Casualty Damage Repair and Restoration Obligations Clause

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A Casualty Damage Repair and Restoration Obligations Clause is a real-estate lease agreement clause that outlines the responsibilities and procedures for repairing and restoring leased property following damage caused by casualty events such as fires, natural disasters, or other unforeseen but pre-specified events.

  • Context:
  • Example(s):
    • Lessee-Friendly Language: "In the event of damage to the Leased Premises due to fire, natural disasters, or other casualty events not caused by the Lessee or associated parties, the Lessor shall, at the Lessor's sole expense, commence and diligently pursue the repair of such damages within thirty (30) days of notification or discovery of the damage. The Lessor shall ensure the restoration of the Leased Premises to its condition prior to the damage, including all improvements and customizations made by the Lessee. During the repair period, the Lessee shall be entitled to a proportional reduction in rent, commencing from the date of damage until the completion of the repairs, ensuring minimal disruption to the Lessee's business operations."
    • Lessor-Friendly Language: "The Lessor shall undertake the repair of damages to the Leased Premises caused by fire, natural disasters, or other casualty events, provided such damages are not due to the Lessee's negligence or intentional acts. The commencement and completion of repairs shall be at the Lessor’s discretion, subject to reasonable timelines. The Lessee shall not be entitled to a rent reduction during the repair period unless the Leased Premises are rendered wholly unusable. The Lessee must notify the Lessor of any damages within five (5) days of occurrence, failing which the Lessee shall bear the cost of such repairs."
    • Lessee-Lessor Neutral Language: "Upon the occurrence of damage to the Leased Premises resulting from fire, natural disasters, or other casualty events, the Lessor agrees to repair such damages, provided they do not result from the Lessee's negligence or willful misconduct. Repairs shall commence within a reasonable timeframe, not to exceed sixty (60) days from the Lessor’s receipt of notice or discovery of the damage, and shall be completed in a good and workmanlike manner. The rent shall be proportionately adjusted based on the extent of the premises' unusability, effective from the date of damage until the repairs are completed. Both parties agree to cooperate fully to ensure the timely and efficient restoration of the Leased Premises."
    • "Upon casualty damage, the Lessor is to begin and continue repairs to the Leased Premises in a timely and thorough manner, with the aim of restoring to its prior condition. (Casualty Clause Comprehensive Repair Obligations Provision)
      The Tenant must provide the Landlord with written notice of the damage within 5 days, including a comprehensive estimate of the expected repair costs and timeline. (Casualty Clause Notification Procedures Provision)
      To facilitate these repairs, the Tenant agrees to remove all personal property at their own expense within 10 days, ensuring the premises are ready for the necessary work. (Casualty Clause Financial Arrangements Provision)

      In recognition of the potential impact on the Tenant's use of the Building, the rent will be reduced by 50% for any part of the premises that is unusable or inaccessible, starting from the date of damage until the completion of repairs (Casualty Clause Repair Quality Standards Provision).
      Should it be determined that the repairs cannot be completed within 180 days from the date of the casualty, either party may opt to terminate the lease by providing the other with 30 days' written notice. (Casualty Clause Lease Modification and Termination Provision)
      This clause guarantees that restoration efforts will not only return the Property to its former state but potentially improve it, adhering to the highest quality standards and regulatory compliance. (Casualty Clause Repair Quality Standards Provision)      "
    • One within a commercial lease agreement that mandates the landlord to undertake all necessary repairs and restorations following a fire, ensuring minimal disruption to the tenant's business operations.
    • One in a residential lease agreement that allows for lease termination by the tenant if the landlord fails to complete essential repairs caused by natural disasters within six months.
    • ..
  • Counter-Example(s):
  • See: Lease Agreement Obligation to Repair Clause, Casualty Event, Rent Abatement Clause, Lessor and Lessee Responsibilities, Termination Rights in Lease Agreements.

