Common use of Damage or Destruction Clause in Contracts

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 2 contracts

Samples: Standard Office Lease (Vital Therapies Inc), Standard Office Lease (Vital Therapies Inc)

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Damage or Destruction. If either or both of the Project Property and the Premises is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damagecasualty, Landlord shall notify Tenant have the option either: (“Damage Repair Estimate”a) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged (by fire or other casualty or causeso advising Tenant, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed in writing) within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord said destruction or casualty effective as of the date specified in Tenant’s noticeupon which Tenant receives timely written notice thereof; or (b) to restore and rebuild the Property and/or the Premises with reasonable dispatch. FinallyNotwithstanding the foregoing, Landlord may only terminate this Lease under this Section 19 if the cost to repair damage to or destruction of the Premises or Property, as the Project is damaged to any substantial extent during the last twelve case may be, exceeds fifty percent (1250%) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant replacement cost of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or Property, as the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage case may be. In no event, however, shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option right to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except If Landlord elects to repair and restore the Property (or Premises, as provided in the case may be), Tenant shall not be entitled to (and Landlord shall have no obligation to pay) any damages or compensation, of any nature, for any purported inconvenience, loss of business or annoyance from any repair or restoration undertaken by or on behalf of Landlord under this Article 16Section 19 unless such direct damages result from Landlord’s gross negligence or willful misconduct. Notwithstanding the foregoing, there if a casualty renders all or part of the Premises untenantable, Rent shall proportionately xxxxx commencing on the date of the casualty and ending when the Premises are delivered to Tenant. The extent of the abatement shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or based upon the making of any repairs, alterations or improvements in or to any portion of the Project Premises rendered untenantable, inaccessible or unfit for use in a reasonable business manner for the Premises or purposes stated in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried this Lease as reasonably determined by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodeLandlord.

Appears in 2 contracts

Samples: , and Attornment Agreement, , and Attornment Agreement (Birks Group Inc.)

Damage or Destruction. 17.1 If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectBuilding are totally or partially damaged or destroyed thereby rendering the Premises totally or partially inaccessible or unusable, then Landlord shall diligently repair and restore the damage shall be repaired by Landlord Premises and the Building to substantially the extent such insurance proceeds are available therefor and provided such repairs can, same condition they were in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of prior to such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) abovedestruction; provided, however, that if in Landlord’s reasonable judgment such repair and restoration cannot be completed within two hundred seventy (270) days after the cost occurrence of repair such damage or destruction (taking into account the time needed for effecting a satisfactory settlement with any insurance company involved, removal of improvements debris, preparation of plans and issuance of all required governmental permits), then Landlord shall have the right to terminate this Lease by giving written notice of termination within forty five (45) days after the occurrence of such damage or destruction. If this Lease is terminated pursuant to this Article, then rent shall be apportioned (based on the portion of the Premises by which is usable or used after such damage or destruction) and paid to the later of the date of termination or the date Tenant completely vacates and abandons the Premises on account of such damage and (if applicable) Landlord exceeds the amount of shall be entitled to any insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior that are attributable to Landlord’s repair Work and other improvements insured or required to be insured by Tenant that would remain in the Premises at the end of such damagethe Lease Term. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs this Lease is not terminated as a result of such damage becomes known to Landlord without the payment or destruction, then until such repair and restoration of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affectedsubstantially complete, Tenant shall be required to pay rent only for the portion of the Premises that is usable while such repair and restoration are being made; provided, however, that (x) if such damage or destruction was caused by the act or omission of Tenant or any Agent of Tenant, then Tenant shall not be entitled to any such rent reduction and (y) if Tenant fails to immediately pay over to Landlord insurance proceeds when received from Tenant’s insurance any such rent abatement shall end on the date when Landlord would have been able to substantially complete repair and restoration of the Premises had Tenant timely paid Landlord such insurance proceeds. After receipt of all insurance proceeds (including proceeds of insurance maintained by Tenant), Landlord shall proceed with and bear the expenses of such repair and restoration of the Premises and the Building; provided, however, that (a) if such damage or destruction was caused by the act or omission of Tenant or any Agent of Tenant, then Tenant shall pay Landlord’s deductible and the amount by which such expenses exceed the insurance proceeds, if the any, actually received by Landlord on account of such damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. Howeveror destruction (or, if Landlord does not elect fails to terminate this Lease pursuant maintain the insurance required by Section 13.3, that Landlord would have received had Landlord maintained such insurance required by Section 13.3), (b) Tenant shall pay the amount by which the cost of restoring any item which Landlord is required to Landlord’s termination right as provided aboverestore and Tenant is required to insure exceeds the insurance proceeds received with respect thereto, and if the Damage Repair Estimate indicates that repairs can(c) Landlord shall not be completed within one hundred eighty required to repair or restore any tenant improvements installed in the Premises (180) days after being commenced and if such damage is not except to the result extent Landlord receives proceeds therefor from Tenant’s insurance), any Alterations or any other contents of the negligence or willful misconduct of Tenant or Premises (including Tenant’s employeestrade fixtures, licenseesdecorations, invitees furnishings, equipment or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s noticepersonal property). Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding Notwithstanding anything contained in this Article 16 herein to the contrary, Landlord shall have the option right to terminate this Lease if (1) insurance proceeds plus deductibles are insufficient to pay the full cost of such repair and restoration (so long as Landlord maintains the insurance required by giving written notice Section 13.3), (2) the holder of any Mortgage fails or refuses to Tenant make such insurance proceeds available for such repair and restoration, (3) zoning or other applicable Laws or regulations do not permit such repair and restoration, or (4) the damage to the Building exceeds thirty five percent (35%) of the exercise of such option within sixty (60) days after Landlord learns replacement value of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodeBuilding.

Appears in 2 contracts

Samples: Office Lease Agreement (IMARA Inc.), Office Lease Agreement (IMARA Inc.)

Damage or Destruction. If the Project is Premises are partially damaged or destroyed by fire or other any casualty insured casualty and against under any insurance policy maintained by Landlord, Landlord shall, on receipt of the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering proceeds, repair the Premises or to substantially the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time condition in which the repairs will be completedPremises were immediately prior to such damage or destruction. Upon Landlord’s obligation under the occurrence preceding sentence shall not exceed the lesser of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of the standard improvements within installed by Landlord in the Premises by Landlord exceeds in accordance with the amount of insurance attached Exhibit C, or the proceeds received by Landlord from any insurance policy maintained by Landlord. Until such repair is complete, the Basic Monthly Rent and Tenant’s insurance carrier, as so assigned by Tenant, such excess costs Share of Operating Expenses shall be paid by Tenant to Landlord prior to Landlord’s repair abated proportionately commencing on the date of such damagedamage or destruction as to that portion of the Premises rendered untenantable, if any. If (a) by reason of such occurrence the Damage Repair Estimate indicates that repairs cannotPremises are rendered wholly untenantable, in Landlord’s opinion, be completed within one hundred eighty (180b) days after the necessity for repairs Premises are damaged as a result of such damage becomes known to Landlord without the payment of overtime or other premiumsa risk not covered by insurance, Landlord may, at its option, either (ic) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence damaged in whole or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent part during the last twelve (12) months of the TermTerm existing as of the date immediately prior to such damage or destruction, then notwithstanding anything contained in this Article 16 (d) the Premises or the Building (whether or not the Premises are damaged) is damaged to the contraryextent of twenty-five percent (25%) or more of the then-replacement value of either or to the extent that it would take, in Landlord’s opinion, in excess of ninety (90) days to complete the requisite repairs, or (e) insurance proceeds adequate to repair the Property are not available to Landlord for any reason, Landlord may either elect to repair the damage or cancel this Lease by written notice of cancellation within thirty (30) days after such event, so long at Landlord terminates leases in the Building covering an aggregate of at least seventy-five percent (75%) of the leased area of the Building, and on such notice, Tenant shall vacate and surrender the Premises to Landlord as soon as reasonably practicable, but in no event later than thirty (30) calendar days after Tenant receives such notice from Landlord. If Landlord elects to repair any such damage, any abatement of Basic Monthly Rent and Tenant’s Share of Operating Expenses shall end on a factually correct notice given by Landlord to Tenant that the Premises have been repaired. If the damage is caused by the negligence of Tenant or Tenant’s Occupants, Basic Monthly Rent shall not axxxx, except to the extent of rental income insurance proceeds relating to this Lease actually received by Landlord, or which would have been received by Landlord, had Landlord carried the rental income insurance required to be carried by Landlord pursuant to Paragraph 12. Landlord shall exercise good faith, commercially reasonable efforts to collect such insurance proceeds. Except for abatement of Basic Monthly Rent and Tenant’s Share of Operating Expenses, if any, Tenant shall have no claim against Landlord for any loss suffered by reason of any such damage, destruction, repair or restoration unless such loss is caused by the option willful misconduct or gross negligence of Landlord or Landlord’s employees (but subject to the waiver of subrogation provisions set forth in Paragraph 12), nor may Tenant terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In any statutory provision in effect on or after the event that date of this Lease pertaining to the damage and destruction of the Premises or the Project Building. The proceeds of all insurance carried by Tenant on Tenant’s furnishings, trade fixtures, equipment and other personal property shall be held in trust by Tenant for the purpose of the repair and replacement of the same. Landlord shall not be required to repair any damage to, or to make any restoration or replacement of, any furnishings, trade fixtures, equipment and other personal property installed in the Premises by Tenant. Unless this Lease is destroyed terminated by Landlord pursuant to this Paragraph, Tenant shall be required to restore or replace such furnishings, trade fixtures, equipment and other personal property on damage or destruction in at least a condition equal to that existing prior to such event. If the Premises are damaged to any substantial the extent during that it would take, according to Landlord’s reasonable estimate, in excess of six (6) months (or three (3) months if such damage occurs within the last twelve (12) months of the Lease Term Term) to complete the requisite repairs, and if such damage shall take longer than sixty at least fifty percent (6050%) days to repair and if such damage is not the result of the negligence Premises would be untenantable for such six (6) month (or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrarythree (3) month) period, Tenant shall have the option may elect to terminate cancel this Lease by written notice of cancellation given by Tenant to Landlord within ten (10) business days after Landlord provides to Tenant a written estimate of the exercise of such option within sixty time required to complete the requisite repairs (60which notice shall be given by Landlord to Tenant as soon as reasonably possible, but in no event later than thirty (30) calendar days after Tenant learns of the necessity for repairs as the result occurrence of such damage. A total destruction ), and on such notice, Tenant shall vacate and surrender the Premises to Landlord in accordance with the applicable provisions of the Project shall automatically terminate this Lease. Except as provided Unless this Lease is cancelled in accordance with this Article 16Pxxxxxxxx 00, there Xxxxxxxx shall be no abatement commence such repairs within a commercially reasonable period of rent and no liability time after the occurrence of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipmentdamage, and shall thereafter diligently prosecute such repairs to completion in a commercially reasonable, good and workmanlike manner, notwithstanding the fact that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds Landlord’s receipt of insurance carried by Landlord relating proceeds may be delayed (as opposed to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codebeing unavailable).

Appears in 2 contracts

Samples: Office Lease (Cricut, Inc.), Office Lease (Cricut, Inc.)

Damage or Destruction. (a) DAMAGE AND REPAIR: If the Project Building is damaged by fire or any other insured casualty cause to such extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or if insurance proceeds sufficient for restoration are for any reason unavailable and the insurance proceeds have been made available therefor cost to repair estimated by Landlord is over $100,000, then Landlord may no later than the holder or holders sixtieth day following the damage, give Tenant a notice of any mortgages or deeds of trust covering election to terminate this Lease. If the Premises are substantially damaged, and if they cannot be substantially repaired within 180 days as estimated by Landlord, Tenant or Landlord has the Projectright to cancel this Lease by giving notice within thirty (30) days of the damage. In the event of such election, the damage this Lease shall be repaired by Landlord deemed to terminate on the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty thirtieth (18030th) days day after the necessity for repairs as a result giving of such damage becomes known to Landlord, without the payment of overtime or other premiumssaid notice, and until such repairs are completed rent Tenant shall be abated in proportion to the part surrender possession of the Premises which is unusable by Tenant in within a reasonable time thereafter, and the conduct of its business (but there Rent and Additional Rent shall be no abatement of rent by reason of any portion apportioned as of the Premises being unusable date of said surrender and any Rent and Additional Rent paid for a any period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there beyond such date shall be no abatement of rent, unless and repaid to the extent Landlord receives rental income insurance proceedsTenant. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if If the cost of repair of improvements within the Premises restoration as estimated by Landlord exceeds shall amount to less than thirty percent (30%) of said replacement value of the amount of Building, and insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity sufficient for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16restoration are available, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contraryLease, Landlord shall have restore the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that Building and the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contraryextent of improvements to the Premises originally provided by Landlord hereunder) with reasonable promptness, Tenant shall have the option subject to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided delays beyond Landlord's control and delays in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipmentadjustments by Landlord, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds terminate this Lease except as herein provided. To the extent that the Premises are rendered untenantable, the Rent and Additional Rent shall proportionately xxxxx, only to the extent such abatement is of the type covered by a standard policy of rental loss insurance carried to compensate Landlord for such loss. No damages, compensation or claim shall be payable by Landlord relating to property damage. With respect to for inconvenience, loss of business or annoyance arising from any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions restoration of Sections 1932 and 1933 any portion of the California Civil CodePremises or of the Building. Landlord shall use its best efforts to effect such repairs promptly.

Appears in 2 contracts

Samples: Sublease Agreement (Avenue a Inc), Sublease Agreement (Avenue a Inc)

Damage or Destruction. If Should the Project is whole or any part or parts of the buildings or improvements then on the demised premises be partially or wholly damaged or destroyed by fire or other insured casualty and casualties after the insurance proceeds have been made available therefor by commencement of the holder term of this Lease, such destruction or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord not operate to the extent such insurance proceeds are available therefor and provided such repairs canterminate this Lease, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect full force and the rent shall be abatedeffect, if at all, in the manner except as otherwise provided in this Article 16Lease. In the event of such damage or destruction, Lessee has the option to reconstruct upon the demised premises, buildings, improvements or fixtures of a like type and purpose and of substantially the same design and construction as those destroyed, or (ii) elect buildings, improvements or fixtures then consistent in the opinion of the Lessee with the highest and best use thereof in the Lessee’s determination; subject, however, to Lessor’s approval of the plans and specifications therefore. If the Lessee elects to repair the existing building, such repairs will be so as to restore the building to at least an equivalent condition as it was in before the damage or destruction. In any event, the buildings, improvements or fixtures constructed or repaired shall be of a value at least equal to the value of the property immediately prior to the loss or damage. In the event of such reconstruction or repair, the rent on the demised premises shall not be abated in whole or in part during the period of said repair or reconstruction. Said repair or reconstruction shall be prosecuted diligently to completion. In the event that Xxxxxx decides not to effect such repairs reconstruct or repair said buildings, improvements or fixtures, Lessee shall have the option of canceling and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate terminating this Lease if on giving the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than Lessor thirty (30) days after Tenant’s receipt written notice of the Damage Repair Estimate, his determinations to do so. If Lessee elects to terminate this Lease by written notice to Landlord effective as of in accordance with the date specified in Tenant’s notice. Finallyforegoing option, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there Lessee shall be under no abatement of rent and no liability of Landlord by reason of any injury duty to restore, rebuild or interference with Tenant’s business repair said buildings, improvements or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenantbut shall be obligated, at Lessor’s furnitureoption, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace restore the same. Tenant acknowledges that Tenant shall have no right premises to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codetheir pre-construction conditions.

Appears in 2 contracts

Samples: Ground Lease Agreement, Ground Lease Agreement

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord, Landlord without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord either party may, at its option, either (i) make such repairs in a reasonable time and in such event elect to terminate this Lease shall continue in effect and by written notice to the rent shall be abated, if at all, in the manner provided in this Article 16, or other within thirty (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (6030) days after Landlord learns Landlord’s determination of the necessity for repairs as a result of damage, such notice anticipated time needed to include a termination date giving Tenant sixty (60) days to vacate complete the Premisesrepairs. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if and the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord either party shall have the option to terminate this Lease by giving written notice to Tenant the other of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant party learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Except for proceeds relating to Tenant’s furniture, furnishings, trade fixtures and equipment, Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 2 contracts

Samples: Office Lease (Thomas Weisel Partners Group, Inc.), Office Lease (Thomas Weisel Partners Group, Inc.)

Damage or Destruction. If the Project is Premises are damaged by fire or other an insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Projectto LESSOR, the said damage shall be repaired by Landlord LESSOR, to the extent of such available insurance proceeds are available therefor and proceeds, provided such repairs can, in Landlord’s sole opinion, can be completed made within one hundred eighty ninety (18090) days after the necessity for repairs as a result occurrence of such damage becomes known to Landlordthe casualty, and without the payment of overtime or other premiums, and until . Until such repairs are completed rent completed, Base Rent and Additional Rent shall be abated in proportion to the that part of the Premises which is unusable by Tenant in LESSEE. LESSOR shall have no obligation to restore, rebuild, or replace LESSEE’S personal property and trade fixtures and LESSOR shall not be liable for any damage to or any inconvenience or interruption of business of LESSEE or LESSEE’S agents occasioned by any casualty to the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). HoweverPremises, if If the damage is due to the fault or neglect of TenantLESSEE, or its employees, agents, contractors, guests, invitees and the likeor agents, there shall be no abatement of rent, unless and to Base Rent or Additional Rent. Should the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs Premises be damaged as a result of damageany cause not covered by insurance, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of or if the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable have not been made available to Tenant under Section 14(a)(ii)(A) above; providedLESSOR, however, that or if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, not be completed within one hundred eighty ninety (18090) days after following the necessity for repairs casualty date, or if the unexpired LEASE TERM is less than two (2) years, excluding any existing but unexercised LEASE renewal option(s), LESSOR shall have the option to: (1) repair the damage, this LEASE continuing in effect, but Base Rent and Additional Rent to be abated as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make provided above until such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abatedare completed; or, if at all, in the manner provided in this Article 16, or (ii2) elect not to effect such repairs and instead terminate this LeaseLEASE effective as of the casualty date, such notice of election to be made by notifying Tenant in writing of such termination LESSOR within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codedate.

Appears in 2 contracts

Samples: Lease Agreement (Liquidgolf Holding Corp), Lease Agreement (Liquidgolf Holding Corp)

Damage or Destruction. If the Project is Premises are damaged or destroyed by fire or other insured casualty any cause, Lessor shall restore the Premises (except for trade fixtures, and personal property which shall be restored by Lessee at Lessee’s sole expense) as nearly as practicable to their condition immediately prior to such damage or destruction. The obligations to restore provided in this paragraph shall be subject to Lessor’s termination rights provided below. Any restoration shall be promptly commenced and diligently prosecuted. Lessor shall not be liable for any consequential damages by reason of any such damage or destruction. Notwithstanding any of the insurance proceeds have been made available therefor foregoing provisions of this section, in the event the Premises shall be destroyed or damaged to such an extent that Lessor deems that it is not economically feasible to restore the same, then Lessor may terminate this Lease as of the date of the damage or destruction by giving Lessee notice to that effect within sixty (60) days of such damage; provided, however, that Lessor may not terminate this Lease unless it also terminates the leases of all tenants in the Building who are affected by the holder or holders damage. In the event that more than 25% of any mortgages or deeds of trust covering the Premises or are damaged during the ProjectLease Term, and either party reasonably estimates that it will take more than nine months to repair and restore the damage Premises to their condition prior to such damage, such party shall be repaired by Landlord have the right to terminate this Lease upon written notice to the extent other within 60 days of such insurance proceeds are available therefor and provided damage, with such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty termination becoming effective as of the date thirty (18030) days after the necessity for repairs as a result date of delivery of such notice. During the period commencing on the date of the damage becomes known to Landlordand terminating on the termination date as determined by the foregoing notice, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in the same proportion to as the part untenantable portion of the Premises which is unusable by Tenant in bears to the conduct of its business (but whole thereof, except that there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault extent that any such damage or neglect destruction is caused solely by the negligence of TenantLessee, its employees, agents, contractorsinvitees, guestsor licensees (except to the extent such rent loss is covered by the proceeds of insurance, invitees the cost of which was included in Operating Expenses.) If Lessor undertakes to restore the Premises as provided above in this section, then commencing with the date of the damage or destruction and continuing through the likeperiod of restoration, the rent for the Premises shall be abated for such period in the same proportion as the untenantable portion of the Premises bears to the whole thereof, except that there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of that any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction is caused by negligence or intentional acts of Lessee, its employees, agents, invitees, or licensees (except to the making of any repairs, alterations or improvements in or to any portion of extent such rent loss is covered by the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage insurance, the cost of which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codewas included in Operating Expenses).

Appears in 2 contracts

Samples: Commercial Lease (HouseValues, Inc.), Commercial Lease (HouseValues, Inc.)

Damage or Destruction. (a) If the Project is damaged by fire all or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there Building shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day destroyed or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or causedestruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, whether or not and the restoration of the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be diligently completed within one hundred eighty a twelve (18012) days month period after being commenced and if such damage is not the result date of the negligence damage or willful misconduct of Tenant or Tenant’s employeesdestruction, licensees, invitees or agents, Tenant then either party may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord effective as of the date specified in Tenant’s notice's exercise of any available renewal option. FinallyIn addition, if the Premises or the Project is damaged Landlord fails to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 complete such restoration prior to the contraryapplicable "Restoration Date" described below, Landlord Tenant shall have the option to terminate this Lease by giving written notice to Tenant Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the exercise of such option within sixty (60) days after Landlord learns preceding sentence, if the extent of the necessity for repairs as damage or destruction is less than twenty-five percent (25%) of the result replacement cost value of such damage. In the event Building, the "Restoration Date" shall be the date that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months after the date of the Lease Term damage or destruction, and if such the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall take longer than sixty be the date that is eighteen (6018) days to repair and if such months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate Premises as provided above. If this Lease by written notice to Landlord of is terminated, all insurance proceeds for the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent Premises and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising other improvements payable under Landlord's policies and derived from such damage or destruction or the making of any repairsshall be paid solely to Landlord, alterations or improvements in or to any portion and all Rent shall xxxxx and be prorated as of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 date of the California Civil Codedamage or destruction (with any surplus rent paid in advance being refunded to Tenant).

Appears in 2 contracts

Samples: Agreement (Amerigroup Corp), Agreement (Amerigroup Corp)

Damage or Destruction. 17.1 If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectBuilding are totally or partially damaged or destroyed thereby rendering the Premises totally or partially inaccessible or unusable, then Landlord shall diligently repair and restore the damage shall be repaired by Landlord Premises and the Building to substantially the extent such insurance proceeds are available therefor and provided such repairs can, same condition they were in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of prior to such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) abovedestruction; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of reasonable judgment such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time repair and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs restoration cannot be completed within one hundred eighty (180) days after being commenced and if the occurrence of such damage is not or destruction (taking into account the result time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required governmental permits), then Landlord shall have the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, right to terminate this Lease by giving written notice of termination within forty-five (45) days after the occurrence of such damage or destruction. If this Lease is terminated pursuant to Landlord effective as this Article, then rent shall be apportioned (based on the portion of the Premises which is usable or used after such damage or destruction) and paid to the earlier of the date specified in of termination or the date Tenant completely vacates and abandons the Premises on account of such damage and Landlord shall be entitled to any insurance proceeds received by Tenant that are attributable to Tenant’s noticeWork and other improvements insured or required to be insured by Tenant that would remain in the Premises at the end of the Lease Term. FinallyIf this Lease is not terminated as a result of such damage or destruction, then until such repair and restoration of the Premises are substantially complete, Tenant shall be required to pay rent only for the portion of the Premises that is usable while such repair and restoration are being made; provided, however, that (x) if such damage or destruction was caused by the act or omission of Tenant or any Agent, then Tenant shall not be entitled to any such rent reduction and (y) if Tenant fails to immediately pay over to Landlord insurance proceeds when received from Tenant’s insurance any such rent abatement shall end on the date when Landlord would have been able to substantially complete repair and restoration of the Premises had Tenant timely paid Landlord such insurance proceeds. After receipt of all insurance proceeds (including proceeds of insurance maintained by Tenant), Landlord shall proceed with and bear the expenses of such repair and restoration of the Premises and the Building; provided, however, that (a) if such damage or destruction was caused by the act or omission of Tenant or any Agent, then Tenant shall pay Landlord’s deductible and the amount by which such expenses exceed the insurance proceeds, if any, actually received by Landlord on account of such damage or destruction (or, if Landlord fails to maintain the insurance required by Section 13.3, that Landlord would have received to the extent Landlord maintained such insurance required by Section 13.3), (b) Tenant shall pay the amount by which the cost of restoring any item which Landlord is required to restore and Tenant is required to insure exceeds the insurance proceeds received with respect thereto, and (c) Landlord shall not be required to repair or restore any tenant improvements installed in the Premises (except to the extent Landlord receives proceeds therefor from Tenant’s insurance), any Alterations or the Project is damaged to any substantial extent during the last twelve (12) months other contents of the TermPremises (including Tenant’s trade fixtures, then notwithstanding decorations, furnishings, equipment or personal property). Notwithstanding anything contained in this Article 16 herein to the contrary, Landlord shall have the option right to terminate this Lease if (1) insurance proceeds plus deductibles are insufficient to pay the full cost of such repair and restoration (so long as Landlord maintains the insurance required by giving written notice Section 13.3), (2) the holder of any Mortgage fails or refuses to Tenant make such insurance proceeds available for such repair and restoration, (3) zoning or other applicable Laws or regulations do not permit such repair and restoration, or (4) the damage to the Building exceeds thirty-five percent (35%) of the exercise of such option within sixty (60) days after Landlord learns replacement value of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodeBuilding.

Appears in 2 contracts

Samples: Office Lease Agreement (Wells Real Estate Fund Xi L P), Office Lease Agreement (Wells Real Estate Fund Xi L P)

Damage or Destruction. 8.1 For all Hubs and, with respect to Inspection Centers, prior to the applicable Premises’ 100% Date. If fire or other casualty renders the whole or a substantial part of the Premises untenantable and Landlord determines (in Landlord’s reasonable discretion) that Landlord can make the Premises tenantable within 120 days after the date of the casualty, then Landlord will notify Tenant that Landlord will repair and restore the Premises to their condition prior to the casualty as is reasonably possible within the 120 day period. Landlord will provide the notice within 15 days after the date of the casualty. If fire or other casualty renders the whole or any material part of the Premises untenantable and Landlord determines (in Landlord’s reasonable discretion) that Landlord cannot make the Premises tenantable within 120 days after the date of the casualty, then Landlord will so notify Tenant within 15 days after the date of the casualty and either party may, by written notice to the other within five business days thereafter, terminate this Lease effective on the date of such party’s termination notice. If the Project Premises is substantially damaged or destroyed by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder that substantially limits or holders interferes with Tenant’s occupancy of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any either party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damageother party, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if effective on the Project shall be damaged by date of the termination notice. If this Lease is not terminated under this Section following a fire or other casualty, then Landlord will repair and restore the Premises and Property to their condition prior to the fire or other casualty or cause, whether or not as is reasonably possible with all diligence and speed and Base Rent and Tenant’s Share of Operating Expenses for the period during which the Premises are affected, if untenantable will xxxxx pro rata (based upon the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result rentable area of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any untenantable portion of the Project or Premises as compared with the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 rentable area of the California Civil Codeentire Premises).

