Common use of CANCELLATION OF LEASE; RESTORATION OF BUILDING Clause in Contracts

CANCELLATION OF LEASE; RESTORATION OF BUILDING. If the Building or the Premises are damaged by fire or other casualty to the extent that substantial alteration or reconstruction with an estimated cost in excess of thirty-five percent (35%) of the replacement cost of the Building, Landlord may terminate this Lease by notifying Tenant within sixty (60) days after the later of the date the damage occurs, or the date Landlord is so notified by any holder ("Mortgagee") of a mortgage or deed of trust (blanket or otherwise) covering any part of the Building ("Mortgage"). In the event Landlord elects to terminate this Lease, Tenant shall have the right within ten (10) days of receipt of the required notice to notify Landlord of Tenant's election to continue the Lease in full force and effect, and Tenant, at its expense (to the extent not covered by available insurance proceeds), shall proceed to make such repairs as soon as reasonably possible or Landlord may elect, in its sole discretion, to require Tenant to furnish evidence, within ten (10) days following Landlord's demand, reasonably satisfactory to Landlord of Tenant's ability to fund that portion of the cost of such repair or restoration which is not covered by insurance proceeds received, in which event Landlord shall proceed to make such repairs. If Tenant does not give such notice or provide such evidence within the ten (10) day period, this Lease shall be cancelled and terminated as of the date of the occurrence of such damage. All insurance proceeds available from the fire and property damage insurance carried by Landlord pursuant to Paragraph 14 shall be paid to and become the property of Landlord in the event the Lease is terminated. If this Lease is not terminated, then within seventy-five (75) days after the fire or other casualty, Landlord will commence to repair and restore the Premises and any portion of the Building required for access to the Premises, and will diligently complete the same, but Landlord is not required (a) to expend more for such repair of the Premises than the net insurance proceeds (after any payment required under any Mortgage) reasonably allocable to the Premises, or (b) to rebuild, repair or replace any of Tenant's furniture, furnishings, fixtures or equipment removable by Tenant under the provisions of this Lease or which Tenant has insured or is required to insure under the provisions of this Lease. Within sixty (60) days following such substantial damage to the Building or Premises, Landlord shall notify Tenant whether or not such repair or restoration can reasonably be completed within one hundred eighty (180) days following such damage, and if Landlord notifies Tenant that it cannot be completed within such one hundred eighty (180) days, Tenant shall have thirty (30) days within which to provide written notice of termination of the Lease. If neither party terminates the Lease, pursuant to this Section 16.1 as a result of substantial casualty, Landlord will expeditiously obtain any necessary permits and approvals for repair or restoration and will promptly commence and diligently proceed with repair or restoration, and complete it as expeditiously as reasonably possible. In the event that Landlord fails to repair and restore the Premises within one hundred eighty (180) days following the date such damage is incurred, the Tenant may terminate the Lease by delivering written notice to Landlord within thirty (30) days following the expiration of said 180-day period.

CANCELLATION OF LEASE; RESTORATION OF BUILDING. If the Building or the Premises are damaged by fire or other casualty to the extent that substantial alteration or reconstruction with an estimated cost in excess of thirty-five percent (35%) of the replacement cost of the Building, Premises and/or the Parking Area are substantially damaged by fire, flood or other casualty, Landlord shall provide the Tenant a written estimate of the period required to substantially restore the Building and Premises (including the leasehold improvements) and the Parking Area as provided herein (“Repair Estimate”). If such the estimated restoration period exceeds one hundred twenty (120) days after the date of the casualty and such damage materially interferes with Tenant’s use of and access to the Premises, then either party may terminate this Lease by notifying Tenant the other party within sixty fifteen (6015) days after the later date of the date the damage occurs, or the date Landlord is so notified by any holder ("Mortgagee") of a mortgage or deed of trust (blanket or otherwise) covering any part of the Building ("Mortgage")Repair Estimate. In the event Landlord elects to terminate this Lease, Tenant shall have the right within ten (10) days of receipt of the required termination notice from Landlord to notify Landlord of Tenant's election elect to restore the Premises and Building in which event this Lease shall continue the Lease in full force and effect, and Tenant, at its expense (all insurance proceeds available from the property insurance carried by Landlord with respect to the extent not covered by Building and Premises shall be made available insurance proceeds)to Tenant to make repairs, and Tenant shall proceed to make such repairs as soon as reasonably possible (or Landlord may elect, in its sole discretion, to require Tenant to furnish evidence, pay to Landlord within ten (10) days following Landlord's demandwritten request therefor, or furnish evidence reasonably satisfactory to Landlord of Tenant's ’s ability to fund fund, that portion of the cost of such repair or restoration which is not covered by insurance proceeds receivedproceeds, in which event Landlord shall proceed to make such repairs). If Tenant does not give such notice or provide such evidence within the ten (10) day period, this Lease shall be cancelled and terminated as of the date of the occurrence of such damage. All If this Lease is terminated, all insurance proceeds available from the fire and property damage insurance carried by Landlord pursuant to Paragraph 14 shall be paid to and become the property of Landlord in the event the Lease is terminatedLandlord. If