Office Space Lease Agreement (OSLA) Casualty Damage Clause
(Redirected from OLA Casualty Damage and Restoration-Related Clause)
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A Office Space Lease Agreement (OSLA) Casualty Damage Clause is an OSLA clause (in an OSLA) that is a lease casualty damage clause (which specifies the procedures and responsibilities of both the landlord and the tenant in pre-specified unanticipated events).
- Context:
- It can (typically) be composed of OLA Casualty Provisions (within OLA sentences).
- It can (typically) outline conditions under which the lease may be terminated or suspended if the premises are rendered unusable.
- It can (typically) specify the timeline and extent of repairs the landlord is obligated to undertake to restore the premises to a usable condition.
- It can (often) detail the rights of the tenant to terminate the lease if the premises are not repaired within a reasonable time frame.
- It can (often) include provisions for rent abatement or reduction during the period the premises are unusable.
- It can (typically) require both parties to carry adequate insurance coverage to mitigate losses resulting from such casualty events.
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- Example(s):
- A clause stating that in the event of damage not caused by tenant negligence, the landlord is responsible for repairs, but if such repairs cannot be completed within 60 days, the tenant may choose to terminate the lease without penalty.
- A provision that allows for a proportionate reduction of rent corresponding to the extent of the damage and the area of the premises that is unusable.
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- Counter-Example(s):
- See: Commercial Lease, Rental Agreement, Property Insurance, Lease Termination Clause