Appears in 2 contracts

Samples: Lease Agreement (Carvana Co.), Lease Agreement (Carvana Co.)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the TermTerm (as the same may be extended pursuant to the terms of Article 31, below), then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 2 contracts

Samples: Standard Office Lease, Standard Office Lease (Nexsan Corp)

Damage or Destruction. If In the Project is event the Leased Premises or the Building are damaged by fire or other insured casualty and casualty, the insurance proceeds have been shall be made available therefor by the holder or holders of any mortgages or deeds of trust Mortgage covering the Premises or the Project, Building and the damage shall be repaired by and at the expense of Landlord to the extent of such insurance proceeds are available therefor and therefor, provided such repairs can, in Landlord’s sole reasonable opinion, be completed within one hundred eighty (180) 180 calendar days after the necessity for repairs as a result occurrence of such damage becomes known to Landlorddamage, without the payment of overtime or other premiums. Notwithstanding the foregoing, in the event that as a condition to obtaining construction or permanent financing, and until notwithstanding the reasonable commercial efforts of Landlord to provide otherwise, the holder of any first priority Mortgage requires that such Mortgage (or its related documents governing such loan) govern the disposition of insurance proceeds in the event of an fire or insured casualty, Tenant shall acknowledge in an SNDA (defined below) that such Mortgage (or its related documents governing such loan) shall control such disposition instead of this Lease. Until such repairs are completed rent completed, the Rent shall be abated in proportion to the part of the Leased Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). Howeverbusiness; provided, however, if the damage is due to a material default by Tenant under this Lease or the fault gross negligence of Tenant or neglect of Tenant, its employees, agents, contractors, guests, invitees and the likeor invitees, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damageRent. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s reasonable opinion, be completed made within one hundred eighty said 180 calendar day period, Landlord shall notify Tenant within thirty (18030) calendar days after of the necessity for repairs as a result date of occurrence of such damage becomes known as to whether or not Landlord without shall have elected to make such repairs. If Landlord elects not to make such repairs which cannot be completed within 180 calendar days, then either party may, by written notice to the payment other, terminate this Lease effective as of overtime the date of the occurrence of such damage; provided, however, Tenant shall not have the right to terminate this Lease if the damage is due to a material default by Tenant under this Lease or other premiumsthe gross negligence of Tenant or its employees, agents or invitees. If Landlord has maintained the insurance required to be maintained by Landlord under this Lease and insurance proceeds are insufficient or unavailable to repair the damage, Landlord may, at its sole option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or written notice to Tenant given not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later more than thirty (30) days after Tenant’s receipt the occurrence of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16Section 11, there shall be no abatement of rent Rent and no liability of Landlord by reason of any injury injury, inconvenience, temporary limitation of access or interference to or interference with Tenant’s business or property arising from such damage or destruction or the making of any necessary repairs, or any alterations or improvements in or to any portion of the Project Building or the Premises Leased Premises, or in or to fixtures, appurtenances appurtenances, and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated in each event to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried extent necessitated by Landlord relating to property such damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 2 contracts

Samples: Lease Agreement (TGPX Holdings I LLC), Lease Agreement (Traeger, Inc.)

Damage or Destruction. (a) If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering (i) the Premises Site shall be damaged to the extent of more than twenty-five percent (25%) of the cost of replacement thereof, respectively, or (ii) the Project, proceeds of Landlord’s insurance recovered or recoverable as a result of the damage shall be repaired insufficient to pay fully for the cost of replacement of the Premises and the Building in which they are located and Tenant is unwilling to make up such insufficiency, or (iii) the Premises or said Building shall be damaged as a result of a risk which is not covered by Landlord Landlord’s insurance, or (iv) the Premises shall be damaged in whole or in any part during the last one (1) year of the Lease term or of any renewal term hereof or (v) the Building of which the Premises are a part shall be damaged to the extent of fifty percent (50%) or more of the cost of replacement thereof, whether or not the Premises shall be damaged; then in any such insurance proceeds are available therefor and provided such repairs canevent Landlord, in its sole discretion, may terminate this Lease by notice given within sixty (60) days after such event and upon the date specified in such notice, which shall not be less than thirty (30) days nor more than sixty (60) days after the giving of said notice, this Lease shall terminate and come to an end, and Tenant shall vacate and surrender the Premises to Landlord’s sole opinion, . If this Lease shall not be completed within canceled and if the repair or restoration shall take one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damagemore, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of from the necessity for repairs as a result of damage, such notice to include a termination date giving damage or destruction and Tenant sixty shall have twenty (6020) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s from receipt of the Damage Repair Estimate, said notification to terminate this Lease by delivering written notice to Landlord effective as within said twenty (20) day period. Following the casualty an equitable abatement of the date specified in rent and additional charges shall be allowed based upon the extent to which Tenant’s notice. Finally, if use of the Premises or is diminished from the Project is damaged to any substantial extent during date when the last twelve (12) months damage occurred until completion of the Termrepairs or rebuilding or, then notwithstanding anything contained in the event Landlord or Tenant elects to terminate this Article 16 to Lease, until said date of termination. Notwithstanding the contraryforegoing, Landlord shall not have the option right to terminate this the Lease by giving written notice if the damage to Tenant of the exercise of such option within sixty Building is (60a) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged due to any substantial extent during the last twelve (12a risk required to be insured against under Section 13(d) months of the Lease Term and if such damage shall take longer or (b) relatively minor (e.g., repair or restoration would cost less than sixty ten percent (6010%) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord replacement cost of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodeBuilding).

Appears in 2 contracts

Samples: Lease (Affymetrix Inc), Lease (Affymetrix Inc)

Damage or Destruction. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant ("DAMAGE REPAIR ESTIMATE") of Landlord's estimated assessment of the period of time in which the repairs will be completed. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such the Damage Repair Estimate indicates that repairs can, in Landlord’s sole opinion, can be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s 's insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s 's repair of such damage. If If, however, the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, not be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s 's insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s 's termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agentscommenced, Tenant may elect, not later than thirty (30) days after Tenant’s 's receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s 's notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if the Damage Repair Estimate indicates that such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s 's employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s 's business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s 's furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 2 contracts

Samples: Office Lease (Lindows Inc), Office Lease (Lindows Inc)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectBuilding is damaged by fire, the damage vandalism, malicious mischief or any other occurrence, unless this Lease shall be repaired terminated as hereinafter provided, Landlord shall diligently proceed to repair or restore the basic Building Shell and all improvements required to be or actually insured by Landlord to the condition in which they existed immediately prior to such destruction or damage, to the extent such of the available insurance proceeds are plus deductibles (or, if Landlord fails to maintain insurance then to the extent that insurance plus deductibles would have been available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after had Landlord maintained the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiumsrequired insurance), and until such repairs subject to delays which may arise by reason of adjustment of loss under insurance policies and delays beyond the reasonable control of Landlord. Tenant shall fully and completely repair or replace any damage to improvements installed by Tenant and any damage to trade fixtures, furniture or equipment. If the Premises are completed rent rendered entirely or partially untenantable, the Base Rent shall be abated in proportion reduced by the percentage equal to the part percentage of the area of the Premises which is rendered unusable by Tenant until the Landlord's repairs are completed unless the damage resulted from the actions or omissions of Tenant, Tenant's employees or agents, in the conduct of its business (but which case there shall be no abatement of rent by reason of any portion such abatement. If the damage to the Premises or the Building is so extensive that Landlord reasonably estimates that it cannot be repaired within 270 days of the Premises being unusable for a period equal to one date of damage, Landlord shall so notify Tenant and either party may terminate this Lease within fifteen (115) day or less). However, days after the giving of such notice (provided that if the damage is due to the fault or neglect activities of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall not be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect entitled to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if unless the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed repaired within one hundred eighty (180) 360 days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage). In the event that of such termination Base Rent and other charges shall be adjusted to the Premises or date of such damage and Tenant shall thereupon promptly vacate the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of Premises, the Lease Term shall terminate and if such damage neither party shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 have any liability to the contrary, Tenant shall have the option to terminate other under this Lease by written notice to Landlord of for any obligations arising after the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codetermination.

Appears in 2 contracts

Samples: Office Lease (Seattle Genetics Inc /Wa), Seattle Genetics Inc /Wa

Damage or Destruction. 18.1. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectBuilding is totally or partially damaged or destroyed, thereby rendering the damage Premises totally or partially inaccessible or unusable, then Landlord shall be repaired by Landlord diligently repair and restore the Premises and the Building to substantially the extent such insurance proceeds are available therefor and provided such repairs can, same condition they were in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of prior to such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) abovedestruction; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, 's good faith reasonable judgment such repair and restoration cannot be completed within one hundred eighty the lesser of (180a) fifteen (15) months after the occurrence of such damage or destruction or (b) twelve (12) months after settlement with any insurance company involved, then Landlord shall promptly notify Tenant of such determination. For a period of thirty (30) days after the necessity for repairs as a result receipt of such damage becomes known to Landlord without determination, Tenant shall have the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect right to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by providing written notice to Landlord’s insurance policies. However, if Landlord If Tenant does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days day period, Landlord shall proceed to repair and restore the Premises and the Building. In the event Landlord has not completed its repairs and restoration by the later of (i) the date by which it had been projected that Landlord's work would be completed, or (ii) the earlier of (a) the date that is fifteen (15) months after Tenant’s receipt the date of the Damage Repair Estimatecasualty, or (b) the date that is twelve (12) months after settlement with any insurance company involved, then Tenant shall have the right, at any time thereafter before the restoration has been completed, to terminate this Lease by delivering written notice of termination to Landlord; provided, however, that, if Landlord effective as has diligently pursued restoration and Tenant is then able (practically and lawfully) to occupy at least seventy-five percent (75%) of the date specified in Tenant’s notice. Finally, if rentable area of the Premises or for the Project is damaged to any substantial extent during the last twelve (12) months normal conduct of the TermTenant's business, then notwithstanding anything contained in this Article 16 to the contrary, Landlord Tenant shall not have the option right to terminate this Lease by giving written notice unless Landlord fails to Tenant complete all of the exercise of its repairs and restoration within an additional ninety (90) days, and during such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, extended restoration period Tenant shall have pay Base Rent and additional rent only for the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or Premises that is usable for the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance normal conduct of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code's business.

Appears in 2 contracts

Samples: Lease Agreement (American Management Systems Inc), Lease Agreement (American Management Systems Inc)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damageA.- Total. In the event that the Premises whole or the Project is destroyed or damaged to any a substantial extent during the last twelve (12) months part of the Lease Term and if such damage shall take longer than sixty Leased Property is damaged or destroyed by fire, act of nature, or any other cause, so as to make COMPANY unable to continue the operation of its business, IAMSA shall, within fifteen (6015) days to repair and if from such damage is destruction, determine whether the Leased Property can be restored within six (6) months. If IAMSA determines that the Leased Property cannot the result of the negligence be restored within six (6) months, either IAMSA or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant COMPANY shall have the right and option to immediately terminate this Lease Agreement, by advising the other thereof by written notice. If this Lease Agreement is not terminated as provided in the preceding sentence, IAMSA shall proceed diligently to reconstruct the Leased Property, in that event the IAMSA will accept in lieu of the rent during this period the rental insurance or bond acquired by the COMPANY. During the period of reconstruction the COMPANY will not be obliged to pay the rent. In the event that the Leased Property is not reconstructed within six months after the date of destruction, then IAMSA will have a cure period of thirty days to finish the restoration of the Improvements of IAMSA, such cure period beginning on the last day of such six month period. Upon IAMSA’s failure to deliver the restored premises and Improvements prior to the expiration of such thirty (30) day cure period, COMPANY will have the right to terminate this Lease Agreement by the delivery of written notice to Landlord IAMSA, or COMPANY may elect to accept one day of free rent for each day of delay of the exercise of such option within sixty (60) days after Tenant learns delivery of the necessity for repairs as Leased Property from and after the result of such damage. A total destruction end of the Project shall automatically terminate this Lease. Except as provided sixth month (in this Article 16, there shall be no addition to the abatement of rent during the period of restoration by IAMSA as provided above). COMPANY’s right to terminate this Agreement will be subject to the COMPANY forwarding to IAMSA any insurance proceeds paid to COMPANY for the loss of Improvements constructed by the LESSOR, in accordance with the Insurance that the COMPANY is obliged to acquire under Section VII of this Agreement. In the event total damage occurs and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion reconstruction of the Project or premises commences, IAMSA will exercise its best efforts to re-locate COMPANY to another IAMSA property that is acceptable to COMPANY and suitable for COMPANY’s operations, subject to availability, only for the Premises or reconstruction period, in or order to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have help COMPANY with its continuing operations at no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codecharge during such reconstruction.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (Masimo Corp)

Damage or Destruction. If any of the Project is Premises, or a substantial part of the building in which the Premises are located, shall be damaged or destroyed by fire or other insured casualty casualty, and the insurance proceeds have been made available therefor by the holder or holders repair of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, not be completed within one hundred eighty twenty (180120) days after the necessity for repairs as a result days, following receipt by Lessor of actual notice of such damage becomes known or destruction, Lessor shall have the option either (a) to Landlordrepair or rebuild within a reasonable time utilizing the insurance proceeds to effect such repair, without the payment of overtime or other premiums(b) not to repair or rebuild, and until such repairs are completed rent shall be abated in proportion to cancel this Lease on sixty (60) days’ prior written notice. If Lessor fails to give Lessee written notice of its election within sixty (60) days from the part date of damage, or if the restoration of the Premises which is unusable by Tenant cannot be completed within one hundred twenty (120) days from date of notice, Lessee may cancel this Lease at its option on fifteen (15) days’ prior written notice. During the period of untenantability, all rent shall xxxxx in the conduct of its business (but there shall be no abatement of rent by reason of any same ratio as the portion of the Premises being unusable for a period equal rendered untenantable bears to one (1) day or less). However, the whole of the Premises; provided that if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the likeLessee, there shall be no abatement of rent, unless and to . If the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after Premises or the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time building in which the repairs will Premises are located shall be completed. Upon the occurrence of any damage to the Premisesdamaged or destroyed by fire or other insured casualty, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of and repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, damage can be completed within one hundred eighty twenty (180120) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime days, Lessor shall repair or other premiums, Landlord may, at its option, either (i) make such repairs in rebuild within a reasonable time and in such event this Lease shall continue in effect and utilizing the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not insurance proceeds to effect such repairs and instead terminate this Leaserepair. During the period of untenantability, by notifying Tenant all rent shall xxxxx in writing of such termination within sixty (60) days after Landlord learns the same ratio as the portion of the necessity for repairs as a result Premises rendered untenantable bears to the whole of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, ; provided that if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 due to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant fault or neglect of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16Lessee, there shall be no abatement of rent and no liability rent. If any part of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or the Building in which the Premises are located shall be damaged or to fixturesdestroyed by an uninsured casualty, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant Lessor shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated the option either (a) to repair or elects rebuild within a reasonable time, or (b) not to repairrepair or rebuild, Tenant, and to cancel this Lease on thirty (30) days’ prior written notice. In the event of cancellation by Lessor as a material inducement result of an uninsured casualty, Lessee shall have the right, in its sole and absolute discretion, within five (5) days following Lessor’s notice of cancellation, to Landlord entering into this Leaseoverride such cancellation by agreeing to repair the damage at Lessee’s sole cost and expense. In such event, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of Lessee shall repair or rebuild within a reasonable time following the California Civil Codedamage or destruction.

Appears in 2 contracts

Samples: Office Lease (Microvision, Inc.), Office Lease (Microvision, Inc.)

Damage or Destruction. If the Project is demised premises or any part thereof shall be damaged or destroyed by fire or other insured casualty casualty, Landlord shall promptly repair all such damage and restore the demised premises without expense to Tenant, subject to delays due to adjustment of insurance proceeds have been made available therefor by claims, strikes and other causes beyond Landlord's Control. If such damage or destruction shall render the holder premises untenable in whole or holders of any mortgages or deeds of trust covering the Premises or the Projectin part, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part loss of usage of the Premises which is unusable demised premises by Tenant in until the conduct of its business (but there damage shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees repaired and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damagepremises restored. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent destruction shall be abated, if at all, in so extensive as to require the manner provided in this Article 16, expenditure of fifty (50%) percent or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns more of the necessity for repairs as a result replacement cost of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In additionbuilding or buildings on the demised premises, Landlord may elect to terminate this Lease if by written notice to the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed given within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt the occurrence of such damage or destruction if Landlord shall not commence reconstruction of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option premises within sixty (60) days after the loss, Tenant may give Landlord learns notice of its intent to terminate the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term Lease, and if Landlord shall not commence such damage shall take longer than sixty reconstruction within fifteen (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (6015) days after receipt of Tenant's notice, Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically may terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent Landlord and no liability of Landlord by reason of any injury Tenant hereby release each other from responsibility for loss or damage occurring on or to or interference with Tenant’s business or property arising from such damage or destruction the leased premises or the making premises of any repairs, alterations or improvements in which they are a part or to any portion the contents of either thereof, caused fire or other hazards actually covered by the fire and extended coverage insurance policy Tenant is required to provide under Section 5 above, and each waives all rights or recovery against the other for such loss or damage. Willful misconduct lawfully attributable to either party, whether in whole or in part a contributing cause of the Project casualty giving rise to the loss or the Premises or in or to fixturesdamage, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights excused under the provisions of Sections 1932 foregoing release and 1933 of the California Civil Codewaiver.

Appears in 2 contracts

Samples: Biomune Systems Inc, Biomune Systems Inc

Damage or Destruction. If the Project is building or other improvements upon the Premises are damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Projectcasualty, Landlord shall cause the damage shall to the physical structure of the building (excluding any tenant improvements or alterations therein) to be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs canor replaced without unreasonable delay; provided, in Landlord’s sole opinionhowever, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent if by reason of any portion such casualty, Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of 270 days (as measured from the issuance of the Premises being unusable applicable building permits necessary for a period equal reconstruction), then either party shall have the right to one (1) day or less). However, if the damage is due terminate this Lease by giving written notice of termination to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty other party hereto within thirty (6030) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) abovecasualty; provided, however, in the event that if the cost casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of repair Tenant or Tenant's invitees, Tenant shall have no right to terminate this Lease. Except as specifically set forth herein, in no event shall any such damage cause the abatement or rebate in the Rent then due or thereafter becoming due under the terms hereof. Notwithstanding the other provisions of improvements within this Section, in the event that there should be a casualty loss to the Premises by Landlord exceeds during the amount last two (2) years of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiumsTerm, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice thereof to Tenant of the exercise of such option within sixty thirty (6030) days after Landlord learns the date of the necessity for repairs casualty and the Rent shall xxxxx as of the result date of such damagenotice. In Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this Section shall affect any rights of Landlord or Tenant hereunder arising from the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months prior defaults of the Lease Term and if such damage other party. Tenant shall take longer than sixty (60) days to repair and if such damage is not give Landlord immediate notice of any fire or other casualty in the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding Premises. Notwithstanding anything contained in this Article 16 Section to the contrary, in no event shall Landlord be required to expend more funds in connection with repair or restoration than the amount received by Landlord from the proceeds of any insurance policies maintained by Landlord. Further, Landlord shall have no duty to restore, repair, replace or rebuild in the event that any lender of Landlord should require that insurance proceeds received as a result of the fire or other casualty be applied to payment of the mortgage debt, and, in such event, Landlord and Tenant shall each have the option right to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeimmediately.

Appears in 2 contracts

Samples: Lease (Arotech Corp), Lease (Arotech Corp)

Damage or Destruction. If all or a part of the Project is Premises are --------------------- damaged by fire or other insured casualty casualty, or if the Building is so damaged that access to or use and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part occupancy of the Premises is materially impaired, Landlord shall promptly give Tenant notice of Landlord's reasonable estimate of the time required to make such repairs (the "Damage Estimate"). If the Damage Estimate is one hundred twenty (120) days or less, then Landlord shall repair the damage and this Lease shall remain in full force and effect. If the Damage Estimate is more than one hundred twenty (120) days, Landlord, at its option exercised by written notice to Tenant within sixty (60) days of the date of the damage, shall either (a) repair the damage, in which is unusable event this Lease shall continue in full force and effect, or (b) terminate this Lease as of the date specified by Tenant Landlord in the conduct of its business (but there notice, which date shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one not less than thirty (130) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within days nor more than sixty (60) days after the date Landlord learns of such notice is given, and this Lease shall terminate on the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of date specified in the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damagenotice. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within is more than one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to days, and Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect does not to effect such repairs and instead terminate give notice terminating this Lease, by notifying then Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such may give notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In additionLandlord, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) calendar days after Tenant’s receipt of Tenant receives the Damage Repair Estimate, to terminate terminating this Lease by written notice to Landlord effective as of the date specified of such fire or casualty. Notwithstanding anything to the contrary contained in Tenant’s notice. Finallythis Paragraph 26, if the Premises or initial Damage Estimate is more than ninety (90) days, and the Project is damaged to any substantial extent during date on which Landlord reasonably anticipates the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise repairs of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project damage will be completed is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term term, Landlord and if Tenant shall each have the option to terminate this Lease as of the date of such damage shall take longer than sixty by giving written notice to the other, in the case of Landlord together with the Damage Estimate, or, in the case of Tenant, within thirty (6030) days of Tenant's receipt of the Damage Estimate. If the fire or other casualty damages the Premises or the common areas of the Real Property necessary for Tenant's use and occupancy of the Premises, Tenant ceases to repair and if such damage is not use any portion of the Premises as a result of such damage, and the damage does not result from the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agentsany other Tenant Parties, then notwithstanding anything in this Article 16 to during the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or period the Premises or in or portion thereof are rendered unusable by such damage and repair, Tenant's Monthly Rent and Additional Rent under Paragraphs 5 and 7 above shall be proportionately reduced based upon the extent to fixtures, appurtenances which the damage and equipment therein. repair prevents Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipmentfrom conducting, and that Tenant does not conduct, its business at the Premises. Landlord shall not be obligated to repair any damage thereto or replace any of Tenant's movable furniture, equipment, trade fixtures, and other personal property, nor any Alterations installed in the same. Tenant acknowledges that Tenant shall have Premises by Tenant, and no right damage to any proceeds of insurance carried by Landlord relating to property damage. With respect the foregoing shall entitle Tenant to any damage which Landlord is obligated to abatement, and Tenant shall, at Tenant's sole cost and expense, repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions replace such items. All such repair and replacement of Sections 1932 and 1933 of the California Civil CodeAlterations shall be constructed in accordance with Paragraph 9 above regarding Alterations.

Appears in 2 contracts

Samples: Office Lease (Digital Island Inc), Office Lease (Digital Island Inc)

Damage or Destruction. If all or any part of the Project Premises or any material portion of the balance of the Real Property is damaged by fire or other insured casualty casualty, Landlord shall, within sixty (60) days following the date of the damage, give Tenant written notice of Landlord’s reasonable estimate of the time required from the date of the damage to repair the damage (the “Damage Estimate”). Landlord shall use commercially reasonable efforts to diligently proceed to repair the damage and this Lease shall remain in full force and effect if (i) the damage is caused by a peril covered by Landlord’s insurance (or required under this Lease to be covered by Landlord’s insurance), the proceeds from such insurance are sufficient (without considering any deductible amounts) to repair the damage (an “Insured Casualty”), and the Damage Estimate is two hundred seventy (270) days from the date of the casualty or less, or (ii) the damage is caused by a peril not covered (and not required to be covered) by Landlord’s insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, proceeds from Landlord’s insurance are not sufficient (without considering any deductible amounts) to repair the damage shall be repaired by Landlord to (an “Uninsured Casualty”), and the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within Damage Estimate is one hundred eighty (180) days after from the necessity for repairs as a result date of such damage becomes known to casualty or less. If the Damage Estimate is more than two hundred seventy (270) days, in the case of an Insured Casualty, or more than one hundred eighty (180) days, in the case of an Uninsured Casualty, Landlord, without at its option exercised by written notice to Tenant within sixty (60) days of the payment date of overtime the damage, shall either (a) diligently proceed to repair the damage, in which event this Lease shall continue in full force and effect, or other premiums(b) terminate this Lease as of the date specified by Landlord in the notice, and until such repairs are completed rent which date shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business not less than thirty (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (130) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within days nor more than sixty (60) days after the date Landlord learns of such notice is given, and this Lease shall terminate on the necessity for repairs as a result of damage, Landlord shall notify Tenant date specified in the notice (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if as a condition to Landlord’s termination of this Lease, Landlord must concurrently terminate the cost leases of all other tenants of the Building similarly affected by the damage in question with whom Landlord has similar termination rights). Notwithstanding the foregoing, Landlord shall not be obligated to repair or replace any of improvements within Tenant’s movable furniture, equipment, trade fixtures, and other personal property, nor any Specialty Alterations or Above Building Standard Alterations installed in the Premises by Landlord exceeds or at the amount request of insurance proceeds received Tenant (including those installed by Landlord from at Tenant’s insurance carrierrequest, as so assigned whether prior or subsequent to the commencement of the Lease term), and no damage to any of the foregoing shall entitle Tenant to any rent abatement, and Tenant shall, at Tenant’s sole cost and expense, repair and replace such items. All such repair and replacement of Specialty Alterations and Above Building Standard Alterations by Tenant, such excess costs Tenant shall be paid by Tenant to Landlord prior to Landlord’s repair of such damageperformed in accordance with Paragraph 9 above regarding Alterations. If the damage is to the Premises or if the Building is so damaged that access to or use and occupancy of the Premises is materially impaired, the Damage Repair Estimate indicates that repairs cannotis more than three hundred sixty-five (365) days, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to and Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event does not give notice terminating this Lease shall continue in effect and within the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) day period provided above, then Tenant may give notice to Landlord, within fifteen (15) calendar days after Landlord learns the expiration of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant aforesaid sixty (60) days to vacate the Premises. In additionday period, Landlord may elect to terminate terminating this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s termination notice, which date shall not be before the date of such notice or more than thirty (30) days after the date of Tenant’s termination notice. FinallyIf this Lease was not terminated pursuant to the above and Landlord is required by the terms hereof to repair the subject damages, then, if Landlord does not complete the repairs by the date that is three hundred sixty-five days (365) days following the date of the damage (such period to be extended by any delays caused by Tenant or its agents), then Tenant may terminate this Lease by providing Landlord with written notice of such termination within thirty (30) days after the end of such 365-day period, but in any event, prior to the date the repairs are completed, which written notice shall specify the termination date, which termination date shall not be before the date of such notice nor more than thirty (30) days after the date of such notice. Notwithstanding anything to the contrary contained in this Paragraph 26, if the Premises or initial Damage Estimate is more than ninety (90) days, and the Project date on which Landlord reasonably anticipates the repairs of such damage will be completed is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contraryLease term, Landlord and Tenant shall each have the option to terminate this Lease by giving written notice to the other, in the case of Landlord together with the Damage Estimate, or, in the case of Tenant, within thirty (30) days of Tenant’s receipt of the Damage Estimate, and this Lease shall terminate as of the date specified by the party in its termination notice, which date shall not be before the date of such notice or more than thirty (30) days after the date of such notice. Notwithstanding the foregoing, if Landlord exercises its right to terminate this Lease pursuant to the provisions of this subparagraph and Tenant has an unexpired, unexercised option to renew the term of this Lease, Tenant may cause Landlord’s termination exercise to be rescinded by exercising such option to renew within ten (10) Business Days following delivery of notice of Landlord’s exercise of its right to terminate this Lease, provided that all other conditions for the effectiveness of the exercise of such option within sixty (60) days after to renew are satisfied. Notwithstanding anything to the contrary in this Paragraph 26, if damage which would otherwise lead to a right to terminate this Lease results from the willful misconduct of Landlord learns or Tenant, the party from whose misconduct such damage results shall have no right to terminate this Lease. If the fire or other casualty damages the Premises or the common areas of the necessity Real Property necessary for repairs Tenant’s use and occupancy of the Premises, Tenant ceases to use any portion of the Premises as the a result of such damage. In , then during the event that period the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if portion thereof are rendered unusable by such damage and repair, Tenant’s Monthly Rent and Additional Rent under Paragraphs 5 and 7 above shall take longer than sixty (60) days be proportionately reduced based upon the extent to which the damage and repair prevents Tenant from conducting, and Tenant does not conduct, its business at the Premises; provided, however, if such the damage is not the result of results from the negligence or willful misconduct of Tenant or Tenant’s agents, employees, contractors or licensees, invitees or agentsthen Tenant’s Monthly Rent and Additional Rent will not xxxxx unless Tenant reimburses Landlord for the deductible required under Landlord’s property damage/rental loss insurance. Tenant’s abatement period provide for herein shall continue until Tenant has been given reasonably sufficient time (as reasonably determined by Landlord, then notwithstanding anything taking into account customary construction time frames for the construction of tenant improvements in this Article 16 space of similar size in comparable buildings in San Francisco) and sufficient access to the contraryPremises, to rebuild the portion of the Premises it is required to rebuild, to install its property, furniture, fixtures, data and telecommunications cabling and equipment and to move in to the Premises over the course of one (1) full weekend (during which weekend Tenant shall have be provided with the option to terminate this Lease exclusive use (except for de-minimus use by written notice to Landlord others) of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damageBuilding’s freight elevator). A total destruction of the Project Building shall automatically terminate this Lease. Except as provided in this Article 16, there In no event shall Tenant be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or entitled to any portion compensation or damages from Landlord for loss of use of the Project whole or any part of the Premises or in for any inconvenience occasioned by any such destruction, rebuilding or to fixturesrestoration of the Premises, appurtenances and equipment thereinthe Building or access thereto, except for the rent abatement expressly provided above. Tenant understands that Landlord will not carry insurance hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 hiring upon destruction of the California Civil Codething hired and Sections 1941 and 1942, providing for repairs to and of premises.

