Casualty Clause. (a) If at any time during the Term of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings (collectively, the “Damaged Property”) is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a “Casualty”) then, except as hereinafter provided, Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided that, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy (270) days from the date of notice of Landlord’s architect’s opinion, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of receipt of Landlord’s architect’s opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty. (b) Landlord may elect to terminate this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (45) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualty. As used herein, a “Qualified Damage” shall mean any one or more of the following:
Appears in 6 contracts
Samples: Master Lease Agreement (KBS Real Estate Investment Trust, Inc.), Master Lease Agreement (Gramercy Capital Corp), Master Lease Agreement (Gramercy Capital Corp)
Casualty Clause. (a) If If, at any time during the Term of this LeaseTerm, the Property (including the Building, the Common Areas, the Leased Premises, inclusive of the Common AreasLeasehold Improvements, including and the Parking Areas, other Leasable Areas and the Buildings leasehold improvements therein) or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings part thereof (collectively, the “Damaged Property”) is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a “Casualty”) then, except unless this Lease is terminated as hereinafter providedprovided in this Section 6.3(a) or Section 6.3(b) below, Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided provided, that, in no event, event shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, Property or the trade fixtures or personal property of other property owned by Tenanttenants or occupants. IfSuch rebuilding and restoration work required of Landlord is herein collectively called “Landlord’s Restoration Work”. If any Casualty shall render the Leased Premises completely or partially untenantable for any period (regardless of whether the Damaged Property includes any part of the Leased Premises), then all Rent shall be abated in the proportion that the untenantable area of the Leased Premises bears to the total area of the Leased Premises for the period of such untenantability. The term “untenantable”, when used with respect to the Leased Premises, or any portion thereof, shall mean that the Leased Premises, or such portion thereof, is not reasonably capable of being used (and, in fact, is not used) by Tenant or any Tenant Party theretofore occupying the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification same for the purposes demised hereunder. Within thirty (30) days following any Casualty, Landlord shall cause to be prepared and delivered to Tenant not more an estimate of the date by which the Landlord’s Restoration Work necessitated by Casualty shall be completed (which estimate shall be prepared by an independent reputable contractor, registered architect or licensed professional engineer designated by Landlord, and reasonably approved by Tenant) (such estimate being herein called the “LRW Estimate”). If the LRW Estimate is a date later than forty-five the date that is eighteen (4518) days following months after the date of the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy (270) days from the date of notice of Landlord’s architect’s opinion, then Tenant shall have the right to may terminate this Lease as by giving Landlord notice to such property by notifying Landlord in writing of such termination effect within thirty (30) days of receipt of Landlord’s architect’s opinion. Any failure by after the LRW Estimate is delivered to Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s right to terminate this Lease pursuant to this Section 6.3(a) as a result and in the event of such Casualtytermination, the Rent shall be prorated and adjusted as of the date of such termination, subject to the abatement provisions herein-above set forth).
(b) In the case of a Casualty resulting in Qualified Damage, Landlord may elect to terminate this Lease as to an affected property on account of a Casualty thereof by delivering written notice to Tenant within forty-five (45) days after a Qualified Damagethe date of the Casualty; provided provided, that Landlord theretofore (or therewith) also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualtyin the Building. As used herein, a “Qualified Damage” shall mean any one or more of the following:
Appears in 5 contracts
Samples: Lease (KBS Real Estate Investment Trust, Inc.), Lease (KBS Real Estate Investment Trust, Inc.), Lease (KBS Real Estate Investment Trust, Inc.)
Casualty Clause. (a) If at any time during the Term of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings Building or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings Building (collectively, the “Damaged Property”) is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a “Casualty”) then, except as hereinafter provided, Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided that, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s architect as evidenced by a written letter of or certification delivered to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy (270) days from the date of notice of Landlord’s architect’s opinion, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of receipt of Landlord’s architect’s opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty.
(b) Landlord may elect to terminate this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (45) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualty. As used herein, a “Qualified Damage” shall mean any one or more of the following:
Appears in 2 contracts
Samples: Master Lease Agreement (KBS Real Estate Investment Trust, Inc.), Master Lease Agreement (Gramercy Capital Corp)
Casualty Clause. (a) If at In the event any time during the Term portion of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings Premises or any systems or equipment serving portion of the Leased Premises, the General Common Areas or the Buildings (collectively, the “Damaged Property”) is damaged by firefire or other casualty, earthquake, earthquake or flood or by any other casualty cause of any kind or nature (a hereinafter collectively referred to as the “Casualtydamaged property”) thenand the damaged property can, except as hereinafter providedin the opinion of the Landlord’s architect, be repaired within ninety (90) calendar days from the date of notice of Landlord’s architect’s opinion, then Landlord shall proceed to rebuild or restore the Damaged Property damaged property to Base Building Shell Condition, subject to subsection (e) hereof.
(b) In the event the damaged property can not, in the opinion of Landlord’s architect, be repaired within ninety (90) days from the date of notice of Landlord’s architect’s opinion, but can be repaired within one hundred eighty (180) days from the date of notice of Landlord’s architect’s opinion, Landlord, at Landlord’s sole cost and expense; provided that, in no eventoption, shall Damaged Property includehave the right (i) to terminate this Lease by notifying Tenant of such termination within twenty (20) days of receipt of Landlord’s architect’s opinion, nor shall Landlord or Tenant have any obligation (ii) to restore or rebuild or restorethe damaged property to Base Building Shell Condition, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. subject to subsection (e) hereof.
