Damage and destruction provisions of a commercial lease form
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11.02[4]b Example 2A: Destruction Clause (Long Form)Example 2A:
Destruction of the Premises (a) If the Premises are totally damaged or rendered wholly unusable by
fire, earthquake or other casualty, then the Rental shall be proportionately
paid up to the time of the casualty and thenceforth shall cease until the date
on which, in Tenant's reasonable judgment, the Premises may be used by Tenant
for the conduct of its business. Landlord shall repair and restore the Premises
and all items of Landlord's Work, or provide the alteration allowance as set
forth in Section ___ of this Lease, at Tenant's election, at Landlord's own
expense, subject to Landlord's right to elect not to restore the same as
hereinafter provided. If the Premises are partially damaged or rendered
partially unusable by fire, earthquake or other casualty, the damages thereto
shall be repaired by and at the expense of Landlord and the rental, until such
repair shall be substantially completed, shall be apportioned from the day
following the casualty according to the part of the Premises which is usable. If
in excess of Thirty Five (35%) percent of the Premises is damaged or rendered
wholly or substantially untenantable or if Tenant's operations area, computer or
communications facilities are destroyed or if the Premises cannot be reasonably
expected to be restored to its condition prior to the destruction by Landlord
under a normal working schedule within a period of One Hundred Eighty (180) days
after the occurrence of such fire, earthquake or other casualty, Tenant may
elect to terminate this Lease by written notice to Landlord given within Sixty
(60) days after such fire, earthquake or other casualty. If the Building,
whether or not the Premises are damaged in whole or in part, shall be so damaged
by fire, earthquake or other casualty that Landlord shall decide to demolish it
or rebuild it, then Landlord may elect to terminate this Lease by written notice
to Tenant given within Sixty (60) days after such fire, earthquake or other
casualty, provided that Landlord's election to terminate this Lease shall be
ineffective unless all leases covering space in the Building and in existence on
the day of such fire, earthquake or other casualty have been terminated or
notice of termination of said leases has been given to the respective tenants
thereunder no later than the date on which the Landlord gives Tenant notice of
its exercise of its election to terminate this Lease.
(b) If either Landlord or Tenant shall give notice of termination pursuant
to this Section, such notice shall specify a date for the expiration of this
Lease, which date shall not be more than Sixty (60) days after the giving of
such notice. Upon the date specified in such notice, the term of this Lease
shall expire as fully and completely as if such date were the date set forth
above for the termination of this Lease. Tenant shall forthwith quit, surrender
and vacate the Premises without prejudice, however, to the rights and remedies
of either party against the other under the Lease provisions in effect prior to
such termination. Any rental owing shall be paid up to the date of such fire,
earthquake or other casualty and any payment of rent made by Tenant that was on
account of any period subsequent to such date shall be returned to Tenant.
Unless Landlord or Tenant shall serve an effective termination notice as
provided herein, Landlord shall make repairs and restoration required herein, as
expeditiously as possible, subject to delays due to labor troubles, delivering
of materials, governmental controls or procedures, adverse weather conditions,
any form of act of God, adjustment of an insurance claim. If Landlord has not
completed restoration within the One Hundred Eighty (180) days specified above,
plus an additional Sixty (60) day period for delays caused by the circumstances
set forth in the preceding sentence, Tenant may terminate this Lease on Ten (10)
days notice to Landlord.
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The Damage and Destruction Provisions of a Commercial Lease outline the responsibilities of both landlords and tenants in the event of property damage or destruction. These provisions typically specify how repairs will be handled, who bears the financial responsibility, and the rights of the parties involved. Understanding these provisions is crucial for ensuring that both parties are protected in case of unforeseen circumstances.
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Yes, airSlate SignNow offers features specifically designed for managing commercial leases, including the Damage and Destruction Provisions of a Commercial Lease. You can utilize our document templates, electronic signatures, and real-time collaboration tools to create, review, and finalize lease agreements efficiently. This ensures that all parties can easily understand and agree to the terms regarding damage and destruction.
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The best way to complete and sign your damage and destruction provisions of a commercial lease form
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