this Lease is not terminated, then within seventy-five thirty (7530) days after the fire fire, flood or other casualty, or such greater period as may be reasonably necessary, Landlord will commence to repair and restore the Premises (including leasehold improvements) and any portion of the Building Project required for access to the Premises, and will diligently complete the same, but Landlord is not required (a) to expend more for such repair of the Premises and such Parking Area than the net insurance proceeds (after any payment required under any Mortgage) reasonably allocable to the PremisesPremises and such Parking Area, or (b) to rebuild, repair or replace any of Tenant's ’s furniture, furnishings, fixtures fixtures, personal property or equipment removable by Tenant under the provisions of this Lease or (c) to rebuild, repair or replace any property which Tenant has insured or is required to insure under the provisions of this Lease. Within sixty (60) days following Lease unless Tenant assigns or delivers the insurance proceeds paid on account of such substantial damage property to the Building or Premises, Landlord shall notify Tenant whether or not such repair or restoration can reasonably be completed within one hundred eighty (180) days following such damage, and if Landlord notifies Tenant that it cannot be completed within such one hundred eighty (180) days, Tenant shall have thirty (30) days within which to provide written notice of termination of the Lease. If neither party terminates the Lease, pursuant to this Section 16.1 as a result of substantial casualty, Landlord will expeditiously obtain any necessary permits and approvals for repair or restoration and will promptly commence and diligently proceed with repair or restoration, and complete it as expeditiously as reasonably possible. In the event that Landlord fails to repair and restore the Premises within one hundred eighty (180) days following the date such damage is incurred, the Tenant may terminate the Lease by delivering written notice to Landlord within thirty (30) days following the expiration of said 180-day periodLandlord.

CANCELLATION OF LEASE; RESTORATION OF BUILDING. If the Building or the Premises are damaged by fire or other casualty to the extent that substantial alteration or reconstruction with an estimated cost is required in excess of thirty-five percent (35%) of the replacement cost of the BuildingLandlord's sole opinion, Landlord may terminate this Lease by notifying Tenant within sixty (60) days after the later of the date the damage occurs, or the date Landlord is so notified by any holder ("Mortgagee") of a mortgage or deed of trust (blanket or otherwise) covering any part of the Building ("Mortgage"), in which event the rent under this Lease will be abated as of the date of the fire or other casualty. In the event Landlord elects to terminate this Lease, Tenant shall have the right within ten (10) days of receipt of the required notice to notify Landlord of Tenant's election to Landlord, in which event this Lease shall continue the Lease in full force and effect, and Tenant, at its expense (to the extent not covered by available insurance proceeds), Tenant shall proceed to make such repairs as soon as reasonably possible (or Landlord may elect, in its sole discretion, to require Tenant to furnish evidence, pay to Landlord within ten (10) days following Landlord's demandwritten request therefor, or furnish evidence reasonably satisfactory to Landlord of Tenant's ability to fund fund, that portion of the cost of such repair or restoration which is not covered by insurance proceeds receivedproceeds, in which event Landlord shall proceed to make such repairs). If Tenant does not give such notice or provide such evidence within the ten (10) day period, this Lease shall be cancelled and terminated as of the date of the occurrence of such damage. All insurance proceeds available from the fire and property damage insurance carried by Landlord pursuant to Paragraph 14 shall be paid to and become the property of Landlord in the event the Lease is terminatedLandlord. If this Lease is not terminated, then within seventy-five (75) days after the fire or other casualty, or such greater period as may be reasonably necessary, Landlord will commence to repair and restore the Premises and any portion of the Building required for access to the Premises, and will diligently complete the same, but Landlord is not required (a) to expend more for such repair of the Premises than the net insurance proceeds (after any payment required under any Mortgage) reasonably allocable to the Premises, or (b) to rebuild, repair or replace any of Tenant's furniture, furnishings, fixtures or equipment removable by Tenant under the provisions of this Lease or which Tenant has insured or is required to insure under the provisions of this Lease. Within sixty (60) days following such substantial Notwithstanding the above, if the damage to the Building or PremisesPremises was caused by the fault, Landlord omission or negligence of Tenant, its agents, employees, contractors or invitees, such damage shall notify be repaired by and at the expense of Tenant whether or not such repair or restoration can reasonably be completed within one hundred eighty (180) days following such damageunder the direction and supervision of Landlord, and if Landlord notifies Tenant that it canthere shall be not be completed within such one hundred eighty (180) days, Tenant shall have thirty (30) days within which to provide written notice abatement of termination of the Lease. If neither party terminates the Lease, pursuant to this Section 16.1 as a result of substantial casualty, Landlord will expeditiously obtain any necessary permits and approvals for repair or restoration and will promptly commence and diligently proceed with repair or restoration, and complete it as expeditiously as reasonably possible. In the event that Landlord fails to repair and restore the Premises within one hundred eighty (180) days following the date such damage is incurred, the Tenant may terminate the Lease by delivering written notice to Landlord within thirty (30) days following the expiration of said 180-day periodrent.