(c) If, in the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered architect, damage to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property damaged property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two one hundred seventy eighty (270180) days from the date of notice of Landlord’s architect’s opinion, then both Landlord and Tenant shall have the right to terminate this Lease as to such property by notifying Landlord the other party in writing of such termination within thirty twenty (3020) days of receipt of Landlord’s architect’s opinion. Any failure by Tenant .
(d) Notwithstanding any language herein to deliver the contrary, if at the time of any such termination notice to Landlord by such thirtieth damage, less than one (30th1) day year remains in the term of this Lease, exclusive of any renewal options, then Landlord, at Landlord’s sole option, shall constitute a waiver of Tenant’s have the right to terminate this Lease pursuant to this Section 6.3(a) as a result of such CasualtyLease.
(be) Landlord may elect If at anytime during the term of this Lease the Building is damaged and the cost of repairing and restoring the same exceeds twenty-five percent (25%) of the replacement cost of the improvements comprising the Building, then Landlord, at Landlord’s sole option, shall have the right to terminate this Lease.
(f) Notwithstanding any language contained herein to the contrary, in the event this Lease is not terminated as provided hereunder (i) Landlord shall be obligated to rebuild or restore the damaged property only to the extent of the net insurance proceeds available to Landlord for the purpose of rebuilding and restoration, (ii) if the damaged property is all or any portion of the Leased Premises Landlord shall be obligated to rebuild or restore the damaged property only to Base Building Shell Condition, except that Tenant shall have the right to require Landlord to rebuild or restore the damaged property substantially to the condition which existed immediately prior to such damage, provided that Tenant shall bear all costs and expenses, including without limitation, rentals that are lost due to extended construction time, in excess of the lesser of (A) any net insurance proceeds available to Landlord for the purpose of rebuilding or restoration, or (B) the cost to Landlord of rebuilding and restoring the damaged property to Building Standard condition (with Building Standard tenant allowances); and (iii) to the extent Landlord has rental loss insurance proceeds available, Tenant shall be entitled to a pro rata abatement of Base Rental, Tenant’s Forecast Additional Rental, and Tenant’s Additional Rental during the period of time the Leased Premises, or any portion thereof, are untenantable due to such damage. Landlord’s architect’s opinion shall be delivered to both Landlord and Tenant within thirty (30) days from the date of any such damage. In the event of any termination of this Lease under this Section, this Lease shall cease and terminate as if the date of such damage was the expiration date of the term of this Lease. Notwithstanding any contrary language in this Section, if the Leased Premises, the Building, or any portion thereof shall be damaged through the negligence or willful misconduct of Tenant and the cost of repairing the same is not covered by Landlord’s insurance, such damage shall be repaired by Landlord at the sole expense of Tenant and rent shall continue hereunder unabated.
(g) If any portion of Tenant’s leasehold improvements (including, but not limited to, Tenant’s Extra Work), alterations, additions, improvements, fixtures, furnishing, equipment or trade fixtures are damaged by fire or other casualty, earthquake or flood or by any other cause of any kind or nature, Tenant shall immediately restore the same to the condition existing immediately prior to such damage, unless such damage is so extensive as to permit termination of this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (45) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of herein and the Lease is terminated in accordance with such Casualty. As used herein, a “Qualified Damage” shall mean any one or more of the following:provisions.
Appears in 2 contracts
Samples: Office Lease Agreement (Cumberland Pharmaceuticals Inc), Office Lease Agreement (Cumberland Pharmaceuticals Inc)
Casualty Clause. (a) If at In the event any time during the Term portion of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings Premises or any systems or equipment serving portion of the Leased Premises, the General Common Areas or the Buildings (collectively, the “Damaged Property”) is damaged by firefire or other casualty, earthquake, earthquake or flood or by any other casualty cause of any kind or nature (a “Casualty”hereinafter collectively referred to as the "Damaged Property") thenand the Damaged Property can, except as hereinafter providedin the opinion of the Landlord's architect, be repaired within ninety (90) calendar days from the date of notice of Landlord's architect's opinion, then Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided thatto Building Standard condition (with Base Building Improvements), in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation subject to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in Section 6.03(e) hereof.
(b) In the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered to Tenant not more than forty-five (45) days following the Casualty, event the Damaged Property cannot not, in the opinion of Landlord's architect, be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy ninety (27090) days from the date of notice of Landlord’s 's architect’s 's opinion, but can be repaired within one hundred eighty (180) days from the date of notice of Landlord's architect's opinion, Landlord, at Landlord's sole option, shall have the right (i) to terminate this Lease by notifying Tenant of such termination within twenty (20) days of receipt of Landlord's architect's opinion, or (ii) to restore or rebuild the Damaged Property to Building Standard condition (with Base Building Improvements), subject to Section 6.03(e) hereof.
(c) If, in the opinion of Landlord's architect, damage to the Damaged Property cannot be repaired within one hundred eighty (180) days from the date of notice of Landlord's architect's opinion, then both Landlord and Tenant shall have the right to terminate this Lease as to such property by notifying Landlord the other party in writing of such termination within thirty twenty (3020) days of receipt of Landlord’s 's architect’s 's opinion. Any failure by Tenant .
