Casualty Damage. In the event the structure or other improvements on the leased premises or any portion thereof shall be damaged by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lessee.
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises shall be so damaged by fire or other casualty that substantial alteration or reconstruction of the Premises shall, in Landlord's sole opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), Landlord may, at its option, terminate this Lease and the term and estate hereby granted by notifying Tenant in writing of such termination within sixty (60) days after the event date of such damage can be reasonably repaired and restored damage. If Landlord does not thus elect to terminate this Lease, Landlord shall within a period of ninety (90) days, this lease contract shall remain in force, but days after the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case date of such damage or injurycom- mence to repair and restore the Premises and shall proceed with reasonable diligence to restore the Premises (except that Landlord shall not be responsi- ble for delays outside its control) to substantially the same condition in which it was immediately prior to the happening of the casualty, the proceeds of any casualty insurance paid or recovered except that Landlord shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor not be required to expend rebuild, repair or replace any sum part of Tenant's furniture, furnishings or fixtures and equipment removable by Tenant under the provisions of this Lease, but such work shall not exceed the scope of the work done by Landlord in originally constructing the Premises, nor shall Landlord in any event be required to spend for such work an amount in excess of the actual amount recovered insurance proceeds actually received by Landlord as a result of the fire or other casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant, injury to the business of Tenant, loss of use of any part of the Premises by the Tenant or loss of Tenant's personal property resulting in any way from such insurance toward damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any other portion of the Project are damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, employees, or invitees, the rent shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of the premisesPremises caused thereby to the extent such cost and expense is not covered by insurance proceeds. Should Notwithstanding anything herein to the structures or other improvements located on contrary, Tenant shall be entitled to cancel this Lease in the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee event that Tenant's business is interrupted for the intended uses/purposes for a period of time in excess of ninety more than sixty (9060) days following such casualty unless the damage was caused by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeTenant's negli- gence.
Appears in 1 contract
Samples: Lease Agreement (Jupiter Marine International Holdings Inc/Fl)
Casualty Damage. In the event the structure Premises should be destroyed or damaged by fire, windstorm, or other improvements on casualty to the leased premises or extent that the Premises is rendered unfit for the intended purpose of Tenant, Tenant may cancel this Lease after thirty (30) days notice to Landlord, but only after removing any portion thereof trash and/or debris therefrom, subject to the terms and provisions of any Permitted Leasehold Mortgage. If the Premises is partially damaged due to any other reason than the causes described immediately above, but the Premises is not rendered unusable for Tenant’s purposes subject to the terms and provisions of any Permitted Leasehold Mortgage, the same shall be damaged repaired by fire or other cause or casualty and in Tenant to the event extent Tenant receives sufficient proceeds to complete such damage can repairs from its insurance carrier under its insurance policy. Any such repairs will be reasonably repaired and restored completed within a period reasonable time after receipt of ninety such proceeds. If the damage to the Premises shall be so extensive as to render it unusable for Tenant’s purposes but shall nonetheless be capable of being repaired within One Hundred Twenty (90120) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx subject to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended terms and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds provisions of any casualty insurance paid or recovered Permitted Leasehold Mortgagee the damage shall be used and/or made available repaired with due diligence by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing Tenant to the other partyextent Tenant receives sufficient proceeds under its insurance policy to complete such repairs. In the event that a nearby structure(s) or improvement(s) is damaged or destroyed due to Tenant’s negligence, in which event the rental due hereunder Tenant shall be adjusted solely liable and responsible to repair and/or compensate the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason owner for such damage or destructionloss. Any insurance payment Notwithstanding anything contained in this Section 6.1, or recovery made or had as a result of an insurable loss of or damage otherwise in this Lease to the structures contrary, as long as the Tenant’s leasehold interest is encumbered by any Permitted Leasehold Mortgage, this Lease shall not be terminated by Landlord or other improvements located on Tenant in the leased premises event that the Premises is partially or totally destroyed, and, in the event of such partial or total destruction, all insurance proceeds from casualty insurance as provided herein shall be paid to and held by the Permitted Leasehold Mortgagee, or an insurance trustee selected by the Permitted Leasehold Mortgagee to be used to return for the structures and other improvements located on the leased premises, to the condition substantially equal to purpose of restoration or better than that existing at the time repair of the inception Premises. Permitted Leasehold Mortgagee shall have the right to participate in adjustment of this lease. Any losses as to casualty insurance payment proceeds and any settlement discussion relating to casualty or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseecondemnation.
Appears in 1 contract
Samples: Ground Lease
Casualty Damage. In the event the structure or other improvements on the leased premises or With reasonable promptness after discovering any portion thereof shall be damaged by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that Premises, or to the leased premises shall have been rendered unusable or untenantable by Lessee Common Areas necessary for access to the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injuryPremises, the proceeds of resulting from any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be terminated by substantially completed within 210 days after they are commenced, either party hereto may terminate this Lease upon ten (10) days 60 days’ notice in writing to the other partyparty delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair use of or access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises. If Landlord does not substantially complete the Landlord Repairs on or before the Outside Restoration Date (defined below), then, provided that the Casualty was not caused by the negligence or willful misconduct of Tenant or any party claiming by, through or under Tenant, Tenant may terminate this Lease by notifying Landlord within 15 days after the Outside Restoration Date. As used herein, “Outside Restoration Date” means the date occurring 60 days after the expiration of the time set forth in Landlord’s estimate described in the first sentence of this Section 11; provided, however, that the Outside Restoration Date shall be extended to the extent of (i) any delay caused by the insurance adjustment process; (ii) any other delay caused by events of Force Majeure (up to 90 days), and (iii) any delay caused by Tenant or any party claiming by, through or under Tenant. Notwithstanding the foregoing, if Landlord determines in good faith that it will be unable to substantially complete the Landlord Repairs on or before the Outside Restoration Date, Landlord may cease its performance of the Landlord Repairs and provide Tenant with notice (the “Restoration Date Extension Notice”) stating such inability and identifying the date on which Landlord reasonably believes such substantial completion will occur, in which event Tenant may terminate this Lease by notifying Landlord within five (5) business days after receiving the rental due hereunder Restoration Date Extension Notice. If Tenant does not terminate this Lease within such 5-business day period, the Outside Restoration Date shall be adjusted automatically amended to be the date of identified in the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeRestoration Date Extension Notice.
Appears in 1 contract
Samples: Office Lease (Quinstreet, Inc)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Lessee shall give prompt written notice thereof to Lessor. In case the Building shall be so damaged by fire or other casualty and that substantial alteration or reconstruction of the Building shall, in Lessor’s sole opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), Lessor may, at its option, terminate this Lease by notifying Lessee in writing of such termination within sixty (60) days after the date of such damage, in which event the Rent shall be abated as of the date of such damage can be reasonably repaired and restored damage. If Lessor does not elect to terminate this Lease, Lessor shall within a period of ninety (90) days, this lease contract shall remain in force, but days after the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case date of such damage or injurycommence to repair and restore the Building and shall proceed with reasonable diligence to restore the Building (except that Lessor shall not be responsible for delays outside its control to substantially the same condition in which it was immediately prior to the happening of the casualty, the proceeds of any casualty insurance paid or recovered except that Lessor shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor not be required to expend rebuild, repair or replace any sum part of Lessee’s furniture, furnishings or fixtures and equipment removable by Lessee or any improvements installed by Lessee under the provisions of this Lease. Lessor shall not in any event be required to spend for such work an amount in excess of the actual amount recovered insurance proceeds actually received by Lessor as a result of the fire or other casualty. Lessor shall not be liable for any inconvenience or annoyance to Lessee, injury to the business of Lessee, loss of use of any part of the Premises by the Lessee or loss of Lessee’s personal property resulting in any way from such insurance toward damage or the repair thereof, except to the extent due to the gross negligence or willful misconduct of Lessor or Lessor’s Agents, and except that, subject to the provisions of the next sentence, Lessor shall allow Lessee a fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any other portion of the Building be damaged by fire or other casualty resulting from the fault or negligence of Lessee or any of Lessee’s agents, employees, or invitees, the Rent shall not be diminished during the repair of such damage and Lessee shall be liable to Lessor for the cost and expense of the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing Building caused thereby to the other partyextent such cost and expense is not covered by insurance proceeds. Except as otherwise provided in this Xxxxxxxxx 00, in which event Xxxxxx hereby waives the rental due hereunder shall be adjusted to the date provisions of Sections 1932(2.), 1933(4.), 1941 and 1942 of the occurrence of such fire or casualtyCalifornia Civil Code. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lessee27.
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other cause casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be substantially to the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined in Article 25.03), except any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the period of time actually required for damage). Notwithstanding the performance of repairs and restoration. And foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by reason of Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty this lease contract may be terminated by either party hereto upon ten or cause such that: (10a) days notice in writing repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other partypremiums, (b) more than twenty-five percent (25%) of the Premises is affected by the damage, and fewer than twenty-four (24) months remain in which event the rental due hereunder Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (c) any Holder shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage (as defined in Article 25.07) debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be adjusted to Tenant's sole recourse in the date of the occurrence event of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinerydamage, and equipment waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on Property. Tenant acknowledges that this Article represents the leased premises shall be used to return entire agreement between the structures and other improvements located on the leased premises, parties respecting damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this leaseProperty. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lessee.-------- --------- Tenant Landlord
Appears in 1 contract
Samples: Office Lease (Unison Software Inc)
Casualty Damage. In the event the structure or other improvements on the leased premises or any portion thereof shall be damaged Landlord, by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored notice to Tenant within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess 60 days of the actual amount recovered from such insurance toward the repair and restoration date of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty (a "CASUALTY"), shall have the right to terminate this lease contract may be terminated by either party hereto upon ten (10) days notice in writing Lease if all or any part of the Premises is damaged to the other party, in which event the rental due hereunder shall extent that it cannot reasonably be adjusted to repaired within 120 days after the date of the occurrence Casualty. If this Lease is not terminated, Landlord shall promptly and diligently, restore the Premises. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law. Upon notice from Landlord, Tenant shall assign to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such fire or casualtyrepairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. The Lessor Within 15 days of demand, Tenant shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment also pay Landlord for any additional excess costs that are determined during the performance of the Lessee repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant's business resulting in any third parties installed way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or situated on the leased premises, regardless a material portion of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had Premises is rendered untenantable as a result of an insurable loss of or damage to a Casualty, the structures or other improvements located on Rent shall abate for the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time portion of the inception of this lease. Any insurance payment or recovery made or had Premises that is untenantable and not xxxd by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeTenant.
