Common use of Restoration of Premises Clause in Contracts

Restoration of Premises. If there is a Condemnation of the Aggregate Leased Property and the Lease Agreements remain in full force and effect in accordance herewith, Landlord shall furnish to Tenant the amount of the Award actually received by Landlord, in order for Tenant to accomplish all necessary restoration as reasonably determined by Tenant in consultation with Landlord. If Tenant receives an Award, Tenant shall repair or restore any Tenant Improvements up to but not exceeding the amount of the Award payable to Tenant therefor. Before beginning such restoration, or letting any contracts in connection with such restoration, Tenant will submit for Landlord’s approval, which approval Landlord will not unreasonably withhold or delay, complete and detailed plans and specifications for such restoration. Promptly after receiving Landlord’s approval of the plans and specifications, Tenant will begin such restoration and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, terroristic threats or actions, and other causes beyond Tenant’s reasonable control. Landlord will make available to Tenant the net proceeds of any Award paid to Landlord for such restoration, after deduction of any costs of collection, including attorneys’ fees and expenses. Payment will be made against properly certified vouchers of a competent architect in charge of the work and approved by Landlord. Prior to commencing the restoration, Tenant shall deliver to Landlord for Landlord’s approval a schedule setting forth the estimated monthly draws for such work. Upon the completion of restoration and the furnishing of such proof, the balance of the Award will be paid to Tenant. Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the Aggregate Leased Property is reoccupied for any purpose. Tenant shall complete such restoration free and clear of mechanic’s, construction or other liens, and in accordance with the building codes and all applicable laws, ordinances, rules, regulations, permits, approvals or orders of any state, municipal, or other public authority affecting the restoration, and also in accordance with all requirements of the insurance rating organization, or similar body applicable to the Aggregate Leased Property. Any remaining proceeds of the Award otherwise payable after such restoration is completed will be Tenant’s property.

Appears in 1 contract

Samples: Facilities Lease Agreement (Cornell Companies Inc)

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Restoration of Premises. If there is a Condemnation partial taking of the Aggregate any Leased Property and the subject Lease Agreements remain remains in full force and effect in accordance herewithpursuant to Section 11.02, and so long as no Event of Default has occurred, Landlord shall furnish to Tenant the amount of the Award actually received by Landlord (and not payable to and paid to Landlord's mortgagee pursuant to any mortgage recorded against the applicable Leased Property), as provided herein, in order for Tenant to accomplish all necessary restoration as reasonably determined by Tenant in consultation with Landlordrestoration. If Tenant receives an AwardAward under Section 11.02, Tenant shall repair or restore any Tenant Improvements up to but not exceeding the amount of the Award payable to Tenant therefor. Before beginning such restoration, or letting any contracts in connection with such restoration, Tenant will submit for Landlord’s 's approval, which approval Landlord will not unreasonably withhold or delay, complete and detailed plans and specifications for such restoration. Promptly after receiving Landlord’s 's approval of the plans and specifications, Tenant will begin such restoration and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, terroristic threats or actions, and other causes beyond Tenant’s 's reasonable control. Landlord will make available to Tenant the net proceeds of any Award paid to Landlord for such restoration, after deduction of any costs of collection, including attorneys' fees and expenses. Payment will be made against properly certified vouchers of a competent architect in charge of the work and approved by Landlord. Prior to commencing the restoration, Tenant shall deliver to Landlord for Landlord’s 's approval a schedule setting forth the estimated monthly draws for such work. Landlord, however, may withhold ten percent (10%) from each payment until the work of restoration is completed and proof has been furnished to Landlord that no lien, including, but not limited to any mechanics' or construction lien, or liability has attached or will attach to the Leased Property or to Landlord in connection with such restoration. Upon the completion of restoration and the furnishing of such proof, the balance of the Award will be paid to Tenant. Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the Aggregate Leased Property is reoccupied for any purpose. Tenant shall complete such restoration free and clear of mechanic’s's, construction or other liens, and in accordance with the building codes and all applicable laws, ordinances, rules, regulations, permits, approvals or orders of any state, municipal, or other public authority affecting the restoration, and also in accordance with all requirements of the insurance rating organization, or similar body applicable to the Aggregate Leased Property. Any remaining proceeds of the Award otherwise payable to Tenant (and not payable to and paid to Landlord's mortgagee pursuant to any mortgage recorded against the applicable Leased Property) after such restoration is completed will be Tenant’s 's property.