References

2024

  • GPT-4
    • Casualty Clause Comprehensive Repair Obligations Provision:
      • "Landlord shall promptly commence and diligently prosecute to completion the repair, restoration, or rebuilding of the Property so damaged or destroyed to a condition such that the Property shall be at least equal in value to that immediately prior to the damage, in full compliance with all Legal Requirements and the provisions of all Leases, ensuring the foundation, roof, and structural portions of exterior walls are in good order, condition, and repair.".
    • Casualty Clause Notification Procedures Provision:
      • "In the event of any damage to or destruction of the Property, Tenant shall give prompt written notice to Landlord, and will diligently proceed to obtain estimates to enable Landlord to quantify the anticipated cost and time required for such restoration, whereupon Tenant shall promptly notify Landlord of such good faith estimate.".
    • Casualty Clause Financial Arrangements Provision:
      • "Tenant's sole cost and expense, promptly remove Tenant's fixtures, inventory, equipment, and other Property, to the extent required to enable Landlord to make such repairs, indicating that tenants are responsible for certain costs related to making the premises accessible for repairs.".
    • Casualty Clause Financial Arrangements Provision:
      • "Tenant's sole cost and expense, promptly remove Tenant's fixtures, inventory, equipment, and other Property, to the extent required to enable Landlord to make such repairs, indicating that tenants are responsible for certain costs related to making the premises accessible for repairs.".
    • Casualty Clause Rent Adjustment Mechanisms Provision:
      • "Rent shall proportionately abate during the time that the Building or part thereof is unusable or inaccessible because of any such damage.".
    • Casualty Clause Lease Modification and Termination Provision:
      • "If the Casualty Notice provides that the Leased Premises is destroyed to the extent that it cannot be repaired or rebuilt within one hundred eighty (180) days from the casualty date, then either Landlord or Tenant may, upon thirty (30) days’ written notice to the other party, terminate this Lease with respect to matters thereafter accruing.".
    • Casualty Clause Repair Quality Standards Provision:
      • "Restoring the property to a condition such that the Property shall be at least equal in value to that immediately prior to the damage.".
    • Casualty Clause Force Majeure Considerations Provision:
      • ""If the Hotel is damaged by any casualty and the cost to restore the Hotel to the same condition as existed previously is less than 60% of the Hotel’s replacement cost at the time of the casualty.".

2024

  • https://www.lawinsider.com/clause/casualty-restoration
    • Comprehensive Casualty Restoration Clause

      "In the event of damage or destruction to the Property, the Borrower (or Tenant) must promptly notify the Lender (or Landlord) with a good faith estimate of repair or restoration costs. Provided that such restoration complies with all Legal Requirements, the Borrower (or Tenant) shall commence and diligently complete the repair, restoration, or rebuilding work (referred to as "Work") to restore the Property to at least its value prior to the casualty, in accordance with all lease provisions and legal requirements. If the cost to restore is less than 60% of the replacement cost, or if specific conditions met allow, the Franchisee (or Landlord) will ensure prompt renovation and reopening. The obligation to restore includes only those improvements originally required by the Landlord, excluding Tenant's alterations. Rent shall be proportionately abated during unusability. If restoration cannot be completed within 180 days or other specified conditions are met, either party may terminate the lease with proper notice. However, if the lease term remaining is less than five years, options for lease extension or adjustment apply, ensuring the Property's value and operational continuity."

    • Casualty Restoration and Termination Rights Clause

      "Upon any casualty leading to partial or total destruction of the Leased Premises, the Tenant is required to give immediate written notice to the Landlord. The Landlord is then obligated to promptly begin and diligently pursue restoration work, with the work scope limited to the Landlord's original commitments under the work letter, ensuring compliance with all Legal Requirements. If the Landlord estimates the restoration to exceed 180 days, or if restoration is not feasible due to legal restrictions, insurance proceeds limitations, or mortgagee requirements, either party holds the right to terminate the agreement. Landlord's decision to terminate based on these conditions must be communicated within 60 days post-casualty. Rent adjustments during the restoration period reflect the extent of premises usability, with specific provisions for lease termination by the Tenant if restoration timelines are not met, ensuring both parties have clear expectations and protections in the event of casualty damage."

2024

  • https://www.lawinsider.com/clause/casualty-damage
    • Comprehensive Casualty Damage and Restoration Clause.

