Laserfiche WebLink
ARTICLE XIII <br />DAMAGE AND DESTRUCTION <br />Section 1301. A. Lessee covenants and agrees that in the event of <br />damage to or destruction of the leased premises, or any part thereof, by fire or <br />other casualty, the Lessee shall immediately notify the Lessor and the Trustee. <br />If the damage is in the amount of $25,000 or less, Lessee shall proceed to re- <br />store, repair, rebuild or replace the leased premises to the same extent, if any, <br />required so that in the judgment of the Lessee, the Project is suitable for use for <br />Lessee's purpose under this Lease and Agreement. If the damage exceeds <br />$2.5,000 Lessee shall, at no cost and expense to Lessor or Trustee, proceed to <br />restore, repair, rebuild or replace the leased premises as nearly as possible to <br />the condition they were in immediately prior to such damage or destruction, <br />subject to such alterations as Lessee may elect to make in, conformity with the <br />provisions of Article V hereof. Any item of machinery and equipment acquired <br />as a replacement hereunder, or any item required, in whole or in part, out of <br />insurance proceeds under this Article XIII, whether or not a replacement of or <br />substitute for any item of damaged or destroyed machinery and equipment, if the <br />insurance proceeds with which such item of machinery and equipment was pur- <br />chased, in whole or in part, were derived from insurance on property which was <br />part of Lessor's machinery and equipment, shall be and become the property of <br />Lessor and shall be part of Lessor's machinery and equipment and subject to <br />this Lease and Agreement. Such restoration, repairs, replacements or rebuild- <br />ing shall be commenced promptly and prosecuted with reasonable diligence. <br />B. All insurance money paid on account of such damage or de- <br />struction shall be paid to the Trustee and applied as hereinafter set forth to <br />the payment of the cost of the aforesaid restoration, repairs, replacements <br />or rebuilding, including expenditures made for temporary repairs or for the <br />protection of property pending the completion of permanent restoration, repairs, <br />