Appears in 1 contract

Samples: Master Agreement (Correctional Properties Trust)

Restoration of Premises. If there is a Condemnation partial taking of the Aggregate any Leased Property and the subject Lease Agreements remain remains in full force and effect in accordance herewithpursuant to Section 11.02, Landlord shall furnish to Tenant the amount of the Award actually received by payable to Landlord, as provided herein, in order for Tenant to accomplish all necessary restoration as reasonably determined by Tenant in consultation with Landlordrestoration. If Tenant receives an AwardAward under Section 11.05, Tenant shall repair or restore any Tenant Improvements up to but not exceeding the amount of the Award payable to Tenant therefor. Before beginning such restoration, or letting any contracts in connection with such restoration, Tenant will submit for Landlord’s 's approval, which approval Landlord will not unreasonably withhold or delay, complete and detailed plans and specifications for such restoration. Promptly after receiving Landlord’s 's approval of the plans and specifications, Tenant will begin such restoration and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, terroristic threats or actions, and other causes beyond Tenant’s 's reasonable control. Landlord will make available to Tenant the net proceeds of any Award paid to Landlord for such restoration, after deduction of any costs of collection, including attorneys’ fees and expenses' fees. Payment will be made against properly certified vouchers of a competent architect in charge of the work and approved by Landlord. Prior to commencing the restoration, Tenant shall deliver to Landlord for Landlord’s 's approval a schedule setting forth the estimated monthly draws for such work. Landlord may, however, withhold ten percent (10%) from each payment until the work of restoration is completed and proof has been furnished to Landlord that no lien or liability has attached or will attach to the Leased Property or to Landlord in connection with such restoration. Upon the completion of restoration and the furnishing of such proof, the balance of the Award will be paid to Tenant. Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the Aggregate Leased Property is reoccupied for any purpose. Tenant shall complete such restoration free and clear of mechanic’s, construction 's or other liens, and in accordance with the building codes and all applicable laws, ordinances, rules, regulations, permits, approvals or orders of any state, municipal, or other public authority affecting the restoration, and also in accordance with all requirements of the insurance rating organization, or similar body applicable to the Aggregate Leased Propertybody. Any remaining proceeds of the Award otherwise payable after such restoration is completed will be Tenant’s 's property.

Appears in 1 contract

Samples: Master Agreement to Lease (Wackenhut Corrections Corp)

