Common use of Casualty and Restoration Clause in Contracts

Casualty and Restoration. (a) If the Premises (other than Leasehold Improvements or Tenant’s Property) or the Building shall be damaged by fire or other casualty (collectively, “Casualty”) in such a manner that materially interferes with Tenant’s use of the Premises for general office use or reasonable access to the Premises and, in the case of the Premises, if Tenant shall give prompt notice thereof to Landlord, then Landlord shall (or to the extent required under the Condominium Documents, cause the Board of Managers to) diligently repair the damage to the Building and the Premises (not including any Leasehold Improvements or Tenant’s Property), and Tenant shall repair the damage to any Leasehold Improvements and Tenant’s Property. At the request of Tenant, Landlord shall, from time to time, inform Tenant of the progress of Landlord’s (or the Board of Manager’s) restoration work and of the estimated date of substantial completion of the same and otherwise consult with Tenant with respect thereto. Until the earlier to occur of (herein referred to as the “Casualty Rent Commencement Date”) (i) the date which is 90 days after such repairs which are required to be performed by Landlord shall be substantially completed (of which substantial completion Landlord shall promptly notify Tenant) and (ii) the date on which Tenant shall move into such portion of the Premises for the conduct of its business, the Base Rent and Additional Rent shall be reduced by the proportion which the Rentable Square Footage of the part of the Premises Tenant’s use of or access to which is materially affected bears to the total Rentable Square Footage of the Premises. Upon the substantial completion of such repairs, Landlord shall diligently prosecute to completion, within 60 days after the date of substantial completion, any agreed upon items of repair work not completed (i.e. “punchlist” items). Landlord shall have no obligation to repair any damage to, or to replace, any Leasehold Improvements or Tenant’s Property, which shall be Tenant’s obligation to repair. Landlord’s (or the Board of Manager’s) obligation to repair the Premises pursuant to this Section 16.01 shall be limited to the repair of the structural components of the Premises, the floor slabs of the Premises, Common Areas, the Building core areas of the Premises, the curtain wall of the Building and the Building Systems to substantially the condition that existed immediately prior to the applicable casualty, vacant and free of tenancies (other than the tenancy created hereby). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the business of Tenant resulting in any way from the Casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Section, and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease.

Casualty and Restoration. (a) If the Premises (other than Leasehold Improvements or Tenant’s Property) or the Building shall be damaged by fire or other casualty (collectively, “Casualty”) in such a manner that materially interferes with Tenant’s use of the Premises for general office use or reasonable access to the Premises and, in the case of the Premises, if Tenant Borrower shall give prompt written notice thereof to LandlordLender of any damage to or destruction of all or any portion of the Property (any such event being herein referred to as a "Casualty"). Provided that Lender shall make Insurance Proceeds available pursuant to Section 7.2.2(b), then Landlord Borrower shall (or promptly and diligently restore, replace, rebuild and repair the Property as nearly as possible to the extent required under the Condominium Documents, cause the Board of Managers to) diligently repair the damage to the Building value and the Premises (not including any Leasehold Improvements or Tenant’s Property), and Tenant shall repair the damage to any Leasehold Improvements and Tenant’s Property. At the request of Tenant, Landlord shall, from time to time, inform Tenant condition of the progress of Landlord’s Property immediately prior to such Casualty (or the Board of Manager’s) restoration work such restoration, replacement, rebuilding and of the estimated date of substantial completion of the same and otherwise consult with Tenant with respect thereto. Until the earlier to occur of (repair is herein referred to as the “"Restoration"), regardless of whether Insurance Proceeds shall be payable with respect to such Casualty Rent Commencement Date”or shall be sufficient to pay for the Restoration. The plans and specifications and Permits for the Restoration shall be submitted to Lender in advance and shall be reasonably satisfactory to Lender in all respects. The Restoration shall be done in compliance with all Legal Requirements, and Borrower shall carry builder's risk insurance satisfactory to Lender in connection with the Restoration. Lender, its agents and representatives shall have the right to inspect the Property to monitor the Restoration. All reasonable costs and expenses incurred by Lender, its agents or representatives in connection with the Restoration, including, without limitation, counsel fees and engineers fees incurred by Lender in connection with the review of plans, specifications and Permits and the monitoring of the Restoration, shall be paid by Borrower. Upon completion of the Restoration, Borrower shall deliver to Lender an Officer's Certificate (or if the cost of such Restoration shall exceed $250,000, a certificate of an Engineer) stating that (iA) all materials installed and work and labor performed in connection with the Restoration have been paid for in full, (B) no mechanics' or other Liens on the Property arising out of the Restoration exist which have not been bonded or otherwise discharged of record, (C) the date which is 90 days after such repairs which are required Restoration has been completed in compliance with the plans and specifications submitted to be performed by Landlord shall be substantially completed (of which substantial completion Landlord shall promptly notify Tenant) Lender and all Legal Requirements and (iiD) the date on which Tenant shall move into such portion all Permits required for use of the Premises for Property after the conduct of its businessRestoration have been obtained, the Base Rent and Additional Rent shall be reduced by the proportion which the Rentable Square Footage together with such other evidence of the part of the Premises Tenant’s use of or access to which is materially affected bears to the total Rentable Square Footage of the Premises. Upon the substantial completion of such repairs, Landlord shall diligently prosecute to completion, within 60 days after the date of substantial completion, any agreed upon items of repair work not completed (i.e. “punchlist” items). Landlord shall have no obligation to repair any damage to, or to replace, any Leasehold Improvements or Tenant’s Property, which shall be Tenant’s obligation to repair. Landlord’s (or the Board of Manager’s) obligation to repair the Premises pursuant to this Section 16.01 shall be limited to the repair of the structural components of the Premises, the floor slabs of the Premises, Common Areas, the Building core areas of the Premises, the curtain wall of the Building and the Building Systems to substantially the condition that existed immediately prior to the applicable casualty, vacant and free of tenancies (other than the tenancy created hereby). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the business of Tenant resulting in any way from the Casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Section, and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Leaseforegoing as Lender may request.