Appears in 1 contract
Samples: Office Lease Agreement (Clean Diesel Technologies Inc)
Casualty Damage. In If the event the structure or other improvements on the leased premises or any portion thereof shall be damaged by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures buildings or other improvements located on the leased premises be completely Premises (the “Improvements”) are totally or substantially destroyed partially damaged or rendered untenantable destroyed, whether due to casualty, Partial Taking (as defined in Article XV below), or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire otherwise, then promptly after such damage or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing destruction, Tenant shall, to the other partyextent permitted by Laws, repair, rebuild, or restore the damaged Improvements (the “Restoration”) so as to make the Premises at least equal in which event the rental due hereunder shall be adjusted value to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard Premises existing immediately prior to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any All such repair, rebuilding, or restoration shall be at Tenant’s expense; provided, however, Tenant shall be entitled to receive and use all net proceeds from any fire or other casualty insurance payment policies or recovery made from any award from a Partial Taking (after deduction of any reasonable costs incurred in connection with the collection thereof, including reasonable attorneys’ fees) for purposes of performing the Restoration. Tenant shall deliver the plans and specifications to Landlord for Landlord’s approval (not to be unreasonably withheld, conditioned, or had delayed), as well as a result schedule setting forth the estimated monthly draws for such work. If Landlord does not object to such plans and specifications within 10 Business Days after Tenant’s delivery thereof, Landlord will be deemed to have approved such plans and specifications. Following Landlord’s approval (or deemed approval) of an insurable loss such plans and specifications, Tenant will begin such Restoration and will prosecute the same to completion with diligence, in accordance with the terms and conditions of or damage to Article IX of this Lease. Landlord and its architects and engineers shall have the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premisesright, at Tenant’s expense, to inspect the condition substantially equal Premises from time to time during any such Restoration; provided, however, Landlord shall not have any liability for any defects in the design or better than that existing at the time construction of the inception Restoration, or the compliance of this leaseany plans and specifications with Laws. Any insurance payment or recovery made or had by reason or In no event shall any damage to or destruction allow Tenant to axxxx the payment of furnishingsBase Rent or Additional Rent or terminate this Lease, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseeexcept as expressly provided in this Article XIV.
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Lessee shall give prompt written notice thereof to Lessor. In case the Premises or casualty the Building shall be substantially damaged by fire or other casualty, Lessor may, at its option, terminate this Lease by notifying Lessee in writing of such termination within sixty (60) days after the date of such damage, in which event the Rent shall be abated as of the date of such damage. If Lessor does not elect to terminate this Lease and in provided insurance proceeds (plus applicable deductibles) and any contributions from Lessee, if necessary, are available to fully repair the event such damage can be reasonably repaired and restored damage, Lessor shall within a period of ninety (90) days, this lease contract shall remain in force, but days after the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case date of such damage or injurycommence to repair and restore the Building and/or Premises, as applicable, and shall proceed with reasonable diligence to restore the proceeds Building and/or Premises (except that Lessor shall not be responsible for delays outside its control) to substantially the same condition in which it was immediately prior to the happening of any casualty insurance paid or recovered the casualty; provided, Lessor shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor not be required to expend rebuild, repair, or replace any sum part of Lessee's furniture, furnishings or fixtures and equipment removable by Lessee or any improvements, alterations or additions installed by or for the benefit of Lessee under the provisions of this Lease. Lessor shall not in any event be required to spend for such work an amount in excess of the actual amount recovered insurance proceeds (plus applicable deductibles) and any contributions from Lessee, if necessary, actually received by Lessor as a result of the fire or other casualty. Lessor shall not be liable for any inconvenience or annoyance to Lessee, injury to the business of Lessee, loss of use of any part of the Premises by the Lessee or loss of Lessee's personal property resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Lessor shall allow Lessee a fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any other portion of the Building is damaged by fire or other casualty resulting from the gross negligence or willful misconduct of Lessee or any of Lessee's Agents, the Rent shall not be diminished during the repair of such damage except to the extent covered by Lessor's insurance toward and Lessee shall be liable to Lessor for the cost and expense of the repair and restoration of the premises. Should Building caused thereby to the structures or other improvements located extent such cost and expense is not covered by insurance proceeds provided Lessor carries insurance on the leased premises Building in keeping with standard coverages carried by owners of comparable buildings in the area. In the event the holder of any indebtedness secured by the Premises requires that the insurance proceeds be completely applied to such indebtedness, then Lessor shall have the right to terminate this Lease by delivering written notice of termination to Lessee within thirty (30) days after the date of notice to Lessee of any such event, whereupon all rights and obligations shall cease and terminate hereunder. In the event the Premises or the Building is destroyed or substantially destroyed damaged during the last twelve (12) months of the Term of this Lease or rendered untenantable in the event Lessor elects to repair the Premises and/or the Building, as applicable and such repairs have not been substantially completed within one year following the date of the damage or unusable destruction, then notwithstanding anything to the contrary contained in the Lease, Lessor and Lessee shall each have the right to terminate the Lease by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days giving written notice in writing to the other partyparty hereto of its election to so terminate, in which event this Lease shall cease and terminate as of the rental due hereunder date of such notice or as of the date of termination set forth in such notice, as the case may be, and Lessee shall pay Rent, properly apportioned through the date the Lease so terminates, and both parties hereto shall thereafter be adjusted freed and discharged of all further obligations hereunder, except for obligations accrued prior to the date of such termination or as provided for in provisions of this Lease which by their term survive the occurrence of such fire expiration or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment earlier termination of the Lessee or any third parties installed Term. Except as otherwise provided in or situated on this Xxxxxxxxx 00, Xxxxxx hereby waives the leased premisesprovisions of Sections 1932(2), regardless 1933(4), 1941 and 1942 of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeCalifornia Civil Code.
Appears in 1 contract
Casualty Damage. to the Facility - Landlord Obligations and Options. In the event the structure Premises are damaged or destroyed or rendered partially unfit for occupancy by fire, tornado, hurricane or other improvements on the leased premises or any portion thereof casualty, Tenant shall give immediate notice to Landlord who shall be damaged by fire entitled to adjust the claim with the insurance carrier and thereafter proceed to repair the damage and restore such improvements with reasonable diligence to substantially the condition in which they existed immediately prior to the occurrence of the casualty; provided, however, that Landlord shall not be obligated to expend more in such restoration than the insurance proceeds available as a result of such loss, plus the amount of its deductible. If the damage or other cause destruction to the Premises is complete such that all or casualty and substantially all (75% or more) of the Premises is rendered untenantable in the event good faith judgment of Landlord's independent architect chosen to make such damage can be reasonably repaired and restored within a period determination, or so substantial that an independent third party contractor or construction consultant designated by Landlord to make the determination for purposes hereof (the "DESIGNATED CONSTRUCTION EXPERT") determines that reconstruction of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum Premises using standard construction scheduling will likely take in excess of two hundred seventy (270) days from the actual date of such determination (the last day of amount recovered from such insurance toward the repair and of time for restoration of the premises. Should Premises as estimated by the structures Designated Construction Expert is herein called the "DATE OF PROJECTED COMPLETION" or, if the actual estimate of restoration time is less than 270 days from the date of the estimate, then the Date of Projected Completion will be deemed for purposes of Tenant's rights hereunder to be the 270th day from the date of the estimate), or other improvements located on if more than fifty percent (50%) of the leased premises be completely or substantially destroyed or tenant occupiable space in the entire Facility is rendered untenantable or unusable by the Lessee for casualty in the intended uses/purposes for a period good faith judgment of time Landlord's independent architect, then Landlord may terminate this Lease, and in excess of ninety (90) days by reason of fire or any such termination, rentals and other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder obligations shall be adjusted prorated to the date of termination (after taking into account any proration of rent during any partial tenantability following the occurrence casualty as provided below). A decision to repair or terminate shall be made by Landlord within forty-five (45) days after the casualty and if Landlord's Designated Construction Expert determines that reconstruction of the Premises will take in excess of two hundred seventy (270) days from the date of such fire determination or Landlord's independent architect determines that fifty percent (50%) or more of the Building area in the Facility or more than seventy-five percent (75%) of the Premises was rendered untenantable by the casualty, then Landlord will notify Tenant in writing within such 45-day period as to whether Landlord elects to terminate this Lease or to keep this Lease in effect (subject to Tenant's termination rights, below) and pursue completion of restoration of the Premises, which notice shall be accompanied by the estimate of the Date of Projected Completion by the Designated Construction Expert or determination of percent of untenantability by Landlord's architect, as applicable, if either ground is being used at the basis for Landlord's election to terminate or if Landlord is electing not to terminate but requires longer than two hundred seventy (270) days to complete such restoration work (such notice and required accompanying information being herein called the "LANDLORD'S ELECTION NOTICE"). The Lessor If Landlord fails to timely give such Landlord's Election Notice, then Landlord shall be deemed to have no responsibility whatsoever elected not to terminate this Lease and the Date of Projected Completion will be deemed to be two hundred seventy (270) days from the end of its time to give such notice. If Landlord's settlement of its insurance claim with regard its insurer is not complete within thirty (30) days after the date on which Landlord receives the estimated Date of Projected Completion from the Designated Construction Expert, then Landlord will be entitled to damage automatic extension of the Date of Projected Completion for each day, up to thirty (30) additional days, that it takes to settle such claim. If a decision is made (or destruction deemed made) by Landlord to repair, such repairs shall be commenced and completed with reasonable diligence subject to events of furnitureforce majeure or other events beyond Landlord's reasonable control, fixturessubject to Tenant's right of termination under certain circumstances specified below. Tenant shall contribute to Landlord in cash upon demand the replacement cost of any portions of the Premises that Tenant was required to insure, machineryin each case whether or not Landlord elects to terminate this Lease, and equipment such obligations of Tenant survive termination of this Lease. Landlord shall not be obligated to repair or replace (A) any alteration, fixture, addition or improvement added by Tenant except the Tenant Office Improvements (but only if the construction thereof has been fully completed by Tenant [otherwise to be covered by Tenant's or its contractor's builder's risk policy or Tenant' self-insurance and to be rebuilt by Tenant after completion of Landlord's work at Tenant's sole expense] and provided that a set of as-built plans and specifications therefor have been provided to Landlord in CAD format), (B) any of Tenant's property or contents, or (C) any portion of the Lessee or any third parties installed in or situated on Premises that Tenant is not committed to Lease hereunder for at least a term of one year after the leased premises, regardless Date of Projected Completion. If part of the cause Temporary Office Space is damaged and Tenant has not yet exercised its extension option under Paragraph 7(b) of EXHIBIT "E" and Tenant desires to require Landlord to restore such Temporary Office Space, then Tenant shall notify Landlord of Tenant's binding election to exercise its right to extend this Lease as to that Office Space (or reason for relevant portion as to which such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lessee.right may otherwise apply) within five (5) days after Landlord's written request; provided,
Appears in 1 contract
Samples: Lease Agreement (Suntron Corp)