      "In the event of casualty damage to the Premises, caused by fire, natural disaster, or other unforeseen events, the Tenant shall promptly notify the Landlord in writing. The Landlord is obligated to commence repairs or restoration within a reasonable timeframe, not exceeding sixty (60) days from receiving such notice, subject to insurance proceeds availability and barring delays due to force majeure. Restoration shall return the Premises to its pre-casualty condition, excluding Tenant's personal property and alterations not authorized by the Landlord. Should the damage render the Premises wholly unusable, the Tenant is entitled to a proportionate abatement of rent until restoration is complete. However, if the Landlord determines, based on an independent assessment, that full restoration is not feasible within 180 days or the insurance proceeds are insufficient, both parties have the right to terminate the lease with written notice. In such termination, any prepaid rent and security deposit will be refunded to the Tenant."

    • Casualty Damage Termination and Rent Adjustment Clause

      "Upon occurrence of significant damage to the Premises or Building from a casualty not attributable to the Tenant's negligence, the Tenant must notify the Landlord immediately. If the damage significantly impairs the use of the Premises and if repairs are estimated to extend beyond 240 days or the end of the lease term is less than one year away, the Landlord may opt to terminate the lease, with such decision and notice to be provided to the Tenant within thirty (30) days of damage assessment. Alternatively, if the Landlord opts for restoration and such restoration is feasible within the determined timeframe, rent shall be abated in proportion to the unusability of the Premises, commencing from the casualty date until restoration completion. The Landlord is not required to compensate for or restore any of the Tenant's personal property or unauthorized alterations. In instances of partial damage where the Premises remain partially tenantable, the Tenant's rent obligation shall be adjusted to reflect the usable portion of the Premises."