Appears in 2 contracts

Samples: Office Lease (Twitter, Inc.), Office Lease (Twitter, Inc.)

Damage or Destruction. If In the Project event the Building is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectBuilding, if any, the damage shall be repaired by and at the expense of Landlord from the proceeds of the insurance that Landlord is obligated to the extent such insurance proceeds are available therefor and maintain under Section 17.D., provided such repairs can, in Landlord’s sole reasonable opinion, be completed made within one two hundred eighty forty (180240) days after the necessity for repairs as a result occurrence of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until . Until such repairs are completed completed, the rent shall be abated in proportion continue to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant (with the source of funds for such payment anticipated to Landlord prior to Landlordbe the proceeds of Tenant’s repair of such damagebusiness income insurance) and shall not be abated. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinionreasonable opinion be made within two hundred forty (240) days, be Landlord shall notify Tenant within thirty (30) days of the occurrence of such damage of its determination, in which event, or in the event such repairs are commenced but are not substantially completed within one two hundred eighty forty (180240) days of the date of such occurrence, either party may, by written notice to the other given within ten (10) days after Landlord’s notification or the necessity for repairs expiration of said 240-day period, as a result the case may be, cancel this Lease as of the date of the occurrence of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged event the Premises are rendered untenantable by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord and Tenant shall each have the option right to terminate cancel this Lease by giving written notice to Tenant as of the exercise date of the occurrence of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option other party given within sixty ten (6010) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Leasefire or casualty. Except as provided in this Article 16Section, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from any such damage fire or destruction other casualty or from the making or not making of any repairs, alterations or improvements in or to any portion of the Project or the Premises Building or in or to fixtures, appurtenances and equipment therein. Tenant hereby waives any statutory or common law rights of termination which may arise by reason of any partial or total destruction of the Building. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade furniture or furnishings or on any fixtures or equipment, equipment removable by Tenant under the provisions of this Lease and that Landlord shall not be obligated obliged to repair any damage thereto or replace the same. Tenant acknowledges that Tenant Landlord shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated not be required to repair any injury or elects damage caused by fire or other cause, or to repairmake any repairs or replacements, to or of improvements installed in the Premises by or for Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Office Lease (Walter Investment Management Corp)

Damage or Destruction. If In the Project is damaged by fire event of any damage to or other insured casualty destruction of the Property prior to the Closing, Seller shall promptly notify Buyer and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectClosing shall nevertheless occur as otherwise provided for in this Agreement except (i) if, in Seller's reasonable judgment, the cost to repair such damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor or destruction is less than $100,000 and provided such repairs can, in Landlord’s sole opinion, can be completed within one hundred eighty seventy five (18075) days after of the necessity for repairs as a result scheduled Closing Date, Seller shall, at Seller's sole cost, promptly commence and diligently pursue to completion the repair of such damage becomes known to Landlord, without the payment of overtime or other premiumsand destruction, and until such repairs are completed rent the date of Closing shall be abated in proportion to extended until the part of the Premises which date that is unusable by Tenant in the conduct of its business five (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (605) days after the date Landlord learns Seller shall have notified Buyer in writing of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair completion of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180but not later than seventy five (75) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiumsoriginally scheduled Closing Date), Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not if, in Seller's reasonable judgment, the cost to effect repair such repairs and instead terminate this Lease, by notifying Tenant in writing of damage or destruction equals or exceeds $100,000 or such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty seventy five (18075) days of the scheduled Closing Date, then within ten (10) business days after being commenced Buyer's receipt of such notice, Buyer shall deliver written notice to Seller and if Escrow Holder, electing either: (a) to proceed with this transaction and Closing in accordance with this Agreement notwithstanding such damage is not or destruction, in which case all proceeds of insurance paid or payable to Seller by reason of such damage or destruction shall be paid or assigned to Buyer and the result of Purchase Price shall be reduced by an amount equal to the negligence deductible under Seller's insurance policy; or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30b) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease Agreement in accordance with the terms of Section 3.4. Buyer's failure to deliver either of such notices to Seller and Escrow Holder within such ten (10) business day period shall constitute Buyer's election to terminate this Agreement. If damage or destruction occurs as contemplated in clause (i) above, Buyer shall have the right, exercisable by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve Seller within ten (1210) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) business days after Landlord learns receipt of the necessity for repairs as the result Seller's notice of such damage. In , to elect to proceed to Closing without Seller performing the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damagecontemplated in said clause (i), in which case Buyer and Seller shall proceed with this transaction as set forth in clause (a) above. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.4.8

Appears in 1 contract

Samples: Purchase and Sale Agreement and Joint Escrow Instructions (Price T Rowe Realty Income Fund Ii)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s 's sole opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A14A(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s 's insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s 's repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s 's opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent Basic Rental shall be abated, if at all, in the manner provided in this Article Section 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s 's insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article Section 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article Section 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s 's business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s 's furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its any rights under law to terminate this Lease. Without limiting the provisions foregoing, Tenant hereby waives any right it may have to terminate this Lease pursuant to Arizona Revised Statutes § 33-343 as a result of Sections 1932 and 1933 of the California Civil Code.any destruction

Appears in 1 contract

Samples: Standard Office Lease (Ecotality, Inc.)

Damage or Destruction. 4.9.1 If the Project is Premises are damaged by fire fire, earthquake or other insured casualty casualty, Tenant shall give prompt written notice thereof to Landlord. If Landlord reasonably and the insurance proceeds have been made available therefor by the holder or holders in good faith estimates in a notice given to Tenant within forty- five (45) Business Days after Tenant's notice of any mortgages or deeds of trust covering the Premises or the Project, such damage that the damage shall can be repaired by Landlord to in accordance with the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed then-existing Governmental Requirements within one hundred hundred-eighty (180) days Business Days after the necessity for repairs as a result Landlord is notified by Tenant of such damage, then Landlord shall proceed with reasonable diligence to restore the Premises to substantially the condition which existed prior to the damage becomes known and this Lease shall not terminate. If, in Landlord's reasonable, good faith estimation provided in a notice given to Tenant within forty-five (45) Business Days after Tenant's notice of such damage, the damage cannot be repaired within such 180 Business Day period, Landlord may elect in such notice in its absolute discretion to either: (a) terminate this Lease or (b) restore the Premises to substantially the condition which existed prior to the damage and this Lease will continue. If, in Landlord's reasonable, good faith estimation, the damage cannot be repaired within such 180 Business Day period but Landlord nonetheless elects to restore the Premises, Tenant may elect in its absolute discretion, by written notice given within twenty (20) Business Days after receipt of Landlord's election, to terminate this Lease. If Landlord restores the Premises under this paragraph, then (1) the Lease Term shall be extended for the time required to complete such restoration, (2) Tenant shall pay to Landlord, without the payment upon demand, Tenant's Pro Rata Share of overtime any applicable deductible amount specified under Landlord's insurance and (3) Landlord shall not be required to repair or restore Tenant Improvements, Tenant Alterations, or any or all furniture, fixtures, equipment, inventory, improvements or other premiumsproperty which was in or about the Premises at the time of the damage and was not owned by Landlord. Base Rent, Additional Rent and until such repairs are completed rent any other sum due under this Lease during any reconstruction period shall be abated in proportion to the part portion of the Premises which that is unusable not useable by Tenant in the conduct of its Tenant's business (but there shall be no abatement in the ordinary course. Tenant agrees to look to the provider of rent by reason Tenant's insurance for coverage for the loss of any portion Tenant's use of the Premises being unusable for a period equal to one (1) day and any other related losses or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid damages incurred by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to during any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codereconstruction period.

Appears in 1 contract

Samples: Lease (Sonosite Inc)

Damage or Destruction. If In the Project is event the Premises or the Building are damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering coveting the Premises or the ProjectBuilding, the damage shall be repaired by and at the expense of Landlord to the extent of such insurance proceeds are available therefor and therefor, provided such repairs can, in Landlord’s sole 's reasonable opinion, be completed made within one two hundred eighty seventy (180270) days after the necessity for repairs as a result occurrence of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until . Until such repairs are completed completed, the rent shall continue to be paid by Tenant's rental insurance and shall otherwise be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damageare rendered untenantable. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, 's reasonable opinion be completed made within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiumsdays, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying notify Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt following the occurrence of such damage of its determination, in which event, or in the event such repairs are commenced but are not substantially completed within two hundred seventy (270) days of the Damage Repair Estimatedate of such occurrence, to terminate this Lease either party may, by written notice to Landlord effective the other, cancel this Lease as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result occurrence of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16Section, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s Xxxxxx's business or property arising from any such damage fire or destruction other casualty or from the making or not making of any repairs, alterations or improvements in or to any portion of the Project Building or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade 's furniture or furnishings or on any fixtures or equipment, equipment removable by Tenant under the provisions of this Lease and that Landlord shall not be obligated obliged to repair any damage thereto or replace the same. Tenant acknowledges that Tenant Landlord shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated not be required to repair any injury or elects damage caused by fire or other cause, or to repair, make any repairs or replacements to or of improvements installed in the Premises by or for Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Lease (Improvenet Inc)

Damage or Destruction. If SECTION 7.01 In the Project is event that the Demised Premises or any part thereof are ------------ damaged or destroyed by fire or any other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premisescasualty, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior promptly give written notice thereof to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs Building is totally destroyed or so extensively and substantially damaged as to require practically a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contraryrebuilding thereof, Landlord shall have the option to terminate this Lease or rebuild, which option shall be exercised by giving written notice to Tenant within forty-five (45) days of the exercise date of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrarydestruction; provided, Tenant shall have the option to terminate this Lease by written notice to Landlord if the Demised Premises are not restored within six (6) months of the exercise date of destruction. If this Lease is terminated then the rent shall be paid up to the time of such option within sixty destruction and then and from thenceforth this Lease shall come to an end. If Landlord opts to rebuild then no rent shall be payable hereunder from the date of destruction until the Demised Premises is restored (60) days after Tenant learns which shall be the earlier of the necessity date Tenant re-enters into occupancy or the date of a certificate of occupancy is issued). If the Demised Premises shall be partially damaged by fire, the elements or other casualty, Landlord shall repair the same as speedily as practicable, provided the proceeds of insurance are an amount equal to or greater than the cost of such repair (unless Landlord chooses to complete the repairs notwithstanding the insufficiency of insurance proceeds). In the event of partial damage or destruction, Tenant's rent payment shall be pro-rated based on the portion of the Demised Premises suitable for repairs occupancy, until such time as the result of such damage. A total destruction of Demised Premises are restored, when the Project Tenant shall automatically terminate this Lease. Except pay rent as elsewhere provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Community Partners Bancorp

Damage or Destruction. 17.1 If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectBuilding is totally or partially damaged or destroyed thereby rendering the Premises totally or partially inaccessible or unusable, Landlord shall diligently restore and repair the damage shall be repaired by Landlord Premises and the Building to substantially the extent same condition they were in prior to such insurance proceeds are available therefor and provided such repairs candamage; provided, however, that if in Landlord’s sole opinion, judgment such repairs and restoration cannot be completed within one hundred eighty twenty (180120) days after the necessity for repairs as a result occurrence of such damage becomes known or destruction (taking into account the time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required governmental permits), then Landlord shall have the right, at its sole option, to Landlord, without the payment terminate this Lease by giving written notice of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion termination to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within within sixty (60) days after the occurrence of such damage or destruction. If this Lease is terminated pursuant to the immediately preceding sentence, then rent shall be apportioned and paid to the date Landlord learns of the necessity for repairs termination. If this Lease is not terminated as a result of damagesuch damage or destruction, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment then until such repair and restoration of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the PremisesPremises are substantially complete, Tenant shall assign be required to Landlord (or pay rent only for those portions of the Premises that Tenant is able to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) aboveuse while such repair and restoration are being made; provided, however, that if such damage or destruction was caused by the cost act or omission of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrierTenant or any Invitee, as so assigned by Tenant, then Tenant shall not be entitled to any such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damagerent reduction. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs this Lease is not terminated as a result of such damage becomes known to or destruction, then Landlord without shall bear the payment costs and expenses of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time repair and in such event this Lease shall continue in effect restoration of the Premises and the rent shall be abatedBuilding; provided, if at allhowever, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not or destruction was caused by the result of the negligence act or willful misconduct omission of Tenant or any Invitee, then Tenant shall pay to Landlord the amount by which such costs and expenses exceed the insurance proceeds, if any, actually received by Landlord on account of such damage or destruction; and provided further, however, that Landlord shall not be required to repair or restore any of the original tenant improvements installed pursuant to Exhibit B (except for the Building Standard Allowances to the extent the same were originally incorporated into the Premises), any Alterations or any other contents of the Premises (including, without limitation, Tenant’s employeestrade fixtures, licenseesdecorations, invitees furnishings, equipment or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s noticepersonal property). Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding Notwithstanding anything contained in this Article 16 above to the contrary, Landlord shall have the option right to terminate this Lease by giving written notice in the event (a) Landlord’s insurance is insufficient to Tenant pay the full cost of such repair and restoration, (b) the holder of any Mortgage fails or refuses to make such insurance proceeds available for such repair and restoration, (c) zoning or other applicable Laws or regulations do not permit such repair and restoration, or (d) the damage to the Building exceeds twenty-five percent (25%) of the exercise of such option within sixty (60) days after Landlord learns replacement value of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodeBuilding.

Appears in 1 contract

Samples: Lease Agreement (Mega Group Inc)

Damage or Destruction. 20.1 If the Project this lease is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Projectnot so terminated, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord mayLessor shall, at its optionexpense, either commence all necessary repairs (iwhich will include repair of Lessee Improvements, but will not include repair of Lessee's trade fixtures, equipment, furniture and personal property) make and shall diligently proceed to complete the same. If Lessor shall fail to commence all necessary repairs or shall not use its best efforts to diligently complete such repairs in a reasonable time and in such event this Lease repairs, then Lessee may give Lessor notice to do so. If Lessor shall continue in effect and the rent shall be abatednot, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) 30 days after Landlord learns of the necessity for repairs as a result of damageLessee's notice, commence repair or proceed to use best efforts to diligently complete such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In additionrepairs, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed then in either case within one hundred eighty (180) 30 days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employeesLessee's notice, licensees, invitees or agents, Tenant Lessee may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective Lessor within 15 days after expiration of such 30 day period. Such right to terminate may be exercised only by Lessee giving written notice of termination to Lessor prior to substantial completion of the repairs by Lessor. If this Lease is terminated under this Section, monthly rent will be prorated (a) as of the date specified in Tenant’s notice. Finally, if of the relevant termination as to the portion of the Premises or the Project that is damaged to any substantial extent during the last twelve not untenantable and (12b) months as of the Term, then notwithstanding anything contained in this Article 16 date of the Casualty as to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant untenatable portion of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employeesPremises, licensees, invitees or agents, then notwithstanding anything all in this Article 16 proportion to the contrary, Tenant shall have the option Rentable Areas attributable to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damageportions. A total destruction of the Project shall automatically terminate this Lease. Except as provided During any period in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to which any portion of the Project Premises is rendered untenantable by the Casualty, the monthly rent will be abated for the period of untenantablility(plus a period of 30 days or the Premises or in or number of days required for Lessee to fixturesequip, appurtenances furnish and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering move into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 such portion of the California Civil CodePremises, whichever is less) in proportion to the amount of space which is untenantable.

Appears in 1 contract

Samples: Business Lease (Sento Corp)

Damage or Destruction. If the Project Premises is damaged or destroyed by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damagecasualty, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord mayshall, at its option, either (i) make repair the Premises as nearly as practicable to the same condition as prior to such repairs damage or destruction, with the exception of Tenant’s personal property and improvements as listed in a reasonable time and in such event this Lease shall continue in effect and Exhibit D, the rent restoration of which shall be abated, if at all, in the manner Tenant's sole obligation and expense. The Landlord and Tenant’s obligation to repair provided in this Article 16, or (ii) elect not Section shall be subject to effect such repairs and instead the terminate rights provided below. Total destruction of the Premises shall automatically terminate this Lease. If in the Landlord's reasonable estimation, by notifying Tenant in writing of such termination the Premises is not totally destroyed but cannot be repaired within sixty (60) days after Landlord learns of the necessity for repairs as a result date of damagedamage or destruction of same, such Landlord shall give written notice to include a termination date giving Tenant sixty (60) days estimating the length of time necessary to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided abovecomplete such repairs, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty Tenant shall have seven (1807) business days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, thereafter to elect to terminate this Lease by written notice to Landlord. If Tenant does not elect to terminate within seven (7) business days, Tenant shall be deemed to have irrevocably waived its rights of termination under this Section. If the Premises is destroyed or damaged to such an extent that Landlord deems it is not economically practical to repair the same, in Landlord's sole discretion, then Landlord shall give Tenant notice to that effect and terminate this Lease effective as of the date specified in Tenant’s noticeof the damage or destruction. FinallyIf Tenant does not have the right to terminate, or has the right but does not elect to terminate pursuant to this Section, and if Landlord elects to repair such damage, repairs shall commence as soon as possible after the occurrence of such damage and after Tenant has irrevocably waived its rights of termination under this Section, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damagerights apply. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not in any event be obligated to repair liable for lost profits or other consequential damages of Tenant resulting from any casualty damage; however rent shall be pro-rated for any damage thereto or replace repairs which disrupt the same. Tenant acknowledges that Tenant shall have no right to Tenant's normal business hours in excess of 20% of any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codescheduled business hours within any business week.

Appears in 1 contract

Samples: Trubble Brewing Lease Agreement

Damage or Destruction. If 14.1 In the Project event the Building and/or the Building Standard Work is damaged by fire or other insured perils covered by Lessor's insurance Lessor shall: a. In the event of total destruction, at Lessor's option, within a period of ninety (90) days thereafter, commence repair, reconstruction and restoration of said Building and/or Building Standard Work and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or within said ninety (90) day period elect not to so repair, reconstruct or restore said Building and/or Building Standard Work in which event this Lease shall terminate. In either event, Lessor shall give Lessee written notice of its intention within said ninety (90) day period. In the event Lessor elects not to restore said Building and/or Building Standard Work, this Lease shall be deemed to have terminated as of the date of such total destruction. b. In the event of a partial destruction of the Building and/or Building Standard Work, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof and if the damage thereto is such that the Building and/or the Building Standard Work may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty and the Lessor will receive insurance proceeds sufficient to cover the cost of such repairs, Lessor shall commence and proceed diligently with the work of repair, reconstruction and restoration and the Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration is such as to require a period longer than ninety (90) days or exceed twenty-five percent (25%) of the full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, Lessor either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Lessor may elect not to repair, reconstruct or restore and the Lease shall in such event terminate. Under any of the conditions of this Subparagraph 14.1(a), Lessor shall give written notice to Lessee of its intention within said ninety (90) day period. In the event Lessor elects not to restore said Building and/or Building Standard Work, this Lease shall be deemed to have been made available therefor by terminated as of the holder or holders date of such partial destruction. 14.2 Upon any mortgages or deeds termination of trust covering this Lease under any of the provisions of this Paragraph 14, the parties shall be released thereby without further obligation to the other from the date possession of the Premises or is surrendered to Lessor except for items which have therefore accrued and are then unpaid. 14.3 In the Projectevent of repair, reconstruction and restoration by Lessor as herein provided, the damage shall rental provided to be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent paid under this Lease shall be abated proportionately with the degree to which Lessee's use of the Premises is impaired during the period of such repair, reconstruction or restoration. Lessee shall not be entitled to any compensation or damages for loss in proportion to the use of the whole or any part of the Premises which is unusable and/or any inconvenience or annoyance occasioned by Tenant in the conduct such damage, repair, reconstruction or restoration. 14.4 Lessee shall not be released from any of its business (but there shall obligations under this Lease except to the extent and upon the conditions expressly stated in this Paragraph 14. Notwithstanding anything to the contrary contained in this Paragraph, should Lessor be no abatement of rent by reason of any portion of delayed or prevented from repairing or restoring the damaged Premises being unusable for a period equal to within one (1) day year after the occurrence of such damage or less)destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Lessor, Lessor shall be relieved of its obligation to make such repairs or restoration and Lessee shall be released from its obligations under this Lease as of the end of said one (1) year period. However, if 14.5 In the event that damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime cause other than fire or other premiumsperil covered by extended or all-risk coverage insurance, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord Lessor may elect to terminate this Lease Lease. 14.6 It is hereby understood that if the Project Lessor is obligated to or elects to repair or restore as herein provided, Lessor shall be damaged by fire obligated to make repair or other casualty or cause, whether or not restoration only to those portions of the Building and the Premises are affectedwhich were originally provided at Lessor's expense, if and the repair and restoration of items not provided at Lessor's expense shall be the obligation of Lessee. 14.7 Notwithstanding anything to the contrary contained in this Paragraph 14, Lessor shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate resulting from any casualty covered under this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent Paragraph occurs during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant Term of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeor any extension hereof.

Appears in 1 contract

Samples: Lynnwood Corporate Center Office Space Lease (Chicago Pizza & Brewery Inc)

Damage or Destruction. Tenant shall give immediate written notice to Landlord upon Tenant's knowledge of any damage caused to the Premises by fire or other casualty. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectProject (as further addressed in Article 17 below) and Landlord does not elect to terminate this Lease as hereinafter provided, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, as reflected in Landlord’s sole opinionthe Damage Repair Estimate (as defined below), be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, Landlord and until such repairs are completed rent Basic Rental and Additional Rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (the "Damage Repair Estimate") of Landlord’s estimated assessment 's reasonable estimate of the period of time in which the repairs will be completed, based upon an estimate from a contractor experienced in comparable repairs. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, as reflected in Landlord’s opinionthe Damage Repair Estimate, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent Basic Rental and Additional Rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. However, if the Damage Repair Estimate indicates that repairs cannot be completed within two hundred seventy (270) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant's receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant's notice. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is material and is not fully covered, except for deductible amounts, by Landlord’s 's insurance policies. However, if Landlord does not elect unless Tenant agrees to terminate this Lease pursuant to Landlord’s termination right as provided above, and if fund the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s noticeinsurance shortfall. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord and Tenant shall each have the option to terminate this Lease by giving written notice to Tenant the other party of the exercise of such option within sixty (60) days after Landlord such party learns of the necessity for repairs as the result of such damage. In the event ; provided, however, that the Premises or the Project is destroyed or damaged to Tenant may nullify any substantial extent during the last twelve such termination by Landlord if Tenant properly exercises an available extension Option under Article 31 below (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 but otherwise subject to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Leaseprovisions set forth above). Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s 's business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s 's furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code., except as expressly provided in this Article 16 above. EXHIBIT "I"

Appears in 1 contract

Samples: Agreement of Purchase and Sale and Joint Escrow Instructions (Cohu Inc)

Damage or Destruction. If the Project is damaged Building or Leased Premises are rendered partially or wholly untenantable by fire or other insured casualty casualty, and if the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs candamaged property, in Landlord’s sole opinion's reasonable estimation, cannot be completed restored within one hundred eighty ninety (18090) days after of the necessity for repairs as a result date of such damage becomes known to Landlorddamage, without then Landlord may, at its sole option, terminate this Lease as of the payment date of overtime such fire or other premiumscasualty. Landlord shall exercise its option provided herein by written notice to Tenant within thirty (30) days of the date of such fire or other casualty. If the Lease is not terminated as provided above, Landlord shall, at its expense, restore the Leased Premises, exclusive of any improvements or other changes made to the Leased Premises by Tenant, to as near the condition which existed immediately prior to such damage or destruction as reasonably possible, and until Rent shall abatx xxxing such repairs are completed rent shall be abated in proportion to period of time as the part of the Premises which Building is unusable by Tenant untenantable in the conduct of its business (but there shall be no abatement of rent by reason of any proportion that the untenantable portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due Building bears to the fault or neglect tenantable portion of Tenant, its employees, agents, contractors, guests, invitees and the like, there Leased Premises. In the event that Landlord shall be no abatement of rent, unless and fail to materially restore the extent Landlord receives rental income insurance proceeds. Within sixty Leased Premises within ninety (6090) days after the date Landlord learns of the necessity for repairs as a result of such damage, Landlord Tenant may, at its option and as its sole remedy, terminate this Lease by delivering written notice to Landlord, whereupon the Lease shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of terminate on the period of time date provided in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) abovesuch notice; provided, however, that if construction or repair is delayed because of changes requested by Tenant, strikes, lockouts, acts of God, war, material or labor shortages, governmental regulation or control or other causes beyond the cost reasonable control of Landlord, the period for restoration and repair of improvements within the Premises by Landlord exceeds shall be extended for the amount of insurance proceeds received by time Landlord from Tenant’s insurance carrieris so delayed. Landlord shall not be responsible to Tenant for damage to, as so assigned by Tenantor destruction of, such excess costs shall be paid any furniture, equipment, improvements or other changes placed, installed or made by Tenant to Landlord prior to Landlord’s repair of such damage. If in, on or about the Damage Repair Estimate indicates that repairs cannotLeased Premises, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged caused by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codecasualty.

