Destruction of the Premises. (a) In the event of a partial destruction of the Premises (i.e., less than fifty percent (50%) of its Rentable Area) during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty (or the proceeds that would have been received by Lessor had Lessor maintained the insurance required of Lessor in Subsection 7.01 above, in the event Lessor fails to maintain such insurance) and the deductible from Lessee which Lessee shall pay Lessee’s Share to Lessor within thirty (30) business days after demand, shall forthwith repair the same, including without limitation all Tenant Improvements and Alterations, whether or not originally paid for or constructed by Lessor or Lessee, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01(b) or 8.01(c) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to rental income insurance proceeds received by Lessor (or the proceeds that would have been received by Lessor had Lessor maintained the insurance required of Lessor in subsection 7.01 above, in the event Lessor fails to maintain such insurance) and provided further that Lessee shall repair all damage and destruction to those items as to which Lessee is required to maintain fire and casualty insurance under Section 7.02 above. Lessor and Lessee each shall use diligence in making such repairs within a reasonable time period, subject to the Force Majeure provisions of Section 17.21, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided above in this Section. If the Premises are damaged by any peril within six (6) months prior to the last day of the Lease Term (or, if Lessee has delivered its Option Notice pursuant to Section 3.03(a) above, within six (6) months prior to the last day of the Extended Term) and, in the reasonable opinion of the Lessor’s architect or construction consultant, the restoration of the Premises cannot be substantially completed within thirty (30) days after the date of such damage Lessor or Lessee may terminate this Lease on thirty (30) days written notice to the other party.
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
Destruction of the Premises. If the Premises are damaged, in whole or in part, by fire or other casualty, but the Building is not substantially destroyed as provided above, then the parties hereto shall have the following options:
Destruction of the Premises. Should the Building in which the Premises is situated be destroyed by fire or through any other cause during the period of this lease in such manner to render the Premises untenantable, then this lease shall in consequence be terminated. Should the Building be only damaged or partially destroyed by fire or through any other cause, but the Premises remains tenantable then this lease shall not be terminated, and the Lessee shall continue to pay the rent payable.
Destruction of the Premises. If prior to delivery of deed or agreement for deed the 215 improvements on the premises shall be destroyed or materially damaged by fire or other 216 casualty, Buyer shall have the option of declaring this Contract void and receiving a refund 217 of xxxxxxx money paid, or of accepting the premises as damaged or destroyed, together with 218 the proceeds of any insurance payable as a result of the destruction or damage, which 219 proceeds Xxxxxx agrees to assign to Xxxxx.
Destruction of the Premises. If the Building is totally destroyed by fire or any other cause, this Agreement, at the option of LESSEE, shall terminate. If a loss renders any portion of the Premises unusable, LESSEE may choose to remain or may terminate this Agreement by written notice to SBCAG. Should LESSEE choose to remain, SBCAG shall, as reasonably possible, promptly repair the Premises within ninety (90) days of the casualty. If XXXXXX chooses to remain in possession of the Premises despite partial destruction, the rent provided in this Agreement shall be reduced by the same percentage that usable floor space has been reduced until the destroyed section is rebuilt to its condition prior to the casualty.
Destruction of the Premises. If neither party assumes the duty to repair or rebuild, either party may terminate the lease upon complete destruction of the premises (so long as the party seeking to terminate the lease is not a cause of the destruction). If the premises are only partially destroyed (due to no fault of the tenant), the tenant may terminate the lease upon delivery of written notice to the landlord if a substantial portion of the premises is damaged or if a material portion of the premises necessary for tenant’s use is damaged. Unless the lease provides otherwise, however, a tenant may not terminate the lease if the damage or destruction occurs to a part of the property not actually leased by the tenant; e.g., a ground lessee may not terminate a lease if a building situated on the leased land is damaged or destroyed. If damage or destruction occurs and the lease continues in effect (either because neither party has the right to terminate the lease or neither party elects to do so), the tenant may not apportion rent if the lease does not permit apportionment and rent is required be paid in advance, even if the premises are uninhabitable. Of course, if the tenant is entitled to exercise a right to terminate, a shrewd tenant desirous of staying in the premises would probably threaten to exercise its right to terminate if the landlord would not permit a retroactive apportionment of rent. If a commercial landlord assumes an unconditional obligation to repair or rebuild the leased premises in the event of damage or destruction (as contrasted with an obligation merely to repair and maintain the premises), the tenant cannot terminate the lease. A landlord’s general covenant to repair and maintain the premises, however, does not preclude the tenant from exercising a right to terminate when the premises are totally destroyed. In addition, if a commercial lease gives the tenant a right to terminate the lease within a certain period of time after the damage or destruction occurs, the tenant may terminate the lease within that time-frame, even if the landlord has commenced the repair or rebuilding. Frustration of commercial purpose. Although a tenant may lease property for a specific purpose, the tenant may not terminate the lease because that purpose is frustrated. However, if the lease specifies and limits the tenant’s use of the premises, the tenant may be excused from performance and terminate the lease if the tenant may no longer use the premises for the purpose specified in the l...
Destruction of the Premises. 12 SECTION 17.01 DESTRUCTION ........................................... 12 ARTICLE XVIII. CONDEMNATION ............................................... 13 SECTION 18.01 CONDEMNATION .......................................... 13
Destruction of the Premises. In case of damage by fire or other elements so as to render the Premises herein described untenantable or as to cause a cessation of business as a result thereof, Landlord and Tenant shall immediately notify the other in writing of such damage. Rent shall cease during the time that the Premises are untenantable and shall commence again on the day following completion of the repairs. In the event the Premises cannot be repaired or rebuilt within 90 days, then either party shall have the option to terminate this Lease upon notice to the other party.
Destruction of the Premises. In case the building shall be at any time, wholly or partially, destroyed by fire or other unavoidable casualty so that the premises shall be unfit for occupation or use; or in the event the building is wholly or partially, destroyed by any cause whatsoever, excepting the negligence or willful misconduct of the Concessionaire, rental payments shall be suspended and prorated until such time as the structure is repaired or rebuilt. If the building is damaged, the City shall have no obligation to rebuild or repair.
