Commercial Real-Estate Lease Casualty Damage and Repair Article
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A Commercial Real-Estate Lease Casualty Damage and Repair Article is a section within a commercial lease agreement that details procedures and responsibilities in the event of damage or destruction to the leased property from unforeseen but pre-specified events
- Context:
- It can aim to clarify the rights and duties regarding repairs, restoration, insurance claims, and potential lease termination under such circumstances.
- It can contain Casualty-Related Clauses, such as:
- Definition of Significant Damage or Destruction Provision, specifying what constitutes significant damage or destruction to trigger the article's terms.
- Casualty-Related Landlord's Obligation to Repair Clause, detailing the landlord's obligation to repair or rebuild the damaged premises, including any conditions or limitations.
- Casualty-Related Right to Terminate Clause, providing conditions under which either party may terminate the lease if the damage is extensive and cannot be reasonably repaired within a specific timeframe.
- Tenant's Casualty Damage Notification Obligation Clause, outlining the tenant's responsibility to promptly notify the landlord of any casualty event affecting the leased space.
- Casualty-Related Rent Abatement Clause, for rent reduction or suspension when the leased space is uninhabitable or under repair.
- Casualty Damage Caused by Tenant Clause, addressing scenarios where the tenant is responsible for the casualty damage.
- Casualty-Related Insurance Proceeds and Restoration Obligations Clause, discussing the management of insurance claims and the allocation of insurance proceeds for repairs.
- Force Majeure Clause, clarifying the extent to which parties are relieved from their contractual obligations due to acts beyond their control.
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- Example(s):
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- Counter-Example(s):
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- See: OSLA Casualty Article.
References
2024
- GPT-4
- Casualty Damage and Restoration Articles can vary significantly across different types of commercial real estate, reflecting the unique needs, risks, and operational considerations of each property type. For example, articles for Office Buildings may focus on minimizing disruption to tenant businesses and restoring shared spaces like lobbies and conference rooms, which are crucial for the professional appearance and operations of tenant businesses.