Appears in 1 contract

Samples: Asset Purchase Agreement (Newcor Inc)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Projectcasualty, the damage damage, including all tenant improvements and Alterations, shall be repaired by Landlord to the extent such insurance proceeds are available therefor and Landlord, provided such repairs can, in Landlord’s sole opinionreasonable opinion (certified by Landlord’s licensed contractor), be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord, Landlord without the payment of overtime or other premiums, and until such repairs are completed (with a reasonable amount of time for Tenant to reoccupy the Premises, provided, however, that such reoccupancy period shall not give rise to rent abatement if such period extended beyond the date Landlord no longer receives rental income insurance proceeds on account thereof) rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives or is entitled to receive rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, provided that if the cost of repair of Landlord rebuilds Tenant’s improvements within and/or Alterations in the Premises by Landlord exceeds (but only to the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair extent of such damageproceeds). If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinionreasonable opinion (certified by Landlord’s licensed contractor), be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Tenant may elect to terminate this Lease within fifteen (15) days after receipt of Landlord’s notice (“Tenant’s Termination Period”). Landlord agrees to use its commercially reasonable efforts to provide written notice to Tenant of the estimated date by which repairs can be completed within sixty (60) days following the date of such damage or destruction. If Tenant does not elect to terminate this Lease, Landlord may, at its option, either (i) make such repairs them in a reasonable time and and, subject to the provisions set forth below, in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within by the later of (i) fifteen (15) days after the end of Tenant’s Termination Period, or (ii) sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, notwithstanding anything to the contrary contained in this Article 16, if pursuant to the foregoing paragraph Landlord has commenced reconstruction of the Premises but fails to complete such repairs within ninety (90) days following such 270-day (or such longer period as Landlord shall have indicated that the repairs would take), subject to events of Force Majeure (not to exceed ninety (90) days), Tenant may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty fifteen (18015) days after being commenced and if the expiration of such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice90-day period. Finally, if the Premises or the Project is damaged to any substantial substantial, material extent during the last twelve (12) months of the TermTerm and Tenant elects not to exercise any existing renewal option in its favor (which has not been previously waived or expired), then notwithstanding anything contained in this Article 16 to the contrary, Landlord and/or Tenant shall have the option to terminate this Lease by giving written notice to Tenant the other party of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns parties learn of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16 (including any right Tenant may have to terminate this Lease in accordance with the terms of this Article 16), there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment thereintherein as a result of such damage or destruction. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Except for proceeds relating to Tenant’s furniture, furnishings, trade fixtures and equipment, Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Tenant and Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, hereby irrevocably waives waive and releases its release their rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Standard Office Lease (Capitalsource Inc)

Damage or Destruction. If either the Building, the Project is or the Premises should be partially or wholly destroyed or damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder such damage or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall destruction cannot in Landlord's judgment be repaired or substantially restored within 180 days of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by Landlord giving written notice thereof to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed other party within one hundred eighty (180) 30 days after the necessity for repairs as a result date of such damage becomes known casualty. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord's expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, without then Tenant shall reimburse Landlord for the payment excess cost of overtime reconstructing the same whether or other premiumsnot the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, and until such repairs are completed rent shall be abated in proportion to the part area of the Premises which is unusable not capable of use by Tenant in from the conduct of its business (but there shall be no abatement of rent by reason of any portion date of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns casualty until substantial completion of the necessity for reconstruction repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in full force and effect and for the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns balance of the necessity for repairs as a result of damageTerm. If the Project, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if Building or the Project shall Premises should be damaged by fire or other casualty and, in Landlord's judgment, the Premises can be substantially restored within 180 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord's expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or causeimprovements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises are affected, if bears to the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease pursuant to Landlord’s termination right as provided above, shall continue in full force and if effect for the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months balance of the Term, then notwithstanding . Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding anything else to the contrary contained in this Article 16 to the contrary17, Landlord shall have no obligation to pay for the option repair or restoration of damage or destruction to terminate this Lease the Premises caused by giving written notice to Tenant fire or other casualty more than the amount of the exercise of such option within sixty (60) days after Landlord learns of insurance proceeds payable for the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability benefit of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or destruction, plus any amounts actually paid by Tenant for the making of any repairs, alterations or improvements in or to any portion excess of the Project or cost of reconstructing tenant improvements over the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance original cost of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried such tenant improvements paid initially by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodeLandlord.

Appears in 1 contract

Samples: Office Space Lease (Kaleidoscope Media Group Inc)

Damage or Destruction. If (a) In the Project is event the Building and/or the Building Standard Work or any insured alterations are damaged by fire or other insured casualty and the perils covered by Landlord's extended coverage insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the an extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty not exceeding twenty-five percent (18025%) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, full insurable value thereof and if the damage thereto is due to such that the fault Building and/or the Building Standard Work and any insured alterations may be repaired, reconstructed or neglect restored within a period of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty ninety (6090) days after from the date Landlord learns of the necessity for repairs as a result happening of damagesuch casualty and Landlord will receive insurance proceeds sufficient to cover the cost of such repairs, Landlord shall notify Tenant (“Damage Repair Estimate”) commence and proceed diligently with the work of Landlord’s estimated assessment of repair, reconstruction and restoration and the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect full force and effect. If such work or repair, reconstruction and restoration is such as to require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, Landlord either may elect to so repair, reconstruct or restore the Building and/or Building Standard Work and any insured alterations and the rent Lease shall be abated, if at all, continue in the manner provided in this Article 16, full force and effect or (ii) Landlord may elect not to effect repair, reconstruct or restore the Building and/or Building Standard Work and any insured alterations and the Lease shall in such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns event terminate. Under any of the necessity for repairs as a result conditions of damagethis Subparagraph 22(a), such Landlord shall give written notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed of its intention within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt from the date of such event of damage or destruction. In the Damage Repair Estimateevent Landlord elects not to restore said Building and/or Building Standard Work and any insured alterations, to terminate this Lease by written notice shall be deemed to Landlord effective have terminated as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codepartial destruction.

Appears in 1 contract

Samples: Letter Agreement (Synon Corp)

Damage or Destruction. If any of the Project is Premises, or a substantial part of the building in which the Premises are located, shall be damaged or destroyed by fire or other insured casualty casualty, and the insurance proceeds have been made available therefor by the holder or holders repair of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, not be completed within one hundred eighty (180) days after the necessity for repairs as a result days, following receipt by Landlord of actual notice of such damage becomes known or destruction Landlord shall have the option either (a) to Landlordrepair or rebuild within a reasonable time utilizing the insurance proceeds to effect such repair, without the payment of overtime or other premiums(b) not to repair or rebuild, and until such repairs are completed rent shall be abated in proportion to cancel this Lease on thirty (30) days’ notice. If Landlord fails to give Tenant written notice of its election within thirty (30) days from the part date of damage, or if the restoration of the Premises which is unusable by cannot be completed within two hundred seventy (270) days from date of notice, Tenant may cancel this Lease at its option on three (3) days notice. During the period of untenantability rent shall xxxxx in the conduct of its business (but there shall be no abatement of rent by reason of any same ratio as the portion of the Premises being unusable for a period equal rendered untenantable bears to one (1) day or less). However, the whole of the Premises; provided that if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to . If the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after Premises or the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time building in which the repairs will Premises are located shall be completed. Upon the occurrence of any damage to the Premisesdamaged or destroyed by fire or other insured casualty, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of and repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, damage can be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiumsdays, Landlord may, at its option, either (i) make such repairs in shall repair or rebuild within a reasonable time and utilizing the insurance proceeds to effect such repair. If any part of the Premises or the building in such event this Lease shall continue in effect and which the rent Premises are located shall be abated, if at all, in damaged or destroyed by an uninsured casualty Landlord shall have the manner provided in this Article 16option either (a) to repair or rebuild within a reasonable time, or (iib) elect not to effect such repairs repair or rebuild, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate cancel this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than on thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the cancellation by Landlord as a result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contraryan uninsured casualty, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option right, within sixty fifteen (6015) days after Tenant learns following Landlord’s notice of cancellation, to override such cancellation by agreeing to repair the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with damage at Tenant’s business sole cost and expense and offset such costs against Rent. In such event, the Tenant shall repair or property arising from such rebuild within a reasonable time following the damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codedestruction.

Appears in 1 contract

Samples: Work Letter Agreement (Trupanion Inc.)

Damage or Destruction. If Except as provided below, in the Project is damaged by event of fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs canImprovements, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after Homeowner shall take all steps necessary to assure the necessity for repairs as a result repair of such damage becomes known and the restoration of the Improvements to Landlord, without their condition immediately prior to the payment of overtime or other premiums, and until damage. All such repairs are completed rent and restoration shall be abated in proportion completed as promptly as possible. Homeowner shall also promptly take all steps necessary to assure that the part Leased Premises are safe and that the damaged Improvements do not constitute a danger to persons or property. If Homeowner, using reasonable judgment and relying on professional estimates, determines either (a) that full repair and restoration is physically impossible, or (b) that the available insurance proceeds will pay for less than eighty percent (80%) of the Premises which is unusable by Tenant in the conduct cost of its business repair and restoration, (but there shall be no abatement of rent by reason of any portion provided Homeowner has fulfilled all of the Premises being unusable for a period equal hazard insurance requirements set forth in Section 9.4 above), then Homeowner may terminate this Lease by written notice to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within ACHT given not later than sixty (60) days after the event that caused the damage. However, such termination shall not be effective until forty-five (45) days after the date Landlord learns upon which the notice is received by ACHT. During this forty-five-day period ACHT may seek an adjustment from the insurer so as to increase the available insurance proceeds to an amount covering at least eighty percent of the necessity for repairs as a result cost of damagerepair and restoration. If successful in securing such adjustment, Landlord ACHT may render Homeowner’s termination notice null and void by written notice to Homeowner within such forty-five- day day period. If ACHT fails to nullify the termination notice in this way, then this Lease shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment terminate at the expiration of the period of time in which the repairs will be completed. Upon the occurrence of forty-five-day period, and any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost Homeowner on account of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs damage shall be paid as provided below. The insurance proceeds shall be paid first to cover any expenses of collecting the proceeds. Remaining proceeds shall be paid to the Homeowner (or its Permitted Mortgagee to the extent required by Tenant the Permitted Mortgage) up to Landlord the then applicable ACHT’s Purchase Option Price (as of immediately prior to Landlord’s repair of such the damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known calculated according to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 Article 10 below. The balance of the California Civil Codesuch proceeds, if any, shall be paid to ACHT.

Appears in 1 contract

Samples: Adirondack Community Housing Trust Ground Lease

Damage or Destruction. If the Project is Premises are partially damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is destroyed due to the no fault or neglect cause of Tenant, its employees, agents, contractorslicensees and invitees, guests, invitees then Landlord shall promptly commence and diligently pursue to completion the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns repair of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of Premises to substantially the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within condition the Premises by Landlord exceeds were in immediate-ly prior to such damage or destruction. Landlord's obligation under the amount of insurance preceding sentence shall not exceed the proceeds received by Landlord from Tenant’s the hazard insurance carriermaintained by Landlord in accordance with Section 10, as so assigned by Tenantprovided that Landlord has, in fact, maintained such excess costs insurance. Until such repair is complete, the Base Rent shall be paid by Tenant to Landlord prior to Landlord’s repair abated proportionately commencing on the date of such damagedamage or destruction as to that portion of the Premises rendered untenantable, if any. If (a) the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs Premises are damaged as a result of such damage becomes known a risk not covered by insurance, or the necessary insurance proceeds are unavailable to Landlord without for any reason, (b) the payment Premises are damaged in whole or in part during the last six (6) months of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16Term, or (iic) elect not the Premises are damaged to effect such repairs and instead terminate this Lease, by notifying Tenant the extent of thirty-five percent (35%) or more of then-replacement value or to the extent that it would take in writing excess of such termination within sixty ninety (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (6090) days to vacate complete the Premises. In additionrequisite repairs, Landlord may elect to terminate either repair the damage or cancel this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed written notice of cancellation within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimatesuch event, to terminate this Lease by written and on such notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if Tenant shall vacate and surrender the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damageLandlord. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated required to repair any damage thereto or replace to make any restoration or replacement of any furnishings, equipment and other personal property installed in the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried Premises by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under unless caused by the provisions gross negligence of Sections 1932 and 1933 of the California Civil CodeLandlord.

Appears in 1 contract

Samples: East West Center Lease Agreement (SpectrumDNA, Inc.)

Damage or Destruction. 17.1 If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectBuilding are totally or partially damaged or destroyed from any cause, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of thereby rendering the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day totally or less). However, if the damage is due to the fault partially inaccessible or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damageunusable, Landlord shall notify Tenant (“Damage Repair Estimate”taking into account the time necessary to effectuate a satisfactory settlement with any insurance company involved) of Landlord’s estimated assessment of diligently restore and repair the period of time Premises and the Building to substantially the same condition they were in which the repairs will be completed. Upon the occurrence of any damage prior to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) abovesuch damage; provided, however, that if in Landlord's judgment the cost repairs and restoration cannot be completed within ninety (90) days after the occurrence of repair such damage (taking into account the time needed for removal of improvements debris, preparation of plans and issuance of all required governmental permits), Landlord shall have the right, at its sole option, to terminate this Lease as of the sixtieth (60th) day after such damage by giving written notice of termination of Tenant within forty-five (45) days after the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair occurrence of such damage. If this Lease is terminated pursuant to the Damage Repair Estimate indicates that repairs cannotpreceding sentence, in Landlord’s opinion, all rent payable hereunder shall be completed within one hundred eighty (180) days after apportioned and paid to the necessity for repairs date of termination. If this Lease is not terminated as a result of such damage, and provided that such damage becomes known was not caused by the act or omission of Tenant, or any of its employees, agents, licensees, invitees, assignees, subtenants, customers, clients, family members or guests, then until the repair and restoration of the Premises is substantially complete, Tenant shall be required to Landlord without pay the payment Annual Base Rent and additional rent only for those portions of overtime or other premiumsthe Premises that Tenant is able to use while repairs are being made. Except as otherwise specified in Section 17.2, Landlord may, at its option, either (i) make such repairs in a reasonable time shall bear the costs and in such event this Lease shall continue in effect expenses of repairing and restoring the Premises and the rent shall be abatedBuilding; provided, if at allhowever, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not or destruction was caused by the result act or omission of the negligence Tenant, or willful misconduct any of Tenant or Tenant’s its employees, agents, licensees, invitees invitees, assignees, subtenants, customers, clients, family members or agentsguests, then Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice shall pay to Landlord effective as of the date specified in Tenant’s notice. Finallyamount by which such costs and expenses exceed the insurance proceeds, if the Premises any, actually received by Landlord on account of such damage or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding destruction. Notwithstanding anything contained in this Article 16 above to the contrary, Landlord shall have the option right to terminate this Lease by giving written notice in the event (a) Landlord's insurance is insufficient to Tenant pay the full cost of such repair and restoration, (b) any Mortgagee fails or refuses to make any such insurance proceeds available for such repair and restoration, or (c) zoning or other applicable laws or regulations do not permit such repair or restoration. In addition, if more than 30% of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises is damaged or the Project is destroyed by fire or damaged to other casualty, not resulting from any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence act or willful misconduct omission of Tenant or Tenant’s employees, licensees, invitees or 's agents, then notwithstanding anything in this Article 16 to the contraryand Tenant will be deprived of such use for more than six (6) months, Tenant shall have the option to may terminate this Lease by written notice to Landlord of the exercise of such option within sixty upon thirty (6030) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeadvance notice.

Appears in 1 contract

Samples: Lease Agreement (Careerbuilder Inc)

Damage or Destruction. If the Project is damaged by fire or any other insured casualty and the insurance proceeds have been made available therefor by the holder makes all or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises untenantable and if the Building Shell and Tenant Improvements can reasonably be expected to be repaired within 270 days from the date of the casualty, Landlord will repair and restore the Building Shell and the Tenant Improvements to substantially the condition in which Landlord delivered them to Tenant and Tenant will, as soon as is unusable by Tenant in reasonably practicable, restore the conduct of its business (but there shall be no abatement of rent by reason of any portion remainder of the Premises being unusable to substantially the same condition that existed before the casualty and reopen for a period equal to one (1) day or less). Howeverbusiness, if the damage is due to the fault or neglect of Tenantand this Lease will remain in full force and effect, its employees, agents, contractors, guests, invitees except that Rent will xxxxx following such casualty and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to during Landlord’s repair of such damageand restoration work to extent the carrier providing rent loss coverage determines that the casualty damage has rendered the Premises untenantable. If fire or any other casualty makes all or any part of the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect Premises untenantable and the rent shall Building Shell and Tenant Improvements cannot reasonably be abated, if at all, in expected to be repaired within 270 days from the manner provided in this Article 16date of the casualty, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) 90 days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) 12 months of the Term, then notwithstanding anything contained in this Article 16 either Landlord or Tenant, by written notice to the contraryother within 90 days from the date of the casualty, Landlord shall have has the option right to terminate this Lease by giving written notice effective on a date within 30 days after the date of such notice. Landlord’s obligation to Tenant perform any repairs and restoration is limited to the amount of the exercise of such option within sixty (60) days after actual net insurance proceeds it receives plus its deductible, or that it would have been entitled to receive if Landlord learns had maintained the property insurance this Lease requires it to maintain, plus deductible unless Tenant agrees to pay the portion of the necessity for repairs as not covered by insurance. Accordingly, if any Mortgagee refuses to release the result proceeds of such damage. In any casualty insurance to be applied to the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months repair and restoration of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not Premises, Landlord has the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option right to terminate this Lease by upon written notice to Tenant. Each of Landlord and Tenant waives its rights under California Civil Code sections 1932(2) and 1933(4) (which permit the termination of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total a lease upon destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipmentleased premises), and agrees that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With this Section governs with respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 destruction of the California Civil CodePremises or any other part of the Project.

Appears in 1 contract

Samples: Lease Agreement (ServiceNow, Inc.)

Damage or Destruction. If 9.1 In the Project is damaged by fire or other insured casualty and event the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering improvements on the Premises are damaged or the Projectdestroyed, partially or totally, from any cause whatsoever, whether or not such damage or destruction is covered by any insurance required to be maintained under Article 8, the Tenant shall repair, restore, and rebuild the Premises to their condition existing immediately prior to such damage or destruction and this Lease shall continue in full force and effect. Such repair, restoration and rebuilding (all of which an herein called the "repair") shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed commenced within one hundred eighty (180) days a reasonable time after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, destruction and until such repairs are completed rent shall be abated in proportion diligently prosecuted to the part of the Premises which is unusable by Tenant in the conduct of its business (but there completion. There shall be no abatement of rent or of any other obligation of Tenant hereunder by reason of such damage or destruction. The proceeds of any portion insurance maintained under Article 8.3 shall be made available to Tenant for payment of the Premises being unusable for cost and expanse of the repair, provided, however, that such proceeds may be made available to Tenant subject to reasonable conditions including, but not limited to, architect's certification of costs and retention of a period equal percentage of such proceeds pending final notice of completion. In the event that such proceeds are not made available to one Tenant within ninety (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (6090) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any such damage to the Premisesor destruction, Tenant shall assign to Landlord have the option for thirty (or to any party designated by 30) days, commencing on the expiration of such ninety (90) day period of cancelling this Lease. If Tenant shall exercise such option, Tenant shall have no further obligation hereunder and shall have no further claim against Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost Landlord shall return to Tenant so much of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, 's security deposit as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect has not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, theretofore been applied by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if Tenant shall exercise such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease option by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve within said thirty (1230) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damageday period. In the event that the Premises or insurance proceeds are insufficient to cover the Project is destroyed or damaged to any substantial extent during the last twelve (12) months cost of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agentsrepair, then notwithstanding anything any amount in this Article 16 excess thereof required to complete the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there repair shall be no abatement of rent and no liability of Landlord paid by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Rockford Corp

Damage or Destruction. If Except as provided below, in the Project is damaged by event of fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs canImprovements, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after Lessee shall take all steps necessary to ensure the necessity for repairs as a result repair of such damage becomes known and the restoration of the Improvements to Landlord, without their condition immediately prior to the payment of overtime or other premiums, and until damage. All such repairs are completed rent and restoration shall be abated in proportion completed as promptly as possible. Lessee shall also promptly take all steps necessary to ensure that the part Leased Premises are safe and that the damaged Improvements do not constitute a danger to persons or property. If Xxxxxx, using reasonable judgment and relying on professional estimates, determines either (a) that full repair and restoration is physically impossible, or (b) that the available insurance proceeds will pay for less than eighty percent (80%) of the Premises which is unusable cost of repair and restoration (provided Lessee has fulfilled all the hazard insurance requirements set forth in section 9.4 above), then Lessee may terminate this Lease by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal written notice to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within Lessor given not later than sixty (60) days after the event that caused the damage. However, such termination shall not be effective until forty-five (45) days after the date Landlord learns upon which the notice is received by Lessor. During this 45-day period Lessor may seek an adjustment from the insurer so as to increase the available insurance proceeds to an amount covering at least 80 percent of the necessity for repairs as a result cost of damagerepair and restoration. If successful in securing such adjustment, Landlord Lessor may render Xxxxxx’s termination notice null and void by written notice to Lessee within such 45-day period. If Lessor fails to nullify the termination notice in this way, then this Lease shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment terminate at the expiration of the period of time in which the repairs will be completed. Upon the occurrence of 45- day period, and any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost Lessee on account of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs damage shall be paid as provided below. The insurance proceeds shall be paid first to cover any expenses of collecting the proceeds. Remaining proceeds shall be paid to the Lessee (or its Permitted Mortgagee to the extent required by Tenant the Permitted Mortgage) up to Landlord the then applicable Lessor’s Purchase Option Price (as of immediately prior to Landlord’s repair of such the damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known calculated according to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 Article 10 below. The balance of the California Civil Codesuch proceeds, if any, shall be paid to Lessor.

Appears in 1 contract

Samples: Lease Agreement

Damage or Destruction. 12.1 If (i) the Project is Premises are damaged by fire or other insured casualty and the for which insurance coverage is available to Landlord, (h) insurance proceeds have been in an amount sufficient to repair such casualty are made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by to Landlord to the extent such insurance proceeds are available therefor and provided (iii) in Landlord's judgment such repairs can, in Landlord’s sole opinion, can be completed within one hundred eighty (180) days after the necessity for repairs as a result date of such damage, then Landlord shall repair such damage becomes known and this Lease shall remain in full force and effect except that Tenant shall be entitled to Landlord, without the payment a reduction of overtime or other premiums, Rent and until Additional Charges while such repairs are completed rent shall be abated being made in the proportion to that the part rentable area of the Premises which is unusable rendered untenantable (as pertains to Tenant's specific business in particular) by Tenant in such damage bears to the conduct of its business (but there shall be no abatement of rent by reason of any portion total rentable area of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceedsPremises. Within sixty thirty (6030) days after the date Landlord learns of the necessity for repairs as a result of such damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the whether or not such repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, can be completed within one hundred eighty (180) days after the necessity for repairs as a result date of such damage, and Landlord's determination shall be binding on Tenant. If (x) such damage becomes known is caused by an uninsured casualty, or (y) such damage is caused by an insured casualty for which insurance proceeds sufficient to repair such damage are not made available to Landlord without and/or W such repairs cannot be made within one hundred eighty (ISO) days after the payment date of overtime or other premiumssuch damage, in Landlord's judgment as determined above, then, in any such event, Landlord may, at its option, shall have the option either to (ia) make notify Tenant of Landlord's intention to repair such damage and diligently prosecute such repairs to completion, in a reasonable time and in such which event this Lease shall continue in full force and effect subject to Tenant's acceptance and the rent Rent and Additional Charges shall be abated, if at all, in the manner reduced as provided in this Article 16herein, or (iib) elect not to effect such repairs and instead terminate this Lease, by notifying notify Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option 's election to terminate this Lease by giving written such notice of termination as of a date specified in such notice, and the Rent and Additional Charges, proportionately reduced as provided above, shall be paid up to the date of such termination, with Landlord refunding to Tenant any Rent and Additional Charges previously paid for any period of the exercise of time subsequent to such option within sixty (60) days after date. If Landlord learns of the necessity for repairs as the result of such damage. In the event that elects or is required to repair the Premises or the Project is destroyed Building pursuant to this Section 12, the repairs to be made by Landlord shall not include, and Landlord shall not be required to repair or damaged to replace any substantial extent during fixtures, equipment, furniture, or other property of Tenant in the last twelve (12) months Premises, for loss of use of all or any part of the Lease Term and if such Premises, for any damage shall take longer than sixty (60) days to repair and if such damage is not Tenant's business or profits, or for any disturbance to Tenant caused by any casualty or the result restoration of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of Premises following such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damagecasualty. A total destruction of the Project Building shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codelease.

Appears in 1 contract

Samples: E Greetings Network

Damage or Destruction. 15.01 If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable is damaged or destroyed by fire or other casualty, Tenant will promptly give written notice to Landlord of the casualty following Tenant’s knowledge of the same (the “Tenant’s Casualty Notice”), including which portion of the Premises and Building(s) were damaged by the casualty (the “Damaged Building”). Landlord will, as soon as reasonably possible after Landlord’s receipt of Tenant’s Casualty Notice, deliver to Tenant a good faith estimate (the “Damage Notice”) of the time needed to repair the damage caused by such casualty. Landlord will have the right to terminate this Lease as to that portion of the Premises in the Damaged Building by written notice to Tenant within one hundred twenty (120) days following a casualty if any of the following occur: (a) insurance proceeds actually paid, or that will be actually paid, to Landlord and available for use, less any deductible, are not sufficient to pay the full cost to fully repair the damage; (b) Landlord determines that the portion of the Premises in the Damaged Building or the Damaged Building cannot be fully repaired within 180 days from the date restoration commences; (c) a material portion of the Premises is damaged or destroyed within the last 12 months of the Term; (d) Tenant is in Default of this Lease at the time of the casualty; (e) Landlord would be required under this Lease to xxxxx or reduce Tenant’s rent for a period equal to one (1) day or less). However, in excess of 6 months if the repairs were undertaken; or (f) the Property, or the Damaged Building in which such portion of the Premises is located, is damaged such that the cost of repair of the same would exceed 10% of the replacement cost of the same. If Landlord elects to terminate this Lease as to that portion of the Premises in the Damaged Building, Landlord will be entitled to retain all applicable Tenant insurance proceeds for damage is due to all Tenant Improvements and Tenant Alterations, as well as improvements and alterations made to the fault or neglect Premises under the Existing Lease, that are not required to be removed by Tenant at the expiration of Tenantthis Lease, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; providedTenant's insurance for damage to all Tenant Improvements and Tenant Alterations, howeveras well as improvements and alterations made to the Premises under the Existing Lease, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall are not required to be paid removed by Tenant to Landlord prior to Landlord’s repair at the expiration of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice excepting those attributable to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishingsfixtures, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeother personal property.

Appears in 1 contract

Samples: Industrial Lease Agreement (Luminex Corp)

Damage or Destruction. 16.1 If the Project is Leased Premises are totally or partially damaged by fire or other insured casualty destroyed from any cause, thereby rendering the Leased Premises totally or partially inaccessible or unusable, Landlord shall diligently restore and repair the insurance proceeds have been made available therefor by Leased Premises to substantially the holder or holders same condition it was in prior to such damage; provided however, that if in the judgment of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired an independent consultant mutually selected by Landlord to the extent such insurance proceeds are available therefor and provided Tenant such repairs and restoration can, in Landlord’s sole opinion, not be completed within one hundred eighty (1801) year after the occurrence of such damage or destruction (taking into account the time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required governmental permits), or if such damage or destruction occurred within twelve (12) months prior to the expiration of the Lease Term, then either Landlord or Tenant shall have the right to terminate this Lease by giving written notice of termination to the other party hereto within forty five (45) days after the necessity for repairs occurrence of such damage or destruction. If this Lease is terminated in accordance with the above procedure, then Base Rent and Additional Rent payable hereunder shall be apportioned and paid to the date of said damage or destruction. If this Lease is not terminated as a result of such damage becomes known to Landlordor destruction, without the payment of overtime or other premiums, and then until such repairs repair and restoration of the Leased Premises are completed rent substantially complete, the Base Rent and Additional Rent shall be abated in proportion as to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any that portion of the Leased Premises being unusable that is unsuitable for a period equal to one (1) day occupancy by Tenant until such repair or less)restoration is completed. However, if the damage If this Lease is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs not terminated as a result of damagesuch damage or destruction, then except as otherwise specified in Section 16.2 hereof, Landlord shall notify Tenant (“Damage Repair Estimate”) bear the cost and expenses of Landlord’s estimated assessment such repair and restoration of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Leased Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if such damage or destruction was caused by the cost act or omission of repair Tenant, or any of improvements within the Premises by its employees, agents, invitees, assignees, subtenants, licensees or concessionaires, then Tenant shall pay to Landlord exceeds the amount of by which such costs and expenses exceed the insurance proceeds proceeds, if any, actually received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result on account of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premisesdestruction. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding Notwithstanding anything contained in this Article 16 above to the contrary, Landlord shall have the option right to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In in the event that (a) the Premises Tenant as lender fails or the Project is destroyed or damaged refuses to any substantial extent during the last twelve (12) months of the Lease Term and if make such damage shall take longer than sixty (60) days to insurance proceeds available for such repair and if restoration, or (b) zoning or other applicable Laws do not permit such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent repair and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Coderestoration.