(d) Notwithstanding any language herein to deliver the contrary, if at the time of any such termination notice to Landlord by such thirtieth damage, less than one (30th1) day year remains in the Term of this Lease, exclusive of any renewal options, then Landlord, at Landlord's sole option, shall constitute a waiver of Tenant’s have the right to terminate this Lease pursuant to this Section 6.3(a) as a result of such CasualtyLease.
(be) Notwithstanding any language contained herein to the contrary, in the event this Lease is not terminated as provided hereunder (i) Landlord may elect shall be obligated to terminate rebuild or restore the Damaged Property only to the extent of the net insurance proceeds available to Landlord for the purpose of rebuilding and restoration, (ii) if the Damaged Property is all or any portion of the Leased Premises, Landlord shall be obligated to rebuild or restore the Damaged Property only to Building Standard condition (with Base Building Improvements), except that Tenant shall have the right to require Landlord to rebuild or restore the Damaged Property substantially to the condition which existed immediately prior to such damage, provided that Tenant shall bear all costs and expenses, including without limitation, rentals that are lost due to extended construction time, in excess of the lesser of (A) any net insurance proceeds available to Landlord for the purpose of rebuilding or restoration, or (B) the cost to Landlord of rebuilding and restoring the Damaged Property to Building Standard condition (with Base Building Improvements); and (iii) Tenant shall be entitled to a pro rata abatement of Net Rental and Additional Rental during the period of time the Leased Premises, or any portion thereof, are untenable due to such damage. Landlord's architect's opinion shall be given to both Landlord and Tenant in accordance with Section 9.01 within thirty (30) days from the date of any such damage. In the event of any termination of this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (45) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to under this Section 6.03, this Lease shall cease and terminate as a result if the date of such Casualty. As used herein, a “Qualified Damage” shall mean any one or more damage was the expiration date of the following:Term of this Lease. Notwithstanding any contrary language in this Section 6.03, if the Leased Premises, the Project, or any portion thereof shall be damaged through the gross negligence or willful misconduct of Tenant, such damage shall be repaired by Landlord at the sole expense of Tenant and Rent shall continue hereunder unabated.
Appears in 1 contract
Samples: Lease Agreement (Lodgian Inc)
Casualty Clause. (a) If at In the event any time during the Term portion of this Lease, the Leased Premises, Premises or any portion of the Common Areas, including the Parking Areas, common areas of the Buildings or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings (collectively, the “Damaged Property”) is are damaged by firefire or other casualty, earthquake, earthquake or flood or by any other casualty cause of any kind or nature (a hereinafter collectively referred to as the “CasualtyDamaged Property”) then, except as hereinafter provided), Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided that, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, Base Building Shell Condition if (i) in the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered to Tenant not more than forty-five (45) days following the Casualtyarchitect, the Damaged Property cannot can be repaired so as to make the Leased Premises fully restored and the Parking Areas tenantable rebuilt within two hundred seventy (270) days one year from the date of notice of Landlord’s architect’s opinion; and (ii) the “Available Funds” (as hereafter defined) shall be adequate to pay all costs of restoration and repair. In the event that Landlord has not received confirmation that the condition of subparagraph (ii) will be met, then Tenant Landlord shall have the right to terminate this Lease as by written notice to such property by notifying Landlord in writing of such termination Tenant within thirty sixty (3060) days of following receipt of Landlord’s architect’s opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty.
(b) Landlord may elect to terminate this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (45) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualty. As used herein, a the term “Qualified DamageAvailable Funds” shall mean (determined separately for each Building) the sum of (x) the net insurance proceeds available to Landlord (and not retained by any one Mortgagee or more Ground Lessee); (y) the applicable deductible that constitutes Operating Costs to be paid by the tenant(s) of such Building; and (z) the amount which Landlord has agreed to pay. If the sum of (x) and (y) are not adequate to fully restore and rebuild the Damaged Property, Landlord may in its sole discretion pay the entire deficiency but in no event shall Landlord’s contribution with respect to Damaged Property in the Building in question be less than the lesser of the followingfollowing (determined on a per Building basis): (a) the total deficiency with respect to such Building; or (b) [**] [Confidential Treatment]; provided, however, the [**] [Confidential Treatment] figure shall be subject to adjustment on December 1, 2007 and on each anniversary of such date (each, an “Adjustment Date”) as follows:
Appears in 1 contract
Casualty Clause. (a) If at In the event all or any time during the Term portion of this Lease, the Leased PremisesPremises or Property (excluding space in the Building leased or held for lease to others but specifically including, the without limitation, On-Floor Common Areas, including the Parking General Common Areas, and all structural 175368 2031.0 Synthesis Energy Systems – 12.7.07 components of the Buildings or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings (collectively, the “Damaged Property”Building) is damaged by fire, earthquake, flood or other casualty, or by any other casualty cause of any kind or nature (a “Casualty”such damaged property being hereinafter referred to as the "Damaged Property"), and the Damaged Property can, in the opinion of Landlord's architect, be repaired within one-hundred eighty (180) calendar days from the date of issuance of Landlord's architect's opinion, then, except as hereinafter provided, this Lease shall not be terminated and Landlord shall proceed to rebuild or restore the Damaged Property at to Building Standard condition, or to such other condition as Landlord may reasonably elect, subject to subsections (c) and (d) hereof, and subject to proceeds being made available to Landlord by Landlord’s sole cost 's mortgagee. Landlord shall cause its architect to issue such architect's opinion concerning such matter to Landlord and expense; provided that, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered to Tenant not more than forty-five within thirty (4530) days following after Landlord learns of the Casualty, occurrence of such damage.
