Common use of Casualty and Taking Clause in Contracts

Casualty and Taking. 6.1 In case during the Lease Term the Building is damaged by fire or casualty and (i) such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence as reasonably determined by Landlord, or (ii) in any case where the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises does not allow the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord may, at its election, terminate this Lease by notice given to Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlord, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In the event that the Lease is terminated pursuant to this Article VI, a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated from the date of such fire or other casualty until the effective termination date. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated until the Premises shall have been put by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration of the Premises, unless such restoration is completed within nine (9) months from the

Appears in 1 contract

Samples: Agreement (Constant Contact, Inc.)

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Casualty and Taking. 6.1 In case during the Lease Term all or any substantial part of the Building is Premises, Building, Lot or common facilities appurtenant thereto, or any one or more of them, are damaged materially by fire or casualty and (i) such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence as reasonably determined by Landlordany other cause, or (ii) in any case where the holder of any mortgage which includes the Building as a part by action of the mortgaged premises public or any ground lessor other authority in consequence thereof or are taken by eminent domain or Landlord receives compensable damage with respect thereto by reason of any ground lease which includes the Site as part anything lawfully done in pursuance of the demised premises does not allow the net insurance proceeds to be applied to the restoration of the Building (and/or the Site)public or other authority, Landlord may, this Lease shall terminate at its Xxxxxxxx’s election, terminate this Lease which may be made, notwithstanding Landlord’s entire interest may have been divested, by notice given to Tenant within sixty ninety (6090) days after the date occurrence of such fire or other casualtythe event giving rise to the election to terminate, specifying which notice shall specify the effective date of termination. The effective date of termination specified by Landlord which shall be not be less than thirty (30) days nor more than forty-five sixty (4560) days after the date of notice of such termination. In case during Notwithstanding the last year foregoing, if Landlord has not elected to terminate this Lease, if Tenant is not then in default of any of its obligations under the Lease, and if there shall be damage to or a permanent taking of all or a substantial portion of the Lease Term, Premises which renders the Premises are damaged by fire or casualty unfit for the Permitted Uses and such fire or casualty damage is of a character as cannot, not (in the ordinary course, Landlord’s judgment) reasonably be expected to be repaired within one hundred fifty eighty days (150180) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlorddate of casualty or taking, then Tenant may, at its electionoption, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant provided that Tenant’s election shall be not less than made within thirty (30) days nor more than forty-five (45) days after of Landlord’s delivery to Tenant of the date estimate of notice of the time period required for restoration. If in any such termination. In case the event that Premises are rendered unfit for use and occupation for the Permitted Uses and the Lease is terminated pursuant not terminated, and Tenant is not then in default of any of its obligations under the Lease, Landlord shall use due diligence to this Article VIput that portion of the Building containing the Premises, or, in case of a taking, what may remain thereof (excluding any items installed or paid for by Tenant) into proper condition for use and occupation to the extent permitted by zoning and other codes and regulations and by the net award of insurance or damages available to and actually received by Landlord, plus any applicable deductible, and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes Base Rent and Tenant's Proportionate Share of electricity and HVAC additional rent according to the nature and extent of the injury to the Premises shall be abated from the date until such portion of such fire or other casualty until the effective termination date. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged such remainder shall have been put by fire or casualty Landlord in such condition; and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, Landlord promptly after such damage and in case of a taking which permanently reduces the determination area of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and Premises, a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes Base Rent and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises additional rent shall be abated until for the remainder of the Term and an appropriate adjustment shall be made to the Annual Estimated Operating Expenses. If neither party elects to terminate this Lease as provided herein, Tenant shall, at its own cost and expense, repair and restore the Premises shall have been put in accordance with the provisions of Section 6.1.15 hereof, including, but not limited to, the repairing and/or replacement of its trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to its damage or destruction. Xxxxxx agrees to commence the performance of its work when notified by Landlord substantially into that the work to be performed by Xxxxxx can, in accordance with good construction practices, then be commenced and Tenant shall complete such condition except for punch list items and long lead itemswork as promptly thereafter as is practicable. Notwithstanding anything herein contained to any other provision hereof, in the contrary, Landlord shall not be obligated to expend for such repair and restoration event of any amount in excess taking of the net insurance proceeds. Where Landlord is obligated Premises or otherwise elects to effect restoration of the Premisesany part thereof for temporary use, unless such restoration is completed within nine (9) months from thethis Lease shall be and remain unaffected thereby but rent shall be equitably abated.