Casualty Damage. In Subject to Article 6 and the event remainder of this Article 8, Landlord shall use available insurance proceeds to restore the structure Premises or any common areas of the Property providing access thereto which are damaged by fire or other improvements on casualty during the leased premises Term. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or by any Holder, any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any portion of Tenant’s alterations or improvements in the Premises, which Tenant covenants to rebuild at Tenant’s expense promptly after the casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage or the repair thereof. However, from the date of the casualty until Landlord completes Landlord’s repairs, Landlord shall allow Tenant a proportionate abatement of Rent during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof (unless Tenant or its employees or agents intentionally caused the damage). Notwithstanding the foregoing, Landlord may terminate this Lease by giving Tenant written notice of termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be damaged by fire or other cause casualty such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within two hundred seventy (270) days after the casualty without the payment of overtime or casualty other premiums, (b) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than 24 months remain in the event Term, (c) the damage is not fully covered by Landlord's insurance policies (excluding the deductible), provided that Landlord is maintaining the insurance required to be maintained by Landlord in accordance with this Lease, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Property, or (e) the nature of such damage can be reasonably repaired work would make termination of this Lease necessary and restored within Landlord also terminates the leases of all other similarly situated tenants. If Landlord does not elect to terminate the Lease as provided above, Landlord shall send Tenant a period written estimate, from an independent architect or general contractor selected by Landlord, of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period amount of time actually reasonably required for to repair and restore the performance of repairs Premises and restoration. And in access thereto, as the case may be (“Completion Estimate”). Tenant may terminate this Lease by giving Landlord written notice of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess termination within thirty (30) days after Tenant’s receipt of the actual amount recovered from Completion Estimate (such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for termination notice to include a period of time in excess of termination date providing not more than ninety (90) days for Tenant to vacate the Premises), if the Property shall be damaged by reason of fire or other casualty this lease contract may such that: (a) the Completion Estimate estimates that Landlord’s repairs to the Premises and access thereto cannot reasonably be terminated by either party hereto upon ten completed within two hundred seventy (10270) days after the casualty without the payment of overtime or other premiums, or (b) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than 24 months remain in the Term. Furthermore, if neither Landlord nor Tenant terminates this Lease as provided above and Landlord undertakes but fails to substantially complete Landlord’s restoration of the Premises and access thereto within two hundred seventy (270) days after the casualty (“270 Day Period”) Tenant may terminate this Lease by giving Landlord written notice in writing of termination at any time after the 270 Day Period but prior to such substantial completion (such termination notice to include a termination date providing not more than thirty (30) days for Tenant to vacate the other partyPremises). Tenant agrees that Landlord's obligation to restore, in which event the rental due hereunder abatement of Rent and the termination options provided herein, shall be adjusted to Tenant's sole recourse in the date of the occurrence event of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinerydamage, and equipment waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on Property. Tenant acknowledges that this Article represents the leased premises shall be used to return entire agreement between the structures and other improvements located on the leased premises, parties respecting casualty damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged by fire or other casualty and that substantial alteration or reconstruction of the Building shall, in Landlord’s sole opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), or in the event such damage can be reasonably repaired and restored within any mortgagee under a period mortgage or deed of ninety (90) days, this lease contract shall remain in force, but trust covering the rental reserved hereby shall xxxxx to the proportionate extent Building should require that the leased premises insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, Landlord may, at its option, terminate this Lease and the term and estate hereby granted by notifying Tenant in writing of such termination within sixty (60) days after the date of such damage, in which event the Base Rental hereunder shall have been rendered unusable or untenantable by Lessee for be abated as of the purposes intended and for date of such damage. If Landlord does not thus elect to terminate this Lease, Landlord shall within seventy-five (75) days after the period of time actually required for the performance of repairs and restoration. And in the case date of such damage or injurycommence to repair and restore the Building and shall proceed with reasonable diligence to restore the Building (except that Landlord shall not be responsible for delays outside its control) to substantially the same condition in which it was immediately prior to the happening of the casualty, the proceeds of any casualty insurance paid or recovered except that Landlord shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor not be required to expend rebuild, repair, or replace any sum part of Tenant’s furniture or furnishings or fixture and equipment removable by Tenant under the provisions of this Lease, but such work shall not exceed the scope of the work done by Landlord in originally constructing the Building and installing Building standard items in the Premises, nor shall Landlord in any event be required to spend for such work an amount in excess of the actual amount recovered insurance proceeds actually received by Landlord as a result of the fire or other casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such insurance toward damage. If the Premises or any other portion of the Building be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant’s agents, employees, or invitees, Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of the premisesBuilding caused thereby to the extent such cost and expense is not covered by insurance proceeds. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract Any insurance, which may be terminated carried, by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire Landlord or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable Tenant against loss of or damage to the structures Building or other improvements located on to the leased premises Premises shall be used to return for the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time sole benefits of the inception of this lease. Any party carrying such insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseeunder its sole control.
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Lessee shall give prompt written notice thereof to Lessor. In case the Building shall be so damaged by fire or other casualty and that substantial alteration or reconstruction of the Building shall, in Lessor's reasonable opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), Lessor may, at its option, terminate this Lease by notifying Lessee in writing of such termination within sixty (60) days after the date of such damage, in which event the Rent shall be abated as of the date of such damage can be reasonably repaired and restored damage. If Lessor does not elect to terminate this Lease, Lessor shall within a period of ninety (90) days, this lease contract shall remain in force, but days after the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case date of such damage or injurycommence to repair and restore the Building and shall proceed with reasonable diligence to restore the Building (except that Lessor shall not be responsible for delays outside its control) to substantially the same condition in which it was immediately prior to the happening of the casualty, the proceeds of any casualty insurance paid or recovered except that Lessor shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor not be required to expend rebuild, repair. or replace any sum part of Lessee's furniture, furnishings or fixtures and equipment removable by Lessee or any improvements installed by Lessee under the provisions of this Lease. Lessor shall not in any event be required to spend for such work an amount in excess of the actual amount recovered insurance proceeds actually received by Lessor as a result of the fire or other casualty. Lessor shall not be liable for any inconvenience or annoyance to Lessee, injury to the business of Lessee, loss of use of any part of the Premises or the Lessee's personal property resulting in any way from such insurance toward damage or the repair thereof, except that, subject to the provisions of the next sentence, Lessor shall allow Lessee a fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any other portion of the Building be damaged by fire or other casualty resulting from the fault or negligence of Lessee or any of Lessee's agents, employees, or invitees, the Rent shall not be diminished during the repair of such damage and Lessee shall be liable to Lessor for the cost and expense of the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing Building caused thereby to the other party, in which event the rental due hereunder shall be adjusted to the date extent such cost and expense of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, repair and equipment restoration of the Lessee or any third parties installed Building caused thereby is not covered by insurance proceeds. Except as otherwise provided in or situated on this Xxxxxxxxx 00, Xxxxxx hereby waives the leased premisesprovisions of Sections 1932(2), regardless 1933(4), 1941 and 1942 of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeCalifornia Civil Code.
Appears in 1 contract
Samples: Lease Agreement (Monterey Pasta Co)
Casualty Damage. In If: (a) the event Building or Project shall be so damaged that substantial alteration or reconstruction of the structure Building or other improvements Project shall, in Landlord’s opinion, be required (whether or not the Premises shall have been damaged by the casualty); or (b) Landlord is not permitted to rebuild the Building or the Project in substantially the same form as they existed before the damage; or (c) the Premises shall be materially damaged by casualty during the last two years of the Lease Term; or (d) any mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (e) the damage is not covered by insurance maintained by Landlord; then Landlord may, within 90 days after the casualty, give notice to Tenant of Landlord’s election to terminate this Lease, and the balance of the Lease Term shall automatically expire on the leased fifth day after the notice is delivered. If Landlord does not elect to terminate this Lease, Landlord shall proceed with reasonable diligence to restore the Building and the Premises to substantially the same condition they were in immediately before the casualty. However, Landlord shall not be required to restore any unleased premises in the Building or any portion thereof of Tenant’s property, and Landlord’s obligation to repair or restore the Premises shall be damaged limited to the extent of insurance proceeds actually received by fire or other cause or Landlord due to the casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby not include any improvements or alterations performed by Tenant. Rent shall xxxxx in proportion to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess portion of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable Premises not usable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had Tenant as a result of an insurable loss of or any casualty resulting in damage to the structures Building which is covered by insurance carried or other improvements located on the leased premises shall required to be used to return the structures and other improvements located on the leased premisescarried by Landlord under this Lease, to the condition substantially equal to or better than that existing at the time as of the inception date on which the Premises becomes unusable. Landlord shall not otherwise be liable to Tenant for any delay in restoring the Premises or any inconvenience or annoyance to Tenant or injury to Tenant’s business resulting in any way from the damage or the repairs, Tenant’s sole remedy being the right to an abatement of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeRent.
Appears in 1 contract
Samples: Office Lease (FlexShopper, Inc.)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof Common Areas of the Property providing access thereto shall be damaged by fire or other cause casualty Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty except for modifications required by zoning and building codes and other Laws or casualty by any Holder, any other modifications to the Common Areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in the event any way from such damage can be reasonably repaired or the repair thereof. However Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the period of time actually required for damage). Notwithstanding the performance of repairs and restoration. And foregoing to the contrary Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises) if the Property shall be materially damaged by reason of Tenant or its employees or agents or if the Property shall be damaged by fire or other casualty this lease contract may be terminated by either party hereto upon ten or cause such that: (10a) days notice in writing repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other party, premiums (b) more than 25% of the Premises is affected by the damage and fewer than 24 months remain in which event the rental due hereunder Term or any material damage occurs to the Premises during the last 12 months of the Term (c) any Holder shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease as the case may be) or the damage is not fully covered by Landlord's insurance policies or (d) the cost of the repairs alterations restoration or improvement work would exceed 25% of the replacement value of the Property or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord's obligation to restore and the abatement of Rent provided herein shall be adjusted to Tenants sole recourse in the date of the occurrence event of such fire or casualty. The Lessor shall damage and waives any other rights Tenant may have no responsibility whatsoever with regard under any applicable Law to damage to or destruction terminate the Lease by reason of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on Property. Tenant acknowledges that this Section represents the leased premises shall be used to return entire agreement between the structures and other improvements located on the leased premises, parties respecting damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Samples: Letter Agreement (N2h2 Inc)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the structure or other improvements on the leased premises Premises or any portion thereof shall be substantial part of the Building is wholly or partially damaged or destroyed by fire or other cause or casualty and in which is covered by Landlord's insurance, the event Landlord will proceed to restore the same to substantially the same condition existing, immediately prior to such damage can be reasonably repaired and restored within a period or destruction unless such damage or destruction is incapable of ninety repair or restoration within, one hundred eighty (90180) days, this lease contract shall remain in forcewhich event Landlord or tenant may, but the rental reserved hereby shall xxxxx at their option and by written notice given to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case other within sixty (60) days of such damage or injurydestruction, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess declare this Lease terminated as of the actual amount recovered from such insurance toward the repair and restoration happening of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any If in Landlord's reasonable opinion the net insurance payment proceeds recovered by reason of the damage or recovery made destruction will not be adequate to complete the restoration of the Building, Landlord shall have the fight to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or had other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of an insurable loss any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent hereunder as the amount of damaged or damage useless space in the Premises bears to the structures rentable square footage of the Premises until such time as the Premises may be restored.* Landlord shall reasonably determine the amount of damaged or other improvements located on useless space and the leased premises square footage of the Premises referenced in the prior sentence. Provided if as a result of partial damage or restriction, in access to Building or elimination of parking, Tenant cannot reasonably use the Premises, Tenant shall be used to return relieved of the structures and other improvements located on the leased premises, Monthly Rent hereunder until repairs to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises are completed.