Appears in 1 contract

Samples: Lease Agreement (PMT Services Inc /Tn/)

Damage or Destruction. If In the Project is event the Premises are damaged by fire or other insured casualty and the insurance proceeds have been made available therefor therefore to Landlord by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectPremises, the damage shall be repaired by and at the expense of Landlord to the extent such insurance proceeds are available therefor and therefor, provided such repairs can, in Landlord’s sole reasonable opinion, be completed made within one two hundred eighty seventy (180270) days after the necessity for repairs as a result occurrence of such damage becomes known to Landlord, without the payment of overtime or other premiums. Landlord shall commence repairs promptly following receipt of permits for such repairs, and until Landlord covenanting to use commercially reasonable efforts to obtain such permits promptly following the casualty. Until such repairs are completed completed, the rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damageare rendered untenantable. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinionreasonable opinion be made within two hundred seventy (270) days, be Landlord shall notify Tenant within forty-five (45) days of the occurrence of such damage of its determination, in which event, or in the event such repairs are commenced but are not substantially completed within one two hundred eighty seventy (180270) days of the date of such occurrence, either party may, by written notice to the other given within ten (10) days after Landlord’s notification or the necessity for repairs expiration of said two hundred seventy (270)-day period, as a result the case may be, cancel this Lease as of the date of the occurrence of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, if Landlord may elect notifies Tenant that it expects to terminate this Lease if complete repairs within the Project shall be damaged by fire or other casualty or causetwo hundred seventy (270) day period noted above, whether or not the Premises are affectedbut, if the damage is not fully covered, except for deductible amounts, by despite Landlord’s insurance policies. Howevergood faith and diligent efforts, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates it becomes apparent that those repairs canwill not be completed within one hundred eighty (180) days after being commenced that period, then Landlord shall promptly notify Tenant of that circumstance and if such damage is not Tenant shall have the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, right to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve given within ten (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (6010) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or TenantLandlord’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Leasenotification. Except as provided in this Article 16Section, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from any such damage fire or destruction other casualty or from the making or not making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment thereintherein not caused by Landlord or its agents’ negligence or willful misconduct. Tenant hereby waives any statutory or common law rights of termination which may arise by reason of any partial or total destruction of the Premises. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade furniture or furnishings or on any fixtures or equipment, equipment removable by Tenant under the provisions of this Lease and that Landlord shall not be obligated obliged to repair any damage thereto or replace the samesame not caused by the negligence or willful misconduct of Landlord or its employees or agents. Tenant acknowledges that Tenant Landlord shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated not be required to repair any injury or elects damage caused by fire or other cause, or to repair, Tenant, as a material inducement make any repairs or replacements to or of improvements installed in the Premises by or for Tenant not caused by the negligence or willful misconduct of Landlord entering into this Lease, irrevocably waives and releases or its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeemployees or agents.

Appears in 1 contract

Samples: Medicis Pharmaceutical Corp

Damage or Destruction. If the Office Building Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor therefore by the holder or holders of any mortgages or deeds of trust covering the Premises or the Office Building Project, the damage shall be repaired by Landlord and at the expense of the Lessor to the extent such insurance proceeds are available therefor therefore and provided such repairs can, in Landlord’s sole Lessor's opinion, be completed made within one hundred eighty twenty (180120) days after the necessity for repairs as a result occurrence of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant Lessee in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if If the damage is due to the fault or neglect of Tenant, Lessee or its employees, agents, contractors, guests, invitees and the likeagents or visitors, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s Lessor's opinion, be completed made within one hundred eighty twenty (180120) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiumsdays, Landlord Either Party may, at its option, either (i) make such repairs in them within a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, abated in the manner provided in this Article 16, or (ii) elect not Paragraph 9. Lessor's election to effect make such repairs and instead terminate this Lease, must be evidenced by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such written notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed Lessee within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt the learning of the Damage Repair Estimateoccurrence of the damage. If Lessor does not so elect within such thirty (30) day period to make such repairs which cannot be made within one hundred twenty (120) days, to terminate this Lease then either party may, by written notice to Landlord effective the other, cancel this Lease as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of occurrence such damage. A total destruction of the Office Building Project shall automatically terminate this Lease. Except as provided in this Article 16Paragraph 9, there shall be no abatement of rent and no liability of Landlord Lessor by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Office Building Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant , Lessee understands that Landlord Lessor will not carry insurance of any kind on Tenant’s for Lessee's furniture, furnishings, trade fixtures or equipment, and that Landlord Lessor shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord Lessor is obligated to repair or elects to repair, TenantLessee, as a material inducement to Landlord Lessor entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 1932(2) and 1933 1933(4) of the California Civil Code.

Appears in 1 contract

Samples: Office Lease Gross (Interact Commerce Corp)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises or Project parking facility being unusable for a period equal to one (1) day or less). HoweverFurthermore, if the damage Project parking facility is due damaged by fire or other casualty and if Landlord is unable to make arrangements for substitute parking for Tenant’s employees and to the fault extent, as a result, Tenant does not utilize all or neglect a portion of the Premises which is not so used by Tenant’s business, Tenant’s rent shall be abated in proportion to the part of the Premises which is not so used by Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Repairs Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost costs of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one two hundred eighty seventy (180270) days after the after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its is option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right rights as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one two hundred eighty seventy (180270) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees agents or agentscontractors, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or of the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Work Letter Agreement (Mitek Systems Inc)

Damage or Destruction. If the Project is Premises or the Building are damaged by fire or other casualty insured casualty and the under policies of insurance proceeds have been made available therefor carried by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectLandlord, the damage to the Building shall be repaired by and at the expense of Landlord and the damage to the Premises shall be repaired by and at the expense of Landlord and Tenant to the extent such insurance proceeds are available therefor of their respective obligations to maintain and repair the Premises pursuant to paragraph 11 hereof, provided such repairs can, in Landlord’s sole 's opinion, be completed made within one hundred eighty fifteen (18015) days after the necessity for repairs as a result occurrence of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there . There shall be no abatement of rent Rent by reason of any portion of the Premises being unusable for a period equal to one of fifteen (115) day days or less). However, if If the damage is due to the fault or neglect of Tenant, Tenant or its employees, agents, contractors, guests, invitees and the like, or contractors there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damageRent. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s 's opinion, be completed made within fifteen (15) days, Landlord may, following ten (10) days notice, afford a reasonable time within which they are to be made. Notwithstanding anything to the contrary, if repairs cannot, in Tenant's opinion, be made within one hundred eighty (180) days, Tenant may terminate this Lease upon ten (10) days after prior written notice to Landlord. In such event, the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or Rent and all other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event charges due under this Lease shall continue in effect be prorated, and the rent Tenant shall be abatedliable for all such prorated rent and other charges, if at all, in the manner provided in this Article 16, or (ii) elect amounts of which may have not to effect such repairs and instead terminate this Lease, yet been determined by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damageis terminated. In the event that any portion of the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve unusable, in Tenant's judgment reasonably exercised, for a period of more than fifteen (1215) months days, there shall be an abatement of Rent until the Lease Term is terminated in accordance with this paragraph or, the Premises is repaired and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything restored by Landlord as provided in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damageSection 19. A total destruction of the Project Building in which the Premises are located shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Lease (Tangibledata Inc)

Damage or Destruction. If the Project is Premises are partially damaged or destroyed by fire or other any casualty insured casualty and against under any insurance policy maintained by Landlord, Landlord shall, on receipt of the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering proceeds, repair the Premises or to substantially the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time condition in which the repairs will be completedPremises were immediately prior to such damage or destruction. Upon Landlord’s obligation under the occurrence preceding sentence shall not exceed the lesser of any damage to the cost of the standard improvements installed by Landlord in the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s any insurance carrierpolicy maintained by Landlord. Until such repair is complete, as so assigned by Tenant, such excess costs the Basic Monthly Rent59 shall be paid by Tenant to Landlord prior to Landlord’s repair abated proportionately commencing on the date of such damagedamage or destruction as to that portion of the Premises rendered untenantable, if any. If (a) by reason of such occurrence the Damage Repair Estimate indicates that repairs cannotPremises are rendered wholly untenantable, in Landlord’s opinion, be completed within one hundred eighty (180b) days after the necessity for repairs Premises are damaged as a result of such damage becomes known to Landlord without the payment of overtime or other premiumsa risk not covered by insurance, Landlord may, at its option, either (ic) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence damaged in whole or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent part during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60d) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project Building (whether or not the Premises are damaged) is destroyed or damaged to any substantial the extent during the last twelve of twenty-five percent (1225%) months or more of the Lease Term and if such damage shall take longer than sixty then-replacement value of either or to the extent that it would take, in Landlord’s opinion, in excess of ninety (6090) days to complete the requisite repairs, or (e) insurance proceeds adequate to repair the Property are not available to Landlord for any reason, Landlord may either elect to repair the damage or cancel this Lease by notice of cancellation within thirty (30) days after such event, and60 such notice Tenant shall vacate and if surrender the Premises to Landlord. If Landlord elects to repair any such damage, any abatement of Basic Monthly Rent shall end on notice given by Landlord to Tenant that the Premises have been repaired. If the damage is not the result of caused by the negligence or willful misconduct of Tenant or Tenant’s employeesOccupants, licenseesBasic Monthly Rent shall not xxxxx. Except for abatement of Basic Monthly Rent61, invitees or agents, then notwithstanding anything in this Article 16 to the contraryif any, Tenant shall have the option to no claim against Landlord for any loss suffered by reason of any such damage, destruction, repair or restoration, nor may Tenant terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total any statutory provision in effect on or after the date of this Lease pertaining to the damage and destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction Premises or the making Building. The proceeds of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. all insurance carried by Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipmentfixtures, leasehold improvements, equipment and that other personal property shall be held in trust by Tenant for the purpose of the repair and replacement of the same. Landlord shall not be obligated required to repair any damage thereto to, or to make any restoration or replacement of, any furnishings, trade fixtures, leasehold improvements, equipment and other personal property installed in the Premises by Tenant or at the direct or indirect expense of Tenant62, Unless this select, together with rental interruption insurance in a commercially reasonable amount, (y) commercial general liability insurance with a combined single limit for bodily injury and property damage of not less than $1,000,000 per occurrence, and (z) any insurance required by law for the protection of employees of Landlord working on or around the Property (including, without limitation, worker’s compensation insurance) with no less than the limits required by law. All such insurance shall be provided by financially capable, licensed, third-party insurers. 59 and Tenant’s Share of Operating Expenses 60 within thirty (30) days after receipt of 61 and Tenant’s Share of Operating Expenses 62 , unless such damage is caused by the willful misconduct or gross negligence of Landlord or Landlord’s employees or agents (but subject to the waiver of subrogation provisions set forth in Paragraph 12) Lease is terminated by Landlord pursuant to this Paragraph, Tenant shall be required to restore or replace the same. Tenant acknowledges such furnishings, trade fixtures, leasehold improvements, equipment and other personal property on damage or destruction in at least a condition equal to that Tenant shall have no right existing prior to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codesuch event.

Appears in 1 contract

Samples: Office Lease (CHG Healthcare Services, Inc.)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage (a) Tenant shall be repaired by promptly notify Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the PremisesPremises or the Building occasioned by fire, the elements, casualty or any other cause. If more than twenty-five percent (25%) of the Premises are destroyed or substantially damaged by storm, fire, earthquake or other casualty or any other cause, either Landlord or Tenant shall assign have the option to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; providedcancel this Lease as of the date of the occurrence of the storm, howeverearthquake, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime fire or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and casualty or any other cause by giving written notice to the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination other within sixty (60) days after Landlord learns from the date of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s noticedestruction. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have If the option to terminate cancel this Lease is not elected by giving written notice to Tenant either Landlord or Tenant, then Landlord shall commence the process of restoration of the exercise of such option Premises (as limited by 11(d) below) to a tenantable condition within sixty (60) days after from the date of receipt by Landlord learns of all of the necessity for repairs as insurance proceeds paid with respect to such casualty, and proceed with due diligence to complete said restoration of the result of such damagePremises using standard working methods and procedures. In the event Landlord fails to complete such restoration with reasonable diligence within two hundred forty (240) days of the date of receipt by Landlord of all of the insurance proceeds paid with respect to such casualty, as described above, this Lease may be terminated upon written notice from either party to the other given not more than ten (10) days following the expiration of said two hundred forty (240) day period. In the event such notice is not given, then this Lease shall remain in force and effect and Rent shall commence upon delivery of the Premises to Tenant in a tenantable condition (evidenced by notice to Tenant that the Premises are in Landlord's judgment substantially repaired). In the event such damage or the Project is destroyed or damaged to any substantial extent during the last twelve destruction occurs within six (126) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result expiration of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contraryTerm, Tenant shall have the may, at its option to terminate this Lease by on written notice to Landlord given within thirty (30) days of such destruction or damage, terminate this Lease as of the exercise date of such option within sixty (60) days after destruction or damage. Tenant learns of shall not have the necessity for repairs as right to cancel this Lease if the damage to the Premises is the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code's willful misconduct.

Appears in 1 contract

Samples: Lease Agreement (Labone Inc/)

Damage or Destruction. If In the Project is damaged event that the Property should be totally destroyed by fire fire, tornado or other insured casualty and or in the insurance proceeds have been made available therefor by event the holder Property should be so damaged that rebuilding or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, not be completed within one hundred eighty ninety (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (6090) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to either Landlord without the payment of overtime or other premiums, Landlord Tenant may, at its option, either by written notice to the other, given not more than thirty (i30) make days after the date of such repairs in a reasonable time and fire or other casualty, terminate this Lease; in such event this Lease shall continue in effect and event, the rent shall be abatedabated during the unexpired portion hereof effective with the date of such fire or other casualty. In the event the Property should be damaged by fire, if at alltornado or other casualty covered by Landlord's insurance, in but only to such extent that rebuilding or repairs can be completed within ninety (90) days after the manner provided in this Article 16date of such damage, or (ii) elect not if the damage should be more serious, but neither Landlord or Tenant elects to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination then Landlord shall, within sixty forty-five (6045) days after Landlord learns the date of such damage, commence to rebuild or repair the Property to substantially the same condition in which it was immediately prior to the happening of the necessity for repairs as a result casualty, except that Landlord shall not be required to rebuild, repair or replace any part of damagethe furniture, such notice equipment, fixtures and other improvements which may have been placed by Tenant or others within the Property, and in any event Landlord's obligation to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project repair shall be damaged by fire or other casualty or causelimited to the extent proceeds of insurance are available for such purpose. Landlord shall, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if unless such damage is not the result of the any negligence or willful misconduct of Tenant or Tenant’s employees's employees or invitees, licensees, invitees or agents, allow Tenant may elect, not later than thirty (30) days after Tenant’s receipt a fair diminution of rent during the time that the Property is unfit for occupancy. Notwithstanding any of the Damage Repair Estimateforegoing, in the event any mortgagee, under a deed of trust, security agreement or mortgage on the Property, should require that the insurance proceeds be used to terminate this Lease by written notice to Landlord effective as of retire the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrarymortgage debt, Landlord shall have the option no obligation to terminate rebuild and this Lease by giving written shall terminate upon notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damageTenant. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall Any insurance which may be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating or Tenant against loss or damage to property damage. With respect to any damage which the Property shall be for the sole benefit of Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases under its rights under the provisions of Sections 1932 and 1933 of the California Civil Codesole control.

Appears in 1 contract

Samples: Lease Agreement (SFBC International Inc)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s 's sole opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord, Landlord without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period period. equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s 's insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s 's repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s 's opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs them in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if and the damage is not fully covered, except for deductible amounts, by Landlord’s 's insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s 's business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s 's furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Except for proceeds relating to Tenant's furniture, furnishings, trade fixtures and equipment, Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Office Lease (Matchnet, Inc.)

Damage or Destruction. If the Project Premises or Building is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectCasualty, the damage shall (excluding damage to improvements paid for by Tenant or trade fixtures, equipment or personal property of Tenant) will be repaired by Landlord Lessor at its expense to a condition as near as reasonably possible to the extent such insurance proceeds are available therefor and provided such repairs cancondition prior to the Casu alty, but if more than 25% of the total Square Feet in Landlord’s sole opinionthe Building is rendered untenantable, be completed Lessor may terminate this Lease as of the date of the Casualty by giving written notice to Tenant within one hundred eighty (180) 30 days after the necessity for Casualty. If this Lease is not terminated, Lessor will begin repairs within 90 da ys after the Casualty and complete the repairs within a reasonable time, and in any event within 180 days, subject to acts of God, strikes and other matters not within the control of Lessor. If Lessor fails to begin and proceed with repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agentsrequired, Tenant may elect, give Lessor notice to do so. If Lessor has not later than thirty (30) begun the repairs within 30 days after Tenant’s receipt of the Damage Repair Estimate's notice, to Tenant may terminate this Lease by written notice to Landlord effective Lessor within 15 days after expiration of the 30-day period. If this Lease is terminated because of the Casualty, rents and other payments will be prorated as of the date specified terminat ion and will be proportionately refunded to Tenant or paid to Lessor, as the case may be. During any period in Tenant’s notice. Finally, if which the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, made untenantable as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 result of the California Civil CodeCasualty, the Monthly Rent will be abated for the period of time untenantable in proportion to th e square foot area untenantable.

Appears in 1 contract

Samples: Lease (Cyberoptics Corp)

Damage or Destruction. 17.1. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectBuilding are totally or partially damaged or destroyed thereby rendering the Premises totally or partially inaccessible or unusable, then Landlord shall diligently repair and restore the damage shall be repaired by Landlord Premises and the Building to substantially the extent such insurance proceeds same condition they are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of prior to such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) abovedestruction; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of judgment such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time repair and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs restoration cannot be completed within one hundred eighty (180) days after being commenced and if the occurrence of such damage is not or destruction (taking into account the result time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of al required governmental permits), then Landlord shall have the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, right to terminate this Lease by giving written notice of termination within sixty (60) days after the occurrence of such damage or destruction. If this Lease is terminated pursuant to Landlord effective as this Article, then rent shall be apportioned (based on the portion of the Premises which is usable or used after such damage or destruction) and paid to the later of (a) the date specified of such casualty or destruction, or (b) the date Tenant vacates the Premises. If this Lease is not terminated as a result of such damage or destruction, then until such repair and restoration of the Premise are substantially complete. Tenant shall be required to pay rent only for the portion of the Premises that is usable while such repair and restoration are being made; provided, however, that if such damage or destruction was caused by the act or omission of Tenant or any Agent, then Tenant shall not be entitled to any such rent reduction. After receipt of all insurance proceeds (including proceeds of insurance maintained by Tenant with respect to Tenant Items), Landlord shall proceed with and bear the expenses of such repair and restoration of the Premises and the Building; provided, however, that (a) if such damage or destruction was caused by the act or omission of Tenant or any Agent, then Tenant shall pay Landlord’s deductible and the amount by which such expenses exceed the insurance proceeds, if any, actually received by Landlord on account of such damage or destruction, (b) Tenant shall pay the amount by which the cost of restoring any item which Landlord is required to restore and Tenant is required to insure exceeds the insurance proceeds received with respect thereto, and (c) Landlord shall not be required to repair or restore any tenant improvements installed in the Premises (except to the extent of any Building Standard Allowances provided by Landlord), any Alterations or any other contents of the Premises (including, without limitation, Tenant’s noticetrade fixtures, decorations, furnishings, equipment or personal property). Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding Notwithstanding anything contained in this Article 16 herein to the contrary, Landlord shall have the option right to terminate this Lease by giving written notice if (1) insurance proceeds are insufficient to Tenant pay the full cost of such repair and restoration, (2) the holder of any Mortgage fails or refuses to make such insurance proceeds available for such repair and restoration, (3) zoning or other applicable Laws or regulations do not permit such repair and restoration, or (4) the damage to the Building exceeds twenty-five percent (25%) of the exercise of such option within sixty (60) days after Landlord learns replacement value of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodeBuilding.

Appears in 1 contract

Samples: Office Lease Agreement (Xybernaut Corp)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectBuilding is damaged by fire, the damage vandalism, malicious mischief or any other occurrence, unless this Lease shall be repaired terminated as hereinafter provided, Landlord shall diligently proceed to repair or restore the basic Building structure and all improvements made or installed by Landlord to the condition in which they existed immediately prior to such destruction or damage, to the extent such of the available insurance proceeds (Landlord will carry replacement cost insurance with coverage of at least 80%) and subject to delays which may arise by reason of adjustment of loss under insurance policies and delays beyond the reasonable control of Landlord. Tenant shall fully and completely repair or replace any damage to improvements installed by Tenant and any damage to trade fixtures, furniture or equipment. If the Premises are available therefor and provided such repairs canrendered entirely or partially untenantable, in the Base Rent shall proportionately xxxxx until the Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated unless the damage resulted from the actions or omissions of Tenant, Tenant’s employees or agents, in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but case there shall be no abatement of rent by reason of any portion of such abatement. If the damage to the Premises being unusable for a period equal or the Building is so extensive that Landlord decides not to one (1) day repair or less). Howeverrebuild, if the damage is due to the fault or neglect Landlord shall give Tenant written notice of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) that decision within 90 days after the damage. Base Rent and other charges shall be adjusted to the date Landlord learns of such damage and Tenant shall thereupon promptly vacate the necessity Premises, the Lease shall terminate and neither party shall have any liability to the other under this Lease for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of any obligations arising after the period of time in which the repairs will be completedtermination. Upon the occurrence of any If damage to the Premises, Building or Premises prevents Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within from occupying the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents6 months, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option given within sixty (60) 30 days after Landlord learns expiration of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code6 month period.

Appears in 1 contract

Samples: Office Lease (PortalPlayer, Inc.)

Damage or Destruction. If the Project is damaged by (A) Tenant shall give prompt notice to Landlord in case of any fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Premises and/or Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project Building shall be damaged by fire or other casualty and (i) if such damage renders all or cause, whether or not a substantial portion of the Premises are affectedand/or Landlord’s Building untenantable, if or (ii) the damage is loss shall not fully covered, except for deductible amounts, be covered by Landlord’s insurance policies. Howeveror the net available insurance proceeds (after deducting all expenses in connection with obtaining same) shall, if by reasonable anticipation, be insufficient to pay for the repair or restoration work to be done by Landlord, then in any such event Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of given within ninety (90) days after such event, and upon the date specified in such notice, which shall not be more than sixty (60) days after the giving of said notice, this Lease shall terminate. Tenant recognizes that there may be from time to time a mortgage or mortgages covering the Premises and the foregoing options with respect to repairing and rebuilding are all subject to any mortgagee on any current or future mortgage agreeing to allow the Premises to be repaired and/or rebuilt under the terms of any such mortgage. If this Lease shall not be terminated after damage by fire or other casualty, Landlord shall, promptly after receipt of the insurance proceeds for such damage, proceed with the restoration of the Premises and Landlord’s Building to substantially the condition in which the same existed prior to the damage with such changes as Landlord may desire to make, except for Tenant’s noticeImprovements, which shall be restored and/or replaced by Tenant, at its expense. Finally, if If the damage to the Premises or required to be restored by Landlord is not substantially restored within two hundred seventy (270) days from the Project is damaged to any substantial extent during the last twelve (12) months date of the Termcasualty (subject to extension of said period on account of force majeure or delays caused by Tenant), then notwithstanding anything contained in this Article 16 to the contrary, Landlord Tenant shall have the option right to terminate this Lease by giving at least ten (10) days prior written notice thereof to Tenant of Landlord at any time before the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damagedamage is substantially restored. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if If such damage shall take longer than sixty (60) days to repair and if such damage or access is not substantially restored on or before the result expiration of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, said 10-day period then notwithstanding anything in this Article 16 to the contraryLease shall terminate. Upon request by Landlord, Tenant shall have promptly execute any estoppel or other document reasonably required by Landlord’s lender to confirm, to the option extent true, that Tenant has no right (or has waived any right it may have) to terminate this Lease by written notice to Landlord of the exercise of in connection with any such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to fire or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeother casualty.

Appears in 1 contract

Samples: Lease Agreement (BioXcel Therapeutics, Inc.)

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Damage or Destruction. 17.1 If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectBuilding are totally or partially damaged or destroyed, then Landlord shall diligently repair and restore the damage shall be repaired by Landlord Premises and the Building to substantially the extent such insurance proceeds are available therefor and provided such repairs can, same condition they were in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of prior to such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) abovedestruction; provided, however, that if in the cost judgment of repair of improvements within the Premises an independent architect and/or general contractor designated by Landlord exceeds (written notice of which (the amount "Restoration Estimate") shall be delivered to Tenant within seventy-five (75) days of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenantsuch damage or destruction), such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs and restoration cannot, in Landlord’s opinion, not be completed within one two hundred eighty seventy (180270) days after the necessity date of such damage or destruction (which estimated restoration period shall take into account the time needed for repairs effecting a satisfactory settlement with any insurance company involved, removing debris, preparing plans, and receiving all required governmental permits), then Landlord and Tenant each shall have the right to terminate this Lease by giving written notice of termination to the other within thirty (30) days after delivery to Tenant of the Restoration Estimate. If this Lease is terminated pursuant to this Article, then rent shall be apportioned (based on the portion of the Premises which is usable after such damage or destruction) and paid to the date of termination. If this Lease is not terminated as a result of such damage becomes known or destruction, then until such repair and restoration of the Premises are substantially complete, Tenant shall be required to Landlord without pay rent only for the payment portion of overtime the Premises that is usable while such repair and restoration are being made. After receipt of all insurance proceeds (including proceeds of insurance maintained by Tenant) but not later than one hundred twenty-five (125) days after the date of such damage or other premiumsdestruction, Landlord may, at its option, either (i) make shall proceed with and bear the expenses of such repairs in a reasonable time repair and in such event this Lease shall continue in effect restoration of the Premises and the rent Building; provided, however, that (a) if such damage or destruction was caused by the negligent act or omission of Tenant or any Invitee, then Tenant shall be abatedpay Landlord's deductible and the amount by which such expenses exceed the insurance proceeds, if at allany, in actually received by Landlord on account of such damage or destruction (or, if Landlord fails to carry the manner provided in this Article 16, or (ii) elect not insurance required pursuant to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of the amount that would have been received had Landlord carried such termination within sixty insurance), and (60b) days after Landlord learns shall not be required to repair or restore any Alterations or any other contents of the necessity for repairs as a result of damagePremises (including, such notice without limitation, Tenant's trade fixtures, decorations, furnishings, equipment or personal property). Notwithstanding anything herein to include a termination date giving Tenant sixty (60) days to vacate the Premises. In additioncontrary, Landlord may elect to terminate this Lease if shall have the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as Tenant not later than one hundred twenty-five (125) days after the date of the date specified in Tenant’s notice. Finally, damage or destruction if the Premises or the Project is damaged to any substantial extent during the last twelve (121) months despite Landlord's maintenance of the Terminsurance required to be maintained pursuant to Section 13.3 above, then notwithstanding anything contained in this Article 16 insurance proceeds are insufficient to pay the contraryfull cost of such repair and restoration (Landlord hereby agreeing diligently to pursue the receipt of such proceeds, Landlord shall have the option and to terminate this Lease by giving written notice to inform Tenant of the exercise status of such option within sixty pursuit upon written notice from Tenant), (602) days after Landlord learns the holder of the necessity any Mortgage fails or refuses to make such insurance proceeds available for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if restoration, (3) zoning or other applicable Laws or regulations do not permit such damage is not the result of the negligence repair and restoration, or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (604) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or occurs during the making of any repairs, alterations or improvements in or to any portion last three (3) years of the Project then-current Lease Term and the Building is damaged by fire or casualty (whether or not the Premises or in or has been damaged) to fixtures, appurtenances and equipment therein. Tenant understands such an extent that Landlord will decides, in its sole and absolute discretion, not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures to rebuild or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace reconstruct the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodeBuilding.