Appears in 1 contract

Samples: Cambridge Heart Inc

Casualty and Taking. 6.1 In case during the Lease Term more than fifty percent (50%) of the rentable area of the Demised Premises or the Building is are damaged by fire or any other casualty and (i) such fire or casualty damage cannotby action of public or other authority or are taken by eminent domain, in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence as reasonably determined by this Lease shall terminate at Landlord, or (ii) in any case where the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises does not allow the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord may, at its ’s election, terminate this Lease which may be made notwithstanding Landlord’s entire interest may have been divested, by notice given to Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last year occurrence of the Lease Termevent giving rise to the election to terminate, provided however, if such termination is due to damage to or taking of a portion of the Building and less than fifty percent (50%) of the Demised Premises are damaged by fire or taken, Landlord shall not have the right to terminate the Lease in connection with such casualty and such fire or casualty damage cannottaking unless Landlord terminates all other tenancies in the Building. Said notice shall, in the ordinary coursecase of damage as aforesaid, reasonably be expected to be repaired within one hundred fifty (150) days (and/or effective as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlord, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualtycasualty event. In the case of any such taking by eminent domain, specifying the effective date of terminationthe termination shall be the day on which the taking authority shall take title to or possession of the taken property. The Fixed Rent and additional rent shall be apportioned and adjusted as of the effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of any such termination. In If in any such case the event that Demised Premises or the Building are damaged by a casualty or eminent domain taking and this Lease is not so terminated pursuant as aforesaid, Landlord, at its sole cost and expense, and proceeding with due diligence and all reasonable dispatch, shall restore the Demised Premises and the Building to this Article VIthe condition they were in prior to such casualty or taking (excluding any items which Tenant may be required or permitted to remove from the Demised Premises at the expiration of the Term), but Landlord shall not be required to spend more than the net proceeds of insurance or award of damages recoverable therefor, and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes Rent and Tenant's Proportionate Share of electricity and HVAC additional rent according to the nature and extent of the injury to the Demised Premises shall be abated until the Demised Premises or such remainder shall have been put by Landlord in such condition; and in case of a taking which permanently reduces the area of the Demised Premises, a just proportion of the Fixed Rent shall be abated for the remainder of the Term and Tenant’s Share of Operating Expenses and Tenant’s Share of Taxes shall be proportionately adjusted. Landlord shall notify Tenant within thirty (30) days following the occurrence of any casualty or taking of the estimated time to restore the Demised Premises, or the Building. If Landlord commences its repair of the Demised Premises or the Building and has not substantially completed the same within one (1) year after the occurrence of such casualty or taking, then Tenant shall have the right, upon thirty (30) days prior written notice to Landlord given at any time after such one (1) year period but prior to the date Landlord has completed such restoration, to terminate this Lease. If (a) such estimated time is more than {W12939071.11} 30 one (1) year from the date occurrence of such fire casualty or other taking, or (b) if such casualty until or taking occurs during the effective last two (2) years of the Term and the estimated time to restore such damage exceeds ninety (90) days, then Tenant shall have the right, upon thirty (30) days prior written notice to Landlord to terminate this Lease. Notwithstanding the foregoing, in the event Landlord receives a notice of termination date. Unless terminated from Tenant as a result of a casualty or taking pursuant to this Section (A), in the foregoing provisionsevent Landlord substantially completes any applicable restoration within such thirty (30) day notice period described above, Tenant’s exercise of its right to terminate this Lease shall be deemed to be rescinded and the Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated until the Premises shall have been put by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration of the Premises, unless such restoration is completed within nine (9) months from theeffect.

Appears in 1 contract

Samples: Lease (Solid Biosciences Inc.)