Appears in 1 contract
Samples: Saville Systems PLC
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the structure or other improvements on the leased premises Premises or any portion thereof shall be substantial part of the Building is wholly or partially damaged or destroyed by fire or other cause or casualty and in which is covered by Landlord's insurance, the event Landlord will proceed to restore the same to substantially the same condition existing immediately prior to such damage can be reasonably repaired and restored or destruction unless such damage or destruction is incapable of repair or restoration within a period of ninety one hundred eighty (90180) days, this lease contract shall remain in forcewhich event Landlord may, but the rental reserved hereby shall xxxxx at Landlord's option and by written notice given to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case Tenant within sixty (60) clays of such damage or injurydestruction, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess declare this Lease terminated as of the actual amount recovered from such insurance toward the repair and restoration happening of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any If in Landlord's sole opinion the net insurance payment proceeds recovered by reason of the damage or recovery made destruction will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant To the extent after fire or had other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of an insurable loss any such damage, destruction, or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent hereunder as the amount of damaged or damage useless Space in the Premises bears to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time rentable square footage of the inception Premises until such time as the Premises may be restored. Landlord shall reasonably determine the amount of this lease. Any insurance payment damaged or recovery made or had by reason or damage to or destruction useless space and the square footage of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises referenced in the prior sentence.
Appears in 1 contract
Samples: C B Com Inc
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other casualty, and if such casualty does not cause or casualty and in a termination of this Lease as hereinafter provided, Landlord shall use available insurance proceeds to restore the event such damage can same. Such restoration shall be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but to substantially the rental reserved hereby shall xxxxx condition prior to the proportionate extent casualty, except for modifications required by zoning and building codes and other Laws, any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired) or required by any Holder (as defined in Article 25), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the leased premises parties in connection herewith. Landlord shall have been rendered unusable not be liable for any inconvenience or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And annoyance to Tenant or its visitors, or injury to Tenant's business resulting in the case of any way from such damage or injurythe repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor time and to pay the costs of labor and materials extent the Premises are unfit for occupancy for the accomplishment conduct of Tenant's business and not occupied by Tenant for the conduct of Tenant's business as a result thereof (unless Tenant or its employees or agents caused the damage). Notwithstanding the foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in writing of such repairs and restoration. Nevertheless, in no event shall Lessor be required termination within sixty (60) days after the date of damage (such termination notice to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within one hundred fifty (150) days after the casualty without the payment of overtime or other premiums, (b) more than forty percent (40%) of the Premises is affected by the damage, and fewer than 18 months remain in the Term, or any material damage occurs to the Premises during the last 12 months of the Term, (c) any Holder (as defined in Article 25) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed forty percent (40%) of the replacement value of the Building. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be Tenant's sole recourse in the event of such damage, and, except as provided below in this Article 10, Tenant waives any other rights Tenant may have under any applicable law to terminate the Lease by reason of damage to the Premises or Property. Tenant acknowledges that this Article represents the entire agreement between the parties respecting damage to the Premises or Property. Notwithstanding anything to the contrary contained in this Article 10, Tenant may terminate this Lease if Tenant is unable to use all or a substantial portion of the Premises for the conduct of Tenant's business as a result of fire or other casualty this lease contract not caused by Tenant or its employees or agents, and (a) Landlord fails to commence, restoration work to the Premises within sixty (60) days after the damage occurs, or (b) Landlord fails to substaintially complete such work within one hundred fifty (150) days after the date of such casualty, or such additional time as may be terminated necessary due to strikes, lock-outs or other labor troubles, shortages of equipment or materials, governmental requirements, power shortages or outages or other causes beyond Landlord's reasonable control (collectively, "FORCE MAJEURE"), which time period for events of force majeure shall in no event exceed, in the aggregate, more than one hundred and twenty (120) days, or (c) such work is reasonably estimated (which estimate Landlord shall provide to Tenant within sixty (60) days following the casualty), to take more than one hundred fifty (150) days from the date of casualty to substantially complete, or (d) more than forty percent (40%) of the Premises is affected by either party hereto upon the damage, and fewer than twelve (12) months remain in the Term. In order to exercise any of the foregoing termination rights, Tenant must send Landlord notice specifying the basis for termination, and such notice must be given no later than thirty (30) days following the occurrence of the condition serving as the basis for the termination right invoked by Tenant, except in the case of Tenant's termination right in (c) above, in which case such notice must be given by Tenant within ten (10) business days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date after Tenant's receipt of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeLandlord's estimate.
Appears in 1 contract
Samples: Office Lease (Participate Com Inc)
Casualty Damage. In the event of damage or destruction of the structure or other improvements on the leased premises or any portion thereof shall be damaged Premises by fire or any other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) dayscasualty, this lease contract Lease shall remain in forcenot be terminated, but the rental reserved hereby Premises shall be promptly and fully repaired or restored, as the case may be, by Landlord at its own cost and expense in an amount not to exceed the amount of insurance proceeds available. Due allowance, however, shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, national emergencies and other conditions beyond the control of Landlord. It is agreed that in any of the aforesaid events, this Lease shall continue in full force and effect, but if the condition is such so as to make the entire Premises untenantable for practical use for Tenant's purposes, then the Rent which Tenant is obligated to pay hereunder shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period as of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence until the Premises have been fully and completely restored by Landlord. Any unpaid or prepaid Rent for the month in which said condition occurs shall be prorated. If the Premises are partially damaged or destroyed but the Tenant can still make practical use of such the balance of the Premises; then during the period that Tenant is deprived of the use of the damaged portion of said Premises, Tenant shall be required to pay Rent covering only that part of the Premises that it is able to occupy, based on that portion of total rent which the amount of square foot area remaining that can be occupied bears to the total square foot area of all the Premises covered by this Lease. In the event that twenty five percent (25%) or more of the Premises are damaged or destroyed by fire or other casualty so as to be untenantable for practical use for Tenant's purposes and it shall require more than one hundred eighty (180) days for Landlord to substantially complete restoration of same as reasonably concurred on by Tenant, then either party hereto upon written notice delivered within thirty (30) days of the fire or other casualty to the other party may terminate this Lease, in which case the Rent shall be apportioned and paid to the date of said fire or other casualty. The Lessor shall have Subject to the foregoing, no responsibility whatsoever with regard compensation, or claim, or diminution of Rent will be allowed or paid, by Landlord, by reason of consequential damages, inconvenience, annoyance, or injury to damage to business, arising from the necessity of repairing the Premises or destruction of furniture, fixtures, machinery, and equipment any portion of the Lessee or any third parties installed in or situated on Building of which they are a part, however the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseenecessity may occur.
Appears in 1 contract
Samples: Lease (Electronic Arts Inc)
Casualty Damage. In If, prior to the event Closing, any of the structure or other improvements on the leased premises or any portion thereof shall be Improvements are damaged by fire or other cause or casualty (collectively, "Casualty"), then: (i) the parties shall proceed to close this transaction in accordance with the terms of this Agreement; (ii) at the Closing, CBL/OP shall receive a credit against the Purchase Price in an amount equal to the deductible under Property Owner's casualty insurance policy plus the amount of any proceeds received by Property Owner prior to Closing to the extent the same exceed costs of restoration and repair expended by Property Owner; and (iii) Property Owner shall, as part of the Intangible Property, assign to CBL/OP all of Property Owner's rights in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any resulting casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Neverthelessproceeds; provided, however, that in no event shall Lessor be required to expend any the sum in excess of such credit for the deductible and the amount of the actual amount recovered from such insurance toward proceeds assigned to CBL/OP pursuant to Clauses (ii) and (iii) hereinabove exceed the lesser of (1) the Purchase Price or (2) the cost to complete the repair and restoration of the premises. Should Casualty following the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended usesClosing; provided, however, CBL/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor OP shall have no responsibility whatsoever obligation to close with regard an assignment of casualty insurance proceeds unless Property Owner shall provide to damage CBL/OP a statement from the insurance company recognizing the casualty and the applicability of the insurance policy thereto and noting the insurance carrier's acknowledgement of the coverages set forth in the insurance policy to the particular casualty with no offsets, exclusions or destruction denials of furniture, fixtures, machinerycoverage and the assignability of the policy to the CBL/OP, and equipment of CBL/OP shall be reasonably satisfied that the Lessee or any third parties installed in or situated insurance proceeds are adequate to restore the damage, and if Property Owner fails to provide such statement from the insurance company by the Closing Date, and Property Owner is unwilling to escrow (on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage terms mutually satisfactory to the structures parties) the amount required to restore the damage, CBL/OP may elect to terminate this Agreement, by written notice to Property Owner. If CBL/OP elects to terminate this Agreement under this Section 11.3, Escrow Agent or other improvements located on the leased premises Oak Park Property Owner, as applicable, shall be used to return the structures and other improvements located on Letter of Credit or the leased premisesDeposit, as applicable, to CBL/OP and neither party shall have any further rights or obligations under this Agreement, except for the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeCBL/OP's Surviving Obligations.
