This office lease clause deals with the mandatory obligation of the landlord to rebuild; time periods for reconstruction; continuation of abatement periods; the appropriate "what ifs" in the event portions of the premises cannot be restored and are deemed to be indispensable; and circumstances when the landlord or tenant can elect to terminate the lease.
Florida Clause Dealing with Fire Damage
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Multi-State
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US-OL11024A
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Word;
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If an employee's misuse of [Company Name] property damages the property, [Company Name] reserves the right to require the employee to pay all or part of the cost to repair or replace the property. Misappropriation of [Company Name] property is grounds for immediate termination and possible criminal action.
Definition of material damage clause samples If insurance proceeds are available to Landlord in an amount which is sufficient to pay the entire cost of repairing all of the damage to the Project, the damage shall be deemed material if the cost of repairing the damage exceeds $100,000.
Liability for Damage Each party shall be liable to the other for all damage to the property of the other negligently, recklessly or intentionally caused by that party (or their agents, employees or invitees), except to the extent the loss is insured and subrogation is waived under the owner's policy.
83.201 Notice to landlord of failure to maintain or repair, rendering premises wholly untenantable; right to withhold rent.
In the event the Premises are destroyed or rendered wholly uninhabitable by fire, storm, earthquake, or other casualty not caused by the negligence of Tenant, this Agreement shall terminate from such time except for the purpose of enforcing rights that may have then accrued hereunder.
What is Florida's Valued Policy Law? Florida is one of twenty states with a Valued Policy Law. Section 627.702, Fla. Stat., provides that when any building or structure sustains a total loss as a result of covered peril, the liability for said loss shall be the amount of money for which the property was insured.
In the event the leased premises shall be destroyed or rendered totally untenable by fire, windstorm, or any other cause beyond the control of Landlord, then this Lease shall cease and terminate as of the date of such destruction, and the rent shall then be accounted for between Landlord and Tenant up to the time of ...