Casualty and Taking. 6.1 In case during the Lease Term all or any substantial part of the Building is Premises are damaged materially by fire or other casualty and or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other authority, this Lease shall terminate at Landlord's or Tenant's election, which may be made notwithstanding the fact that Landlord's entire interest may have been divested, by notice given to the other within 60 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination. Tenant shall also have the right to terminate as described above, (ia) such fire or casualty damage cannot, in the ordinary course, reasonably be expected event of substantial damage to be repaired within one hundred twenty (120) days from or taking of the time that repair work would commence as reasonably determined by LandlordBuilding or Lot which renders Tenant unable to conduct his business in the Premises, or (iib) in the event of damage to the Premises in the last ninety (90) days of the Term, or if Tenant has exercised the option to renew in Section 2.5 within the last (90) days of the Renewal Term, which damage renders the Premises untenantable for more than fifteen (15) days. In case during the Term all or any case where the holder of any mortgage which includes the Building as a substantial part of the mortgaged premises Building or any ground lessor the lot are damaged materially by fire or other casualty or by action of any ground lease which includes the Site as part public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of the demised premises does not allow the net insurance proceeds to be applied to the restoration anything lawfully done in pursuance of the Building (and/or the Site)public or other authority, Landlord may, this Lease shall terminate at its Landlord's election, terminate this Lease which may be made notwithstanding the fact that Landlord's entire interest may have been divested, by notice given to Tenant within sixty (60) 60 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination. 25 The effective date of any termination by Landlord or Tenant under this Section shall be not less than 15 nor more than 30 days after the date of such fire or other casualty, specifying the effective date notice of termination. The effective date For all purposes of termination specified this Section 7.1, damage or taking shall be considered substantial if the time needed for Landlord to do the construction work necessary to put the Premises or such remainder in proper condition for use and occupation is reasonably estimated by Landlord shall not be less than thirty (30) days nor to exceed six months, or it more than forty-five (45) 30% of the Lot, the Building or the Premises are so taken. In case of any such damage or taking, Landlord shall notify Tenant within 30 days after the date occurrence thereof of notice of such termination. In case during the last year Landlord's estimate of the Lease Termtime needed to do the construction work necessary to put the premises or such remainder in proper condition for use and occupancy, or of the percentage of the Building, Lot or Premises taken. If in any such case the Premises are damaged by fire or casualty rendered unfit for use and such fire or casualty damage cannot, in occupation and the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlord, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In the event that the Lease is terminated pursuant to this Article VI, a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated from the date of such fire or other casualty until the effective termination date. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence (following the expiration of all periods in which diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to restore the Premises and foregoing Provisions of this Section 7.1) to put the Building Premises, or in the event case of damage thereto taking what may remain thereof (excluding Tenant's Property) any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes fixed rent and Tenant's Proportionate Share of electricity and HVAC additional rent according to the nature and extent of the injury to the Premises shall be abated until the Premises or such remainder shall have been put by Landlord substantially into in such condition except for punch list items and long lead items. Notwithstanding anything herein contained to in case of a taking which permanently reduces the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration area of the Premises, unless such restoration is completed within nine (9) months from thea just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.

Appears in 1 contract

Samples: Healthplan Services Corp

Casualty and Taking. 6.1 In case during the Lease Term the Building is or the Site are damaged by fire or other casualty and (i) such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred twenty fifty (120150) days from the time that repair work would commence as reasonably determined commence, Landlord or Tenant may, at either party’s election, terminate this Lease by Landlordnotice given to the other party within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by such notice shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provision, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or (ii) Landlord or Tenant have no right to terminate this Lease, and in any such case where the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises does not allow allows the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord mayshall, at its election, terminate this Lease by notice given to Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlord, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In the event that the Lease is terminated pursuant to this Article VI, a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated from the date of such fire or other casualty until the effective termination date. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding any furniture, fixtures or equipment of Tenant's Property, or any other items installed, or paid for, by Tenant) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's ’s share of Operating Costs, Costs and Tenant's ’s share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC shall be abated according to the nature and extent of the injury to the Premises shall be abated Premises, until the Premises shall have been put restored by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration of the Premises, unless such restoration is completed within nine (9) months from the.