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other cause casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined in Article 25), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant’s furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Base Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the period of time actually required for damage). Notwithstanding the performance of repairs and restoration. And foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by reason of Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty this lease contract may be terminated by either party hereto upon ten or cause such that: (10a) days notice in writing repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other partypremiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in which event the rental due hereunder Term, or any material damage occurs to the Premises during the last 12 months of the Term, (c) any Holder (as defined in Article 25) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord’s insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord’s obligation to restore, and the abatement of Base Rent provided herein, shall be adjusted to Tenant’s sole recourse in the date of the occurrence event of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinerydamage, and equipment waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on Property, including all rights under California Civil Code, Sections 1932(2), 1933(4), and 1942, as the leased premises shall same may be used to return modified or replaced hereafter. Tenant acknowledges that this Article represents the structures and other improvements located on entire agreement between the leased premises, parties respecting damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Samples: Office Lease (NGTV)
Casualty Damage. Tenant shall promptly notify Landlord or the Project Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the balance of the Building. In the event the structure or other improvements on the leased premises Premises or any portion thereof shall be substantial part of the Building is wholly or partially damaged or destroyed by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable which is fully covered by Lessee for the purposes intended Landlord’s insurance and for which such insurance proceeds are made available to Landlord by its Lender, Landlord will proceed to restore the period of time actually required for same to substantially the performance of repairs and restoration. And in the case of same condition existing immediately prior to such damage or injury, destruction unless such damage or destruction is incapable of repair or restoration within two hundred ten (210) days from the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess date of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures fire or other improvements located on the leased premises be completely casualty (or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of if the fire or other casualty this lease contract may be terminated by either party hereto upon ten occurs during the final one hundred eighty (10180) days notice in writing to of the other partyTerm), as determined by Landlord, in which event the rental due hereunder shall be adjusted Landlord may, at Landlord’s option and by written notice given to the date Tenant within sixty (60) days of such damage or destruction, declare this Lease terminated as of the occurrence happening of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any If in Landlord’s reasonable opinion the net insurance payment proceeds recovered by Landlord and made available by Landlord’s Lender by reason of the damage or recovery made destruction will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent that, after the fire or had other casualty, Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of an insurable loss any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent hereunder as the amount of damaged or damage useless space in the Premises bears to the structures rentable square footage of the Premises until such time as the Premises may be restored; provided, however, that if Tenant or any Tenant Party caused the fire or other improvements located on casualty, Monthly Rent shall not be reduced unless Tenant pays the leased premises deductible amount, if any, under Landlord’s rental loss insurance. Landlord shall be used reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence. In the event that (i) the Premises or any of the Common Areas necessary for Tenant to return use and occupy the structures Premises are damaged or destroyed by fire or other casualty, (ii) Landlord reasonably determines that such damage or destruction is incapable of repair or restoration within two hundred seventy (270) days from the date of the fire or other casualty (or ninety (90) days if the fire or other casualty occurs during the final one hundred eighty (180) days of the Term), and other improvements located on the leased premises, (iii) Landlord does not exercise its right to terminate this Lease pursuant to the condition substantially equal foregoing provisions, then Tenant shall have the right to or better than that existing at terminate this Lease as respects the time applicable Building(s) by written notice to Landlord within fifteen (15) days after Tenant’s receipt of Landlord’s written notice setting forth Landlord’s estimate of the inception repair and restoration period. Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of this lease. Any insurance payment or recovery made or had by reason or damage to or hiring upon destruction of furnishingsthe thing hired and Sections 1941 and 1942, trade fixtures, machinery, and equipment owned by Lessee shall be payable providing for repairs to and shall be and belong to the Lesseeof premises.
Appears in 1 contract
Samples: Hortonworks, Inc.
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other cause casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantiate the condition prior to the casualty, except for modifications required by zoning and building codes and other laws or casualty by any Holder (as defined in Article 25) and any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired); provided, however, Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors or for injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the period of time actually required for damage). Notwithstanding the performance of repairs and restoration. And foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises) if the Property shall be materially damaged by reason of Tenant or its employees or agents or if the Property shall be damaged by fire or other casualty this lease contract may or cause such that: (a) repairs to the Premises and access thereto cannot be terminated by either party hereto upon ten reasonably completed within one hundred twenty (10120) days notice after the casualty without the payment of overtime or other premiums, (b) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than twenty-four (24) months remain in writing the Term, (c) any material damage occurs to the other partyPremises during the last twelve (12) months of the Term, (d) any Holder (as defined in which event Article 25) shall require that the rental due hereunder insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), (e) the damage is not fully covered by Landlord's insurance policies, or (f) the cost of the repairs, alterations, restoration or improvement work to the Property or any portion thereof would exceed twenty-five percent (25%) of the replacement value of the Building or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be adjusted to Tenant's sole recourse in the date of the occurrence event of such fire or casualty. The Lessor shall damage and waives any other rights Tenant may have no responsibility whatsoever with regard under any applicable law to damage to or destruction terminate this Lease by reason of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on Property. Tenant acknowledges that this Article 10 represents the leased premises shall be used to return entire agreement between the structures and other improvements located on the leased premises, parties respecting damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Casualty Damage. In the event the structure or other improvements on the leased premises or any portion thereof shall be damaged Landlord, by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored notice to Tenant within a period of ninety sixty (9060) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess days of the actual amount recovered from such insurance toward the repair and restoration date of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty (a “Casualty”), shall have the right to terminate this lease contract may Lease if all or any part of the Premises is damaged to the extent that it cannot reasonably be terminated by either party hereto upon ten repaired within one hundred twenty (10120) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to after the date of the occurrence Casualty. If this Lease is not terminated, Landlord shall promptly and diligently, restore the Premises. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law. Upon notice from Landlord, Tenant shall assign to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such fire or casualtyrepairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. The Lessor Within fifteen (15) days of demand, Tenant shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment also pay Landlord for any additional excess costs that are determined during the performance of the Lessee repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any third parties installed way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or situated on the leased premises, regardless a material portion of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had Premises is rendered untenantable as a result of an insurable loss of or damage to a Casualty, the structures or other improvements located on Rent shall xxxxx for the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time portion of the inception Premises that is untenantable and not used by Tenant. The provisions of this lease. Any insurance payment or recovery made or had by reason or Lease, including this Section 17, constitute an express agreement between Landlord and Tenant with respect to any and all damage to to, or destruction of, all or any part of furnishingsthe Premises, trade fixturesthe Building or the Development and any Laws, machineryincluding, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and equipment owned by Lessee any similar or successor Laws now or hereinafter in effect, shall be payable have no application to and shall be and belong this Lease or any damage or destruction to all or any part of the LesseePremises, the Building or the Development.
Appears in 1 contract
Samples: Office Lease Agreement California (Fusion-Io, Inc.)
Casualty Damage. In If the Premises shall be d amaged by fire or other casualty, Tenant shall give prompt written notice to Land lord . If the Building or any part thereof or access thereto shall be so d amaged or destroyed by fire or other casualty such that substantial alteration or reconstruction of the Build ing and access thereto shall, in the good faith and reasonable determination of Landlord 's Architect, be required with such repair taking longer that one hundred eighty (1 80) d ays (whether or not the Premises shall have been damaged by such casualty), or in the event of any material uninsured loss to the structure Building, or other improvements on in the leased premises event of any substantial damage to the Building w ithin the final two (2) years of the Term, Landlord may, at its option, terminate this Lease by notifying Tenant in writing thirty (30) days after the date of such d amage. In case the Premises or any portion thereof access to the Premises shall be so damaged by fire or other cause casualty such that substantial alterations or casualty and reconstruction of the Premises shall, in the event good faith and reasonable determination of Land lord 's Architect, be required, Tenant shall have the right to terminate this Lease upon thirty (30) d ays prior written notice to Landlord if Landlord (i) has not completed, (ii) cannot complete or (iii) in the opinion of Xxxxxxxx 's Architect, cannot reasonably be expected to complete substantially the making of any required repairs and restorations within one hundred eighty (1 80) d ays from the d ate of such damage can d amage or destruction. Rent shall xxxxx and be reasonably repaired prorated as of the date such d amage occurs and restored within a during any period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx repair and restoration to the proportionate extent that the leased premises shall have been Premises or any material part thereofare rendered unusable or untenantable by Lessee access thereto is denied Tenant. Ifneither Landlord nor Tenant elects to exercise its rights to terminate this Lease, Landlord shall commence and diligently proceed to restore and repair the Building and the Premises to substantially the same condition in which it was immed iately prior to the happening of the casualty, except that Xxxxxxxx 's obligation to restore shall not exceed the amount Landlord expended to purchase and restore the Building. When Xxxxxxxx 's work with respect to such resconstruction or restoration has been completed, Tenant shall complete the restoration of the Premises, including the reconstruction of all leasehold improvements and the restoration of Tenant's furniture and equipment. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the purposes intended business of Tenant resulting in any way from such d amage or repair, except that Landlord shall allow Tenant a fair diminution of rent during the time and to the extent the Premises or any material portion thereof are unfit for occupancy. If the period casualty results from the gross negligence or intentional misconduct of time actually required for Tenant or any of Tenant 's agents, employees or invitees, Rent shall not be d iminished during the performance of repairs and restoration. And in the case repair of such damage or injury, the proceeds of any casualty insurance paid or recovered and Tenant shall be used and/or made available by Lessor liable to pay the costs of labor and materials Landlord for the accomplishment cost of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing Building to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of extent such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, cost and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any expense is not covered by insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseeproceeds.
Appears in 1 contract
Samples: Tids Lease Agreement
Casualty Damage. In the event the structure Building or other improvements on the leased premises or any portion thereof Premises shall be damaged destroyed or rendered untenantable, either wholly or in part, by fire or other cause casualty, Landlord may, at its option, restore the Building or casualty Premises to as near their previous condition as is reasonably possible and in the event such damage can meantime the Rent shall be reasonably repaired and restored within a period abated in the same proportion as the untenantable portion of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx Premises bears to the proportionate whole thereof, provided, such abatement (i) shall apply only to the extent that the leased premises shall have been rendered unusable or Premises are untenantable by Lessee for the purposes intended permitted under this Lease and for not used by Tenant as a result thereof, and (ii) shall not apply if Tenant or any other occupant of the period Premises or any of time actually required for their agents, employees, invitees, transferees or contractors caused the performance of repairs and restorationdamage. And in Unless Landlord, within sixty (60) days after the case of such damage or injury, the proceeds happening of any casualty insurance paid such casualty, shall notify Tenant of its election to so restore, this Lease shall thereupon terminate and end, provided, if in Landlord’s estimation the Premises cannot be restored within one hundred twenty (120) days following such casualty, Landlord shall notify Tenant and Tenant may terminate this Lease (regardless of Landlord’s intent to restore) by delivery of notice to Landlord within thirty (30) days of Landlord’s notice. Such restoration by Landlord shall not include replacement of furniture, equipment or recovered shall be used and/or made available by Lessor other items that do not become part of the Building or any improvements to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum Premises in excess of those provided for in the actual amount recovered from allowance for building standard items. Tenant agrees that the abatement of Rent as provided above shall be Tenant’s sole and exclusive recourse in the event of such insurance toward casualty damage, and Tenant waives any other rights Tenant may have under applicable Law to perform repairs or terminate the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days Lease by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Building or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises.