CANCELLATION OF LEASE; RESTORATION OF BUILDING. If the Building or the Premises are damaged by fire or other casualty to the extent that substantial alteration or reconstruction with an estimated cost in excess of thirty-five percent is required which could not be reasonably accomplished within one hundred eighty (35%180) days after the date of the replacement cost of the Buildingcasualty, in Landlord's reasonable opinion, Landlord may terminate this Lease by notifying Tenant within sixty (60) days after the later of the date the damage occurs, or in which event the rent under this Lease will be abated as of the date Landlord is so notified by any holder ("Mortgagee") of a mortgage or deed of trust (blanket or otherwise) covering any part of the Building ("Mortgage")fire or other casualty. In the event Landlord elects to terminate this Lease, Tenant shall have the right within ten (10) days of receipt of the required notice to notify Landlord of Tenant's election to restore the Premises in which event this Lease shall continue the Lease in full force and effect, and Tenant, at its expense (to the extent not covered by available insurance proceeds), Tenant shall proceed to make such repairs as soon as reasonably possible and Landlord shall contribute any casualty insurance proceeds it receives in connection with such loss to such costs (or Landlord may elect, in its sole discretion, to require Tenant to furnish evidence, pay to Landlord within ten (10) days following Landlord's demandwritten request therefor, or furnish evidence reasonably satisfactory to Landlord of Tenant's ability to fund fund, that portion of the cost of such repair or restoration which is not covered by insurance proceeds receivedproceeds, in which event Landlord shall proceed to make such repairs). If Tenant does not give such notice or provide such evidence within the ten (10) day period, this Lease shall be cancelled and terminated as of the date of the occurrence of such damage. All insurance proceeds available from the fire and property damage insurance carried by Landlord pursuant to Paragraph 14 (other than that payable with respect to Tenant's personal property and goods) shall be paid to and become the property of Landlord in the event the Lease is terminatedLandlord. If this Lease is not terminated, then within seventy-five (75) days after the fire or other casualty, or such greater period as may be reasonably necessary, Landlord will commence to repair and restore the Premises and any portion of the Building required for access to the Premises, and will diligently complete the same, but Landlord is not required (a) to expend more for such repair of the Premises than the net insurance proceeds (after any payment required under any Mortgage) reasonably allocable to the Premises, or (b) to rebuild, repair or replace any of Tenant's furniture, furnishings, fixtures or equipment removable by Tenant under the provisions of this Lease or which Tenant has insured or is required to insure under the provisions of this Lease. Within sixty In the event such repairs (60i) days following such substantial damage to the Building or Premises, Landlord shall notify Tenant whether or could not such repair or restoration can reasonably be completed within one hundred eighty (180) days following such damage, and if Landlord notifies Tenant that it canor (ii) have not be been completed within such said one hundred and eighty (180) daysday period, Tenant shall have thirty (30) days within which shall, for the ten-day period commencing on the date Landlord delivers to provide written notice of termination Tenant its estimate of the Leasetime required to make repairs under subsection (i) above, or the one hundred eighty-first (181st) day after the occurrence of the damage, have the option to elect to terminate this Lease by notice in writing to Landlord. If neither party terminates the Lease, pursuant to this Section 16.1 as a result of substantial casualty, Landlord will expeditiously obtain any necessary permits and approvals for repair or restoration and will promptly commence and diligently proceed with repair or restoration, and complete it as expeditiously as reasonably possible. In the event that Landlord fails to repair and restore the Premises such notice is not given within one hundred eighty (180) days following the date such damage is incurred, the Tenant may terminate the Lease by delivering written notice to Landlord within thirty (30) days following the expiration of said 180ten-day period, then Tenant's right to terminate this Lease shall be deemed waived. Notwithstanding the above, if the damage to the Premises was caused by the fault, omission or negligence of Tenant, its agents, employees, contractors or invitees, such damage, subject to the waivers set forth in Paragraph 15 hereof, shall be repaired by and at the expense of Tenant under the direction and supervision of Landlord, and there shall be no abatement of rent.