Appears in 1 contract

Samples: Sublease (SALARY.COM, Inc)

Casualty and Taking. 6.1 6.1. In case during the Lease Term all or any substantial part of the Premises or the Building is or the Lot are damaged materially by fire or other casualty and (i) such fire or casualty damage cannot, by action of public or other authority in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence as reasonably determined by Landlordconsequence thereof, or (ii) are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done in any case where the holder pursuance of any mortgage which includes the Building as a part of the mortgaged premises public or any ground lessor of any ground lease which includes the Site as part of the demised premises does not allow the net insurance proceeds to be applied to the restoration of the Building (and/or the Site)other authority, Landlord may, this Lease shall terminate at its Landlord's election, terminate this Lease which may be made notwithstanding Landlord's entire interest may have been divested, by notice given to Tenant within sixty (60) 90 days after the date of such fire or other casualty, right to terminate arises specifying the effective date of termination. In case of such damage or taking, Landlord shall notify Tenant within 30 days after the occurrence thereof of Landlord's estimate of the time needed to do the construction work necessary to put the Premises or such remainder in proper condition for use and occupancy. The effective date of termination specified by Landlord shall be not be less than thirty (30) days 15 nor more than forty-five (45) 30 days after the date of notice of such termination. In If in any such case during the last year of the Lease Term, the Premises are damaged by fire or casualty rendered unfit for use and such fire or casualty damage cannotoccupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlord, Tenant may, at its election, Landlord may terminate this Lease pursuant to the foregoing provisions of this Section 6.1) to put the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by notice given Tenant which Tenant may be required to remove pursuant to Section 5.2), into proper condition for use and occupation provided, however, that Landlord's obligations with respect to the restoration described in this sentence shall not require Landlord to expend more than the net proceeds of insurance recovered or damages awarded for such casualty or taking that are made available to Landlord within sixty (60) days after the date of such fire or other casualtyby Landlord's mortgagee, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In the event that the Lease is terminated pursuant to this Article VI, and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes fixed rent and Tenant's Proportionate Share of electricity and HVAC additional rent according to the nature and extent of the injury to the Premises shall be abated from the date injury, but not in excess of such fire or other casualty until the effective termination date. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, Landlord promptly after such damage and the determination an equitable proportion of the net amount proceeds of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and a just proportion of the Annual Fixed Rentrecovered by Landlord under any rental insurance coverage carried by Landlord, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated until the Premises or such remainder shall have been put by Landlord substantially into in such condition except for punch list items condition; and long lead items. Notwithstanding anything herein contained to in case of a taking which permanently reduces the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration area of the Premises, unless a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Lease Term. In the case of such restoration is completed within damage or taking, Landlord shall notify Tenant of Landlord's reasonable estimate of the time needed to do the construction work necessary to put the Premises or such remainder in proper condition for use and occupancy, and, if Landlord's insurance proceeds allocable to the Premises will be insufficient to permit Landlord to so restore the Premises and Landlord elects not to fund the shortfall, Landlord shall notify Tenant thereof. In the event that Landlord's notice estimates that the time required to restore the Premises shall exceed nine (9) months from thethe commencement of such restoration or that Landlord will not fund such shortfall, Tenant may terminate this Lease by notice to Landlord given within ten (10) days after Landlord's notice, specifying a termination date which shall not be less than fifteen (15) nor more than thirty (30) days after Tenant's notice.

Appears in 1 contract

Samples: One Boston Place (Internet Capital Group Inc)

Casualty and Taking. 6.1 In case during the Lease Term the Building is damaged by fire or casualty and (i) such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence as reasonably determined by Landlord, or (ii) in any case where the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises does not allow the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord may, at its election, terminate this Lease by notice given to Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlord, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In the event that the Lease is terminated pursuant to this Article VI, a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated from the date of such fire or other casualty until the effective termination date. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Costs and Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated until the Premises shall have been put by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration of the Premises, unless such restoration is completed within nine one (91) year from the date of the casualty or taking, such period to be subject, however, to extension where the delay in completion of such work is due to causes beyond Landlord's reasonable control (but in no event beyond eighteen (18) months from thethe date of the casualty or taking), Tenant shall have the right to terminate this Lease at any time after the expiration of such one-year (as extended) period until the restoration is substantially completed, such termination to take effect as of the thirtieth (30th) day after the date of receipt by Landlord of Tenant's notice, with the same force and effect as if such date were the date originally established as the expiration date hereof unless, within thirty (30) days after Landlord's receipt of Tenant's notice, such restoration is substantially completed, in which case Tenant's notice of termination shall be of no force and effect and this Lease and the Lease Term shall continue in full force and effect.