Appears in 1 contract
Samples: Office Lease (Visualant Inc)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Lessee shall give prompt written notice thereof to Lessor. In case the Building shall be so damaged by fire or other casualty and that substantial alteration or reconstruction of the Building shall, in Lessor's reasonable opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), Lessor may, at its option, terminate this Lease by notifying Lessee in writing of such termination within sixty (60) days after the date of such damage, in which event the Rent shall be abated as of the date of such damage can be reasonably repaired and restored damage. If Lessor does not elect to terminate this Lease, Lessor shall within a period of ninety (90) days, this lease contract shall remain in force, but days after the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case date of such damage or injurycommence to repair and restore the Building and shall proceed with reasonable diligence to restore the Building (except that Lessor shall not be responsible for delays outside its control) to substantially the same condition in which it was immediately prior to the happening of the casualty, the proceeds of any casualty insurance paid or recovered except that Lessor shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor not be required to expend rebuild, repair, or replace any sum part of Lessee's furniture, furnishings or fixtures and equipment removable by Lessee or any improvements installed by Lessee under the provisions of this Lease. Lessor shall not in any event be required to spend for such work an amount in excess of the actual amount recovered insurance proceeds actually received by Lessor as a result of the fire, or other casualty. Lessor shall not be liable for any inconvenience or annoyance to Lessee, injury to the business of Lessee, loss of use of any part of the Premises or the Lessee's personal property resulting in any way from such insurance toward damage or the repair thereof, except that, subject to the provisions of the next sentence, Lessor shall allow Lessee a fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any other portion of the Building be damaged by fire or other casualty resulting from the fault or negligence of Lessee or any of Lessee's agents, employees or invitees, the Rent shall not be diminished during the repair of such damage and Lessee shall be liable to Lessor for the cost and expense of the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing Building caused thereby to the other party, in which event the rental due hereunder shall be adjusted to the date extent such cost and expense of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, repair and equipment restoration of the Lessee or any third parties installed Building caused thereby is not covered by insurance proceeds. Except as otherwise provided in or situated on this Xxxxxxxxx 00, Xxxxxx hereby waives the leased premisesprovisions of Sections 1932(2), regardless 1933(4), 1941 and 1942 of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeCalifornia Civil Code.
Appears in 1 contract
Samples: Lease Agreement (Learningstar Inc)
Casualty Damage. In If through no act or neglect of Tenant or persons acting under Tenant the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other insured casualty, then, subject to the following provisions of this Section, Landlord shall proceed with diligence, subject to then applicable laws and at the expense of Landlord (but only to the extent of insurance proceeds received and made available to Landlord by any Mortgagee) to cause to be repaired such damage, excluding any items installed or paid for by Tenant which Tenant is permitted or required to remove upon expiration of the Term (which items shall be Tenant’s responsibility to repair). However, if any damage occurs through the act or neglect of Tenant or persons acting under Tenant or if any act or neglect of Tenant or such persons prevents Landlord or its Mortgagees from collecting all insurance proceeds, then the cost of repairing the casualty damage shall be paid by Tenant except to the extent any insurance proceeds are actually received by Landlord or Mortgagees (they being under no obligation to litigate their entitlement), and there shall be no abatement of rent. Subject to the foregoing, in the event of partial or total destruction of the Premises during the Term by fire or other casualty, the Landlord shall, as promptly as practicable after receipt of any insurance proceeds available as a result of such casualty, repair, reconstruct or replace the portions of the Premises destroyed as nearly as possible to their condition prior to such destruction, except that in no event shall the Landlord be obligated to expend more for such repair, reconstruction or replacement than the amounts of any such insurance proceeds actually received plus the amount of the deductible, if any, applicable to Landlord’s insurance coverage. The adjustment of any insurance loss shall be controlled by the Landlord provided that the Tenant shall reasonably cooperate with Landlord in all such activity. Commencing on the date of such casualty and during the period of such repair, reconstruction and replacement there shall be an equitable abatement of Basic Rent and Additional Rent hereunder from the date of such casualty in proportion to the loss of usable floor area in the Premises but only to the extent such abatement is covered by lost rentals insurance for the benefit of the Landlord. Without limiting the foregoing, the parties agree that such abatement shall be provided ratably to the extent portions of the Premises or parking areas shall be untenantable as a result of any damage or destruction, or any failure of Landlord to provide access to the Premises as a result of any such damage can or destruction, or if there is an interruption of essential services provided by Landlord as a result of any such damage or destruction, for more than five (5) consecutive business days, or such lesser period if covered when lost rentals insurance applies, then the Basic Rent and Additional rent and any other amounts owed by Tenant to Landlord as rent shall be proportionally abated and shall not be payable with respect to such affected portion from the date of such interruption until such services or access have been restored or such damage or destruction has been repaired to such affected portion (but Tenant shall continue to pay all rent on the remaining portion of the Premises). Tenant’s entry into the Premises to remove Tenant’s personal property during such interruption of essential services shall not be deemed as use of the Premises and such entry shall not effect any abatement of rent. If the Building or Premises are so extensively destroyed by fire or other casualty that an independent engineer or architect engaged by the Landlord certifies to Landlord (which certification shall be final and binding on the parties) that either cannot reasonably repaired be expected to be susceptible of repair, reconstruction or replacement for the amount of insurance proceeds available or that such restoration, repair or replacement cannot be completed within a period of six (6) months from the date work were to commence thereon, or if any damage results from causes or risks not required to be insured against hereunder or if any Mortgagee refuses to make such net proceeds available for such repair, reconstruction or replacement, then in any such case Landlord may terminate this Lease by giving written notice to the Tenant within thirty (30) days after the date of such certification. If either (x) such repair, restoration or replacement shall not be commenced within six (6) months after the date of such fire or other casualty or (y) Landlord having commenced shall, subject always to Section 31, thereafter fail diligently to prosecute the same to completion, Tenant shall have the right after the occurrence of any such event to terminate this Lease by giving Landlord (and restored any Mortgagee) at least sixty (60) days prior written notice of its intent to do so. This Lease shall terminate sixty (60) days after the date of such notice to Landlord and Mortgagee, unless Landlord as the case may be commences such repair, replacement or restoration or resumes diligent prosecution of the same within said sixty (60)-day day period. All of the foregoing time periods shall be extended for any Force Majeure delays. Furthermore, notwithstanding anything contained in this Lease to the contrary, if any such fire or other casualty occurs at such time that there is less than twelve (12) months remaining in the Term of this Lease (after giving effect to any extension option actually exercised by the Tenant and not subject to any condition to its effectiveness) then the Landlord shall have no obligation hereunder if the Premises cannot reasonably be expected to be susceptible of repair, reconstruction or replacement for the amount of insurance proceeds available or if such restoration, repair or replacement cannot be completed within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered days from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard work were to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseecommence thereon.
Appears in 1 contract
Samples: Lease (Rapid Micro Biosystems, Inc.)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Building providing access thereto shall be damaged by fire or other cause casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined in Article 24), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the period of time actually required for damage). Notwithstanding the performance of repairs and restoration. And foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Building or the Complex shall be materially damaged by reason of Tenant or its employees or agents, or if the Building shall be damaged by fire or other casualty this lease contract may be terminated by either party hereto upon ten or cause such that: (10a) days notice in writing repairs to the Premises and access thereto cannot reasonably be completed within one hundred and twenty days (120) after the casualty without the payment of overtime or other partypremiums, (b) more than twenty-five percent (25%) of the Premises is affected by the damage, and fewer than twenty-four (24) months remain in which event the rental due hereunder Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (c) any Holder (as defined in Article 24) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be adjusted to Tenant's sole recourse in the date of the occurrence event of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinerydamage, and equipment waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises, the Building or other improvements located on the leased premises shall be used to return Complex. Tenant acknowledges that this Article represents the structures and other improvements located on entire agreement between the leased premises, parties respecting damage to the condition substantially equal to Premises, the Building or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeComplex.
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other cause casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined in Article 25), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures, or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the period of time actually required for damage). Notwithstanding the performance of repairs and restoration. And foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises) if the Property shall be materially damaged by reason of Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty this lease contract may be terminated by either party hereto upon ten or cause such that: (10a) days notice in writing repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other partypremiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in which event the rental due hereunder Term, or any material damage occurs to the Premises during the last 12 months of the term, (c) any Holder (as defined in Article 25) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration, or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be adjusted to Tenant's sole recourse in the date of the occurrence event of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinerydamage, and equipment waives any other rights Tenant may have under applicable Law to terminate the Lease by reason of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on Property. Tenant acknowledges that this Article represents the leased premises shall be used to return entire agreement between the structures and other improvements located on the leased premises, parties respecting damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Casualty Damage. In Unless this Lease is terminated as provided below, in the event of partial or total destruction of the structure or other improvements on Premises during the leased premises or any portion thereof shall be damaged Term by fire or other cause casualty, the Landlord shall, as promptly as practicable after receipt of any insurance proceeds available as a result of such casualty, repair, reconstruct or replace the portions of the Premises destroyed as nearly as possible to their condition prior to such destruction, except that in no event shall the Landlord be obligated to expend more for such repair, reconstruction or replacement than the amounts of any such insurance proceeds actually received. Commencing on the date of such casualty and during the period of such repair, reconstruction and replacement there shall be an equitable abatement of Basic Rent hereunder in proportion to the loss of usable floor area in the Premises, provided, however, in the event the damage is to the manufacturing area of the Premises, then the Rent shall, in lieu of being based on the proportion of lost floor area, be equitably abated due to the loss of use of the facility. If it is not feasible for Tenant, in its reasonable business judgment, to operate its business in the Premises during any period of repair or restoration, Tenant may discontinue the conduct of its business in the Premises during such period and all Rent payable by Tenant shall cease, from the date that Tenant closes its premises until the Premises shall have been restored as nearly as practicable to its pre-damage can condition. If all or substantially all of the Premises shall be destroyed by fire or other casualty such that Tenant, in its reasonable judgment, deem the Premises unfit for the feasible operation of Tenant’s business or if the Building is so extensively destroyed by fire or other casualty that an independent engineer or architect (the “Estimator”) certifies that the Premises cannot reasonably repaired and restored be expected to be susceptible of repair, reconstruction or replacement within a period of ninety two hundred ten (90210) daysdays from the date of the casualty, or if any damage results from causes or risks not required to be insured against by the Landlord hereunder or if any Mortgagee refuses to make such net proceeds available for such repair, reconstruction or replacement, the Landlord or Tenant may terminate this lease contract shall remain in force, but the rental reserved hereby shall xxxxx Lease by giving written notice to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of party within ninety (90) days by reason after the date of fire or other casualty this lease contract may be terminated by either party hereto upon such destruction. Provided further, that if, despite diligent efforts, the Landlord has been unable to restore the Premises to their condition prior to such destruction within two hundred ten (10210) days after the date of the casualty, the Landlord or Tenant may terminate this Lease by written notice in writing to the other party. In the event of any such notice of termination, in which event the rental due hereunder this Lease shall terminate as of, and Basic Rent and Additional Rent shall be adjusted to appropriately apportioned through and abated from and after, the date of the occurrence such notice of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseetermination.