Appears in 1 contract

Samples: Office Lease Agreement (Netrix Corp)

Damage or Destruction. If (a) In the event the Premises or the Project is are damaged by fire or other insured casualty event (a “Casualty”) or if portions of the Project outside the Premises are damaged such that Tenant is unable to access or use the Premises following the Effective Date, Landlord shall promptly and diligently repair such damage and restore the Premises and or the Project (but not the Tenant Improvements, any Alterations, or Tenant’s personal property or trade fixtures) to substantially the same condition to that which existed prior to such Casualty, subject to the rights as outlined herein. Landlord shall retain a reputable, independent third-party contractor reasonably acceptable to Tenant who, within forty-five (45) days of such casualty, shall give written notice (the “Determination Notice”) to Landlord and Tenant of its determination of how long it will take to rebuild and restore the damaged Premises to the Delivery Condition (as hereafter defined). In addition, Landlord shall, within such forty-five (45) day period, obtain written confirmation from the mortgagee of the Premises, if any, as to whether it will make all or substantially all of the insurance proceeds have been made payable in connection with such casualty available therefor by for restoration (the holder or holders of any mortgages or deeds of trust covering “Mortgagee Notice”), and Landlord shall promptly deliver the Mortgagee Notice to Tenant. In the event that the Premises or the Project, the damage shall is so destroyed that it cannot be repaired by Landlord or rebuilt to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed Delivery Condition within one hundred eighty (180) days after the necessity for repairs as a result expiration of forty-five (45) days after the date of such damage becomes known to Landlordcasualty, without or if there are less than twenty four (24) months remaining in the payment of overtime or other premiums, Term and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall are so damaged that it cannot be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day repaired or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within rebuilt within sixty (60) days after the date Landlord learns expiration of the necessity for repairs as a result of damage, Landlord shall notify Tenant forty-five (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (18045) days after the necessity for repairs as a result date of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16casualty, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns the mortgagee of the necessity Premises has informed Landlord that such mortgagee will not make all or substantially all of the insurance proceeds payable in connection with such casualty available for repairs as a result restoration or if more than fifty percent (50%) of damage, such notice to include a termination date giving Tenant sixty the gross rentable area of the Building is rendered untenantable (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease even if the Project shall be damaged by fire or other casualty or causePremises is undamaged), whether or not the Premises are affectedthen, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of delivery of the Damage Repair EstimateDetermination Notice and Mortgagee Notice, by delivery of a notice to the other, either Landlord or Tenant may terminate this Lease. Notwithstanding the preceding, there will be no right to terminate this Lease by written notice to Landlord effective solely as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the a result of the negligence mortgagee of the Premises informing Landlord that such mortgagee will not make all or willful misconduct substantially all of the insurance proceeds payable in connection with such casualty available for restoration if the reasonably estimated amount to restore the Premises is less than Five Hundred Thousand Dollars ($500,000). Upon the giving of any termination notice pursuant to this Section, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate, and in such event the Base Rent and all Additional Rent and other sums payable under this Lease shall be apportioned and paid in full by Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to Landlord to the contrarydate of the casualty, Tenant and neither party shall thereafter have the option to terminate any liability hereunder, except that any obligation or liability of either party, actual or contingent, under this Lease by written notice which has accrued on or prior to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project termination shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codesurvive.

Appears in 1 contract

Samples: Lease Agreement (Passage BIO, Inc.)

Damage or Destruction. If 7.0 Landlord's Obligation to Rebuild. In the Project is event the Leased Premises are damaged by fire fire, explosion or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damagecasualty, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of commence the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premisesrepair, Tenant shall assign to Landlord (restoration or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination rebuilding thereof within sixty (60) days after Landlord learns of the necessity for repairs as a result of damagesuch damage and shall complete such restoration, such notice to include a termination date giving Tenant sixty repair or rebuilding within one hundred fifty (60150) days after the commencement thereof, provided that if construction is delayed because of changes, deletions, or additions in construction requested by Tenant, strikes, lockouts, casualties, acts of God, war, material or labor shortages, governmental regulation or control or other causes beyond the control of Landlord, the period for restoration, repair or rebuilding shall be extended for the amount of time Landlord is so delayed. If the casualty or the repair, restoration or rebuilding caused thereby shall render the Leased Premises untenantable, in whole or in part, an equitable abatement in rent shall be allowed from the date when the damage occurred until the date on which the Leased Premises are again fit for occupancy by Tenant. If such a fire, explosion or other casualty damages the building in which the Leased Premises are located to vacate the Premises. In additionextent of fifty percent (50%) or more thereof, Landlord may elect to may, in lieu of repairing, restoring or rebuilding the same, terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns occurrence of the necessity for repairs event causing the damage. In such event, the obligation of Tenant to pay rent and other charges hereunder shall end as of the result of such damagedate when the damage occurred. In the event that Landlord's fire and extended coverage insurance provides for a "deductible" and a loss occurs which is the Premises or kind of risk otherwise insured under the Project is destroyed or damaged policy, then Tenant shall pay to any substantial extent during Landlord, promptly upon being billed therefor, the last twelve lesser of (12a) months the amount of the Lease Term and if such damage shall take longer than sixty loss or (60b) days to repair and if such damage is not the result amount of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codedeductible.

Appears in 1 contract

Samples: Industrial Space Lease (Tekgraf Inc)

Damage or Destruction. If the Project Property is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged destroyed by fire or other casualty (“Casualty”) to the extent of fifty percent (50%) or causemore of the Property’s value at the time, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amountsthen Landlord, by Landlordgiving written notice to Tenant within thirty (30) days after the Casualty, may terminate this Lease. If less than fifty percent (50%) of the Property’s insurance policies. However, value is so damaged or destroyed by Casualty (or if Landlord does not elect to terminate this Lease pursuant in the event of damage of 50% or more), Landlord shall promptly commence restoration of the damaged areas to Landlord’s termination right as provided above, and if substantially the Damage Repair Estimate indicates same condition that repairs existed immediately prior to the Casualty. If the same cannot likely be completed restored within one two hundred eighty forty (180240) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant Casualty, as reasonably determined by Landlord, then either Landlord or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than by giving written notice to the other within thirty (30) days after Tenant’s receipt the Casualty, may terminate this Lease. If this Lease is not terminated as provided herein, but Landlord has not completed the restoration of the Damage Repair EstimateProperty within two hundred forty (240) days after the Casualty, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to Tenant may thereafter terminate this Lease by giving written notice of termination to Tenant of the exercise of such option Landlord within sixty ten (6010) days after Landlord learns the expiration of the necessity for repairs 240-day period. Any Lease termination under this paragraph shall be effective ten (10) days after such notice is given, except that if the Casualty has materially disrupted or prevented Txxxxx’s use of the Premises as of or about the result date of such damagesaid Casualty, the termination shall be effective as of the date of said Casualty. In no event shall Tenant be entitled to any part of any of Landlord’s insurance proceeds resulting from the event Casualty. Rent and Additional Rent shall be abated during any period of restoration to the extent that Tenant is unable to occupy all or a portion of the Premises or the Project is destroyed or damaged to any substantial extent during said restoration. If there occurs a Casualty during the last twelve (12) months of the Lease Term and if Term, such damage shall take longer than sixty (60) days that Landlord otherwise would be required under the terms of this Lease to repair and if such damage is not restore the result of the negligence Premises, either Landlord or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord the other within thirty (30) days of the exercise date of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury Casualty if it is not reasonable to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands expect that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace complete the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 restoration of the California Civil CodePremises on or before 60 days prior to the end of the Lease Term.

Appears in 1 contract

Samples: Commercial Lease (Ciprico Inc)

Damage or Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to the Premises. If the Project is Premises or the Building are damaged by fire or other insured casualty and the insurance proceeds have been made available therefor not caused by the holder act or holders negligence of Tenant or its agents or employees, Landlord shall diligently and as soon as practicable after such damage occurs (taking into account the time necessary to effectuate a satisfactory settlement with Landlord’s insurance company) repair such damage at its own expense, and, provided Tenant is not in default during any mortgages or deeds period of trust covering time that the Premises or the Projectare rendered untenantable, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor Rent and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed additional rent shall be abated in proportion to the part of the Premises which is unusable by Tenant rendered untenantable until such repairs have been completed (in the conduct of its business (but there no event shall damage to any parking areas be no abatement of rent by reason of any portion of deemed to render the Premises being unusable for a period equal to one (1) day or lessuntenantable). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all available insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that are insufficient or if the cost of repair of improvements within Premises or the Premises Building are damaged by Landlord exceeds fire or other casualty to such an extent that the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, cannot be completed fully repaired within one hundred eighty (180) days after from the necessity for repairs as a result of date such damage becomes known to Landlord without the payment of overtime or other premiumsoccurs, Landlord mayshall have the right, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, exercised by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed written notice within such one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimateday period, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In Notwithstanding the event that foregoing, if the Premises fire or other casualty shall be caused by the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the carelessness, negligence or willful misconduct improper conduct of Tenant or Tenant’s its agents or employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have remain liable for the option to terminate this Lease by written notice to Landlord full amount of the exercise Rent and additional rent during the period of such option within sixty (60) days after Tenant learns restoration or until termination of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeall required repairs shall be made at Tenant’s expense.

Appears in 1 contract

Samples: Office Lease (Ladenburg Thalmann Financial Services Inc)

Damage or Destruction. If the Project is damaged by fire fifty percent (50%) or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part more of the Leased Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day are damaged or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged made untenantable by fire or other casualty or causeand Landlord elects not to restore it, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amountsthen Landlord may, by Landlord’s insurance policies. However, if Landlord does not elect written notice to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed Tenant given within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt the date of the Damage Repair Estimatesuch casualty, to terminate this Lease by written notice Lease. Landlord shall be under no duty or obligation to Landlord repair, restore or rebuild the same. Such termination shall become effective as of the date specified in Tenant’s notice. Finally, of the casualty if the Leased Premises or are untenantable, otherwise as of a date thirty days following the Project is damaged to any substantial extent during the last twelve (12) months service of the Term, then notwithstanding anything contained in notice of lease termination. Unless this Article 16 to the contraryLease is terminated as hereinabove provided, Landlord shall restore all damaged portions of the Leased Premises at Landlord’s expense with reasonable promptness except for Tenant’s improvements, which shall be restored at the expense of the Tenant. In the event of termination of this Lease, rent shall be prorated on a per diem (30-day month) basis and paid only to effective date of such termination. If the Leased Premises are untenantable but this Lease is not terminated, all rent shall xxxxx from the casualty date until the Leased Premises are substantially restored and reasonably accessible for occupancy by Tenant, if part of the Leased Premises are untenantable, rent shall be prorated on a per diem basis and apportioned in accordance with the part of the Leased Premises which is usable by tenant until the damaged part is ready for Tenant’s occupancy. In all cases, due allowance shall be made for reasonable control. Landlord shall have no duty to repair, restore, or replace Tenant improvements, including but not limited to wall and floor coverings, light fixtures, built-in cabinets and bookshelves, and to the contrary in this Lease, Tenant shall not have the option right to terminate this Lease and rental shall in not event xxxxx if the casualty was caused by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises act or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct neglect of Tenant or Tenant’s his employees, licensees, invitees agents or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeinvitees.

Appears in 1 contract

Samples: Lease Agreement (Endocyte Inc)

Damage or Destruction. 4.9.1 If the Project is Premises are damaged by fire fire, earthquake or other insured casualty casualty, Tenant shall give immediate written notice thereof to Landlord. If Landlord estimates that the damage can be repaired within one hundred-twenty (120) Business Days after Landlord is notified by Tenant of such damage and the if there are sufficient insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering to repair such damage, then Landlord shall proceed with reasonable diligence to restore the Premises or to substantially the Projectcondition which existed prior to the damage and this Lease shall not terminate. If, in Landlord's estimation, the damage shall cannot be repaired by Landlord to the extent within such 120 Business Day period or if there are insufficient insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect in its absolute discretion to either: (a) terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not (b) restore the Premises are affected, if to "substantially the condition which existed prior to the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate and this Lease pursuant to Landlord’s termination right as provided above, and if will continue. If Landlord elects the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty option set forth in clause (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Termb), then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (601) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if shall be extended for the time required to complete such damage shall take longer than sixty restoration, (602) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option pay to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16Landlord, there shall be no abatement of rent and no liability of Landlord by reason upon demand, Tenant's Pro Rata Share of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances applicable deductible amount specified under Landlord's insurance and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that (3) Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated required to repair or elects restore fixtures, improvements or other property of Tenant. Base Rent, Additional Rent and any other sum due under this Lease during any reconstruction period shall Ret be abated. Tenant agrees to repair, look to the provider of Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under 's insurance for coverage for the provisions loss of Sections 1932 and 1933 Tenant's use of the California Civil CodePremises and any other related losses or damages incurred by Tenant during any reconstruction period.

Appears in 1 contract

Samples: Office Lease (Rosetta Inpharmatics Inc)

Damage or Destruction. 4.9.1 If the Project is Premises are damaged by fire fire, earthquake or other insured casualty casualty, Tenant shall give immediate written notice thereof to Landlord. Within sixty (60) days after receipt of such notice from Tenant, Landlord shall notify Tenant in writing of its estimate of the time necessary to repair the damage. If Landlord estimates that the damage can be repaired in accordance with the then-existing Governmental Requirements within one hundred-eighty (180) days after Landlord is notified by Tenant of such damage and the if there are sufficient insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering to repair such damage, then Landlord shall proceed with reasonable diligence to restore the Premises or to substantially the Project, condition which existed prior to the damage and this Lease shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs cannot terminate. If, in Landlord’s sole opinionestimation, the damage cannot be repaired within such 180 day period or if there are insufficient insurance proceeds available to repair such damage, Landlord may elect in its absolute discretion to either: (a) terminate this Lease or (b) restore the Premises to substantially the condition which existed prior to the damage and this Lease will continue. If Landlord restores the Premises under this paragraph, then Landlord shall use commercially reasonable efforts to proceed toward completion of the restoration and Landlord shall not be required to repair or restore Tenant Improvements, Tenant Alterations (including Telecommunication Facilities), or any or all furniture, fixtures, equipment, inventory, improvements or other property which was in or about the Premises at the time of the damage and was not owned by Landlord. Base Rent and Additional Rent due under this Lease during any reconstruction period shall be abated in proportion to the floor area of the Premises which is untenantable. Tenant agrees to look to the provider of Tenant’s insurance for coverage for the loss of Tenant’s use of the Premises and any other related losses or damages incurred by Tenant during any reconstruction period. Notwithstanding anything to the contrary contained herein, in the event that Landlord estimates that the repair of the damage cannot be substantially completed (except for such Punch List Work which does not materially interfere with Tenant’s business operations in the Premises) within one hundred eighty (180) days after the necessity for repairs as a result date Landlord is notified by Tenant of such damage becomes known the casualty, subject to Landlordextension on account of delays caused by adjustment of the insurance loss or by force majeure, without the payment of overtime or other premiumsthen Landlord shall give written notice thereof to Tenant, and until such repairs are Tenant, at its option, may cancel and terminate this Lease by giving written notice which is received by Landlord on or before the thirtieth (30th) day after Tenant has received Landlord’s notice. Further, in the event that Landlord has not substantially completed rent shall be abated in proportion to the part repair and restoration of the Premises (except for such Punch List Work which is unusable by Tenant does not materially interfere with Tenant’s business operations in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1Premises) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result date Landlord is notified by Tenant of such damage becomes known the casualty, subject to Landlord without extension on account of delays caused by adjustment of the payment of overtime insurance loss or other premiumsby force majeure, Landlord maythen Tenant, at its option, either (i) make such repairs in a reasonable time may cancel and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than upon thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged repair and restoration have not been substantially completed within such thirty (30) day period. If Tenant elects to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have exercise the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything set forth in this Article 16 to the contraryParagraph, Tenant shall have be released from all of its liabilities and obligations hereunder accruing from and after the option to terminate date of termination, but Tenant shall remain liable for the payment of Rent and other charges and the performance of the terms and provisions of this Lease by written notice due and owing or accrued up to Landlord and including the date of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codetermination.

Appears in 1 contract

Samples: Lease (PharMEDium Healthcare Holdings, Inc.)

Damage or Destruction. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be diligently and expeditiously repaired by Landlord to the extent such insurance proceeds are available therefor and provided that the Damage Repair Estimate indicates that such repairs can, in Landlord’s sole opinion, can be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault negligence or neglect willful misconduct of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A14(a)(iii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damagedamage (unless such damage is due to the negligence or willful misconduct of Landlord or Landlord Parties, in such case, Landlord shall be responsible for such excess costs but subject to the waivers describe in Section 14(d) above). If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) diligently and expeditiously make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or causecasualty, whether or not the Premises are affected, if the deficiency between Landlord’s reasonably estimated cost to repair such damage and the available insurance proceeds therefor (assuming for purposes of such determination, that Landlord has obtained at a minimum all insurance required under Section 14(c) above and that the amount of any deductible is not fully coveredincluded in available insurance proceeds) exceeds Seven Million Five Hundred Thousand Dollars ($7,500,000.00), except for deductible amountsbut Tenant, at its election, may void Landlord’s election to so terminate this Lease by agreeing to fund that portion of the deficiency in excess of Seven Million Five Hundred Thousand Dollars ($7,500,000.00). Any such election by Tenant must be made, if at all, by written notice to Landlord within thirty (30) days after Landlord’s insurance policiesnotice to Tenant that Landlord elects to so terminate this Lease pursuant to the immediately preceding sentence. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (1801) days year after being commenced and if the necessity for repairs as a result of such damage is not becomes known to Landlord or Landlord fails to complete the result of the negligence or willful misconduct of Tenant or Tenant’s employeesrepairs within such one (1) year period, licensees, invitees or agents, then Tenant may elect, not later than thirty sixty (3060) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent so that more than twenty-five percent (25%) of the Premises (or a critical area of the Premises, even if such space comprises less than 25% of the Premises) is unusable during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same, unless such damage was caused by the gross negligence or willful misconduct of Landlord or any Landlord Party (but subject to the waivers set forth in Section 14(d)). Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under any present or future Law that purports to govern the provisions rights of Sections 1932 Landlord and 1933 Tenant in such circumstances in the absence of express agreement is hereby waived by the California Civil Codeparties and shall have no application.

Appears in 1 contract

Samples: Lease Agreement (Oncorus, Inc.)

Damage or Destruction. 4.10.1 If the Project is Premises are damaged by fire fire, earthquake or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders casualty, Tenant shall give immediate written notice thereof to Landlord. Landlord shall determine, within forty five (45) days following receipt of any mortgages or deeds of trust covering the Premises or the Projectsuch notice from Tenant, whether the damage shall can be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) calendar days after the necessity for repairs as a result Landlord’s receipt of notice from Tenant and if there are sufficient insurance proceeds available to repair such damage becomes known to Landlord, without the payment of overtime or other premiumsdamage, and until such repairs are completed rent if Landlord determines that these conditions can be satisfied, then Landlord shall be abated in proportion proceed with reasonable diligence to restore the Premises to substantially the condition which existed prior to the part of the Premises which is unusable by Tenant damage and this Lease shall not terminate. If, in the conduct estimation of its business (but there shall be no abatement of rent a reputable architect or contractor designated by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). HoweverLandlord and reasonably approved by Tenant, if the damage is due cannot be repaired within such 180 day period or if there are insufficient insurance proceeds available to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of repair such damage, Landlord shall notify or Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affectedor, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if neither Landlord does not nor Tenant elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contraryLease, Landlord shall have restore the option Premises to terminate substantially the condition which existed prior to the damage and this Lease by giving written notice will continue. Landlord shall not be required to Tenant repair or restore any or all furniture, fixtures, equipment, inventory, improvements or other property which was in or about the Premises at the time of the exercise of such option within sixty (60) days after Landlord learns damage, Tenant Alterations and Tenant Improvements which are in excess of the necessity for repairs as the result of such damagebuilding standard Tenant Improvements. In the event that the Premises or the Project is destroyed or damaged to Base Rent, Additional Rent and any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate other sum due under this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there during any reconstruction period shall be no abatement abated from the date of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion until Landlord’s repairs are substantially completed and possession of the Project or Premises is delivered to Tenant. Tenant agrees to look to the provider of Tenant’s insurance for coverage for the loss of Tenant’s use of the Premises and any other related losses or in or to fixtures, appurtenances and equipment therein. damages incurred by Tenant understands that Landlord will not carry insurance of during any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codereconstruction period.

Appears in 1 contract

Samples: Office Lease (Cephalon Inc)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or --------------------- other casualty and if such damage does not render all or causea substantial portion of the Premises untenantable, whether then Landlord shall proceed to repair and restore the same with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control. If any such damage renders all of or not a substantial portion of the Premises untenantable, Landlord shall, within ninety (90) days after the occurrence of such damage, estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall by notice (the "Estimate Notice") advise Tenant of such estimate. If it is so estimated that the amount of time required to substantially complete such repair and restoration will exceed two hundred seventy (270) days from the date Landlord gives Tenant the Estimate Notice, then either Landlord or Tenant (but as to Tenant, only if all or a substantial portion of the Premises are affected, if rendered untenantable or otherwise unusable for the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect operation of an Internet data center) shall have the right to terminate this Lease pursuant as of the date of such damage upon giving notice to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed other at any time within one hundred eighty twenty (18020) days after Landlord gives Tenant the Estimate Notice (it being commenced understood that Landlord may, if it elects to do so, also give such notice of termination together with the Estimate Notice). Unless this Lease is terminated as provided in the preceding sentence, Landlord shall proceed with reasonable promptness to repair and restore the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease (except as hereinafter provided) if such damage is repairs and restoration are not in fact completed within the result time period estimated by Landlord, as aforesaid, or within said two hundred seventy (270) days. If the Premises are not repaired or restored within eighteen (18) months after the date of such fire or other casualty, then either party may terminate this Lease, effective as of the negligence date of such fire or willful misconduct of Tenant or Tenant’s employeesother casualty, licensees, invitees or agents, Tenant may elect, by written notice to the other party not later than thirty (30) days after Tenant’s receipt the expiration of said eighteen (18) month period, but prior to substantial completion of repair or restoration. Notwithstanding anything to the contrary herein set forth, (a) Landlord shall have no duty pursuant to this Section 13.1 to repair or restore any portion of the Damage Repair Estimatealterations, additions or improvements owned or made by Tenant in the Premises (regardless if any such alterations, additions or improvements were paid for in whole or in part by Landlord) or to expend for any repair or restoration amounts in excess of insurance proceeds actually received by Landlord and available for repair or restoration; (b) Tenant shall not have the right to terminate this Lease pursuant to this Section 13.1 if the damage or destruction was caused by written notice to Landlord effective as the act or neglect of the date specified in Tenant’s notice. FinallyTenant or its agents or employees, and (c) if any such damage rendering all or a substantial portion of the Premises or the Project is damaged to any substantial extent Building untenantable shall occur during the last twelve two (122) months years of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of date such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term damage occurred, and if such damage option is so exercised, this Lease shall take longer than sixty (60) days to repair and if such damage is not the result terminate as of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise date of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codenotice.

Appears in 1 contract

Samples: Lease Agreement (Exodus Communications Inc)

Damage or Destruction. 9.1.1 In case of damage to the Premises or the Building by fire or other casualty, Tenant shall give immediate notice to Landlord. If the Project Building is damaged by fire or any other insured casualty and cause to such extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed 30% of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or if insurance proceeds have been made available therefor by sufficient for restoration are for any reason unavailable, then Landlord may no later than the holder or holders sixtieth (60th) day following the damage, give Tenant a notice of any mortgages or deeds election to terminate this Lease. In the event of trust covering the Premises or the Project, the damage such an election this Lease shall be repaired by Landlord deemed to terminate on the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days third day after the necessity for repairs as a result giving of such damage becomes known to Landlordsaid notice, without the payment of overtime or other premiums, and until such repairs are completed rent Tenant shall be abated in proportion to the part surrender possession of the Premises which is unusable by Tenant in within a reasonable time thereafter, and the conduct of its business (but there Rent and Additional Rent shall be no abatement of rent by reason of any portion apportioned as of the Premises being unusable date of said surrender and any Rent paid for a any period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there beyond said date shall be no abatement of rent, unless and repaid to the extent Landlord receives rental income insurance proceedsTenant. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if If the cost of repair of improvements within the Premises restoration as estimated by Landlord exceeds shall amount to less than 30% of such replacement value of the amount of Building and insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity sufficient for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16restoration are available, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of if despite the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if cost Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contraryLease, Landlord shall have restore the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that Building and the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contraryextent of improvements to the Premises originally provided by Landlord hereunder) with reasonable promptness, Tenant shall have the option subject to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided delays beyond Landlord’s control and delays in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipmentadjustments by Landlord, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds terminate this Lease except as herein provided. To the extent that the Premises are rendered untenantable, the Rent shall proportionately xxxxx, except in the event such damage resulted from or was contributed to, directly, or indirectly, by the act, fault or neglect of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repairTenant, Tenant’s contractors, as a material inducement agents, employees, invitees or licensees, in which event Rent shall xxxxx only to the extent Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions receives proceeds from Landlord’s rental income insurance policy to compensate Landlord for loss of Sections 1932 and 1933 of the California Civil Coderent.

Appears in 1 contract

Samples: Lease Agreement (Jones Soda Co)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A20(a)(i) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 1621, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 21 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 1621, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Office Lease (Embarcadero Technologies Inc)

Damage or Destruction. If (a) In the Project is event the Building and/or the Building Standard Work or any insured alterations are damaged by fire or other insured casualty and the perils covered by Landlord's extended coverage insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the an extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty not exceeding twenty-five percent (18025 %) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, full insurable value thereof and if the damage thereto is due to such that the fault Building and/or the Building Standard Work and any insured alterations may be repaired, reconstructed or neglect restored within a period of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty ninety (6090) days after from the date Landlord learns of the necessity for repairs as a result happening of damagesuch casualty and Landlord will receive insurance proceeds sufficient to cover the cost of such repairs, Landlord shall notify Tenant (“Damage Repair Estimate”) commence and proceed diligently with the work of Landlord’s estimated assessment of repair, reconstruction and restoration and the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect full force and effect. If such work or repair, reconstruction and restoration is such as to require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, Landlord either may elect to so repair, reconstruct or restore the Building and/or Building Standard Work and any insured alterations and the rent Lease shall be abated, if at all, continue in the manner provided in this Article 16, full force and effect or (ii) Landlord may elect not to effect repair, reconstruct or restore the Building and/or Building Standard Work and any insured alterations and the Lease shall in such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns event terminate. Under any of the necessity for repairs as a result conditions of damagethis Subparagraph 22(a), such Landlord shall give written notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed of its intention within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt from the date of such event of damage or destruction. In the Damage Repair Estimateevent Landlord elects not to restore said Building and/or Building Standard Work and any insured alterations, to terminate this Lease by written notice shall be deemed to Landlord effective have terminated as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codepartial destruction.