Restoration of Premises. If there this Lease is a Condemnation not terminated as to the entire Premises by reason of the Aggregate Leased Property and the Lease Agreements remain in full force and effect in accordance herewith, Landlord shall furnish to Tenant the amount of the Award actually received by Landlord, in order for Tenant to accomplish all necessary restoration as reasonably determined by Tenant in consultation with Landlord. If Tenant receives an Awardany Condemnation, Tenant shall repair or restore any Tenant Improvements up damage to but not exceeding the amount Premises caused by such Condemnation, and all condemnation proceeds (net of the Award payable to Tenant therefor. Before beginning such restoration, or letting any contracts actual out-of-pocket costs incurred by Landlord in connection with such restoration, Tenant will submit for Landlord’s approval, which approval Landlord will not unreasonably withhold or delay, complete and detailed plans and specifications for such restoration. Promptly after receiving Landlord’s approval of the plans and specifications, Tenant will begin such restoration and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, terroristic threats or actions, and other causes beyond Tenant’s reasonable control. Landlord will make available to Tenant the net proceeds of any Award paid to Landlord for such restoration, after deduction of any costs of collection, including attorneys’ fees and expenses. Payment condemnation) will be made against properly certified vouchers available to the Tenant for application to the cost of repair, which proceeds shall be deposited in an escrow with a competent architect third party for distribution in charge the same manner as a construction loan. If the condemnation proceeds (net of any actual out-of-pocket costs incurred by Landlord in connection with such condemnation) are not sufficient to pay all of the work and approved by Landlord. Prior repair costs, then, subject to commencing the restorationlast sentence of this Paragraph 13.4, Tenant shall deliver pay the excess costs. All proceeds (net of any actual out-of-pocket costs incurred by Landlord in connection with such condemnation), shall first be used for items of repair having a useful life that extends beyond the Term (including the term of any options which Tenant may have the right to Landlord for Landlord’s approval a schedule setting forth the estimated monthly draws exercise), and, if such proceeds are insufficient to fully pay for such work. Upon the completion items of restoration and the furnishing of such proofrepair, the balance of the Award will remaining cost of such items of repair (the “Remaining Balance”) shall be divided between Tenant and Landlord as follows: Tenant shall be obligated to pay the portion of the Remaining Balance which bears the same ratio to the Remaining Balance as the remaining term of this Lease (as determined on the Condemnation Date and including the term of any options which the Tenant may have the right to exercise) bears to the reasonably anticipated useful life of such item of repair and the remainder of the Remaining Balance shall be paid to Tenant. Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the Aggregate Leased Property is reoccupied for any purpose. Tenant shall complete such restoration free and clear of mechanic’s, construction or other liens, and in accordance with the building codes and all applicable laws, ordinances, rules, regulations, permits, approvals or orders of any state, municipal, or other public authority affecting the restoration, and also in accordance with all requirements of the insurance rating organization, or similar body applicable to the Aggregate Leased Property. Any remaining proceeds of the Award otherwise payable after such restoration is completed will be Tenant’s propertyby Landlord.

Appears in 1 contract

Samples: Apollo Group Inc

Restoration of Premises. If there is a Condemnation Casualty occurs, this Lease shall not terminate. If a Taking occurs with respect to all of the Aggregate Leased Property and Premises, this Lease shall terminate; if a Taking occurs with respect to less than all of the Premises, this Lease Agreements remain shall not terminate. At Tenant's option, in full force and effect in accordance herewiththe event of a Casualty or Taking, Landlord shall furnish repair and restore the Premises, provided that (a) Tenant shall manage the repair and restoration pursuant to Tenant a construction management agreement in form and substance acceptable to Landlord, (b) Landlord's obligation to restore and reconstruct the Premises shall be limited to the amount of insurance proceeds or the Award condemnation award actually received by Landlord, in order for Tenant (c) Landlord shall have no obligation to accomplish all necessary restoration as reasonably determined by Tenant in consultation with Landlord. If Tenant receives an Award, Tenant shall expend any money to repair or restore the Premises or any improvements, fixtures, equipment or other personal property in the Premises, and (d) Tenant Improvements up shall also have the right to but not exceeding restore the amount of Premises in accordance with all laws and regulations. In the Award payable event that Tenant elects to restore the Premises, Landlord shall pay to Tenant therefor. Before beginning such restoration, or letting any contracts in connection with such restoration, Tenant will submit for Landlord’s approval, which approval Landlord will not unreasonably withhold or delay, complete all insurance proceeds and detailed plans and specifications for such restoration. Promptly after receiving Landlord’s approval of the plans and specifications, Tenant will begin such restoration and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, terroristic threats or actions, and other causes beyond Tenant’s reasonable control. Landlord will make available to Tenant the net proceeds of any Award condemnation awards actually paid to Landlord as a result of such Casualty or Taking, but Landlord shall have no other obligation to pay for such repairs or restoration. If the Premises cannot be occupied, after deduction in whole or in part, as a result of any costs of collectionsuch Casualty or Taking, including attorneys’ fees the base rent and expenses. Payment will additional rent shall not be made against properly certified vouchers of a competent architect in charge abated or reduced pending restoration of the work Premises as described herein, but shall continue to be due and approved by Landlord. Prior to commencing the restoration, Tenant shall deliver to Landlord for Landlord’s approval a schedule setting forth the estimated monthly draws for such work. Upon the completion of restoration and the furnishing of such proof, the balance of the Award will be paid to Tenant. Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the Aggregate Leased Property is reoccupied for any purpose. Tenant shall complete such restoration free and clear of mechanic’s, construction or other liens, and payable in full in accordance with the building codes and all applicable laws, ordinances, rules, regulations, permits, approvals or orders terms of any state, municipal, or other public authority affecting the restoration, and also in accordance with all requirements of the insurance rating organization, or similar body applicable to the Aggregate Leased Property. Any remaining proceeds of the Award otherwise payable after such restoration is completed will be Tenant’s propertySection 2 hereof.