Casualty and Restoration. (a) If the Premises (other than Leasehold Improvements or Tenant’s Property) or the Building shall be damaged by fire or other casualty (collectively, “Casualty”) in such a manner that materially interferes with Tenant’s use of the Premises for general office use or reasonable access to the Premises and, in the case of the Premises, if Tenant Borrowers shall give prompt written notice thereof to LandlordLender of any damage to or destruction of all or any portion of any Individual Property (any such event being herein referred to as a "Casualty"). Provided that Lender shall make Insurance proceeds available pursuant to Section 7.2.2(b), then Landlord Borrowers shall (or promptly and diligently restore, replace, rebuild and repair such Individual Property as nearly as possible to the extent required under the Condominium Documentsvalue and condition of such Individual Property immediately prior to such Casualty (such restoration, cause the Board of Managers to) diligently replacement, rebuilding and repair the damage to the Building and the Premises (not including any Leasehold Improvements or Tenant’s Property), and Tenant shall repair the damage to any Leasehold Improvements and Tenant’s Property. At the request of Tenant, Landlord shall, from time to time, inform Tenant of the progress of Landlord’s (or the Board of Manager’s) restoration work and of the estimated date of substantial completion of the same and otherwise consult with Tenant with respect thereto. Until the earlier to occur of (is herein referred to as the “"Restoration"), regardless of whether Insurance Proceeds shall be payable with respect to such Casualty Rent Commencement Date”or shall be sufficient to pay for the Restoration. The plans and specifications and Permits for the Restoration shall be submitted to Lender in advance and shall be reasonably satisfactory to Lender in all respects. The Restoration shall be done in compliance with all Legal Requirements, and the applicable Borrower shall carry builder's risk insurance satisfactory to Lender in connection with the Restoration. Lender, its agents and representatives shall have the right to inspect the Individual Property to monitor the Restoration. All reasonable costs and expenses incurred by Lender, its agents or representatives in connection with the Restoration, including, without limitation, counsel fees and engineers fees incurred by Lender in connection with the review of plans, specifications and Permits and the monitoring of the Restoration, shall be paid by Borrowers. Upon completion of the Restoration, the applicable Borrower shall deliver to Lender an Officer's Certificate (or if the cost of such Restoration shall exceed $250,000, a certificate of an Engineer) stating that (iA) all materials installed and work and labor performed in connection with the Restoration have been paid for in full, (B) no mechanics' or other Liens on the applicable Individual Property arising out of the Restoration exist which have not been bonded or otherwise discharged of record, (C) the date which is 90 days after such repairs which are required Restoration has been completed in compliance with the plans and specifications submitted to be performed by Landlord shall be substantially completed (of which substantial completion Landlord shall promptly notify Tenant) Lender and all Legal Requirements and (iiD) the date on which Tenant shall move into such portion all Permits required for use of the Premises for Individual Property after the conduct of its businessRestoration have been obtained, the Base Rent and Additional Rent shall be reduced by the proportion which the Rentable Square Footage together with such other evidence of the part of the Premises Tenant’s use of or access to which is materially affected bears to the total Rentable Square Footage of the Premises. Upon the substantial completion of such repairs, Landlord shall diligently prosecute to completion, within 60 days after the date of substantial completion, any agreed upon items of repair work not completed (i.e. “punchlist” items). Landlord shall have no obligation to repair any damage to, or to replace, any Leasehold Improvements or Tenant’s Property, which shall be Tenant’s obligation to repair. Landlord’s (or the Board of Manager’s) obligation to repair the Premises pursuant to this Section 16.01 shall be limited to the repair of the structural components of the Premises, the floor slabs of the Premises, Common Areas, the Building core areas of the Premises, the curtain wall of the Building and the Building Systems to substantially the condition that existed immediately prior to the applicable casualty, vacant and free of tenancies (other than the tenancy created hereby). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the business of Tenant resulting in any way from the Casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Section, and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Leaseforegoing as Lender may request.