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other casualty, and if such casualty does not cause a termination of this Lease as hereinafter provided, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined in Article 25), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant’s furniture, furnishings, fixtures or equipment, or any alterations or improvements made by Tenant or any improvements made to the Premises that are above the base building condition. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in the event any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof including a reasonable period not to exceed one hundred twenty (120) days to permit Tenant to restore Tenant’s improvements and alterations which are not Landlord’s responsibility hereunder. Notwithstanding the period of time actually required for foregoing to the performance of repairs and restoration. And contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises) if the Property shall be damaged by fire or other casualty or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within one hundred twenty (120) days after the casualty without the payment of overtime or other premiums, (b) more than twenty-five percent (25%) of the Premises is affected by the damage, and fewer than 24 months remain in the Term, or any material damage occurs to the Premises during the last 12 months of the Term, (c) any Holder (as defined in Article 25) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord’s insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed forty percent (40%) of the replacement value of the Building. Tenant agrees that Landlord’s obligation to restore, and the abatement of Rent provided herein shall be Tenant’s sole recourse in the event of such damage and Tenant waives any other rights Tenant may have under any applicable law to terminate the Lease by reason of damage to the Premises or Property. Tenant acknowledges that this Article represents the entire agreement between the parties respecting damage to the Premises or Property. Notwithstanding anything to the contrary contained in this Article 10, Tenant may terminate this Lease if Tenant is unable to use all or a substantial portion of the Premises as a result of fire or other casualty this lease contract and (a) Landlord fails to commence restoration work to the Premises within sixty (60) days after the damage occurs, or (b) Landlord fails to substantially complete such work within one hundred fifty (150) days after commencing the same, or such additional time as may be terminated by either party hereto upon necessary due to strikes, lock-outs or other labor troubles, shortages of equipment or materials, governmental requirements, power shortages or outages or other causes beyond Landlord’s reasonable control (collectively, “force majeure”), which time period for events of force majeure shall in no event exceed, in the aggregate, more than two hundred and ten (10210) days, or (c) such work is reasonably estimated (which estimate Landlord shall provide within sixty (60) days following the casualty), to take more than one hundred eighty (180) days to substantially complete after being commenced, or (d) more than forty percent (40%) of the Premises is affected by the damage, and fewer than twelve (12) months remain in the Term. In order to exercise any of the foregoing termination rights, Tenant must send Landlord at least sixty (60) days (but not more than one hundred twenty (120) days) advance notice in writing specifying the basis for termination, and such notice must be given no later than thirty (30) days following the Landlord’s notice of the estimated time to substantially complete the restoration work. Such termination rights shall not be available to Tenant if Landlord substantially completes the repairs to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises within sixty (60) days after Tenant’s notice.
Appears in 1 contract
Casualty Damage. In the event the structure or other improvements on the leased premises or With reasonable promptness after discovering any portion thereof shall be damaged by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable Premises (other than trade fixtures), or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage to any Common Area or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess portion of the actual amount recovered from such insurance toward the repair and restoration Base Building necessary for access to or tenantability of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of Premises, resulting from any fire or other casualty this lease contract may (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be terminated by either party hereto upon ten (10) substantially completed within 365 days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to after the date of the occurrence Casualty, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such fire estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or casualtynot the Premises are affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies, plus applicable deductibles (other than earthquake deductibles); (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; or (iv) the damage occurs during the last 12 months of the Term. Tenant shall have the right to terminate this Lease if: (a) there is less than one (1) year of the Term remaining on the date of the Casualty; (b) the Casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; (c) Landlord’s estimate indicates that the Landlord Repairs cannot be substantially completed within 60 days after the date of the Casualty; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of Tenant’s receipt of the estimate of the time required to substantially complete the Landlord Repairs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Lessor Landlord Repairs shall have no responsibility whatsoever with regard to damage restore the Premises (other than trade fixtures) and any Common Area or portion of the Base Building necessary for access to or destruction tenantability of furniturethe Premises to substantially the same condition that existed when the Casualty occurred, fixtures, machineryexcept for (a) any modifications required by Law or any Security Holder, and equipment (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Lessee Project, and do not materially impair access to or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any third parties installed in Common Area or situated on the leased premises, regardless portion of the cause Base Building necessary for access to or reason for such damage or destruction. Any insurance payment or recovery made or had tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of an insurable loss such damage, any portion of the Premises is inaccessible or damage untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time rentable square footage of such portion of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises.
Appears in 1 contract
Samples: Office Lease (Poshmark, Inc.)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other cause casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined in Article 25), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof. Notwithstanding the period of time actually required for foregoing to the performance of repairs and restoration. And contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by reason of Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other premiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in the Term, or any material damage occurs to the Premises during the last, 12 months of the Term, (c) any Holder (as defined in Article 25) shall require that the insurance proceeds or any portions thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this lease contract Lease necessary or convenient. Tenant may elect to terminate this Lease by notifying Landlord in writing of such termination if the Property shall be terminated damaged by either party hereto upon fire or other casualty or cause such that repairs to the Premises and access thereto can not reasonably be completed within 120 days after the casualty or if in fact repairs to the Premises and access thereto are not in fact completed within 120 days after the casualty, provided Tenant makes such election within ten (10) days of notice in writing to from the other party, in Landlord of the estimated date of completion of such repairs (which event the rental due hereunder notice Landlord shall be adjusted to give not later than sixty (60) days after the date of such casualty) or within ten (10) days after the occurrence end of such fire 120-day period if the Premises or casualtysuch access have not then been restored, but Tenant's election to terminate shall not be effective in the event Landlord completes such repairs so that the Premises are usable for Tenant's purposes and reasonable access thereto is provided within thirty (30) days of Tenant's election to terminate. The Lessor shall have no responsibility whatsoever with regard Tenant agrees that Landlord's obligation to damage to or destruction of furniture, fixtures, machineryrestore, and equipment the abatement of Rent provided herein, shall be Tenant's sole recourse in the Lessee or event of such damage, and waives any third parties installed in or situated on other rights Tenant may have under any applicable Law to terminate the leased premises, regardless Lease by reason of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on Property. Tenant acknowledges that this Article represents the leased premises shall be used to return entire agreement between the structures and other improvements located on the leased premises, parties respecting damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Samples: Agreement (Corechange Inc)
Casualty Damage. In If: (a) the event Unit (whether or not including the structure Premises) or other improvements the Condominium (in accordance with the Declaration of Condominium and the Condominium Act) is so damaged that substantial alteration or reconstruction of the Unit or the Condominium is required (whether or not the Premises shall have been damaged by the casualty); or (b) the Premises shall be partially damaged by casualty during the last two years of the Lease Term, and the estimated cost of repair exceeds 25% of the Base Rent then remaining to be paid by Tenant for the balance of the Lease Term; Landlord may, within 90 days after the casualty, give written notice to Tenant of Landlord’s election to terminate this Lease, and the balance of the Lease Term shall automatically expire on the leased premises fifth day after the notice is delivered. If Landlord does not elect to terminate this Lease, Landlord shall proceed with reasonable diligence to restore the Unit and the Premises to substantially the same condition they were in immediately before the happening of the casualty. However, Landlord shall not be required to restore the Building, the Condominium, the lease premises, or any portion thereof of Tenant’s property. Rent shall be damaged by fire or other cause or casualty and axxxx in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx proportion to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess portion of the actual amount recovered from such insurance toward Premises or the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable Unit not useable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had Tenant as a result of an insurable loss of or any casualty resulting in damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time Building as of the inception date on which the Premises becomes unusable. Landlord shall not otherwise be liable to Tenant for any delay in restoring the Premises or the Unit so long as Landlord continuously uses best efforts and diligence in the restoration process or any inconvenience or annoyance to Tenant or injury to Tenant’s business resulting in any way from the damage or the repairs, Tenant’s sole remedy being the right to an abatement of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeRent.
Appears in 1 contract
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the structure or other improvements on the leased premises Premises or any portion thereof shall be substantial part of the Building is wholly or partially damaged or destroyed by fire or other cause or casualty and in which is covered by Landlord’s insurance, Landlord will proceed to restore the event same to substantially the same condition existing immediately prior to such damage can be reasonably repaired and restored or destruction unless such damage or destruction is incapable of repair or restoration within a period of ninety one hundred eighty (90180) days, this lease contract shall remain in forcewhich event Landlord may, but the rental reserved hereby shall xxxxx at Landlord’s option and by written notice given to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case Tenant within sixty (60) days of such damage or injurydestruction, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess declare this Lease terminated as of the actual amount recovered from such insurance toward the repair and restoration happening of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any If in Landlord’s sole opinion the net insurance payment proceeds recovered by reason of the damage or recovery made destruction will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or had other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of an insurable loss any such damage, destruction or the repair thereof, provided that Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent hereunder as the amount of damaged or damage useless space in the Premises bears to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time rentable square footage of the inception Premises until such time as the Premises may be restored. Landlord shall reasonably determine the amount of this lease. Any insurance payment damaged or recovery made or had by reason or damage to or destruction useless space and the square footage of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises referenced in the prior sentence.