Appears in 1 contract

Samples: Letter Agreement (Synon Corp)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s 's sole opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s 's insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s 's repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s 's opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent Basic Rental shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s 's insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s 's business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s 's furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Standard Office Lease (Alliance Fiber Optic Products Inc)

Damage or Destruction. If the Project is Premises are damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Projectcasualty, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed then within one hundred eighty thirty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (6030) days after the date Landlord learns of the necessity for repairs as a result of damagecasualty, Landlord Lessor’s employee, agent, or contractor shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds estimate the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs time reasonably required to restore the affected portions of the Premises and Lessor shall be paid by Tenant to Landlord prior to Landlord’s repair deliver written notice of such damageestimate to Lessee. If the Damage Repair Estimate indicates that repairs cannotIf, in LandlordLessor’s opinionreasonable estimation, be completed within one hundred eighty the Premises have been damaged to such an extent that a reasonably diligent restoration will require more than nine (1809) days after months from the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns date of the necessity for repairs as a result of damagecasualty to complete, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord then either party may elect to terminate this Lease if by giving the Project other party written notice of termination no later than the 60th day following the date of the casualty. In the event of such election: (a) this Lease shall be damaged by fire or other casualty or cause, whether or not deemed to terminate on the 5th day after the delivery of such termination notice and Lessee shall surrender possession of the Premises are affectedwithin a reasonable time thereafter, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect with Rent to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective apportioned as of the date specified in Tenantof Lessee’s noticesurrender; (b) Lessee shall have no obligation to restore the Premises; and (c) Lessor shall retain the entirety of any insurance proceeds except for proceeds of insurance for Lessee’s trade fixtures and personal property. FinallyIf this Lease is not terminated under the above provisions, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the TermLessor shall, then notwithstanding anything contained in this Article 16 to the contraryextent of available insurance proceeds, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days diligently proceed to repair and if such restore the Improvements made or installed by Lessor in and to the Premises to the same or better condition than they were in immediately prior to the casualty, subject to delays beyond Lessor’s reasonable control. Promptly upon completion of Lessor’s restoration work in the Premises, Lessee shall fully and completely repair or replace any damaged improvements that were installed by Lessee as well as any damage is not to Lessee’s trade fixtures, furniture or equipment. If the Premises are rendered untenantable or partially untenantable for Lessee’s customary business operations as a result of any casualty, Rent shall proportionally xxxxx during the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise period of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeuntenantability.

Appears in 1 contract

Samples: Lease Agreement

Damage or Destruction. If the Project Premises or any part thereof, or any other portion of the Building shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, to repair or cause to be repaired such damage, including such Tenant Work as shall have been so damaged. Except to the extent they are permitted Operating Expenses, and subject to Section 5.5 hereof, such repairs shall be made at the expense of Landlord. All repairs to and replacements of Tenant Property shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Annual Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last twenty-four months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall be required and the repair of such damage is reasonably estimated to require more than twelve (12) months after the date of such casualty to complete, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property (provided that Landlord shall have maintained the insurance proceeds have been made available therefor required under this Lease) and Landlord determines not to repair such damage, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord or Tenant by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord a notice to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, following such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not casualty; the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease effective termination date pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cansuch notice shall be not be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later less than thirty (30) days after the day on which such termination notice is received. If the Premises, or any other portion of the Building that will materially adversely affect Tenant’s receipt use of or access to the Damage Repair EstimatePremises, to terminate this Lease are so damaged by written notice to Landlord effective as of the date specified in Tenant’s notice. Finallyfire or other casualty, if the Premises or the Project is damaged to and for any substantial extent during the last reason such restoration shall not be substantially completed within twelve (12) months after the date of the Termsuch casualty (which twelve-month period may be extended for such periods of time as Landlord is prevented from proceeding with or completing such restoration due to excusable delay, then notwithstanding anything contained but in this Article 16 to the contraryno event for more than an additional three months), Landlord Tenant shall have the option right to terminate this Lease by giving written notice to Tenant of the exercise of such option Landlord thereof within sixty thirty (6030) days after Landlord learns of the necessity for repairs as the result expiration of such damageperiod (as so extended) provided that such restoration is not completed within such period. In the event that of any termination, the Premises or Term shall expire as though such effective termination date were the Project is destroyed or damaged to any substantial extent during date originally stipulated in Section 1.1 for the last twelve (12) months end of the Lease Term and if such damage shall take longer than sixty the Annual Base Rent and additional charges for Operating Expenses (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant extent not abated as set forth above) shall have the option to terminate this Lease by written notice to Landlord of the exercise be apportioned as of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codedate.

Appears in 1 contract

Samples: Digitas Inc

Damage or Destruction. If the Project Premises or Building is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectCasualty, the damage shall (excluding damage to improvements paid for by Tenant or trade fixtures, equipment or personal property of Tenant) will be repaired by Landlord Lessor at its expense to a condition as near as reasonably possible to the extent such insurance proceeds are available therefor and provided such repairs cancondition prior to the Casualty, in Landlord’s sole opinionbut if more than 25% of the total rentable area of the Building is rendered untenantable, be completed Lessor may terminate this Lease as of the date of the Casualty by giving written notice to Tenant within one hundred eighty (180) 30 days after the necessity for Casualty. If this Lease is not terminated, Lessor will begin repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) within 90 days after the date Landlord learns Casualty and complete the repairs within a reasonable time, not to exceed 180 days, subject to acts of God, strikes and other matters not within the necessity for control of Lessor. If Lessor fails to begin and proceed with repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agentsrequired, Tenant may elect, give Lessor notice to do so. If Lessor has not later than thirty (30) begun the repairs within 30 days after Tenant’s receipt of the Damage Repair Estimate's notice, to Tenant may terminate this Lease by written notice to Landlord effective Lessor within 15 days after expiration of the 30-day period. If this Lease is terminated because of the Casualty, rents and other payments will be prorated as of the date specified of the Casualty and will be proportionately refunded to Tenant or paid to Lessor, as the case may be. During any period in Tenant’s notice. Finally, if which the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, made untenantable as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 result of the California Civil CodeCasualty, the Monthly Rent will be abated for the period of time untenantable in proportion to the square foot area untenantable.

Appears in 1 contract

Samples: Lease (Advancepcs)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust Initials: ------- ------- covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole 's reasonable opinion, be completed within one two hundred eighty ten (180210) days after the necessity for repairs as a result of such damage becomes known to Landlord, Landlord without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is reasonably unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). HoweverAs soon as possible following the damage or destruction, if Landlord shall provide Tenant written notice of the amount of time Landlord, in its reasonable opinion, estimates it will take to complete the repairs. If the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s 's insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s 's repair of such damage. If the Damage Repair Estimate indicates cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Landlord's insurance carrier, such excess costs shall be paid by Tenant to Landlord prior to Landlord's repair of such damage. If the damage or casualty is not due to the fault or neglect of Tenant, its employees, agents or visitors, guests, invitees or licensees, and cannot be repaired so that Tenant may reasonably occupy the Premises within two hundred ten (210) days of such damage or destruction, Tenant may terminate this Lease by providing written notice to Landlord within fifteen (15) days of receiving Landlord's estimate as to the time required to repair the Premises. If Tenant does not exercise the foregoing termination right and if repairs cannot, in Landlord’s 's reasonable opinion, be completed within one two hundred eighty ten (180210) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs them in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. If neither Landlord nor Tenant have terminated this Lease and the repairs are not actually completed within two hundred ten (210) days after the date Landlord learns of the necessity for repairs as a result of the damage (which two hundred ten (210) day period shall be extended by Force Majeure and by any delays resulting from the acts or omissions of Tenant and/or its agents, employees or contractors), Tenant shall have the right to terminate this Lease within five (5) business days after the end of such period, by notice to Landlord (the "Damage Termination Notice"), effective as of the date set forth in the Damage Termination Notice (the "Damage Termination Date"), which Damage Termination Date shall not be less than five (5) business days following the end of such period. Notwithstanding the foregoing, if Tenant delivers a Damage Termination Notice to Landlord, then Landlord shall have the right to suspend the occurrence of the Damage Termination Date for a period ending thirty (30) days after the Damage Termination Date set forth in the Damage Termination Notice by delivering to Tenant, within five (5) business days of Landlord's receipt of the Damage Termination Notice, a certificate of Landlord's contractor responsible for the repair of the damage certifying that it is such contractor's good faith judgment that the repairs shall be substantially completed within thirty (30) days after the Damage Termination Date. If repairs shall be substantially completed prior to the expiration of such thirty (30) day period, then the Damage Termination Notice shall be of no force or effect but if the repairs shall not be substantially completed within such thirty (30) day period, then this Lease shall terminate upon the expiration of such thirty (30) day period. Upon any such termination of this Lease pursuant to this Article 16, Tenant shall pay the Monthly Basic Rental and Additional Rent, properly apportioned up to such date of termination, and both parties hereto shall thereafter be freed and discharged of all further obligations hereunder, except as provided for in provisions of this Lease which by their terms survive the expiration or earlier termination of the Term. Initials: ------- ------- In additionaddition to the foregoing, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if and the damage is not fully covered, except for deductible amounts, by Landlord’s 's insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s 's business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s 's furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Except for proceeds relating to Tenant's furniture, furnishings, trade fixtures and equipment, Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Office Lease (Ct Holdings Inc)

Damage or Destruction. If (a) In the Project is event the Building or any insured alterations are damaged by fire or other insured casualty perils covered by Landlord's extended coverage insurance to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, if the damage shall thereto is such that the Building and any insured alterations may be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs canrepaired, in Landlord’s sole opinion, be completed reconstructed or restored within a period of one hundred eighty (180) days after from the necessity for repairs as a result date of the happening of such damage becomes known casualty and Landlord will receive insurance proceeds sufficient to Landlord, without cover the payment cost of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damagerepairs, Landlord shall notify Tenant (“Damage Repair Estimate”) commence and proceed diligently with the work of Landlord’s estimated assessment of the period of time repair, reconstruction and restoration and this Lease shall continue in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damagefull force and effect. If the Damage Repair Estimate indicates that repairs cannotsuch work of repair, in Landlord’s opinion, be completed within reconstruction and restoration is such as to require a period longer than one hundred eighty (180) days after or exceeds twenty-five percent (25%) of the necessity for repairs as a result full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost of such damage becomes known to Landlord without the payment of overtime or other premiumsrepairs, Landlord mayeither may elect to so repair, at its option, either (i) make such repairs in a reasonable time reconstruct or restore the Building and in such event this any insured alterations and the Lease shall continue in full force and effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) Landlord may elect not to effect repair, reconstruct or restore the Building, and any insured alterations and the Lease shall in such repairs and instead terminate event terminate. Under any of the conditions of this LeaseSubparagraph 22(a), by notifying Landlord shall give written notice to Tenant in writing of its intention within thirty (30) days from the date of such termination within sixty event of damage or destruction. If, however, Xxxxxxxx has notified Tenant of its election to restore the Building but the period required to restore the Building will exceed two hundred and seventy (60270) days after Landlord learns from the date of the necessity for repairs as a result of damagecasualty, such notice to include a termination date giving then Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if delivery of written notice to Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after TenantXxxxxx’s receipt of Landlord’s notice. In the Damage Repair Estimateevent Landlord elects not to restore said Building and any insured alterations, or Tenant elects to terminate this Lease by written notice as permitted herein, this Lease shall be deemed to Landlord effective have terminated as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codepartial destruction.

Appears in 1 contract

Samples: Office Lease (Heritage Commerce Corp)

Damage or Destruction. If the Project is premises or the Building shall be damaged or destroyed by any cause insured against under a standard form policy of fire and extended coverage insurance with all-risk subject to the standard policy exclusions ("Landlord's Fire Policy"), such that they are untenantable and cannot be rendered tenantable with 180 days from tile date of such destruction or other insured casualty damage in Landlord's sole and absolute judgement, this Lease may be terminated by Landlord by notice hereinafter provided. Within forty-five (45) days from the insurance proceeds have been made available therefor by the holder date of such destruction or holders of any mortgages damage Landlord shall give notice to Tenant as to whether or deeds of trust covering not in Landlord's good faith estimate the Premises and/or the Building can be rendered tenantable with 180 days from tile date of such destruction or damage- If the Project, Premises and/or the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs Building can, not in Landlord’s sole opinion's good faith estimate be made tenantable within said 180-day period, be completed then within one hundred eighty seventy-five (18075) days after the necessity for repairs as a result of from such damage becomes known to Landlord, without the payment of overtime destruction or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable may give notice to Tenant under Section 14(a)(ii)(Athat this Lease is to be terminated, which notice shall be effective ten (10) above; days thereafter. In case the damage or destruction be not such as to permit termination of this Lease as above provided, however, that if the cost of repair of improvements within the Premises by or Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided abovewithin said 75-day period, Landlord shall with due diligence render the Premises tenantable, and if a proportionate reduction shall be made in the Damage Repair Estimate indicates that repairs cannot rent herein reserved corresponding to the time during which and to the portion of the Premises of which Tenant shall be completed within one hundred eighty (180) days after being commenced and if deprived of possession by only to the extend of Landlord's recovery for lost rent from the Premises under any rental loss insurance maintained by Landlord, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises or the Building caused by fire or other casualty more than the amount of the insurance proceeds actually received by or paid for the benefit of Landlord by reason of such damage is not or destruction If the result of premises or the negligence Building shall be damaged or willful misconduct of destroyed by any cause other than a cause insured under Landlord's Fire Policy, then Landlord shall have the right exercisable by notice to Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than within thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, such damage or destruction to terminate this Lease by written notice to Landlord lease effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codenotice.

Appears in 1 contract

Samples: Lease (Entertainment Internet Inc)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or any portion thereof are destroyed by storm, fire, lightning, earthquake or other casualty, Lessee shall immediately notify Lessor. In the Project, event the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs Premises cannot, in Landlord’s sole opinionXxxxxx's judgment, be completed restored within one hundred eighty (180) days after of the necessity for repairs as a result date of such damage becomes known to Landlordor destruction, without this Lease shall terminate as of the payment date of overtime or other premiumssuch destruction, and until such repairs are completed all rent and other sums payable by Lessee hereunder shall be abated accounted for as between Lessor and Xxxxxx as of that date. Lessor shall notify Lessee within thirty (30) days of the date of the damage or destruction whether the Premises can be restored within one hundred eighty (180) days. If this Lease is not terminated as provided in this Paragraph, Lessor shall, to the extent insurance proceeds payable on account of such damage or destruction are available to Lessor (with the excess proceeds belonging to Lessor), within a reasonable time, repair, restore, rebuild, reconstruct or replace the damaged or destroyed portion of the Premises to a condition substantially similar to the condition which existed prior to the damage or destruction. Provided, however, Lessor shall only be required to repair, restore, rebuild, reconstruct and replace the Lessor's Work shown on Exhibit "A," and Lessee shall, at its sole cost and expense, upon completion of the Lessor's Work, repair, restore, rebuild, reconstruct and replace, as required, any and all improvements installed in the Premises by Lessee and all trade fixtures, personal property, inventory, signs and other contents in the Premises, and all other repairs not specifically required of Lessor hereunder, in a manner and to at least the condition existing prior to the damage. Lessee's obligation to pay Base Rent shall xxxxx until Xxxxxx has repaired, restored, rebuilt, reconstructed or replaced the Premises, as required herein, in proportion to the part of the Premises which is are unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less)Xxxxxx. However, if If the damage or destruction is due to the act, neglect, fault or neglect omission of Tenant, its employees, agents, contractors, guests, invitees and the likeLessee, there shall be no abatement rent abatement. Notwithstanding the foregoing, if any such damage or destruction occurs within the final two (2) years of rentthe term hereof, unless and then Lessor, in its sole discretion, may, without regard to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damageaforesaid 180-day period, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodeXxxxxx.

Appears in 1 contract

Samples: Cover Page (Tekgraf Inc)

Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s 's sole opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord, Landlord without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section Article 14(a)(ii)(A) above; providedPROVIDED, howeverHOWEVER, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s 's insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s 's repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s 's opinion, be completed within one two hundred eighty seventy (180270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs them in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if and the damage is not fully covered, except for deductible amounts, by Landlord’s 's insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s 's business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s 's furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Except for proceeds relating to Tenant's furniture, furnishings, trade fixtures and equipment, Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Office Lease (Peoples Liberation Inc)

Damage or Destruction. If In the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering event the Premises shall be so damaged or the Projectdestroyed by fire, the damage shall be repaired by Landlord elements or any other casualty as to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime render untenantable all or other premiums, and until such repairs are completed rent shall be abated in proportion to the any part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). HoweverPremises, if the damage is due to the fault or neglect of TenantLandlord shall, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within within sixty (60) days after the date Landlord learns happening of such damage or destruction, cause a competent architect or engineer to examine the condition of the necessity for repairs as Premises and to prepare and furnish to Tenant a result good faith written estimate of damagethe amount of time which, in the judgment of such architect or engineer, reasonably would be required to restore the Premises to a condition at least equivalent to their condition which Landlord shall notify furnished to Tenant (“Damage Repair Estimate”) upon the commencement of Landlord’s estimated assessment of the Term. If the period of time estimated by such architect or engineer shall be in which excess of two hundred seventy (270) days from the repairs will be completed. Upon the occurrence date of any said damage to the Premisesor destruction, then Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, entitled to terminate this Lease by written notice to Landlord which is received by Landlord within ten (10) days after Tenant's receipt of the estimate, time being of the essence. In the event of such termination, Tenant shall remain liable for performance of all its obligations through the date of termination. If, however, the period of dine so estimated by said architect or engineer shall be less than two hundred seventy (270) days, or if such period is in excess of two hundred seventy (270) days but Tenant shall not have elected, as aforesaid, to terminate this Lease, then Landlord shall promptly repair and/or restore the Premises to a condition at least equivalent to the condition which Landlord furnished to Tenant upon the commencement of the Term. In no event shall Landlord be obligated to expend an amount in excess of the insurance proceeds available to Landlord for such repair and restoration. If the Premises are repaired or restored as provided herein, then Tenant shall, at its expense, repair and restore Tenant's leasehold improvements and Alterations and Tenant's trade fixtures, furnishing and equipment to a condition equivalent to their condition prior to such damage or destruction. If the Premises or any part thereof shall be rendered untenantable by any destruction or damage, then a pro rata portion ranging from 0%-100% of the rent based upon the number of square feet of area in the Premises which are untenantable shall be abated until the Premises or such part thereof shall have been put in tenantable condition. Notwithstanding the foregoing, if any destruction or damage to the Premises or Building (whether or not the Premises are affected) is so extensive that Landlord, in its sole discretion, elects not to repair or restore the Premises or Building, or the proceeds of insurance are not sufficient or available to fully pay the cost of the repair or restoration, then Landlord may terminate this Lease effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damageTenant. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the The provisions of Sections 1932 and 1933 this Section are subject to the rights of the California Civil CodeLandlord's mortgagees, if any.

Appears in 1 contract

Samples: Office Lease (Coronado Industries Inc)

Damage or Destruction. a. If at any time during the Project term of this Lease there is damaged by fire damage or other insured casualty and destruction for which the insurance proceeds have been made available therefor by cost to repair is twenty-five percent (25%) or more of the holder or holders replacement value of any mortgages or deeds of trust covering the Premises or of the Projectentire Building (a “Casualty”), Landlord shall within, thirty (30) days after Landlord’s receipt of notice from Landlord’s insurer of its determination of the insurer’s proposed coverage of the Casualty, provide written notice to Tenant (“Repair Notice”) stating the anticipated period for repairing the damage and whether Landlord has elected to repair the damage or terminate this Lease. The Repair Notice shall be repaired accompanied by a certified statement executed by a contractor retained by Landlord to complete the extent such insurance proceeds are available therefor and provided such repairs canrepairs, in Landlord’s sole opinionor, be completed within one hundred eighty (180) days after the necessity for repairs as if Landlord has not retained a result of such damage becomes known to contractor, a licensed contractor not affiliated with Landlord, without certifying the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part contractor’s estimate of the Premises which is unusable by Tenant in anticipated period for repairing the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less)Casualty. However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if (i) the Project shall be damaged by fire or other contractor’s estimated period for repairing the casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within exceeds one hundred eighty (180) days after being commenced from the date of Casualty, or (ii) the Casualty is caused by a peril not required to be insured against by this Lease and if such damage is not actually insured against, or (iii) the result insurance proceeds plus deductible amount will not be sufficient to repair the Casualty (based upon the estimated cost to repair prepared by the contractor providing the estimate of the negligence or willful misconduct time period to repair). Landlord may not elect to terminate this Lease under this Article unless Landlord also elects to terminate the leases of all similarly situated tenants, provided that Landlord has the right under each applicable lease to terminate based on the extent of the Casualty. Tenant or Tenantmay elect to terminate this Lease if the contractor’s employees, licensees, invitees or agentsestimated period for repairing the casualty exceeds one hundred eighty (180) days from the date of Casualty. If the Repair Notice indicates that the anticipated period for repairing the Casualty exceeds one hundred eighty (180) days from the date of Casualty, Tenant may elect, not later than thirty elect to terminate this Lease by providing written notice to Landlord within ten (3010) days after Tenant’s receipt of the Damage Repair Estimate, to terminate Notice. If this Lease by written notice is not terminated pursuant to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrarySection, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to diligently commence repair and if such damage is not restoration and prosecute the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 same to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codecompletion.

Appears in 1 contract

Samples: Office Lease Agreement (Hercules Technology Growth Capital Inc)

Damage or Destruction. (a) DAMAGE AND REPAIR. If the Project either Building is damaged by fire or any other insured casualty cause to such extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed twenty percent (20%) of the replacement value of such Building (exclusive of foundations) just prior to the occurrence of the damage, or if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may, no later than the sixtieth day following the damage, give notice of election to terminate this Lease with respect to such Building and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for Land upon which it is located. In the event of such election, this Lease shall be deemed to terminate with respect to such Building on the thirtieth day after the giving of such notice, and Tenant shall surrender possession of such Building within a period equal to one (1) day or less). Howeverreasonable time thereafter, if and the damage is due to Rent and Additional Rent shall be apportioned as of the fault or neglect date of Tenant's surrender. If Landlord does not so elect, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair restoration shall amount to less than twenty percent (20%) of improvements within said replacement value of the Building and insurance proceeds sufficient for restoration are available, Landlord shall restore the Building and the Premises by Landlord exceeds with improvements substantially comparable in quality and size to the amount improvements to the Premises at the commencement of this Lease with reasonable diligence and promptness, subject to delays beyond Landlord's control and delays in the making of insurance proceeds received adjustments. To the extent that the Premises are rendered untenantable, the Rent shall proportionately abatx. Xf such repairs or restoration cannot reasonably be accomplished within 180 days, then Tenant may, by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant notice in writing to Landlord prior to Landlord’s repair the commencement of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make any such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abatedor restoration by Landlord, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in the second sentence of this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodeSection 11(a)).

Appears in 1 contract

Samples: Lease Agreement (Stuart Entertainment Inc)

Damage or Destruction. If the Project is or Leased Premises shall be damaged as a result of fault or neglect of Lessee or Lessee’s servants, employees, agents, visitors or licensees, Lessee shall pay for all damage, and there shall be no abatement of rent. If the Leased Premises shall be partially damaged or made inaccessible by fire explosion, fire, flood, windstorm, the elements or other insured casualty and the insurance proceeds have been made available therefor by the holder cause without neglect of Lessee or holders of any mortgages Lessee’s servants, employees, agents, visitors or deeds of trust covering the Premises or the Projectlicensees, the damage shall be repaired by Landlord and at the expense of the Lessor up to the extent amount of the Tenant Improvements provided by Lessor, and the Base Rent, not the Additional Rent, shall be apportioned according to the portion of the Leased Premises which is usable by Lessee until the Leased Premises are so repaired. The Lessor is responsible for leasehold improvements only. All other property of the Lessee (i.e. furnishings, computer equipment etc.) will be the full responsibility of the Lessee. In making such repairs, Lessor shall not be liable for delays which may arise by reason of adjustment of insurance proceeds loss, strikes, labor difficulties or by reason of their causes beyond Lessor’s control. For the purposes of this Section 9, the phrase “partially damaged” shall mean damage to the Leased Premises which does not materially interfere with the conduct of Lessee’s business. All other damage shall be deemed substantial or total destruction of the Leased Premises. If the building of which the Leased Premises are available therefor a part is substantially or totally destroyed or the Leased Premises are rendered totally untenantable by reason of fire, flood, windstorm, the elements or other cause and provided Lessor shall decide not to rebuild the same, then and in such repairs can, in Landlord’s sole opinion, be completed event either Lessee or Lessor may within one hundred eighty ninety (18090) days after the necessity for repairs as a result of such damage becomes known give the other party notice of its intention to Landlord, without terminate the payment Lease. Lessor shall provide written notice to Lessee of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion its intention to rebuild the part Leased Premises within fifteen (15) days of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If Lessor elects not to rebuild the Damage Repair Estimate indicates that repairs cannotLeased Premises, in Landlord’s opinion, be completed within one hundred eighty (180) days after then the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect terminate. If Lessor elects to rebuild the Leased Premises, Lessor shall expeditiously perform such construction and the rent Rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective abated as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, occurrence of the casualty through the issuance of a new certificate of occupancy for the rebuilt Leased Premises. The then notwithstanding anything contained in this Article 16 current term of the Lease shall be extended for a number of days equivalent to the contrary, Landlord shall have number of days between the option to terminate this Lease by giving written notice to Tenant date of the exercise of such option within sixty (60) days after Landlord learns occurrence of the necessity casualty and the issuance of a certificate of occupancy for repairs as the result rebuilt Leased Premises. Lessee shall immediately notify Lessor in case of such damageany damage by explosion, fire, flood, windstorm, the elements or other cause. In the event that the Premises or Lease is terminated in accordance with the Project is destroyed or damaged to any substantial extent during terms of this paragraph, the last twelve (12) months Rent shall be abated as of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result date of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord occurrence of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codecasualty.

