Commercial Lease Casualty Damage Article
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A Commercial Lease Casualty Damage Article is a commercial lease agreement article that outlines the responsibilities and procedures to be followed when the leased property is damaged or destroyed due to unforeseen events, such as fires, natural disasters, or other casualties.
- Context:
- It can (typically) contain Casualty-Related Clauses.
- ...
- Example(s):
- Office Lease Agreement Casualty Damage Article.
- The one for "TRAMMELL CROW COMPANY COMMERCIAL LEASE AGREEMENT BETWEEN FREEPORT #2, L.P., LANDLORD AND ATX TECHNOLOGIES, INC., TENANT" [1].
- ...
- Counter-Example(s):
- See: Commercial Lease, Casualty Insurance, Lease Termination Clause, Rent Abatement Clause.
References
2010
- https://www.sec.gov/Archives/edgar/data/1278263/000119312504037148/dex107.htm
- 10. CASUALTY DAMAGE.
- (a) Tenant immediately shall give written notice to Landlord of any damage to the Premises. If the Premises or the Building are 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 180 days after the date of Landlord’s actual knowledge of such damage, then either Landlord or (if a Tenant Party did not intentionally 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 during 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.
- (b) Subject to Section 10.(c), if this Lease is not terminated under Section 10.(a), then Landlord shall restore the Premises to substantially its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements or personal property required to be covered by Tenant’s insurance under Section 9. If the Premises are untenantable, in whole or in part, during the Repair Period beginning on the date such damage occurred and ending on the date of substantial completion of Landlord’s repair or restoration work (the “Repair Period”), then the rent for such period shall be reduced to such extent as may be fair and reasonable under the circumstances and the Term shall be extended by the number of days in the Repair Period.
- (c) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained or required to be maintained by Landlord hereunder or any Landlord’s Mortgagee (defined below) requires that insurance proceeds be applied to the indebtedness secured by its Mortgage (defined below) or to the Primary Lease (defined below) obligations, Landlord may terminate this Lease by delivering written notice of termination to Tenant within 30 days after such destruction or damage or such requirement is made known by any such Landlord’s Mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Landlord or Tenant which accrued before this Lease is terminated.
- 10. CASUALTY DAMAGE.