    • Casualty Damage. A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant's Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease.
      • Appears in 326 contracts Office Lease Agreement (Tenfold Corp /Ut) , Office Lease Agreement (Tenfold Corp /Ut) , Office Lease Agreement (C Bridge Internet Solutions Inc) See all 326 variations →
    • Casualty Damage. 16.01 If all or any portion of the Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs.
      • Appears in 135 contracts Office Lease Agreement (Z Axis Corp) , Office Lease Agreement (Intelius Inc) , Office Lease Agreement (NYTEX Energy Holdings, Inc.) See all 135 variations →
    • Casualty Damage. . With reasonable promptness after discovering any damage to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises are affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to...
      • Appears in 80 contracts Office Lease (Nutanix, Inc.) , Office Lease (Nutanix, Inc.) , Office Lease (Nutanix, Inc.) See all 80 variations →
    • Casualty Damage. . In the event that the Buildings or any part thereof shall be damaged by fire or other casualty, then Grantor shall use reasonable effort to reconstruct the Façade to the condition required under this Agreement. If the Building is damaged to such an extent that Grantor determines that reconstruction of said Building is not feasible and provides Grantee with a statement from an independent engineer to the same effect, then this Agreement shall be void and of no further force or effect with respect to said Building.
      • Appears in 46 contracts Façade Easement Agreement , Façade Easement Agreement , Redevelopment Agreement See all 46 variations →
    • Casualty Damage. . If the Premises are damaged or destroyed other than by wrongful or negligent acts of Tenant or persons on the Premises with Xxxxxx’s consent, so that the use of the Premises is substantially impaired, Tenant may terminate the Lease within 30 days after the damage or destruction and Tenant will immediately vacate the Premises. If Tenant vacates, Tenant is not liable for rent that would have been due after the date of termination. Tenant may vacate the part of the Premises rendered unusable by the damage or destruction, in which case Tenant’s liability for rent shall be reduced by the fair rental value of the part of the Premises that was damaged or destroyed.
      • Appears in 41 contracts Leaserental Agreement , Residential Lease , www.floridasupremecourt.org See all 41 variations →
    • Casualty Damage. . If the Dwelling Unit is damaged by fire or other casualty, by the failure of or malfunction of any equipment or utilities serving the Dwelling Unit, Tenant shall promptly notify Landlord. If, in the sole determination of Landlord, such damage does not render the Dwelling Unit substantially impaired or require repairs requiring Tenant to vacate the Dwelling Unit, Landlord shall repair the same within a reasonable period of time after service upon Landlord of written notice of such damage by Xxxxxx, and Rent shall not xxxxx during the period of such repairs. If the Dwelling Unit or any part thereof is damaged by fire or other casualty to such an extent that use of the Dwelling Unit is substantially impaired, or required repairs can be made only by Tenant vacating the Dwelling Unit, in the sole determination of Landlord, either Landlord or Tenant shall have the right to terminate the Lease in accordance with the terms of Section 55-248.24 of the VRLTA, and subject to Section 9(e) of the Lease. Landlord shall account to Tenant for the Security Deposit and prepaid rent, as applicable, plus accrued interest on the Security Deposit (if any) based upon the damage or casualty. However, if Landlord reasonably believes that Xxxxxx, Xxxxxx’s guests, invitees or authorized occupants were the cause of the damage or casualty, Landlord shall so notify Tenant and make disposition of the Security Deposit and prepaid rent by advising Tenant that such funds will be held until a determination is made of the amount of damages caused by Xxxxxx’s acts. Landlord shall have the right to apply the Security Deposit and prepaid rent to the damage so caused by Xxxxxx, Xxxxxx’s guests, invitees, or authorized occupants. Except as otherwise provided herein, Tenant and Landlord do hereby otherwise release each other from any and all liability, loss, damage or claim resulting from any casualty and agree to secure from their insurers acknowledgement of such release and a waiver of any rights of subrogation.
      • Appears in 26 contracts Estate Residential Lease Agreement See all 26 variations →
    • Casualty Damage. (a) Tenant shall give written notice to Landlord of any damage to the Premises or the Building promptly on discovery of the same. If the Premises or the Building is totally destroyed by an insured peril, or so damaged by an insured peril that, in Landlord's reasonable estimation, rebuilding or repairs cannot be substantially completed within 90 days after the date of Landlord's actual knowledge of such damage, then either Landlord or (if a Tenant Party did not cause such damage) Tenant may terminate this Lease by delivering to the other written notice thereof within 30 days after such damage, in which case, the rent shall be abated from the date of occurrence through the unexpired portion of this Lease, effective upon the date such damage occurred. Time is of the essence with respect to the delivery of such notices.
      • Appears in 25 contracts Lease Agreement (Ixc Communications Inc) , Lease Agreement (Ixc Communications Inc) See all 25 variations →
