DESTRUCTION OF PREMISES definition

DESTRUCTION OF PREMISES. If the Premises, the Building, or the Property is rendered substantially untenantable by fire or other casualty, the Landlord may elect, by giving the Tenant written notice within sixty (60) days after the date of the fire or casualty, either to: (a) terminate this Lease as of the date of the fire or other casualty; or (b) proceed to repair or restore the Premises, the Building, or the Property (other than the leasehold improvements and personal property installed by the Tenant), to substantially the same condition as existed immediately prior to fire or other casualty. If the Landlord elects to proceed pursuant to 16(b) above, the Landlord's notice shall contain the Landlord's reasonable estimate of the time required to substantially complete the repair or restoration. If the estimate indicates that the time so required will exceed one hundred twenty (120) days from the date of the casualty and the Landlord does not make available to the Tenant for its use and occupancy other office space, substantially similar to the Premises and located in the Property or in the Center, if any, pursuant to Section 23, then the Tenant shall have the right to terminate this Lease as of the date of such casualty by giving written notice to the Landlord not later than ten (10) days after the date of the Landlord's notice. If the Landlord's estimate indicates that the repair or restoration can be substantially completed within one hundred twenty (120) days, or if the Tenant fails to exercise its right to terminate this Lease, this Lease shall remain in force and effect. If the Premises are damaged by fire or other casualty but the Premises are not rendered substantially untenantable, then the Landlord shall diligently proceed to repair and restore the damaged portions thereof (other than the leasehold improvements and personal property installed by the Tenant), to substantially the same condition as existed immediately prior to such fire or other casualty, unless such damage occurs during the last twelve (12) months of the Term, in which event the Landlord shall have the right to terminate this Lease as of the date of such fire or 4 of 8 other casualty by giving written notice to the Tenant within thirty (30) days after the date of such fire or other casualty. If all or any part of the Premises are damaged by fire or other casualty and this Lease is not terminated, the Rent shall ▇▇▇▇▇ for that part of the Premises which are untenantable on a per diem and proportionate area ...
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DESTRUCTION OF PREMISES. If at any time during the Lease Term there is damage to the Premises, Lessee shall, at Lessee's expense, repair such damage to the Premises including all tenant improvements as soon as reasonably possible and this Lease shall continue in full force and effect. The Rent payable hereunder for the period from the date of such damage and during the period in which such damage, repair or restoration continues shall be abated in proportion to the degree to which Lessee's use of the Premises is impaired, to the extent that proceeds of such Loss of Rents Insurance Coverage is actually received by Lessor. Except for abatement of Rent, if any, Lessee shall have no claim against Lessor for any damage suffered by reason of any such damage, destruction, repair or restoration. Notwithstanding the above, during the last twelve (12) months of the Lease Term unless Lessee exercises or has exercised its option to renew the Lease, if more than 33% of the Premises are damaged, Lessor or Lessee may cancel the Lease with written notice to the other party within ten (10) days of the date of damage. If either Lessor or Lessee cancels the Lease, Lessee shall pay to Lessor the full replacement cost of the repair or restoration of the damaged Premises, and provided that Lessee makes such payment to Lessor, then Lessee shall receive all insurance proceeds attributable to such damage to the Premises.
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DESTRUCTION OF PREMISES. If the building in which the herein demised premises is situated shall be damaged or destroyed by fire, earthquake, act of God, or the elements, Tenant shall give immediate notice thereof to Landlord and Landlord shall forthwith repair the same, provided that there are sufficient proceeds from said insurance to cover the cost of restoration (assuming Landlord is carrying the insurance required to be carried by landlord by this lease), and provided such repairs can be made under the laws and regulations of State, County or Municipal authorities, but such destruction or damage shall in no event annul or void this lease. Tenant shall be entitled to a proportionate deduction of rent while such repairs are being made, such proportionate deduction to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the said premises. If such repairs can not be made in said manner in sixty (60) days, the Landlord may, at its option, make same within a reasonable time, this lease continuing in full force and effect, but the Tenant shall be entitled to a proportionate deduction of rent while such repairs are being made as herein above provided. In the event that the Landlord does not so elect to make such repairs, this lease may be terminated at the option of either party. In the event that the Landlord within sixty (60) days of the date of the destruction does not notify Tenant in writing of Landlord's intent to elect to make such repairs, this lease may be terminated at the option of either party. In respect to any damage or destruction which Landlord is obligated to repair or may elect to repair under the terms of this paragraph, the provision of Section 1932, Subdivision 2, and of Section 1933,
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Examples of DESTRUCTION OF PREMISES in a sentence

  • DAMAGE OR DESTRUCTION OF PREMISES In the event the premises are destroyed or becomes damaged to the extent that they are not fit for the use, time reserved will be terminated.

  • DESTRUCTION OF PREMISES of the Lease, in the event Landlord cannot complete the repairs and return possession to Tenant within a period of six (6) months, Tenant shall have the option of terminating this Lease.

  • DAMAGE OR DESTRUCTION OF PREMISES: If the Premises are wholly destroyed by fire or other casualty, this lease shall terminate.

  • NOTE: IT IS STRONGLY RECOMMENDED THAT, UPON DISCOVERY OF DAMAGE OF DESTRUCTION OF PREMISES, THE PARTIES RETAIN LEGAL COUNSEL.

  • DAMAGE OR DESTRUCTION OF PREMISES..................................................

  • DESTRUCTION OF PREMISES Continuance of Lease: In the event the Premises shall be partially or totally destroyed by fire or other casualty insured under the provisions of Section 8.01 above, so as to become partially or totally untenantable, then the damage to the Premises shall be promptly repaired, unless Landlord shall elect not to rebuild or repair as hereinafter set forth.

  • DAMAGE OR DESTRUCTION OF PREMISES: Should fire or any Act of God damage said premises so as to make them untenable, this lease shall become null and void and all rights and obligations of all parties thereunder shall be extinguished.

  • DAMAGE TO OR DESTRUCTION OF PREMISES If the Property is destroyed or so damaged that they can no longer be beneficially occupied, this Agreement shall terminate when that happens unless the parties agree in writing otherwise.

  • DESTRUCTION OF PREMISES: IN THE EVENT OF PARTIAL DESTRUCTION OF THE PREMISES, FROM ANY CAUSE, AND REPAIRS CAN BE MADE WITHIN 60 DAYS UNDER EXISTING LAWS AND REGULATIONS, LESSOR SHALL FORTHWITH REPAIR THE SAME.

  • DBA has read and agrees to comply with the requirements under Article 20: DAMAGE AND DESTRUCTION OF PREMISES Lease attached hereto as Exhibit A.

Related to DESTRUCTION OF PREMISES

  • Premises Building Partial Damage means if the Building of which the Premises are a part is damaged or destroyed to the extent that the cost to repair is less than fifty percent (50%) of the then Replacement Cost of the building.

  • Destruction means any damage to, loss or destruction of all or any portion of the Collateral.

  • Premises Building Total Destruction means if the Building of which the Premises are a part is damaged or destroyed to the extent that the cost to repair is fifty percent (50%) or more of the then Replacement Cost of the Building.

  • Off-premises sign means a sign relating, through its mes­ sage and content, to a business activity, product, or service not available on the premises upon which the sign is erected.

  • Premises Partial Damage means damage or destruction to the Premises, other than Lessee-Owned Alterations and Utility Installations, the repair cost of which damage or destruction is less than fifty percent (50%) of the then Replacement Cost (as defined in Paragraph 9.1(d)) of the Premises (excluding Lessee-Owned Alterations and Utility Installations and Trade Fixtures) immediately prior to such damage or destruction.