Appears in 1 contract

Samples: Advanced Lumitech Inc

Casualty and Taking. 6.1 In case during the Lease Term the Building is or the Site are damaged by fire or other casualty and (i) such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence as reasonably determined by Landlord, or (ii) in any case where the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises does not allow the net insurance proceeds to be applied to the restoration of the Building (and/or the Site)commence, Landlord may, at its election, terminate this Lease by notice given to Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the portion of the Term prior to August 31, 2001 or last year of the Lease Term, Term during the Extended Tenn referred to in Section 8.20 the Premises are damaged by fire or other casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty twenty (150120) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlordcommence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In the event that the Lease is terminated pursuant to this Article VI, a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated from the date of such fire or other casualty until the effective termination date. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or the Site or any part thereof is are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Costs and Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated from the date of damage until the Premises shall have been put by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration of the Premises, unless Unless such restoration is completed within nine eight (98) months from the date of the casualty or taking, such period to be subject, however, to extension where the delay in completion of such work is due to causes beyond Landlord's reasonable control (but in no event beyond fifteen (15) months from thethe date of the casualty or taking), Tenant shall have the right to terminate this Lease at any time after the expiration of such eight (8) month (as extended) period until the restoration is substantially completed, such termination to take effect as of the thirtieth (30th) day after the date of receipt by Landlord of Tenant's notice, with the same force and effect as if such date were the date originally established as the expiration date hereof unless, within thirty (30) days after Landlord's receipt of Tenant's notice, such restoration is substantially completed, in which case Tenant's notice of termination shall be of no force and effect and this Lease and the Lease Term shall continue in full force and effect.

Appears in 1 contract

Samples: Disclosure Agreement (Centra Software Inc)

Casualty and Taking. 6.1 In case during the Lease Term the Building is or the Site are damaged by fire or other casualty and (i) such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred twenty fifty (120150) days from the time that repair work would commence as reasonably determined commence, Landlord or Tenant may, at either party's election, terminate this Lease by Landlordnotice given to the other party within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by such notice shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provision, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or (ii) Landlord or Tenant have no right to terminate this Lease, and in any such case where the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises does not allow allows the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord mayshall, at its election, terminate this Lease by notice given to Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlord, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In the event that the Lease is terminated pursuant to this Article VI, a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated from the date of such fire or other casualty until the effective termination date. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall available, use due diligence to restore the Premises and the Building in the event of damage thereto (excluding any furniture, fixtures or equipment of Tenant's Property, or any other items installed, or paid for, by Tenant) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Costs and Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC shall be abated according to the nature and extent of the injury to the Premises shall be abated Premises, until the Premises shall have been put restored by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration of the Premises, unless such restoration is completed within nine (9) months from the.

Appears in 1 contract

Samples: Subordination Agreement (Parexel International Corp)