    • Casualty Damage. . In the event of damage or destruction of the Premises by fire or any other casualty, this Lease shall not be terminated, but the Premises shall be promptly and fully repaired or restored, as the case may be, by Landlord at its own cost and expense in an amount not to exceed the amount of insurance proceeds available. Due allowance, however, shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, national emergencies and other conditions beyond the control of Landlord. It is agreed that in any of the aforesaid events, this Lease shall continue in full force and effect, but if the condition is such so as to make the entire Premises untenantable for practical use for Tenant's purposes, then the Rent which Tenant is obligated to pay hereunder shall xxxxx as of the date of the occurrence until the Premises have been fully and completely restored by Landlord. Any unpaid or prepaid Rent for the month in which said condition occurs shall be prorated. If the Premises are partially damaged or destroyed but the Tenant can still make practical use of the balance of the Premises; then during the period that Tenant is deprived of the use of the damaged portion of said Premises, Tenant shall be required to pay Rent covering only that part of the Premises that it is able to occupy, based on that portion of total rent which the amount of square foot area remaining that can be occupied bears to the total square foot area of all the Premises covered by this Lease. In the event that twenty five per cent (25%) or more of the Premises are damaged or destroyed by fire or other casualty so as to be untenantable for practical use for Tenant's purposes and it shall require more than one hundred eighty (180) days for Landlord to substantially complete restoration of same as reasonably concurred on by Tenant, then either party hereto upon written notice delivered within thirty (30) days of the fire or other casualty to the other party may terminate this Lease, in which case the Rent shall be apportioned and paid to the date of said fire or other casualty. Subject to the foregoing, no compensation, or claim, or diminution of Rent will be allowed or paid, by Landlord, by reason of consequential damages, inconvenience, annoyance, or injury to business, arising from the necessity of repairing the Premises or any portion of...
      • Appears in 25 contracts Confidentiality Agreement (Network Access Solutions Corp) See all 25 variations →
    • Casualty Damage. . Notwithstanding anything else herein to the contrary, if prior to Closing the Purchased Assets (or any portion thereof) are damaged by fire or any other cause, the reasonable estimate of the immediate repair of which would cost more than Fifty Thousand Dollars ($50,000.00), Buyer at its option, by providing written notice to Seller within ten (10) business days after Buyer’s receipt of notice of such loss, may declare this Agreement null and void, or Buyer may close the transactions hereunder subject to reduction of the Purchase Price by the amount of any applicable insurance deductible which shall be paid by Buyer and assignment to Buyer of the proceeds from any insurance carried by Seller covering such loss. If prior to Closing the Purchased Assets (or any portion thereof) are damaged by fire or any other cause, the reasonable estimate of the repair of which would cost Fifty Thousand Dollars ($50,000.00) or less, such event shall not excuse Buyer from its obligations under this Agreement, but the Purchase Price shall be reduced by an amount equal to the amount of such cost and Seller shall be entitled to retain the net insurance proceeds collected or to be collected by Seller.
      • Appears in 21 contracts Asset Purchase Agreement (Digital Cinema Destinations Corp.) , Asset Purchase Agreement (Digital Cinema Destinations Corp.) , Asset Purchase Agreement (Digital Cinema Destinations Corp.) See all 21 variations →
    • Casualty Damage. . If the building or any other improvements on the Premises are damaged by fire or other casualty, Tenant must give prompt written notice to Landlord and Tenant must promptly reconstruct such building or other improvements to substantially the same condition they existed immediately prior to such damage or destruction. In no event will Rent be abated or reduced as a result of any such damage or destruction. Notwithstanding the foregoing, in the event that the cost of repair or restoration of the building will exceed fifty percent (50%) of the replacement value thereof in connection with any damage or destruction by fire or other casualty during the last two (2) Lease Years of the Lease Term, Tenant may terminate this Lease by delivering a written termination notice to Landlord within thirty (30) days after the occurrence of such casualty, whereupon all proceeds of insurance shall be delivered to and retained by Landlord and contemporaneously with the termination of this Lease. Tenant's termination shall be conditioned upon Landlord's receipt of the amounts described above.
      • Appears in 18 contracts Triple Net Lease Agreement , Asset Purchase Agreement See all 18 variations →
    • Casualty Damage. . If the Facility shall be destroyed or substantially damaged so as to impair the operating integrity of the Surgery Area, the rent shall be abated from the date of the destruction or substantial damage until the damage is completely repaired and the operating integrity of the Surgery Area is restored. If the damage can not be repaired within a period of ninety (90) days, Lessee shall have the option to terminate this Agreement. Notice of Lessee's election must be given within thirty (30) days of the date of the substantial damage.
    • Casualty Damage. . A. In the event that more than 30% of the habitable area of the Premises is destroyed or damaged or rendered uninhabitable by an uninsured peril, District and County may, upon written notice to the other, given within thirty (30) days after the occurrence of such damage or destruction, elect to terminate this Agreement; provided, however, that either Party may, within thirty (30) days after receipt of such notice, elect to make the required repairs and/or restoration at such Party's sole cost and expense, in which event this Agreement shall remain in full force and effect, and the Party having made such election to restore or repair shall thereafter diligently proceed with such repairs and/or restoration.