Appears in 1 contract

Samples: Sub Lease Agreement (CVD Equipment Corp)

Restoration of Premises. If there is a Condemnation Casualty occurs, this Lease shall not terminate. If a Taking occurs with respect to all of the Aggregate Leased Property and Premises, this Lease shall terminate; if a Taking occurs with respect to less than all of the Premises, this Lease Agreements remain shall not terminate. At Tenant’s option, in full force and effect in accordance herewiththe event of a Casualty or Taking, Landlord shall furnish repair and restore the Premises, provided that (a) Tenant shall manage the repair and restoration pursuant to Tenant a construction management agreement in form and substance acceptable to Landlord, (b) Landlord’s obligation to restore and reconstruct the Premises shall be limited to the amount of insurance proceeds or the Award condemnation award actually received by Landlord, in order for Tenant Landlord,(c) Landlord shall have no obligation to accomplish all necessary restoration as reasonably determined by Tenant in consultation with Landlord. If Tenant receives an Award, Tenant shall expend any money to repair or restore the Premises or any improvements, fixtures, equipment or other personal property in the Premises, and (d) Landlord’ obligation to restore shall be subject to the terms of any Credit Agreements, as defined in the QEAA. Tenant Improvements up shall also have the right to but not exceeding restore the amount of Premises in accordance with all laws and regulations, subject to the Award payable terms and conditions in the QEAA. In the event that Tenant elects to restore the Premises, Landlord shall pay to Tenant therefor. Before beginning such restoration, or letting any contracts in connection with such restoration, Tenant will submit for Landlord’s approval, which approval Landlord will not unreasonably withhold or delay, complete all insurance proceeds and detailed plans and specifications for such restoration. Promptly after receiving Landlord’s approval of the plans and specifications, Tenant will begin such restoration and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, terroristic threats or actions, and other causes beyond Tenant’s reasonable control. Landlord will make available to Tenant the net proceeds of any Award condemnation awards actually paid to Landlord as a result of such Casualty or Taking, but Landlord shall have no other obligation to pay for such repairs or restoration. If the Premises cannot be occupied, after deduction in whole or in part, as a result of any costs of collectionsuch Casualty or Taking, including attorneys’ fees the base rent and expenses. Payment will additional rent shall not be made against properly certified vouchers of a competent architect in charge abated or reduced pending restoration of the work Premises as described herein, but shall continue to be due and approved by Landlord. Prior to commencing the restoration, Tenant shall deliver to Landlord for Landlord’s approval a schedule setting forth the estimated monthly draws for such work. Upon the completion of restoration and the furnishing of such proof, the balance of the Award will be paid to Tenant. Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the Aggregate Leased Property is reoccupied for any purpose. Tenant shall complete such restoration free and clear of mechanic’s, construction or other liens, and payable in full in accordance with the building codes and all applicable laws, ordinances, rules, regulations, permits, approvals or orders terms of any state, municipal, or other public authority affecting the restoration, and also in accordance with all requirements of the insurance rating organization, or similar body applicable to the Aggregate Leased Property. Any remaining proceeds of the Award otherwise payable after such restoration is completed will be Tenant’s propertySection 2 hereof.