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Casualty and Taking. 6.1 In case during the Lease Term all or any substantial part of the Building is Premises are damaged materially by fire or casualty and (i) such fire any other cause, or casualty by action of the public authority in consequence thereof or are taken by eminent domain or Landlord receives compensable damage cannot, by reason of anything lawfully done in pursuance of public authority resulting in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence as reasonably determined by Landlord, or (ii) in any case where the holder loss of any mortgage which includes the Building as use of a part substantial portion of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises does not allow the net insurance proceeds to be applied to the restoration of the Building (and/or the Site)premises, Landlord may, this Lease shall terminate at its Landlord's election, terminate this Lease which may be made, notwithstanding Landlord's entire interest may have been divested, by notice given to Tenant within sixty (60) 30 days after the date occurrence of such fire or other casualtythe event giving rise to the election to terminate, specifying which notice shall specify the effective date of termination. The effective date of termination specified by Landlord which shall not be less than thirty (30) days 30 nor more than forty-five (45) 60 days after the date of notice of such termination. In If in any such case during the last year of the Lease Term, the Premises are damaged by fire rendered unfit for use and occupation and the Lease is not terminated, Landlord shall notify Tenant within thirty days after the occurrence of such event whether or casualty and not Landlord will restore the Premises. If no such fire notice is given, or casualty damage cannot, in if Landlord states that it does not intend to restore the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by LandlordPremises, Tenant may, at its election, may thereafter terminate this Lease by notice given to Landlord. If within such thirty days period Landlord within sixty gives notice that it will restore Landlord shall use due diligence (60but in no event greater than 120 days) days after to put the date Premises, or, in case of such fire a taking, what may remain thereof (excluding any items installed or other casualty, specifying the effective date of termination. The effective date of termination specified paid for by Tenant shall which Tenant may be not less than thirty (30required or permitted to remove) days nor more than forty-five (45) days after into proper condition for use and occupation to the date extent permitted by the net award of notice of such termination. In the event that the Lease is terminated pursuant insurance or damages available to this Article VILandlord, and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes Rent and Tenant's Proportionate Share of electricity and HVAC additional rent according to the nature and extent of the injury to the Premises shall be abated from the date of such fire or other casualty until the effective termination date. Unless terminated pursuant to Premises or such remainder shall have been put by Landlord in such condition; and in case of a taking which permanently reduces the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, Landlord promptly after such damage and the determination area of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and Premises, a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes Rent and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises additional rent shall be abated until for the Premises remainder of the Term and an appropriate adjustment shall have been put by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained be made to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceedsAnnual Estimated Operating Expenses. Where Landlord is obligated or otherwise elects to effect restoration of the Premises, unless If such restoration is not completed within nine (9) months from the180 days of the date of the occurrence of such event, the Tenant may terminate this Lease by notice to Landlord.

Appears in 1 contract

Samples: Nashua Corp

Casualty and Taking. 6.1 In case during the Lease Term all or any substantial part of the Building is Premises, the Building, the Project, or Lot or any one or more of them, are damaged materially by fire or casualty and (i) such fire any other cause or casualty by action of public or other authority in consequence thereof or are taken by eminent domain or Landlord receives compensable damage cannotby reason of anything lawfully done in pursuance of public or other authority, in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence as reasonably determined by this Lease shall terminate at Landlord, or (ii) in any case where the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises does not allow the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord may, at its 's election, terminate this Lease which may be made, notwithstanding that Landlord's entire interest may have been divested, by notice given to Tenant within sixty thirty (6030) days after the date occurrence of such fire or other casualtythe event giving rise to the election, specifying to terminate, which notice shall specify the effective date of termination. The effective date of termination specified by Landlord which shall not be less than fifteen (15), nor more than thirty (30) days nor more than forty-five (45) ), days after the date of notice of such termination. In If in any such case during the last year of the Lease Term, the Premises are damaged by fire or casualty rendered unfit for use and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlord, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In the event that occupancy and the Lease is terminated pursuant not so terminated, Landlord shall use due diligence to this Article VIput the Premises, a or, in case of taking, what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required or permitted to remove) into proper condition for use and occupation to the extent permitted by the net award of insurance or damages, and just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes Rent and Tenant's Proportionate Share of electricity and HVAC Additional Rent according to the nature and extent of the injury to the Premises shall be abated from the date of such fire or other casualty until the effective termination date. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated until the Premises or such remainder shall have been put by Landlord substantially into in such condition except for punch list items condition; and long lead items. Notwithstanding anything herein contained to in case of a taking which permanently reduces the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration area of the Premises, unless such restoration is completed within nine a just proportion of the Fixed Rent and additional rent shall be abated for the remainder of the Term. In the event that Landlord estimates that it will take more than six (96) months from theto restore the premises to proper condition, Tenant may terminate this Lease by notice to Landlord given within fifteen (15) days of the date of Landlord's notice to Tenant. Landlord will notify Tenant within thirty (30) days of Casualty or Taking of its estimate of damage and whether it intends to restore.