    • Casualty Damage. . 18.1 Tenant shall give immediate notice (by telephone, confirmed in writing) to Landlord of any damage caused to the Premises by fire or other casualty, and if Landlord does not elect to terminate this Lease as provided in Section 18.2, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Building and/or the Premises, as the case may be, but Landlord shall not be obligated to expend for such rebuilding and repair any amount in excess of the amount of the insurance proceeds actually recovered by Landlord and made available by any Superior Lessor or Superior Mortgagee as a result of such loss.
    • Casualty Damage. . In the event that the Haymarket Improvements or any part thereof shall be damaged by fire or other casualty, then the proceeds of the insurance required to be carried pursuant this Agreement and Redeveloper's funds shall be applied to reconstructing the Haymarket Improvements. If the Haymarket Improvements are damaged to such an extent that the Redeveloper determines that reconstruction is not feasible and provides the City with a statement from an independent engineer to the same effect, then this Agreement shall be void and of no further force and effect.
    • Casualty Damage. . Subject to subparagraph (c) below, the obligations of the parties to complete Closing under this Agreement shall in no way be voided or impaired if the Premises or Personal Property, or any part thereof, shall be damaged or destroyed by fire or other casualty between the date of this Agreement and the Closing Date. If any such damage or destruction occurs after the date of this Agreement: (i) Seller shall provide Buyer with notice thereof, (ii) the cash proceeds of all fire and extended coverage insurance policies attributable to the Premises or the Personal Property received by Seller or the holder of any mortgage encumbering the Premises prior to the Closing Date and not used for the repair of the Premises and the Personal Property (and Buyer hereby authorizes Seller to use the proceeds for such purpose) shall be applied on account of the cash portion of the Purchase Price payable at Closing and (iii) all unpaid claims of Seller under such insurance policies attributable to the Premises and Personal Property shall be assigned by Seller to Buyer at the Closing.
    • Casualty Damage. . (i) All provisions hereof to the contrary notwithstanding, in the event any fire, casualty, or other event renders such damage to the Leased Premises that is reasonably estimated to require more than twelve months from the date of such event to restore the Leased Premises or such damage completely destroys the same (collectively, “Casualty Damage”), and such Casualty Damage was not caused by the negligence or willful misconduct of Tenant or such Casualty Damage is not covered by the insurance required to be maintained by Tenant hereunder, then in that event MAC or Tenant shall have the right to terminate this Lease without payment of any penalty or Accelerated Rent upon notice to MAC or Tenant given within sixty days after the date of such casualty.
    • Casualty Damage. . This clause allows the agency to either reduce or withhold lease payments if the space cannot be utilized by the agency because of damages to premises. If the premises are unfit, then the agency may terminate the lease without further obligation.
    • Casualty Damage. . If either of the Buildings or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case either of the Buildings shall be so damaged by fire or other casualty that fifty percent (50%) or more of the affected Building(s) requires substantial alteration or reconstruction, in Landlord's reasonable opinion, Landlord may, at its option, terminate this Lease with respect only to the affected Building by notifying Tenant in writing of such termination within ninety (90) days after the date of such damage, in which event the Rent shall be abated as of the date of such damage but only to the extent Tenant is not able to conduct its operations in the affected Building(s). If either of the Buildings or any part thereof shall be damaged by fire or other casualty such that the reparation of such damage or casualty shall require more than one hundred eighty (180) days to complete (subject to extension for Force Majeure Delays or Tenant Delays), then either Tenant or Landlord may terminate this Lease with respect only to the affected Building by notifying the other party of such election to terminate this Lease within thirty (30) days after the date on which it is determined by Landlord of the length of time necessary to substantially complete such repairs, in which event the Rent shall be abated as of the date of such damage but only to the extent Tenant is not able to conduct its operations in the affected Building(s). If neither party exercises their rights to so elect to terminate this Lease with respect only to the affected Building in accordance with the aforesaid provisions, and provided insurance proceeds are available to fully repair the damage (excluding any
    • Casualty Damage. . Seller will notify Buyer promptly after discovery of any casualty damage to the improvements or fixtures on the Real Property. Seller will use commercially reasonable efforts to repair the damaged improvements and fixtures for any Real Property prior to Closing. If Seller is unable to fully repair the damaged improvements and fixtures prior to Closing, and the Closing occurs, Seller will (a) convey the affected Real Property (including its or its Affiliates leasehold interest in any Leased Real Property) to Buyer in its damaged condition, (b) assign to Buyer all of Seller’s rights under any property insurance policies covering such Real Property, (c) pay to Buyer the amount of the deductibles and coinsurance provisions under any insurance policies covering the Real Property, but not in excess of the cost to repair the casualty damage and less any amounts previously paid by Seller to repair the Real Property, and (d) cooperate with Buyer to provide Buyer with access to and use of facilities that are equivalent to the damaged facility until such time as the repair can be completed. If Seller has not insured (or has “self-insured”) the affected Real Property and the Closing occurs, the Purchase Price will be reduced by the cost to repair the casualty damage.
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