Appears in 1 contract

Samples: Lease Agreement (CVD Equipment Corp)

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Restoration of Premises. If the Premises are damaged by fire, earthquake or other casualty, Tenant shall give immediate written notice thereof to Landlord. If Landlord estimates that the damage can be repaired in accordance with the then established Governmental Requirements within two hundred ten (210) days after Landlord is notified by Tenant of such damage and if there is a Condemnation are sufficient insurance proceeds available to repair such damage, then Landlord shall proceed with reasonable diligence to restore the Premises to substantially the condition which existed prior to the damage and this Lease shall not terminate. If, in Landlord's estimation, the damage cannot be repaired within such 210 day period or if there are insufficient insurance proceeds available to repair such damage, Landlord may elect in its absolute discretion to either: (a) terminate this Lease or (b) restore the Premises to substantially the condition which existed prior to the damage and this Lease will continue. If Landlord restores the Premises under this paragraph, then (1) the Lease Term shall be extended for the time required to complete such restoration, (2) Tenant shall pay to Landlord, upon demand, Tenant's Pro Rata Share of any applicable commercially reasonable deductible amount specified under Landlord's insurance and (3) Landlord shall not be required to repair or restore Tenant Improvements, Tenant Alterations, or any or all furniture, fixtures, equipment, inventory, improvements or other property which was in or about the Premises at the time of the Aggregate Leased Property damage and was not owned by Landlord. Base Rent and Additional Rent due under this Lease during any untenantable period hereunder shall be abated in proportion to the Lease Agreements remain portion of the Premises rendered untenable during the untenantable period. Tenant agrees to look to the provider of Tenant's insurance for coverage for the loss of Tenant's use of the Premises and any other related losses or damages incurred by Tenant during any reconstruction period. Notwithstanding anything to the contrary contained in full force and effect in accordance herewithSection 4.9.1 or 4.9.3 relating to insufficient insurance proceeds, Landlord shall furnish to Tenant if the estimated cost of repair of such casualty exceeds the amount of the Award actually received by Landlord, in order for Tenant to accomplish all necessary restoration as reasonably determined by Tenant in consultation with Landlord. If Tenant receives an Award, Tenant shall repair or restore any Tenant Improvements up to but not exceeding the amount of the Award insurance proceeds which are payable to Tenant therefor. Before beginning such restoration, or letting any contracts in connection with such restoration, Tenant will submit for Landlord’s approval, which approval Landlord will not unreasonably withhold or delay, complete and detailed plans and specifications for such restoration. Promptly after receiving Landlord’s approval of the plans and specifications, Tenant will begin such restoration and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, terroristic threats or actions, and other causes beyond Tenant’s reasonable control. Landlord will make available to Tenant the net proceeds of any Award paid to Landlord for such restoration, after deduction of any costs of collection, including attorneys’ fees and expenses. Payment will be made against properly certified vouchers of a competent architect in charge the restoration of the work Premises (the "Uninsured Cost of Repair"), Landlord and approved by Landlord. Prior to commencing Tenant agree as follows: (a) if the restorationUninsured Cost of Repair (including any deductible) is less than Ten Thousand Dollars ($10,000.00) and Landlord does not have another basis for terminating this Lease (e.g., Tenant the repair will take longer than 210 days or the casualty occurs during the final twelve (12) months of the Lease Term), then this Lease shall deliver to Landlord for Landlord’s approval a schedule setting forth the estimated monthly draws for such work. Upon the completion of restoration not terminate, and the furnishing provisions of such proof, the balance Section 4.9.1 governing Landlord's restoration of the Award will be paid Premises shall apply (which shall include, without limitation, Tenant's obligation to pay Tenant. Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the Aggregate Leased Property is reoccupied for any purpose. Tenant shall complete such restoration free and clear of mechanic’s, construction or other liens, and in accordance with the building codes and all applicable laws, ordinances, rules, regulations, permits, approvals or orders of any state, municipal, or other public authority affecting the restoration, and also in accordance with all requirements 's Pro Rata Share of the insurance rating organizationapplicable deductible); and (b) if the Uninsured Cost of Repair (including any deductible) is more than Ten Thousand Dollars ($10,000.00), or similar body applicable to the Aggregate Leased Property. Any remaining proceeds of the Award otherwise payable after such restoration is completed will be Tenant’s property.then Landlord may elect in its absolute