Appears in 1 contract

Samples: Disturbance and Attornment Agreement (Softlock Com Inc)

Casualty and Taking. 6.1 In case during the Lease Term the Building is or the Site are damaged by fire or other casualty and (i) such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred twenty fifty (120150) days from the time that repair work would commence as reasonably determined by Landlord, or (ii) in any case where the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises does not allow the net insurance proceeds to be applied to the restoration of the Building (and/or the Site)commence, Landlord may, at its election, terminate this Lease by notice given to Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last year of the Lease Term, the Premises are damaged by fire or other casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlordcommence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In the event that the Lease is terminated pursuant to this Article VI, a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated from the date of such fire or other casualty until the effective termination date. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or the Site or any part thereof is are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord shall, promptly after such damage and the determination of the net amount of insurance proceeds available shall available, use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper substantially the same condition for use and occupation they were in prior to the damage and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Costs and Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC shall be abated according to the nature and extent of the injury to the Premises shall be abated Premises, until the Premises shall have been put restored by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Where Landlord is obligated If such net insurance proceeds are not allowed by such mortgagee or otherwise elects ground lessor to effect be applied to, or are insufficient for, the restoration of the PremisesBuilding and if Landlord does not otherwise elect to restore the Building, unless then Landlord shall give prompt notice to Tenant terminating this Lease, the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination. If such restoration is not completed within nine ten (910) months from thethe date of the fire or casualty, such period to be subject, however, to extension where the delay in completion of such work is due to causes beyond Landlord's reasonable control (but in no event beyond sixteen (16) months from the date of the fire or casualty), Tenant shall have the right to terminate this Lease at any time after the expiration of such ten-month period (as extended), which right shall continue until the restoration is substantially completed. Such termination shall be effective as of the thirtieth (30th) day after the date of receipt by Landlord of Tenant's notice, with the same force and effect as if such date were the date originally established as the expiration date hereof unless, within thirty (30) days after Landlord's receipt of Tenant's notice, such restoration is substantially completed, in which case Tenant's notice of termination shall be of no force and effect and this Lease and the Lease Term shall continue in full force and effect.

Appears in 1 contract

Samples: Moldflow Corp

Casualty and Taking. 6.1 5.1. In case during the Lease Term the Building is damaged by fire (or casualty and (iany extension thereof) such fire all or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence as reasonably determined by Landlord, or (ii) in any case where the holder of any mortgage which includes the Building as a part of the mortgaged premises Premises or any ground lessor the Building or the Lot or the Garage are damaged materially by fire, force majeure, civil commotion, war, or casualty or by action of any ground lease public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done in pursuance of public or other authority, this Lease shall terminate at Landlord's election, which includes the Site as election may be made only if all or a material part of the demised premises does not allow Premises, the net insurance proceeds to be applied to Building, the restoration of the Building (Lot and/or the Site)Garage are so taken or damaged. If the Landlord elects to terminate, the Landlord may, at its election, terminate this Lease by must give notice given to Tenant of such election within sixty ninety (6090) days after the date of such fire or other casualty, specifying event which gives rise to the effective date of right to elect termination. The effective date of termination specified by Landlord shall be not be less than fifteen (15) nor more than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during Rent and additional rent shall xxxxx effective on the last year date of the Lease Term, termination or such earlier date as the Premises are damaged by fire or casualty not fit for the Permitted Uses. If in any such case, the Premises, Building, Lot and/or Garage are rendered unfit for the Permitted Uses and such fire or casualty damage cannotthe Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlord, Tenant may, at its election, Landlord may terminate this Lease by notice given pursuant to Landlord within sixty the foregoing provisions of this Section 5.1) to put the Premises, Building, Lot and/or Garage, or in case of taking what may remain thereof (60) days after the date of such fire excluding any items installed or other casualty, specifying the effective date of termination. The effective date of termination specified paid for by Tenant shall which Tenant may be not less than thirty (30required to remove pursuant to Section 4.2) days nor more than forty-five (45) days after into proper condition for the date of notice of such terminationPermitted Uses. In the event that the Lease is terminated pursuant to this Article VIof a casualty, a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes rent and Tenant's Proportionate Share of electricity and HVAC additional rent according to the nature and extent of the injury to the Premises shall be abated from the date of such fire or other casualty until the effective termination date. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated until the Premises Premises, Building, Lot and/or Garage or such remainder shall have been put by Landlord substantially into in such condition except as the same may be used and occupied for punch list items and long lead itemsthe Permitted Uses. Notwithstanding anything herein contained to In the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess event of a taking which permanently reduces the net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration areas of the Premises, unless Building, Lot and/or Garage, a just proportion of the rent and additional rent shall be abated for the remainder of the Lease Term. In case of such restoration is completed damage or taking, Landlord shall notify Tenant within nine thirty (930) months from thedays after the occurrence thereof of Landlord’s estimate of the time needed to do the construction work necessary to put the Premises, Building, Lot and/or Garage or such remainder in proper condition for the Permitted Uses. If Landlord has not commenced such repairs within sixty (60) days of such damage or taking having occurred, and/or shall not thereafter cause such repairs to be diligently pursued until completion, Tenant may terminate this Lease upon thirty (30) days’ prior notice to Landlord.