(b) In the event the Damaged Property cannot not, in the opinion of Landlord's architect, be repaired so as to make the Leased Premises and the Parking Areas tenantable within two one-hundred seventy eighty (270180) days from the date of notice issuance of Landlord’s 's architect’s 's opinion, then Tenant Landlord or Tenant, shall have the right (i) to terminate this Lease as to such property by notifying Landlord in writing the other party of such termination within thirty (30) days of receipt after issuance of Landlord’s 's architect’s 's opinion. Any failure by Tenant , or (ii) to deliver restore or rebuild the Damaged Property to Building Standard condition, or to such termination notice other condition as Landlord may reasonably elect, subject to subsection (d) hereof, and subject to proceeds being made available to Landlord by Landlord's mortgagees.
(c) Notwithstanding the provisions of subsection (a) hereof, if at the time of any such thirtieth damage, less than one (30th1) day year remains in the term of this Lease, exclusive of any renewal options which have not been effectively exercised by Tenant prior to the occurrence of such damage, then Landlord, at Landlord's sole option, shall constitute a waiver of Tenant’s have the right to terminate this Lease pursuant to this Section 6.3(a) as a result of such CasualtyLease.
(bd) In the event this Lease is not terminated as provided hereunder, (i) Landlord may elect shall be obligated to terminate this Lease as rebuild or restore the Damaged Property only to an affected property on account the extent of a Casualty by delivering written notice the net insurance proceeds made available to Landlord for the purpose of rebuilding and restoration, (ii) if the Damaged Property is all or any portion of the Leased Premises, Landlord shall be obligated to rebuild or restore the Damaged Property only to Building Standard condition, except that Tenant within forty-five (45) days after a Qualified Damage; shall have the right to require Landlord to rebuild or restore the Damaged Property substantially to the condition which existed immediately prior to such damage, provided that Tenant bears (and if Landlord also terminates so requires, Tenant pays to Landlord in advance Landlord’s estimate of) all other similarly affected tenant leases costs and expenses, including without limitation, rentals that are lost due to extended construction time, in excess of the lesser of (A) any net insurance proceeds made available to Landlord has for the purpose of rebuilding or restoration, or (B) the cost to Landlord of rebuilding and restoring the Damaged Property to Building Standard condition; and (iii) Tenant shall be entitled to a right pro rata abatement of Rent during the period of time the Leased Premises, or any portion thereof, are untenantable due to terminate as a result of such Casualtydamage. As used hereinin this Lease, a “Qualified Damage” shall mean any one or more of the following:term "
Appears in 1 contract
Casualty Clause. (a) If at any time during portion of the Term of this Lease, the Leased Premises, the Common Areas, Project (specifically including the Parking Areas, Leasehold Improvements but excluding any other tenant's leasehold improvements) (hereinafter collectively referred to as the Buildings or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings (collectively, the “"Damaged Property”") is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a “"Casualty”) then"), except as hereinafter provided, then Landlord shall proceed promptly to rebuild or restore the Damaged Property at Landlord’s sole cost Property, subject to Section 6.3(b) and expense; provided that(d) hereof, in no eventand, with respect to the rebuilding of the Leasehold Improvements, shall Damaged Property include, nor shall Landlord or Tenant have any obligation be paid a fee in accordance with Exhibit K only to rebuild or restore, any the extent there are sufficient proceeds available after completion of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenantthe applicable restoration to pay such fee. If, in the reasonable opinion of Landlord’s 's architect, which Landlord shall cause its architect as evidenced by a written letter of certification delivered to deliver to Tenant not more than forty-five thirty (4530) days following after the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable condition required in Section 6.3(d) below within two hundred seventy (2702) days from years after the date of notice of Landlord’s architect’s opinionsuch Casualty, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of after receipt of Landlord’s 's architect’s 's opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s 's right to terminate this Lease pursuant to this Section 6.3(asubsection (a) as a result of such Casualty. If Tenant exercises its right to terminate this Lease pursuant to this subsection (a), Landlord shall not be obligated to rebuild or restore the Damaged Property. If a Casualty damages any of the Leasehold Improvements, the two (2) year period described above shall be calculated assuming the Leasehold Improvements will be rebuilt only to the Landlord Restored Condition (defined in Section 6.3(d)).
(b) Landlord may elect to terminate this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five thirty (4530) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualty. As used herein, a “"Qualified Damage” " shall mean any one or more of the followingmean:
Appears in 1 contract
Casualty Clause. (a) If at any time during the Term of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings (collectively, the “Damaged Property”) is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a “Casualty”) then, except as hereinafter provided, Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided that, in no event, shall Damaged Property ________________________________________________________________________________________________________________________ include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy (270) days from the date of notice of Landlord’s architect’s opinion, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of receipt of Landlord’s architect’s opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty.
(b) Landlord may elect to terminate this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (45) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualty. As used herein, a “Qualified Damage” shall mean any one or more of the following:
Appears in 1 contract
Samples: Master Lease Agreement (KBS Real Estate Investment Trust, Inc.)