Appears in 1 contract

Samples: Letter and Construction Agreement (Oakley Inc)

Restoration of Premises. If there is a Condemnation of the Aggregate Leased Property and the Lease Agreements remain in full force and effect in accordance herewithPremises are damaged by fire, Landlord earthquake or other casualty, Tenant shall furnish give immediate written notice thereof to Tenant the amount of the Award actually received by Landlord, in order for Tenant to accomplish all necessary restoration as reasonably determined by Tenant in consultation with Landlord. If Tenant receives an AwardLandlord reasonably estimates, Tenant shall repair or restore any Tenant Improvements up to but not exceeding that the amount of the Award payable to Tenant therefor. Before beginning such restoration, or letting any contracts in connection with such restoration, Tenant will submit for Landlord’s approval, which approval Landlord will not unreasonably withhold or delay, complete and detailed plans and specifications for such restoration. Promptly after receiving Landlord’s approval of the plans and specifications, Tenant will begin such restoration and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, terroristic threats or actions, and other causes beyond Tenant’s reasonable control. Landlord will make available to Tenant the net proceeds of any Award paid to Landlord for such restoration, after deduction of any costs of collection, including attorneys’ fees and expenses. Payment will damage can be made against properly certified vouchers of a competent architect in charge of the work and approved by Landlord. Prior to commencing the restoration, Tenant shall deliver to Landlord for Landlord’s approval a schedule setting forth the estimated monthly draws for such work. Upon the completion of restoration and the furnishing of such proof, the balance of the Award will be paid to Tenant. Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the Aggregate Leased Property is reoccupied for any purpose. Tenant shall complete such restoration free and clear of mechanic’s, construction or other liens, and repaired in accordance with the building codes then established Governmental Requirements within two hundred ten (210) days after Landlord is notified by Tenant of such damage and all applicable lawsif there are sufficient insurance proceeds available to repair such damage, ordinancesthen Landlord shall proceed with reasonable diligence to restore the Premises to substantially the condition which existed prior to the damage and this Lease shall not terminate. If, rulesin Landlord's reasonable estimation, regulationsthe damage cannot be repaired within such 210 day period or if there are insufficient insurance proceeds available to repair such damage, permitsLandlord may elect in its absolute discretion to either: (a) terminate this Lease or (b) restore the Premises to substantially the condition which existed prior to the damage and this Lease will continue. If Landlord restores the Premises under this paragraph, approvals or orders then (1) the Lease Term shall be extended for the time required to complete such restoration, (2) Tenant shall pay to Landlord, upon demand, Tenant's Pro Rata Share of any stateapplicable deductible amount specified under Landlord's insurance and (3) Landlord shall not be required to repair or restore Tenant Improvements, municipalTenant Alterations, or any or all furniture, fixtures, equipment, inventory, improvements or other public authority affecting property which was in or about the restoration, and also in accordance with all requirements Premises at the time of the insurance rating organization, or similar body applicable damage and was not owned by Landlord. Except to the Aggregate Leased Propertyextent that Landlord is actually reimbursed by rental loss insurance, Base Rent, Additional Rent and any other sum due under this Lease during any reconstruction period shall not be abated. Any remaining proceeds Tenant agrees to look to the provider of Tenant's insurance for coverage for the loss of Tenant's use of the Award otherwise payable after such restoration is completed will be Tenant’s propertyPremises and any other related losses or damages incurred by Tenant during any reconstruction period.