Appears in 1 contract

Samples: CNB Financial Corp.

Casualty and Taking. 6.1 In case during the Lease Term more than fifty percent (50%) of the rentable area of the Demised Premises or the Building is are damaged by fire or any other casualty and (i) such fire or casualty damage cannotby action of public or other authority or are taken by eminent domain, in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence as reasonably determined by this Lease shall terminate at Landlord, or (ii) in any case where the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises does not allow the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord may, at its ’s election, terminate this Lease which may be made notwithstanding Landlord’s entire interest may have been divested, by notice given to Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last year occurrence of the Lease Term, event giving rise to the Premises are damaged by fire or casualty and such fire or casualty damage cannotelection to terminate. Said notice shall, in the ordinary coursecase of damage as aforesaid, reasonably be expected to be repaired within one hundred fifty (150) days (and/or effective as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlord, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualtycasualty event. In the case of any such taking by eminent domain, specifying the effective date of terminationthe termination shall be the day on which the taking authority shall take title to or possession of the taken property. The Fixed Rent and additional rent shall be apportioned and adjusted as of the effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of any such termination. In If in any such case the event that Demised Premises or the Building are damaged by a casualty or eminent domain taking and this Lease is not so terminated pursuant as aforesaid, Landlord shall restore the Demised Premises and the Building to this Article VIthe condition they were in prior to such casualty or taking (excluding any items which Tenant may be required or permitted to remove from the Demised Premises at the expiration of the Term), but Landlord shall not be required to spend more than the net proceeds of insurance or award of damages recoverable therefor, and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes Rent and Tenant's Proportionate Share of electricity and HVAC additional rent according to the nature and extent of the injury to the Demised Premises shall be abated until the Demised Premises or such remainder shall have been put by Landlord in such condition; and in case of a taking which permanently reduces the area of the Demised Premises, a just proportion of the Fixed Rent shall be abated for the remainder of the Term and Tenant’s Share of Operating Expenses and Tenant’s Share of Taxes shall be proportionately adjusted. Landlord shall notify Tenant within thirty (30) days following the occurrence of any casualty or taking of the estimated time to restore the Demised Premises, the Building or the Lot. If such estimated time is more than one (1) year from the date occurrence of such fire casualty or other taking, or if Landlord commences its repair of the Demised Premises, the Building or the Lot and has not substantially completed the same within one (1) year after the occurrence of such casualty until or taking, then Tenant shall have the effective right, upon thirty (30) days prior written notice to Landlord given at any time after such one (1) year period but prior to the date Landlord has completed such restoration, to terminate this Lease. Additionally, and notwithstanding anything in this Subsection (A) to the contrary, if any casualty to or taking of the Demised Premises, the Building or the Lot occurs during the last twelve (12) months of the Term and causes the Demised Premises (or material portion thereof) to be untenable or materially impairs Tenant’s use of the Demise Premises for the Permitted Use for a period of more than ninety (90) days, then Tenant may terminate this Lease upon not less than thirty (30) days prior written notice to Landlord. Notwithstanding the foregoing, in the event Landlord receives a notice of termination date. Unless terminated from Tenant as a result of a casualty or taking pursuant to this Section (A), in the foregoing provisionsevent Landlord substantially completes any applicable restoration within such thirty (30) day notice period described above, Tenant’s exercise of its right to terminate this Lease shall be deemed to be rescinded and the Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated until the Premises shall have been put by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration of the Premises, unless such restoration is completed within nine (9) months from theeffect.

Appears in 1 contract

Samples: Lease (Finch Therapeutics Group, Inc.)

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