Casualty Clause. (a) If at In the event any time during portion of the Term of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings (collectively, the “Damaged Property”) Premises is damaged by firefire or other casualty, earthquake, earthquake or flood or by any other casualty cause of any kind or nature (a hereinafter collectively referred to as the “Casualtydamaged property”) thenand the damaged property can, except as hereinafter providedin the reasonable opinion of the Landlord’s architect, be repaired within three hundred sixty-five (365) calendar days from the date of notice of Landlord’s architect’s opinion, then Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided thatdamaged property to Building Standard condition (up to the Tenant Improvement Allowances, in no eventadjusted for inflation), shall Damaged Property include, nor shall Landlord or Tenant have any obligation subject to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. subsection (d) hereof.
(b) If, in the reasonable opinion of Landlord’s architect as evidenced architect, damage to the damaged property cannot be repaired within one (1) year from the date of notice of Landlord’s architect’s opinion, then both Landlord and Tenant shall have the right to terminate this lease by a written letter notifying the other party in writing of certification delivered to Tenant not more than such termination within forty-five (45) days following of receipt of Landlord’s architect’s opinion. Notwithstanding anything herein to the Casualtycontrary, in the Damaged Property canevent that this lease is not be repaired so terminated as to make aforesaid under this Section 6.03 by either Landlord or Tenant, and in the Leased further event that the damaged property includes the Premises and the Parking Areas tenantable Landlord shall fail to fulfill its repair obligations hereunder within two hundred seventy one (2701) days from year following the date of notice of Landlord’s architect’s opinion, then Tenant shall have the right to terminate this Lease as lease by delivery of written notice thereof to such property by notifying Landlord in writing of such termination within thirty (30) days following the expiration of such one (1) year period, which termination shall be effective thirty (30) days after Landlord’s receipt of said notice, so long as Landlord shall have failed to fulfill its obligations hereunder by such termination date.
(c) Notwithstanding any language herein to the contrary, if at the time of any such damage, less than one (1) year remains in the Term of this lease, exclusive of any renewal options, then both Landlord and Tenant shall have the right to terminate this lease.
(d) Notwithstanding any language contained herein to the contrary, in the event this lease is not terminated as provided hereunder (i) Landlord shall be obligated to rebuild or restore the damaged property only to the extent of the net insurance proceeds available to Landlord for the purpose of rebuilding and restoration, (ii) if the damaged property is all or any portion of the Premises Landlord shall be obligated to rebuild or restore the damaged property only to Building Standard condition (up to the Tenant Improvement Allowances, “adjusted for inflation,” as defined in Section 2.04), except that Tenant shall have the right to require Landlord to rebuild or restore the damaged property substantially to the condition which existed immediately prior to such damage, provided that Tenant shall bear all costs and expenses, including without limitation, rentals that are lost due to extended construction time, in excess of the lesser of (A) any net insurance proceeds available to Landlord for the purpose of rebuilding or restoration, or (B) the cost to Landlord of rebuilding and restoring the damaged property to Building Standard condition (up to the Tenant Improvement Allowances, “adjusted for inflation,” as defined in Section 2.04); and (iii) Tenant shall be entitled to a pro rata abatement of Base Rental, Tenant’s Forecast Additional Rental, and Tenant’s Additional Rental during the period of time the Premises, or any portion thereof, are untenantable due to such damage. Notwithstanding the foregoing, in the event that the damaged property is all or part of the Premises, and in the further event that Landlord shall fail to rebuild and restore the Premises to at least Building Standard condition (up to the Tenant Improvement Allowances, adjusted for inflation) due to the insufficiency of the net insurance proceeds, then Tenant shall have the right to terminate this lease by delivery of written notice thereof to Landlord. Landlord’s architect’s opinionopinion shall be given to both Landlord and Tenant in accordance with Section 9.01 within thirty (30) days from the date of any such damage. Any failure by Tenant to deliver such In the event of any termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s right to terminate this Lease pursuant to lease under this Section 6.3(a) 6.03, this lease shall cease and terminate as a result if the date of such Casualty.
(b) Landlord may elect to terminate this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (45) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualty. As used herein, a “Qualified Damage” shall mean any one or more damage was the expiration date of the following:Term of this lease. Notwithstanding any contrary language in this Section
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Casualty Clause. (a) If at any time during the Term of this Lease, the Leased Premises, the Common Areas, including including, without limitation, the Parking Areas, the Buildings Building or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings Building (collectively, the “"Damaged Property”") is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a “"Casualty”") then, except as hereinafter provided, Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s 's sole cost and expense; provided that, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s 's furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s 's architect as evidenced by a written letter of or certification delivered to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy (270) days from the date of notice of Landlord’s 's architect’s 's opinion, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of receipt of Landlord’s 's architect’s 's opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s 's right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty.
(b) Landlord may elect to terminate this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (45) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualty. As used herein, a “"Qualified Damage” " shall mean any one or more of the following:
Appears in 1 contract
Samples: Master Lease Agreement (American Financial Realty Trust)
Casualty Clause. (a) If at In the event any time during portion of the Term of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings Premises or any systems or equipment serving material portion of the Leased Premises, remainder of the Common Areas or the Buildings (collectively, the “Damaged Property”) Project is damaged by firefire or other casualty, earthquake, earthquake or flood or by any other casualty cause of any kind or nature (a “Casualty”hereinafter collectively referred to as the "damaged property") thenand the damaged property can, except as hereinafter providedin the opinion of the Landlord's architect, be repaired or replaced within one hundred eighty (180) calendar days from the date of notice of Landlord's architect's opinion (delivered within thirty (30) days from the date of any such damage), then Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost damaged property to Building Standard condition (with Building Standard Tenant Allowances), subject to subsection (d) hereof.