Appears in 1 contract

Samples: Lease (MRV Communications Inc)

Restoration of Premises. If there is a Condemnation of the Aggregate Leased Property and the Lease Agreements remain in full force and effect in accordance herewithPremises are damaged by fire, Landlord earthquake or other casualty, Tenant shall furnish give immediate written notice thereof to Tenant the amount of the Award actually received by Landlord, in order for Tenant to accomplish all necessary restoration as reasonably determined by Tenant in consultation with Landlord. If Tenant receives an Award, Tenant shall repair or restore any Tenant Improvements up to but not exceeding Landlord estimates that the amount of the Award payable to Tenant therefor. Before beginning such restoration, or letting any contracts in connection with such restoration, Tenant will submit for Landlord’s approval, which approval Landlord will not unreasonably withhold or delay, complete and detailed plans and specifications for such restoration. Promptly after receiving Landlord’s approval of the plans and specifications, Tenant will begin such restoration and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, terroristic threats or actions, and other causes beyond Tenant’s reasonable control. Landlord will make available to Tenant the net proceeds of any Award paid to Landlord for such restoration, after deduction of any costs of collection, including attorneys’ fees and expenses. Payment will damage can be made against properly certified vouchers of a competent architect in charge of the work and approved by Landlord. Prior to commencing the restoration, Tenant shall deliver to Landlord for Landlord’s approval a schedule setting forth the estimated monthly draws for such work. Upon the completion of restoration and the furnishing of such proof, the balance of the Award will be paid to Tenant. Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the Aggregate Leased Property is reoccupied for any purpose. Tenant shall complete such restoration free and clear of mechanic’s, construction or other liens, and repaired in accordance with the building codes then established Governmental Requirements within two hundred seventy (270) days after Landlord is notified by Tenant of such damage (which estimate shall be delivered to Tenant by Landlord within forty-five (45) days after Landlord has knowledge of the damage) and all applicable lawsif there are sufficient insurance proceeds available to repair such damage, ordinancesthen Landlord shall proceed with reasonable diligence to restore the Building to substantially the condition which existed prior to the damage and this Lease shall not terminate. If, rulesin Landlord's estimation, regulationsthe damage cannot be repaired within such 270 day period or if there are insufficient insurance proceeds available to repair such damage, permitsLandlord may elect in its absolute discretion to either: (a) terminate this Lease or (b) restore the Building to substantially the condition which existed prior to the damage and this Lease will continue. If Landlord restores the Building under this paragraph, approvals or orders then (1) the Lease Term shall be extended for the time required to complete such restoration, (2) Tenant shall pay to Landlord, upon demand, Tenant's Pro Rata Share of any stateapplicable deductible amount specified under Landlord's insurance and (3) Landlord shall not be required to repair or restore Tenant Improvements, municipalTenant Alterations, or any or all furniture, fixtures, equipment, inventory, improvements or other public authority affecting property which was in or about the restoration, and also in accordance with all requirements Premises at the time of the insurance rating organizationdamage and was not owned by Landlord. Base Rent, or similar body applicable Additional Rent and any other sum due under this Lease during any reconstruction period shall be abated in proportion to the Aggregate Leased Property. Any remaining proceeds portion of the Award otherwise payable after such restoration is completed will be Tenant’s property.Premises rendered untenantable by the damage. 4.9.2

Appears in 1 contract

Samples: Letter and Construction Agreement (Childrens Place Retail Stores Inc)

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