotel thereby is rendered Unsuitable for its Primary Intended Use, Lessor may, at Lessor’s option to be exercised within ninety (90) days after the date of such occurrence, restore the Hotel to substantially the same condition as existed immediately before the damage or destruction and otherwise in accordance with the terms of the Lease. If Lessor fails to timely make such election, Lessor shall be deemed to have terminated the Lease, in which case Lessor must provide Lessee with Substitute Leases for execution by Lessee, at Lessee’s election, as described in Article XXXIX of this Lease.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) If during the Term the Leased Property is totally or partially destroyed by a risk covered by the insurance described in Article 13 and the Facility thereby is rendered Unsuitable for its Primary Intended Use, the Lease shall terminate as of the date of the casualty and neither Lessor nor Lessee shall have any further liability hereunder except for any liabilities which have arisen prior to or which survive such termination, and Lessor shall be entitled to retain all insurance proceeds except for any amount thereof paid with respect to Lessee's Personal Property.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) Except as provided in Section 14.7, if during the Term the Leased Property is totally or partially destroyed from a risk covered by the insurance described in Article XIII and the Facility is thereby rendered Unsuitable for its Use, Lessee shall have the option, by giving written notice to Lessor within sixty (60) days following the date of such destruction, to (i) restore the Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) so long as no Default or Event of Default then exists, and so long as no such Default or Event of Default exists at the time of the closing of such purchase, purchase the Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction, or (iii) so long as the damage or destruction was not caused by the negligence of Lessee, its agents, servants, employees or contractors, terminate this Lease and, in this event, Lessor shall be entitled to retain the insurance proceeds, and Lessee shall pay to Lessor on demand the amount of any deductible or uninsured loss arising in connection therewith. In the event Lessee purchases the Leased Property pursuant to this Section 14.2(a), the terms set forth in Article XVIII shall apply and the sale/purchase must be closed within ninety (90) days after the date of the written notice from Lessee to Lessor of Lessee's intent to purchase, unless a different closing date is agreed upon in writing by Lessor and Lessee.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) Except as provided in Section 14.7, with respect to any Property, if during the Term such Property is totally or partially destroyed from a risk covered by the insurance described in Article XIII and such Property is thereby rendered Unsuitable for its Primary Intended Use (the “Casualty Impacted Property”), Lessee shall elect, by giving written notice to Lessor within sixty (60) days following the date of such destruction, one of the following: (i) to restore such Casualty Impacted Property to substantially the same condition as existed immediately before the damage or destruction, or (ii) so long as the damage or destruction was not caused by the negligence of Lessee, its agents, servants, employees or contractors, to terminate this Lease with respect to the Casualty Impacted Property and, in this event, the total Base Rent payable hereunder shall be reduced in accordance with Section 5.2, Lessor shall be entitled to retain the insurance proceeds, and Lessee shall pay to Lessor on demand, the amount of any deductible or uninsured loss arising in connection therewith.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. Section 14.2.1 If, during the Term, any Leased Property is totally or partially destroyed from a risk covered by the insurance described in Article XIII and the Facility located thereon is rendered Unsuitable for Its Primary Intended Use, Tenant shall either (A) restore the Facility to substantially the same condition as existed immediately before the damage or destruction, or (B) offer to acquire the applicable Leased Property from Lessor for a purchase price equal to the Fair Market Value Purchase Price of the Leased Property immediately prior to such damage or destruction. In the event Lessor does not accept Tenant’s aforesaid offer to purchase, Tenant may (i) withdraw its offer to purchase the Leased Property and proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction or (ii) provided and on the conditions that, at the time of such damage or destruction, Tenant had in full force and effect the insurance required under Section 13.1.1 and Section 13.1.2 above, there exists no defense to, or limitation upon, the insurer’s coverage of such damage or destruction under such insurance, and Tenant pays to Lessor, on or prior to the hereinafter described termination, the amount of any deductible or other uninsured portion of the loss resulting from any such damage or destruction, terminate this Lease as to such Leased Property, in which event Lessor shall be entitled to retain the insurance proceeds.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) With respect to any Facility, if during the Term the portion of the Leased Property relating thereto is totally or partially destroyed from a risk covered by the insurance described in Article XIII and such portion of the Leased Property is thereby rendered Unsuitable for its Primary Intended Use (the "Impacted Facility"), Lessee shall elect, by giving written notice to Lessor within sixty (60) days following the date of such destruction, one of the following: (i) to restore such portion of the Leased Property relating to such Impacted Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) so long as no Event of Default then exists and no event then exists which with the giving of notice or the passage of time or both would constitute an Event of Default, and subject to Section 36.2, to purchase such portion of the Leased Property from Lessor for the Option Price, in which case all insurance proceeds payable pursuant to Section 14.1 shall be paid over to, or retained by, Lessee. The "Option Price" shall be equal to the greater of (1) the Fair Market Value Purchase Price of such portion of the Leased Property and (2) the sum of the Allocated Lease Base for such Impacted Facility and the actual costs of any Capital Additions funded by Lessor with respect thereto. In the event Lessee purchases such portion of the Leased Property pursuant to this Section 14.2(a), the terms set forth in Article XVIII shall apply and the sale/purchase must be closed within sixty (60) days after the date of the written notice from Lessee to Lessor of Lessee's intent to purchase, unless a different closing date is agreed upon in writing by Lessor and Lessee. For purposes of any appraisal conducted in accordance with this Section, such appraisal shall not take into account the damage or destruction giving rise to Lessee's rights hereunder.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. (a) Except as provided in Section 13.7 or as may be otherwise required by the Ground Lease, if during the Term, the Facility is totally or partially destroyed from a risk covered by the insurance described in Article XII and the Facility thereby is rendered Unsuitable for its Primary Intended Use, Lessee shall have the option, by giving notice to Lessor within 60 days following the date of such destruction, to (i) apply all proceeds payable with respect thereto to restore the Facility to substantially the same condition as existed immediately before the damage or destruction, or (ii) offer (A) to acquire the Leased Property from Lessor for a purchase price equal to the Minimum Repurchase Price of the Leased Property immediately prior to such damage or destruction or (B) to substitute a new property pursuant to and in accordance with the provisions of Article XX. In the event Lessor does not accept Lxxxxx’s offer to so purchase or substitute for the Leased Property, Lessee shall, by giving notice to Lessor within 30 days after receipt of Lessor’s notice, withdraw its offer to purchase or substitute for the Leased Property and proceed to restore the Facility to substantially the same condition as existed immediately before the damage or destruction.
Reconstruction in the Event of Damage or Destruction Covered by Insurance. Except as provided in Section 12.6, and subject to the terms of any Landlord’s Mortgage, if during the Term, the Premises are partially destroyed from a risk covered by the insurance described in Article 11, Landlord shall apply all proceeds payable with respect thereto to restore the Premises to substantially the same condition as existed immediately before the damage or destruction. Such damage or destruction shall not terminate this Lease.