(b) In the event any portion of the Premises or any material portion of the remainder of the Project which renders the Premises unusable for Tenant's normal business operations and expense; provided that, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered 's architect, damage to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property damaged property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable or replaced within two one hundred seventy eighty (270180) days from the date of notice of Landlord’s 's architect’s opinion's opinion (a "Major Casualty"), then both Landlord and Tenant shall have the right to terminate this Lease as to such property lease by notifying Landlord the other party in writing of such termination within twenty (20) days of receipt of Landlord's architect's opinion.
(c) Notwithstanding any language herein to the contrary, if at the time of any material damage to the Project, less than one (1) year remains in the term of this lease, including any exercised renewal option, then either party shall have the right to terminate this lease by written notice to the other party within thirty (30) days of receipt the date such damage occurs.
(d) Notwithstanding any language contained herein to the contrary, in the event this lease is not terminated as provided hereunder (i) Landlord shall be obligated to rebuild or restore the damaged property only to the extent of Landlord’s architect’s opinion. Any failure by Tenant to deliver such termination notice the insurance proceeds available to Landlord for the purpose of rebuilding and restoration (or if Landlord fails to carry the insurance required by this lease, to the extent of insurance proceeds that would have been available to Landlord), (ii) if the damaged property is all or any portion of the Premises Landlord shall be obligated to rebuild or restore the damaged property only to Building Standard condition (with Building Standard Tenant Allowances), except that Tenant shall have the right to require Landlord to rebuild or restore the damaged property substantially to the condition which existed immediately prior to such thirtieth damage, provided that Tenant shall bear all costs and expenses, excluding rentals that are lost due to extended construction time, in excess of the lesser of (30thA) day any insurance proceeds available to Landlord for the purpose of rebuilding or restoration after deducting any and all reasonable costs incurred by Landlord in collecting such insurance proceeds (or if Landlord fails to carry the insurance required by this lease, to the extent of insurance proceeds that would have been available to Landlord if Landlord had obtained the required insurance), or (B) cost to Landlord of rebuilding and restoring the damaged property to Building Standard condition (with Building Standard Tenant Allowances); and (iii) Tenant shall constitute be entitled to a waiver pro rata abatement of Base Rental, Tenant’s 's Forecast Additional Rental, and Tenant's Additional Rental during the period of time the Premises, or any portion thereof, are untenantable due to such damage. Landlord's architect's opinion shall be given to both Landlord and Tenant in accordance with Section 9.01 within thirty (30) days from the date of any such damage. In the event of any termination of this lease under this Section 6.03, this lease shall cease and terminate as if the date of such damage was the expiration date of the term of this lease.
(e) In the event that a material portion of the Project is damaged by fire or other casualty, earthquake, flood or by any other cause of any kind or nature and the Project cannot be repaired or restored to an architecturally complete Project, then Landlord shall have the right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty.
lease within thirty (b) Landlord may elect to terminate this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (4530) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualty. As used herein, a “Qualified Damage” shall mean any one or more the date of the following:casualty.
Appears in 1 contract
Casualty Clause. (a) If at any time during the Term of this Lease, the Leased Premises, the Common Areas, including including, without limitation, the Parking Areas, the Buildings or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings (collectively, the “"Damaged Property”") is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a “"Casualty”") then, except as hereinafter provided, Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s 's sole cost and expense; provided that, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s 's furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s 's architect as evidenced by a written letter of certification delivered to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy (270) days from the date of notice of Landlord’s 's architect’s 's opinion, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of receipt of Landlord’s 's architect’s 's opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s 's right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty.
(b) Landlord may elect to terminate this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (45) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualty. As used herein, a “"Qualified Damage” " shall mean any one or more of the following:
Appears in 1 contract
Samples: Master Lease Agreement (American Financial Realty Trust)
Casualty Clause. (a) If at In the event any time during the Term portion of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings Premises or any systems or equipment serving portion of the Leased Premises, the General Common Areas or the Buildings (collectively, the “Damaged Property”) is damaged by firefire or other casualty, earthquake, earthquake or flood or by any other casualty cause of any kind or nature (a hereinafter collectively referred to as the “Casualtydamaged property”) thenand the damaged property can, except as hereinafter providedin the opinion of the Landlord’s architect, be repaired within ninety (90) calendar days from the date of notice of Landlord’s architect’s opinion, then Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided thatdamaged property to Building Standard Shell Condition, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation subject to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other subsection (e) hereof.
(b) In the event the damaged property owned by Tenant. Ifcan not, in the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered to Tenant not more than forty-five architect, be repaired within ninety (4590) days following from the Casualtydate of notice of Landlord’s architect’s opinion, but can be repaired within one hundred eighty (180) days from the Damaged Property date of notice of Landlord’s architect’s opinion, Landlord, at Landlord’s sole option, shall have the right (i) to terminate this Lease by notifying Tenant of such termination within twenty (20) days of receipt of Landlord’s architect’s opinion, or (ii) to restore or rebuild the damaged property to Building Standard Shell Condition, subject to subsection (e) hereof.