Appears in 1 contract

Samples: Lease Agreement (Jacksonville Bancorp Inc /Fl/)

Damage or Destruction. If In the Project is event the PREMISES or the Building are damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectBuilding, the damage shall be repaired by Landlord and at the expense of LANDLORD to the extent of such insurance proceeds are available therefor and therefor, provided such repairs can, in Landlord’s LANDLORD'S sole opinion, be completed made within one hundred eighty twenty (180120) days after the necessity for repairs as a result occurrence of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until . Until such repairs are completed completed, the rent shall be abated in proportion to the part of the Premises PREMISES which is unusable by Tenant TENANT in the conduct of its business (but there business. All rent shall be no abatement of rent by reason of any portion of abated if partial untenantability renders the entire Premises being unusable unfit for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damageTENANT's business. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinionLANDLORD'S sole opinion be made within one hundred twenty (120) days, LANDLORD may at its option make these within a reasonable time and this Lease shall continue in effect. In the case of repairs, which in LANDLORD'S opinion cannot be made within one-hundred twenty (120) days, LANDLORD shall notify TENANT within thirty (30) days of the date of occurrence of such damage as to whether or not LANDLORD elects to make such repairs and if no such notice is given, LANDLORD shall be deemed not to have elected to make such repairs. If LANDLORD elects not to make such repairs which cannot be made within one hundred twenty (120) days of notice, then either party may, by written notice to the other, cancel this Lease as of the date of the occurrence of such damage. Notwithstanding anything to the contrary herein contained, in the event that such repairs are not completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Termsuch casualty, then notwithstanding anything contained in this Article 16 to the contrarysuch event, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate either party may cancel this Lease. Except as provided in this Article 16Section, there shall be no abatement of rent and no liability of Landlord LANDLORD by reason of any injury to or interference with Tenant’s TENANT'S business or property arising from any such damage fire or destruction other casualty or from the making or not making of any repairs, alterations or improvements in or to any portion of the Project Building or the Premises PREMISES or in or to fixtures, appurtenances and equipment therein. Tenant TENANT understands that Landlord LANDLORD will not carry insurance of any kind on Tenant’s furniture, furnishings, trade TENANT'S furniture or furnishings or on any fixtures or equipment, equipment removable by TENANT under the provisions of this Lease and that Landlord LANDLORD shall not be obligated obliged to repair any damage thereto or replace the same. Tenant acknowledges that Tenant LANDLORD shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated not be required to repair any injury or elects damage caused by fire or other cause, or to repairmake any repairs or replacements to or of improvements installed in the PREMISES by or for TENANT, Tenant, except to the extent such improvements were permanently installed as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 part of the California Civil Codeinitial tenant improvements.

Appears in 1 contract

Samples: Office Lease (Clark/Bardes Holdings Inc)

Damage or Destruction. If In the Project is event the Premises shall be damaged by fire due to fire, the elements, unavoidable accident or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damagecasualty, Landlord shall notify provide Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment with an estimate of the time period of time in which required to repair or restore the repairs will be completed. Upon Premises and shall then cause the occurrence of any damage to the PremisesPremises (not including Tenant's betterments or improvements) to be repaired or restored with due diligence to substantially the same condition as existed immediately prior to such damage, Tenant and this Lease shall assign to Landlord (or continue in full force and effect, subject to any party designated by Landlord) all insurance proceeds payable to abatement rights of Tenant under Section 14(a)(ii)(A) aboveprovided herein; provided, however, that if Landlord shall not be required to expend in such repair more than the proceeds of insurance recovered or recoverable with respect to such damage (i.e., the full replacement cost of the Premises). Tenant shall upon written notice from Landlord promptly restore, replace or repair Tenant's betterments and improvements to the Premises and other property items required to be insured by Tenant pursuant to Section 4.3 hereof. If the cost of repair of improvements within restoring the Premises by Landlord exceeds (not including Tenant's betterments or improvements) to their condition prior to damage shall exceed the amount of recoverable in any insurance proceeds received policies carried by Landlord from Tenant’s insurance carrierLandlord, as so assigned or if the Premises are damaged by Tenantany casualty not insured against, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided event Tenant elects (in this Article 16, or (iiwriting) elect not to effect make such repairs and instead terminate this Leaserepairs, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of shall have the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect right to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect giving Tenant written notice of its election to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed do so within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimatedate on which the damage occurs, to terminate whereupon this Lease by written notice to Landlord effective shall terminate as of the date specified in Tenant’s notice. Finally, if on which the Premises or the Project is damaged to any substantial extent during the last twelve (12) months damage occurred and all rent payable hereunder shall be equitably adjusted as of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damagesaid date. In the event that Landlord fails to give such notice, this Lease shall continue, and Landlord shall cause the Premises (not including Tenant's betterments and improvements) to be repaired and restored with due diligence to substantially the same condition as existed immediately prior to such damage, and Tenant shall promptly restore, replace or repair Tenant's betterments and improvements to the Project Premises and other property items required to be insured by Tenant pursuant to Section 4.3 hereof.  If Tenant is destroyed or damaged unable to any substantial extent during reasonably occupy the last twelve (12) months of premises following a casualty, as long as the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is the premises was not caused by the result of the Tenant's gross negligence or willful misconduct of Tenant or misconduct, the Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 's obligation to the contrary, Tenant shall have the option to terminate pay rent under this Lease by written notice shall axxxx during the period Tenant is unable to Landlord of conduct its business on the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodePremises.

Appears in 1 contract

Samples: Lease Agreement (Embassy Bancorp, Inc.)

Damage or Destruction. 17.1 If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the ProjectBuilding are totally or partially damaged or destroyed thereby rendering the Premises totally or partially inaccessible or unusable, then Landlord shall diligently repair and restore the damage shall be repaired by Landlord Premises and the Building to substantially the extent such insurance proceeds are available therefor and provided such repairs can, same condition they were in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of prior to such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) abovedestruction; provided, however, that if in Landlord's reasonable judgment such repair and restoration cannot be completed within two hundred seventy (270) days after the cost occurrence of repair such damage or destruction (taking into account the time needed for effecting a satisfactory settlement with any insurance company involved, removal of improvements debris, preparation of plans and issuance of all required governmental permits), then Landlord shall have the right to terminate this Lease by giving written notice of termination within forty-five (45) days after the occurrence of such damage or destruction. If this Lease is terminated pursuant to this Article, then rent shall be apportioned (based on the portion of the Premises by which is usable or used after such damage or destruction) and paid to the earlier of the date of termination or the date Tenant completely vacates and abandons the Premises on account of such damage and Landlord exceeds the amount of shall be entitled to any insurance proceeds received by Landlord from Tenant that are attributable to Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall 's Work and other improvements insured or required to be paid insured by Tenant to Landlord prior to Landlord’s repair that would remain in the Premises at the end of such damagethe Lease Term. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs this Lease is not terminated as a result of such damage becomes known to Landlord without the payment or destruction, then until such repair and restoration of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affectedsubstantially complete, if Tenant shall be required to pay rent only for the damage portion of the Premises that is not fully coveredusable while such repair and restoration are being made; provided, except for deductible amountshowever, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180x) days after being commenced and if such damage is or destruction was caused by the act or omission of Tenant or any Agent, then Tenant shall not be entitled to any such rent reduction and (y) if Tenant fails to immediately pay over to Landlord insurance proceeds when received from Tenant's insurance any such rent abatement shall end on the result date when Landlord would have been able to substantially complete repair and restoration of the negligence Premises had Tenant timely paid Landlord such insurance proceeds. After receipt of all insurance proceeds (including proceeds of insurance maintained by Tenant), Landlord shall proceed with and bear the expenses of such repair and restoration of the Premises and the Building; provided, however, that (a) if such damage or destruction was caused by the willful misconduct of Tenant or any Agent, then Tenant shall pay Landlord's deductible and the amount by which such expenses exceed the insurance proceeds, if any, actually received by Landlord on account of such damage or destruction (or, if Landlord fails to maintain the insurance required by Section 13.3, that Landlord would have received to the extent Landlord maintained such insurance required by Section 13.3), (b) Tenant shall pay the amount by which the cost of restoring any item which Landlord is required to restore and Tenant is required to insure exceeds the insurance proceeds received with respect thereto, and (c) Landlord shall not be required to repair or restore any tenant improvements installed in the Premises (except to the extent Landlord receives proceeds therefor from Tenant’s employees's insurance), licensees, invitees any Alterations or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt any other contents of the Damage Repair EstimatePremises (including Tenant's trade fixtures, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s noticedecorations, furnishings, equipment or personal property). Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding Notwithstanding anything contained in this Article 16 herein to the contrary, Landlord shall have the option right to terminate this Lease if (1) insurance proceeds plus deductibles are insufficient to pay the full cost of such repair and restoration (so long as Landlord maintains the insurance required by giving written notice Section 13.3), (2) the holder of any Mortgage fails or refuses to Tenant make such insurance proceeds available for such repair and restoration, (3) zoning or other applicable Laws or regulations do not permit such repair and restoration, or (4) the damage to the Building exceeds thirty-five percent (35%) of the exercise of such option within sixty (60) days after Landlord learns replacement value of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodeBuilding.

Appears in 1 contract

Samples: Office Lease Agreement (Wells Real Estate Fund Xi L P)

Damage or Destruction. (a) If the Project is Leased Premises are damaged by fire or other insured casualty and casualty, but no portion thereof is thereby rendered untenantable for the insurance proceeds have been made available therefor purpose or use for which Tenant has leased the Leased Premises in Landlord's reasonable opinion, upon being so notified by the holder Tenant by certified or holders of any mortgages or deeds of trust covering the Premises or the Projectregistered mail, return receipt requested, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant [except as provided in paragraph (“Damage Repair Estimate”ii) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may10(a)], at its optionexpense, either (i) make cause such repairs in a reasonable time and in such event this Lease shall continue in effect damage to be repaired and the rent shall not be abated. If by reason of fire or other casualty, if at allthe Leased Premises are rendered untenantable in part for the purpose or use for which Tenant has leased the Leased Premises in Landlord's reasonable opinion, in the manner Landlord shall [except as provided in this Article 16, or paragraph (ii) elect not of Section 10(a)], at its expense, subject to effect availability of insurance proceeds, cause such repairs damage to be repaired, and instead terminate this Lease, by notifying Tenant in writing the Monthly Rent shall be adjusted on a pro-rata basis for the period of such termination within sixty (60) days after Landlord learns repair and restoration for that portion of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate Leased Premises rendered untenantable. If the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be Leased Premises are damaged by fire or other casualty so as to render same untenantable for the purpose or causeuse for which Tenant has leased same in Landlord's reasonable opinion, whether the Landlord shall [except as provided in paragraph (ii) of Section 10(a)]; at its expense, subject to availability of insurance proceeds, cause such damage to be repaired, and the Monthly Rent shall be abated in full for the period of such repair and restoration, provided, however, that if, within 60 days after the fire or other casualty, the Landlord gives the Tenant written notice that it has elected not to cause the Leased Premises are affectedto be repaired and restored, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate then this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to shall terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises fire or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeother casualty.

Appears in 1 contract

Samples: Lease Agreement (Insmed Inc)

Damage or Destruction. If at any time after the Project is execution of this lease, the Premises, or any portion thereof, should be damaged or destroyed by any casualty insured under any fire and extended coverage insurance policy or other insured casualty policies required on the part of Landlord to be maintained hereunder, Landlord shall forthwith and immediately commence to repair and restore the Premises so far as practicable to the condition the Premises were in immediately prior to such damage or destruction, and Landlord shall complete the same within a reasonable time, and the insurance proceeds have been made available therefor by rent from the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result time of such damage becomes known to Landlord, without or destruction until the payment completion of overtime or other premiums, repair and until such repairs are completed rent restoration shall be equitably abated in proportion to the part extent and value of the Premises space which is unusable by during said period for the purpose of operating Tenant's business. Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal agrees to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent notify Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later less than thirty (30) days after prior to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant’s ), but exclusive of Tenant's personal property, moveable trade fixtures and contents. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises by Tenant (if same are permitted under the terms of this lease) subsequent to the initial construction of the Premises. If Tenant fails to comply with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of the Damage Repair Estimatea xxxx therefor and evidence of such loss; and, in addition to terminate any other rights or remedies reserved by Landlord under this Lease by written notice lease, Landlord's obligation to Landlord effective as of the date specified in Tenant’s notice. Finallyrepair, if replace and/or rebuild the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrarycondition in which they existed prior to such loss. In either case, Landlord Tenant shall have pay the option to terminate this Lease by giving written notice to Tenant of the exercise cost of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damagerestoration. In the event that the Premises shall be untenantable, the Annual Rent and other sums payable hereunder shall xxxxx to the extent of proceeds actually received by Landlord under any rent insurance policy. No damage or deduction to the Project is destroyed or damaged Premises shall allow Tenant to any substantial extent during the last twelve (12) months surrender possession of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not Premises nor affect Tenant's liability for the result payment of the negligence rent or willful misconduct of Tenant or Tenant’s employeesany other covenant herein contained, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs except as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as may be specifically provided in this Article 16lease. Notwithstanding anything else to the contrary contained in this Section or elsewhere in this lease, there shall be no abatement of rent and no liability of Landlord by reason of any injury Landlord, at its option, may terminate this lease on thirty (30) days notice to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.if--

Appears in 1 contract

Samples: North Carolina Lease Catawba County (Quaker Fabric Corp /De/)

Damage or Destruction. If In the Project is damaged event that the Property should be totally destroyed by fire fire, tornado or other insured casualty and or in the insurance proceeds have been made available therefor by event the holder Property should be so damaged that rebuilding or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, not be completed within one hundred eighty ninety (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (6090) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to either Landlord without the payment of overtime or other premiums, Landlord Tenant may, at its option, either by written notice to the other, given not more than thirty (i30) make days after the date of such repairs in a reasonable time and fire or other casualty, terminate this Lease; in such event this Lease shall continue in effect and event, the rent shall be abatedabated during the unexpired portion hereof effective with the date of such fire or other casualty. In the event the Property should be damaged by fire, if at alltornado or other casualty covered by Landlord's insurance, in but only to such extent that rebuilding or repairs can be completed within ninety (90) days after the manner provided in this Article 16date of such damage, or (ii) elect not if the damage should be more serious, but neither Landlord or Tenant elects to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination then Landlord shall, within sixty forty-five (6045) days after Landlord learns the date of such damage, commence to rebuild or repair the Property and shall proceed with reasonable diligence to restore the Property to substantially the same condition in which it was immediately prior to the happening of the necessity for repairs as a result casualty, except that Landlord shall not be required to rebuild, repair or replace any part of damagethe furniture, such notice equipment, fixtures and other improvements which may have been placed by Tenant or others within the Property, and in any event Landlord's obligation to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project repair shall be damaged by fire or other casualty or causelimited to the extent proceeds of insurance are available for such purpose. Landlord shall, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if unless such damage is not the result of the any negligence or willful misconduct of Tenant or Tenant’s employees's employees or invitees, licensees, invitees or agents, allow Tenant may elect, not later than thirty (30) days after Tenant’s receipt a fair diminution of rent during the time that the Property is unfit for occupancy. Notwithstanding any of the Damage Repair Estimateforegoing, in the event any mortgagee, under a deed of trust, security agreement or mortgage on the Property, should require that the insurance proceeds of insurance policies carried by Landlord be used to terminate this Lease by written notice to Landlord effective as of retire the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrarymortgage debt, Landlord shall have the option no obligation to terminate rebuild and this Lease by giving written shall terminate upon notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damageTenant. In the event that the Premises or the Project Any insurance which is destroyed or damaged required to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights Tenant under the provisions terms of Sections 1932 and 1933 this Lease against loss or damage to the Property shall be for the sole benefit of the California Civil Code.Landlord and under its sole control. Notwithstanding anything to the contrary contained herein, in the event the Landlord

Appears in 1 contract

Samples: Lease Agreement (Level Best Golf Inc /Fl/)

Damage or Destruction. If the Project is damaged by fire fifty percent (50%) or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part more of the Leased Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day are damaged or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged made unleaseable by fire or other casualty or causeand Lessor elects not to restore it, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amountsthen Lessor may, by Landlord’s insurance policies. However, if Landlord does not elect writte4n notice to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed Lessee given within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt the date of the Damage Repair Estimatesuch casualty, to terminate this Lease by written notice Lease. Lessor shall be under no duty or obligation to Landlord repair, restore or rebuild the same. Such termination shall become effective as of the date specified in Tenantof the casualty of the Leased Premises unleaseable, otherwise as of a date thirty days following the service of the notice of lease termination. Unless this Lease is terminated as hereinabove provided, Lessor shall restore all damaged portions of the Leased Premises at Lessor’s noticeexpense with promptness except for Lessee’s improvements, which shall be restored at the expense of the Lessee. FinallyIn the event of termination of this Lease, rent shall be prorated on a per diem (30-day month) basis and paid only to effective date of such termination. If the Leased Premises are unleaseable but this Lease is not terminated, all rent shall xxxxx from the casualty date until the Leased Premises are substantially restored and reasonably accessible for occupancy by Lessee, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months part of the TermLeased Premises are unleaseable, then notwithstanding anything contained rent shall be prorated on a per diem basis and apportioned in accordance with the part of the Leased Premises which is usable by Lessee until the damaged part is ready for Lessee’s occupancy. In all cases, due allowance shall be made for reasonable control. Lessor shall have no duty to repair, restore, or replace Lessee improvements, including but not limited to wall and floor coverings, light fixtures, built-in cabinets and bookshelves, and to the contrary in this Article 16 to Lease, the contrary, Landlord Lessee shall not have the option right to terminate this Lease and shall not xxxxx if the casualty was caused by giving written notice to Tenant the act of the exercise neglect of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises Lessee or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s his employees, licensees, invitees agents or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeinvitees.

Appears in 1 contract

Samples: Lease Agreement (Endocyte Inc)

Damage or Destruction. If In the Project is event that the Premises or the Shopping Center are totally or partially damaged or destroyed by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Projectcasualty, the damage damaged or destroyed areas shall be repaired and rebuilt by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in at Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above's expense; provided, however, that if (a) such damage results from a cause not insured; (b) the cost of repair of improvements within the Premises by Landlord or restoration exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs and available for restoration of the Premises: or (c) fifty percent (50%) or more of the leasable area of the Shopping Center shall be paid damaged or destroyed by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime fire or other premiumscasualty, Landlord may, at its option, either (i) make notwithstanding that the Premises may be unaffected by such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, fire or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In additionother casualty, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if upon giving notice of such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified election in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice writing to Tenant of the exercise of such option within sixty (60) days after Landlord learns the occurrence of the necessity for repairs as event causing the result of such damage. In If Landlord is required or elects to rebuild as herein provided, Landlord shall rebuild the event that damaged areas of the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant Shopping Center with due diligence provided that Landlord shall have no responsibility to rebuild or restore the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to improvements or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project Premises constructed by Tenant at its expense. If the casualty or the repairing or rebuilding shall render the Premises untenantable in whole or in or to fixturespart, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 proportionate abatement of the California Civil CodeMinimum Rent shall be allowed from the date when the damage occurred until the date when the Premises have been restored by Landlord, such proportion to be computed on the basis that the leasable area of the portion of the Premises rendered untenantable and not occupied by Tenant bears to the aggregate leasable area of the Premises.

Appears in 1 contract

Samples: Sublease Agreement (Midnight Holdings Group Inc)

Damage or Destruction. If In the Project is event the Leased Premises shall be destroyed or so damaged or injured by fire or other insured casualty casualty, during the Term of this Lease, whereby the same shall be rendered untenantable and the insurance proceeds cost of repairing and rebuilding shall not exceed 50.0% of the Base Rentals remaining to be paid during the term of this Lease (including any renewal term for which Tenant has exercised its option, then Landlord shall have been made available therefor the obligation, to render such Leased Premises tenantable by the holder or holders of any mortgages or deeds of trust covering the Premises or the Projectrepairs within 180 days therefrom, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided unless such repairs canmay reasonably be expected to be completed in a shorter period of time, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damagecase, Landlord shall notify Tenant (“Damage Repair Estimate”) be obligated to complete such repairs in such shorter time period. If the cost of Landlord’s estimated assessment repairing and rebuilding the Leased Premises equals or exceeds 50.0% of the Base Rentals remaining to be paid during the term of this Lease, then Landlord shall have the right, but not the obligation, to render such Premises tenantable by repairs within 180 days therefrom (or within such shorter period of time in which the repairs will be completedas is reasonable). Upon the occurrence of any Landlord agrees that, within 30 days following such damage or destruction, it shall notify Tenant with respect to whether or not Landlord intends to restore the Premises, Tenant shall assign to Landlord . If said Premises are not rendered tenantable within the aforesaid 180 days (or to any party designated by Landlordsuch shorter period of time as is reasonable) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs it shall be paid by Tenant optional with either party hereto to Landlord prior to Landlord’s repair cancel this Lease, and in the event of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and cancellation the rent shall be abated, if at all, paid only to the date of such fire of casualty. The cancellation herein mentioned shall be evidenced in writing. During any time that the manner provided Leased Premises are untenantable due to causes set forth in this Article 16paragraph, the rent or (ii) elect not to effect such repairs a just and instead terminate this Leasefair proportion thereof shall be abated. Notwithstanding the foregoing, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of should damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged destruction or injury occur by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result reason of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary's negligence, Landlord shall have the option right, but not the obligation, to terminate this Lease by giving written notice to Tenant render the Leased Premises tenantable within 180 days of the exercise date of damage, destruction or injury (or within such option within sixty (60shorter period of time as is reasonable) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeoccur.

Appears in 1 contract

Samples: Lease Agreement (Community Financial Group Inc)

Damage or Destruction. If the Project Building is at any time damaged or destroyed in whole or in part by fire fire, casualty or other insured casualty causes, Landlord shall have sixty (60) days from such damage or destruction to determine and inform Tenant whether Landlord will restore the insurance proceeds have been made available therefor by Building to substantially the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord condition that existed immediately prior to the extent such insurance proceeds are available therefor and provided occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs can, in Landlord’s sole opinion, be completed within one hundred and eighty (180) days after from the necessity for end of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Building made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s reasonable estimation, the Building cannot be restored within two hundred forty (240) days of such damage becomes known to Landlordor destruction, without the payment of overtime then either Landlord or other premiums, and until such repairs are completed rent shall be abated in proportion to the part Tenant may terminate this Lease effective as of the Premises date specified in such notice, which is unusable by Tenant in the conduct of its business date shall not be less than thirty (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (130) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within nor more than sixty (60) days after the date Landlord learns such notice is given of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment casualty. Until the restoration of the period Building is complete, there shall be an abatement or reduction of time Rent in which the repairs will be completed. Upon same proportion that the occurrence square footage of any damage the Building so damaged or destroyed and under restoration bears to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns total square footage of the necessity for repairs as a result of damageBuilding, such notice to include a termination date giving Tenant sixty (60) days to vacate unless the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged damaging event was caused by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s , its employees, licenseesofficers, invitees or agents, Tenant may electTenants, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimateinvitees, to terminate this Lease by written notice to Landlord effective as of the date specified visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the which event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Codeabatement.

Appears in 1 contract

Samples: Commercial Lease Agreement

Damage or Destruction. If the Project is Premises or any Common Areas providing access thereto shall be damaged by fire or other insured casualty casualty, Landlord shall restore the same subject to the terms and conditions set forth in this Paragraph 23. Such restoration shall be to substantially the insurance proceeds have been made available therefor condition prior to the casualty, except for modifications required by zoning and building codes and other laws or by any mortgagee, any other modifications to the holder or holders of any mortgages or deeds of trust covering Common Areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of Tenant's improvements installed at a cost of up to $30 per usable square foot. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less)repair thereof. However, if the as Tenant's sole compensation for such damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there destruction Landlord shall be no allow Tenant a proportionate abatement 19 of rent, unless during the time and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of Premises are unfit for occupancy for the necessity for repairs purposes permitted under this lease and not occupied by Tenant as a result of thereof (unless Tenant or its employees or agents caused the damage). Notwithstanding the foregoing to the contrary, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. Upon the occurrence of any damage may elect to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event terminate this Lease shall continue in effect and the rent shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns the date of the necessity for repairs as a result of damage, damage (such termination notice to include a termination date giving Tenant sixty providing at least ninety (6090) days for Tenant to vacate the Premises. In addition), Landlord may elect to terminate this Lease if the Project Property shall be damaged by fire or other casualty or cause, whether or not cause such that: (a) repairs to the Premises are affected, if and Building and access thereto cannot reasonably be substantially completed within three hundred (300) days after the date of casualty without the payment of overtime or other premiums; (b) more than twenty-five percent (25%) of the Premises is substantially destroyed by the damage is and fewer than twenty-four (24) months remain in the Term, subject to Tenant's right to avoid or limit such termination as set forth below; (c) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building and Landlord determines in good faith not fully coveredto repair or rebuild the Building in substantially the same configuration as before the casualty; (d) the aggregate proceeds available from insurance fall short of the reasonable cost of the restoration required under this Paragraph 23 by an amount greater than $100,000 and Landlord determines in good faith not to repair or rebuild the Building in substantially the same configuration as before the casualty; or (e) as a result of the lawful application of insurance proceeds by any mortgagee to retire the mortgage debt, except the insurance proceeds available for deductible amounts, restoration fall short of the reasonable cost of the restoration required under this Paragraph 23 by Landlord’s insurance policiesan amount greater than $100,000 and Landlord determines in good faith not to repair or rebuild the Building in substantially the same configuration as before the casualty. However, if If Landlord does not elect elects to terminate this Lease pursuant lease under the circumstances described in Clause (b) of the preceding sentence, provided that the damage to the Property was not caused by the willful misconduct or reckless disregard for life or property of Tenaxx, Xxnant may, by written notice to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed given within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of Landlord's termination notice, avoid such termination by exercising a then available option to extend the Damage Repair Estimate, to terminate term of this Lease by written notice to Landlord effective as of upon the date specified terms and conditions set forth in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil CodeAddendum "3".

Appears in 1 contract

Samples: Letter Agreement (Stac Inc)

Damage or Destruction. If If, during the Project is lease Term, the buildings or improvements located on the Leased Premises at the commencement of the Term or thereafter erected thereon shall be destroyed or damaged in whole or in part by fire or other insured casualty cause, Tenant shall give Landlord prompt notice thereof, and Tenant, at its own cost and expense, shall promptly repair, replace and rebuild the same (or at the parties' mutual agreement, Landlord will accept the insurance proceeds have been made available therefor by the holder or holders in lieu of any mortgages or deeds of trust covering the Premises or the ProjectTenant's repairs), the damage shall be repaired by Landlord at least to the extent of the value and as nearly as possible to the character of the buildings and improvements existing immediately prior to such occurrence; and Landlord shall in no event be called upon to repair, replace or rebuild any such buildings, improvements or equipment, nor to pay any of the costs or expenses thereof beyond or in excess of the insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result herein provided. All insurance proceeds received by Landlord or Tenant on account of such damage becomes known to Landlord, without the payment of overtime or other premiums, and until such repairs are completed rent destruction shall be abated in proportion paid to the part of the Premises which is unusable an escrow agent to be agreed upon by Landlord and Tenant in the conduct event of its business (but there such damage or destruction and shall be disbursed by the escrow agent to pay or reimburse Tenant pursuant to an escrow agreement to be negotiated among Landlord, Tenant and escrow agent to Tenant for such restoration, repairs, replacement, rebuilding or alterations. There shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). However, if the damage is due to the fault or neglect of Tenant, its employees, agents, contractors, guests, invitees and the like, there shall be no abatement of rent, unless and to the extent Landlord receives rental income insurance proceeds. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of during the period of time in which the repairs will be completedrestoration. Upon the occurrence of Restoration shall commence as soon as any damage to the Premises, insurance payments shall have been received and necessary permits shall have been obtained. Tenant shall assign be responsible to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If the Damage Repair Estimate indicates that repairs cannot, in Landlord’s opinion, be completed within one hundred eighty (180) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord may, at its option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated, if at undertake all, in the manner provided in this Article 16, or (ii) elect not to effect such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the necessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. However, if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and if the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date specified in Tenant’s notice. Finally, if the Premises or the Project is damaged to any substantial extent during the last twelve (12) months of the Term, then notwithstanding anything contained in this Article 16 to the contrary, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. In the event that the Premises or the Project is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term and if such damage shall take longer than sixty (60) days to repair and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s employees, licensees, invitees or agents, then notwithstanding anything in this Article 16 to the contrary, Tenant shall have the option to terminate this Lease by written notice to Landlord of the exercise of such option within sixty (60) days after Tenant learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Except as provided in this Article 16, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destruction or the making of any repairs, alterations or improvements in or to any portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Tenant acknowledges that Tenant shall have no right to any proceeds of insurance carried by Landlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Escrow Agreement (Casa Ole Restaurants Inc)

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