(c) If, in the opinion of Landlord’s architect, damage to the damaged property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two one hundred seventy eighty (270180) days from the date of notice of Landlord’s architect’s opinion, then both Landlord and Tenant shall have the right to terminate this Lease as to such property by notifying Landlord the other party in writing of such termination within thirty twenty (3020) days of receipt of Landlord’s architect’s opinion. Any failure by Tenant .
(d) Notwithstanding any language herein to deliver the contrary, if at the time of any such termination notice to Landlord by such thirtieth damage, less than one (30th1) day year remains in the term of this Lease, exclusive of any renewal options, then Landlord, at Landlord’s sole option, shall constitute a waiver of Tenant’s have the right to terminate this Lease pursuant to this Section 6.3(a) as a result of such CasualtyLease.
(be) Landlord may elect If at anytime during the term of this Lease the Building is damaged and the cost of repairing and restoring the same exceeds twenty-five percent (25%) of the replacement cost of the improvements comprising the Building, then Landlord, at Landlord’s sole option, shall have the right to terminate this Lease.
(f) Notwithstanding any language contained herein to the contrary, in the event this Lease is not terminated as provided hereunder (i) Landlord shall be obligated to rebuild or restore the damaged property only to the extent of the net insurance proceeds available to Landlord for the purpose of rebuilding and restoration, (ii) if the damaged property is all or any portion of the Leased Premises Landlord shall be obligated to rebuild or restore the damaged property only to Building Standard Shell Condition, except that Tenant shall have the right to require Landlord to rebuild or restore the damaged property substantially to the condition which existed immediately prior to such damage, provided that Tenant shall bear all costs and expenses, including without limitation, rentals that are lost due to extended construction time, in excess of the lesser of (A) any net insurance proceeds available to Landlord for the purpose of rebuilding or restoration, or (B) the cost to Landlord of rebuilding and restoring the damaged property to Building Standard condition (with Building Standard Tenant Allowances); and (iii) if Landlord is able to obtain rental loss insurance on reasonable terms and conditions (and Landlord shall carry such rental loss insurance so long as it is reasonably available), then Tenant shall be entitled to a pro rata abatement of Base Rental, Tenant’s Forecast Additional Rental, and Tenant’s Additional Rental during the period of time the Leased Premises, or any portion thereof, are untenantable due to such damage. Landlord’s architect’s opinion shall be delivered to both Landlord and Tenant within thirty (30) days from the date of any such damage. In the event of any termination of this Lease under this Section, this Lease shall cease and terminate as if the date of such damage was the expiration date of the term of this Lease. Notwithstanding any contrary language in this Section, if the Leased Premises, the Building, or any portion thereof shall be damaged through the negligence or willful misconduct of Tenant and the cost of repairing the same is not covered by Landlord’s insurance, such damage shall be repaired by Landlord at the sole expense of Tenant and rent shall continue hereunder unabated.
(g) If any portion of Tenant’s leasehold improvements (including, but not limited to, Tenant’s Extra Work), alterations, additions, improvements, fixtures, furnishing, equipment or trade fixtures are damaged by fire or other casualty, earthquake or flood or by any other cause of any kind or nature, Tenant shall immediately restore the same to the condition existing immediately prior to such damage, unless such damage is so extensive as to permit termination of this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (45) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of herein and the Lease is terminated in accordance with such Casualty. As used herein, a “Qualified Damage” shall mean any one or more of the following:provisions.
Appears in 1 contract
Samples: Sublease Agreement (Cumberland Pharmaceuticals Inc)
Casualty Clause. (a) If at In the event any time during the Term portion of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings Building or any systems or equipment serving portion of the Leased Premises, the General Common Areas or the Buildings (collectively, the “Damaged Property”) is damaged by firefire or other casualty, earthquake, flood or by any other casualty cause of any kind or nature (hereinafter collectively referred to as the "Damaged Property," Landlord shall obtain within five (5) days from the date of such casualty from an architect an opinion stating a “Casualty”) thenbest estimate of the length of time that will be reasonably required for the Damaged Property to be repaired, except which opinion shall be provided by the architect to both Landlord and Tenant as hereinafter provided. If the Damaged Property can, in the opinion of Landlord's architect, be repaired within ninety (90) calendar days from the date of Landlord's architect's opinion, then, the lease shall not be terminated and Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided thatdamaged property to Building Standard condition, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation subject to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other subsection (d) hereof.
(b) In the event the damaged property owned by Tenant. Ifcannot, in the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered to Tenant not more than forty-five (45) days following the Casualty's architect, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy ninety (27090) days from the date of notice of Landlord’s 's architect’s 's opinion, Landlord and Tenant shall each have the option to terminate this lease to be exercised by giving written notice to the other party of such termination within twenty (20) days from the date on which Tenant receives a copy of the architect's opinion. If such option is not exercised by either party within the allowed time, Landlord shall proceed with commercially reasonable diligence to rebuild or restore the Damaged Property to Building Standard condition, subject to subsection (d) hereof.
(c) Notwithstanding any language herein to the contrary, if at the time of any such damage, less than one (1) year remains in the term of this lease, exclusive of any renewal options, then Tenant Landlord, at Landlord's sole option, shall have the right to terminate this Lease lease.
(d) Notwithstanding any language contained herein to the contrary, in the event this lease is not terminated as provided hereunder, (i) if the damaged property is all or any portion of the Leased Premises, Landlord shall be obligated to rebuild or restore the damaged property substantially to the condition which existed immediately prior to such property by notifying damage, and (ii) Tenant shall be entitled to a pro rata abatement of Base Rental, Tenant's Forecast Additional Rental, and Tenant's Additional Rental during the period of time the Leased Premises, or any portion thereof, are untenable due to such damage. Landlord's architect's opinion shall be given to both Landlord and Tenant in writing of such termination accordance with Section 9.01 within thirty (30) days from the date of receipt any such damage. In the event of Landlord’s architect’s opinionany termination of this lease under this Section 6.03, this lease shall cease and terminate as if the date of such damage was the expiration date of the term of this lease. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day Notwithstanding any contrary language in this Section 6.03, if the Leased Premises, the Property, or any portion thereof shall constitute a waiver be damaged through any act of negligence or willful misconduct of Tenant’s right to terminate this Lease pursuant to this Section 6.3(a) as a result , its agents or employees, such Damage shall be repaired by Landlord at the sole expense of such CasualtyTenant and rent shall continue hereunder unabated.
(b) Landlord may elect to terminate this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (45) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualty. As used herein, a “Qualified Damage” shall mean any one or more of the following:
Appears in 1 contract
Samples: Lease Agreement (Acap Corp)
Casualty Clause. (a) If at In the event any time during portion of the Term of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings Premises or any systems or equipment serving material portion of the Leased Premises, remainder of the Common Areas or the Buildings (collectively, the “Damaged Property”) Project is damaged by firefire or other casualty, earthquake, earthquake or flood or by any other casualty cause of any kind or nature (a hereinafter collectively referred to as the “Casualtydamaged property”) thenand the damaged property can, except as hereinafter providedin the reasonable opinion of the Landlord’s architect, be repaired or replaced within one hundred eighty (180) calendar days from the date of notice of Landlord’s architect’s reasonable opinion (delivered within thirty (30) days from the date of any such damage), then Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided thatdamaged property to its previous condition (but shall not be obligated to spend in excess of the amount of the original Tenant Improvement Allowance), in no event, shall Damaged Property include, nor shall Landlord subject to subsection (d) hereof.
(b) In the event any portion of the Premises or Tenant have any obligation to rebuild or restore, any material portion of the remainder of the Project which renders the Premises unusable for Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, normal business operations and in the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered architect, damage to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property damaged property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable or replaced within two one hundred seventy eighty (270180) days from the date of notice of Landlord’s architect’s opinionreasonable opinion (a “Major Casualty”), then both Landlord and Tenant shall have the right to terminate this Lease as to such property lease by notifying Landlord the other party in writing of such termination within thirty (30) days of receipt of Landlord’s architect’s reasonable opinion. Any failure by Tenant .
(c) Notwithstanding any language herein to deliver such termination notice the contrary, if at the time of any material damage to Landlord by such thirtieth the Project, less than two (30th2) day years remains in the term of this lease, including any exercised renewal option, then either party shall constitute a waiver of Tenant’s have the right to terminate this Lease pursuant lease by written notice to this Section 6.3(athe other party within thirty (30) as a result days of the date such Casualtydamage occurs.
(bd) Notwithstanding any language contained herein to the contrary, in the event this lease is not terminated as provided hereunder (i) Landlord may elect shall be obligated to rebuild or restore the damaged property only to the extent of the insurance proceeds available to Landlord for the purpose of rebuilding and restoration (or if Landlord fails to carry the insurance required by this lease, to the extent of insurance proceeds that would have been available to Landlord), (ii) if the damaged property is all or any portion of the Premises, Landlord shall be obligated to rebuild or restore the damaged property only to its prior condition (but shall not be obligated to spend in excess of the amount of the original Tenant Improvement Allowance), except that Tenant shall have the right to require Landlord to rebuild or restore the damaged property substantially to the condition which existed immediately prior to such damage, provided that Tenant shall bear all costs and expenses, excluding rentals that are lost due to extended construction time, in excess of the lesser of (A) any insurance proceeds available to Landlord for the purpose of rebuilding or restoration after deducting any and all reasonable costs incurred by Landlord in collecting such insurance proceeds (or if Landlord fails to carry the insurance required by this lease, to the extent of insurance proceeds that would have been available to Landlord if Landlord had obtained the required insurance), or (B) cost to Landlord of rebuilding and restoring the damaged property to Building Standard condition (with Building Standard Tenant Allowances); and (iii) Tenant shall be entitled to a pro rata abatement of Base Rental, Tenant’s Forecast Additional Rental, and Tenant’s Additional Rental during the period of time the Premises, or any portion thereof, are untenantable due to such damage. Landlord’s architect’s reasonable opinion shall be given to both Landlord and Tenant in accordance with Section 9.01 within thirty (30) days from the date of any such damage. In the event of any termination of this lease under this Section 6.03, this lease shall cease and terminate as if the date of such damage was the expiration date of the term of this lease.
(e) In the event that a material portion of the Project is damaged by fire or other casualty, earthquake, flood or by any other cause of any kind or nature and the Project cannot be repaired or restored to an architecturally complete Project, then Landlord shall have the right to terminate this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant lease within forty-five thirty (4530) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualty. As used herein, a “Qualified Damage” shall mean any one or more the date of the following:casualty.
Appears in 1 contract
Samples: Lease Agreement (Homebanc Corp)