Appears in 1 contract
Samples: Lease (Wilshire Bancorp Inc)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that in Landlord's reasonable judgment, substantial alteration or casualty and reconstruction of the Building shall be required (whether or not the Premises has been damaged by such casualty) or in the event Landlord will not be permitted by applicable law to rebuild the Building in substantially the same form as existed prior to the fire or casualty or in the event the Premises has been materially damaged and there is less than two (2) years of the Lease Term remaining on the date of such damage can casualty or in the event any Mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination as soon as reasonably repaired possible (taking into consideration all delays such as adjustment of insurance claims and restored obtaining approval from Landlord mortgagee(s)), but in all circumstances within a period of ninety (90) days, this lease contract shall remain in force, but days after the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case date of such damage or injury, the proceeds of any casualty insurance paid or recovered casualty. Such termination shall be used and/or made available by Lessor effective as of the date of fire or casualty, with respect to pay any portion of the costs Premises that was rendered untenantable, and the effective date of labor termination specified in Landlord's notice, with respect to any portion of the Premises that remained tenantable. If Landlord does not elect to terminate this Lease, Landlord shall commence and materials for proceed with reasonable diligence to restore the accomplishment of such repairs and restoration. Nevertheless, in no event Building (provided that Landlord shall Lessor not be required to expend restore any sum unleased premises in excess the Building) and the Leasehold Improvements (but excluding any improvements, alterations or additions made by Tenant in violation of this Lease) located within the Premises, if any, which Landlord has insured to substantially the same condition they were in immediately prior to the happening of the actual amount recovered from casualty. Notwithstanding the foregoing, Landlord's obligation to restore the Building, and the Leasehold Improvements, if any, shall not require Landlord to expend for such repair and restoration work more than the insurance toward proceeds actually received by the Landlord as a result of the casualty, provided that if Landlord does not have sufficient proceeds to substantially complete the restoration of the Leasehold Improvements in the Premises and Landlord elects not to fund any shortfall, Landlord shall so notify Tenant and Tenant, within ten (10) days thereafter, shall have the right to terminate this Lease by the giving of written notice to Landlord. If Tenant terminates this Lease in accordance with the preceding sentence, the parties hereunder shall have no further obligations under this Lease effective on the date of such termination. When repairs to the Premises have been completed by Landlord, Tenant shall complete the restoration or replacement of all Tenant's Property necessary to permit Tenant's reoccupancy of the Premises, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the premisesPremises. Should Notwithstanding anything in this Article XIX to the structures contrary, if all or other improvements located on any portion of the leased premises Premises shall be completely or substantially destroyed or rendered made untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may casualty, Landlord shall with reasonable promptness, cause an architect or general contractor selected by Landlord to estimate the amount of time required to substantially complete repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (the "Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be terminated by made tenantable within nine (9) months from the date the repair and restoration is started, either party hereto upon shall have the right to terminate this Lease by giving written notice to the other of such election within ten (10) days notice in writing after its receipt of the Completion Estimate. If the Completion Estimate indicates that the Premises can be made tenantable within nine (9) months from the date the repair and restoration is started and Landlord has not otherwise exercised its right to terminate the Lease pursuant to the other partyterms hereof, or if the Completion Estimate indicates that the Premises cannot be made tenantable within nine (9) months but neither party terminates this Lease pursuant to this Article XIX, Landlord shall proceed with reasonable promptness to repair and restore the Premises. Notwithstanding the foregoing, if Landlord does not substantially complete the repair and restoration the Premises within two (2) months after the expiration of the estimated period of time set forth in the Completion Estimate, which event the rental due hereunder period shall be adjusted extended to the date extent of any Reconstruction Delays, then Tenant may terminate this Lease by written notice to Landlord within fifteen (15) days after the occurrence expiration of such fire or casualtyperiod, as the same may be extended. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception For purposes of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishingsLease, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lessee.term "
Appears in 1 contract
Samples: Office Lease Agreement (First Capital Insured Real Estate Limited Partnership)
Casualty Damage. In Subject to Article 6 and the event remainder of this Article 8, Landlord shall use available insurance proceeds to restore the structure Premises or any Common Areas of the Property providing access thereto which are damaged by fire or other improvements casualty during the Term. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or by any Holder, any other modifications to the Common Areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant’s furniture, furnishings, fixtures or equipment, or any Alterations, or tenant improvements. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from such damage or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Base Rent and Additional Rent during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof, commencing on the leased premises date of such destruction or any portion thereof damage and ending with: (i) the completion by Landlord of such work or repair and/or restoration as Landlord is obligated to do; and (ii) the expiration of a period of one hundred twenty (120) days thereafter to enable Tenant to perform alterations and improvements and refixture the Premises and reopen for business, but said one hundred twenty (120) day period shall be deemed to have ended if Tenant shall reopen for business prior to the expiration thereof. Notwithstanding the foregoing, Landlord may terminate this Lease by giving Tenant written notice of termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be damaged by fire or other cause casualty such that: (a) an independent architect or general contractor selected by Landlord estimates that Landlord’s repairs to the Premises and access thereto cannot reasonably be completed within two hundred seventy (270) days after the casualty without the payment of overtime or other premiums, (b) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than twelve (12) months remain in the event such damage can Term (unless Tenant exercises an available renewal option), or (c) any Holder shall require that the insurance proceeds or any portion thereof be reasonably repaired and restored within a period used to retire the Mortgage debt, or, (d) Landlord is maintaining the insurance required to be carried by Landlord pursuant to Section 9(D) of ninety (90) days, this lease contract shall remain in forceLease, but the rental reserved hereby damage is not fully covered by Landlord’s insurance policies (excluding the deductible). If Landlord does not elect to terminate the Lease as provided above, Landlord shall xxxxx to send Tenant a written estimate, from an independent architect or general contractor selected by Landlord, of the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period amount of time actually reasonably required for to repair and restore the performance of repairs Premises and restoration. And in access thereto, as the case may be (“Completion Estimate”“). Tenant may terminate this Lease by giving Landlord written notice of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess termination within sixty (60) days after Tenant’s receipt of the actual amount recovered from Completion Estimate (such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for termination notice to include a period of time in excess of termination date providing not more than ninety (90) days for Tenant to vacate the Premises), if the Property shall be damaged by reason of fire or other casualty such that: (a) the Completion Estimate estimates that Landlord’s repairs to the Premises and access thereto cannot reasonably be completed within two hundred seventy (270) days after the casualty without the payment of overtime or other premiums, or (b) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than twelve (12) months remain in the Term. Furthermore, if neither Landlord nor Tenant terminates this lease contract Lease as provided above and Landlord undertakes but fails to substantially complete Landlord’s restoration of the Premises and access thereto within two hundred seventy (270) days after the casualty (“270 Day Period,” provided, however that such 270 Day Period may be terminated by either party hereto upon ten extended up to three hundred sixty-five (10365) days notice in writing after the casualty if Landlord is actively, diligently and continuously restoring the Premises and access thereto, as the case may be (such 365 day period not being subject to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had extension as a result of an insurable loss Force Majeure Delays) (the “Outside Completion Date”“), Tenant may terminate this Lease by giving Landlord written notice of or termination at any time after the Outside Completion Date but prior to such substantial completion (such termination notice to include a termination date providing not more than thirty (30) days for Tenant to vacate the Premises). Tenant agrees that Landlord’s obligation to restore, the abatement of Rent and the termination options provided herein, shall be Tenant’s sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of damage to the structures Premises or other improvements located on Property. Tenant acknowledges that this Article represents the leased premises shall be used to return entire agreement between the structures and other improvements located on the leased premises, parties respecting casualty damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Samples: Office Lease (SP Plus Corp)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof Common Areas providing access thereto shall be damaged by fire or other cause casualty, unless the lease of the Premises is terminated as described below, Landlord shall restore the Premises to the extent of available insurance proceeds. Such restoration, to the extent such proceeds permit, shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder which result in immaterial reconfiguration or de minimis reduction in area, any other modifications to the Common Areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof. Notwithstanding the period of time actually required for foregoing to the performance of repairs and restoration. And contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), or if the Property shall be damaged by reason of fire or other casualty or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within one hundred and twenty days (120) after the casualty without the payment of overtime or other premiums, (b) more than twenty-five percent (25%) of the Premises is affected by the damage, and fewer than twenty-four (24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (c) any Holder shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building. Tenant may elect to terminate this lease contract may be terminated Lease by either party hereto upon ten notifying Landlord in writing of such termination within sixty (1060) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to after the date of damage if the occurrence Property shall be damaged by fire or other casualty or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within three hundred sixty (360) days after the casualty, or (b) more than twenty-five percent (25%) of the Premises is affected by the damage, and fewer than twenty-four (24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be Tenant's sole recourse in the event of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinerydamage, and equipment waives any other rights Tenant may have under any applicable Laws to terminate the Lease by reason of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on Property. Tenant acknowledges that this Article 11 represents the leased premises shall be used to return entire agreement between the structures and other improvements located on the leased premises, parties respecting damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Casualty Damage. In Landlord, by notice to Tenant within 60 days of the event date of the structure or other improvements on the leased premises or any portion thereof shall be damaged by fire or other cause casualty (a "Casualty"), shall have the right to terminate this Lease if all or casualty and in any part of the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx Premises is damaged to the proportionate extent that it cannot reasonably be repaired within 120 days after the leased premises date of the Casualty. If this Lease is not terminated, Landlord shall have been rendered unusable or untenantable by Lessee for promptly and diligently restore the purposes intended and for the period of time actually required for the performance of repairs and restorationPremises. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered Such restoration shall be used and/or made available to substantially the same condition that existed prior to the Casualty, except for modifications required by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restorationLaw. NeverthelessHowever, in no event shall Lessor Landlord be required to expend spend more than the insurance proceeds received by Landlord. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any sum in party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the actual amount recovered repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant's business, resulting in any way from such insurance toward the Casualty or the repair and restoration of the premisesthereof. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a Provided that Tenant is not in Default, during any period of time in excess of ninety (90) days by reason of fire that all or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date a material portion of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had Premises is rendered untenantable as a result of an insurable loss of or damage to a Casualty, the structures or other improvements located on Rent shall abate for the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time portion of the inception Pxxxxxes that is untenantable and not used by Tenant. The provisions of this lease. Any insurance payment or recovery made or had by reason or Lease, including this Section 15, constitute an express agreement between Landlord and Tenant with respect to any and all damage to to, or destruction of, all or any part of furnishingsthe Premises, trade fixturesthe Building, machinerythe Property or the Project, and equipment owned by Lessee any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall be payable have no application to and shall be and belong this Lease or any damage or destruction to all or any part of the LesseePremises, the Building or the Property.
Appears in 1 contract
Samples: Office Lease Agreement (Ipex, Inc)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises, or, to the extent it knows of damage, to the Building. In the event the structure or other improvements on the leased premises Premises or any portion thereof shall be substantial part of the Building is wholly or partially damaged or destroyed by fire or other cause or casualty and in which is covered by the event such damage can be reasonably repaired and restored within a period of ninety (90) daysinsurance that Landlord is required to carry hereunder, this lease contract shall remain in force, but Landlord will proceed to restore the rental reserved hereby shall xxxxx same to substantially the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of same condition existing immediately prior to such damage or injury, destruction unless Landlord notifies Tenant (the “Casualty Notice”) that (i) such damage or destruction is incapable of repair or restoration within three hundred sixty-five (365) days from commencement thereof as reasonably determined by Landlord’s architect; or (ii) the insurance proceeds recovered by reason of the damage or destruction (together with the amount of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Neverthelessdeductible) are, in no event shall Lessor be required Landlord’s commercially reasonable judgment, inadequate to expend any sum in excess of complete the actual amount recovered from such insurance toward the repair and restoration of the premises. Should Building; or (iii) Landlord elects not to repair or restore the structures Building; in any of which events Landlord or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable Tenant may, by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days written notice in writing given to the other party, in which event the rental due hereunder shall be adjusted to the date party within twenty (20) days of Tenant’s receipt of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furnitureCasualty Notice, fixtures, machinery, and equipment declare this Lease terminated as of the Lessee or any third parties installed in or situated on the leased premises, regardless happening of the cause or reason for such damage or destruction. Any insurance payment Casualty Notice must be delivered within forty-five (45) days after the date of such damage. To the extent after fire or recovery made other casualty that Tenant shall be deprived of the use and occupancy of the Premises or had any portion thereof as a result of an insurable loss any such damage, destruction or the repair thereof, providing Tenant did not intentionally cause the fire or other casualty, then Tenant shall be relieved of the same ratable portion of the Monthly Base Rent and all additional rent due under this Lease as the amount of damaged or damage useless space in the Premises bears to the structures rentable square footage of the Premises until such time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or other improvements located useless space and the square footage of the Premises referenced in the prior sentence and whether or not its insurance covers the payment of Rent. Tenant may elect to terminate this Lease: (a) if the Casualty Notice states that it will take greater than three hundred sixty-five (365) days to complete the restoration or repair from the time that such restoration or repair commences, provided that Tenant gives such notice within thirty (30) days after delivery of the Casualty Notice; or (b) if the restoration or repair is not completed within three hundred sixty-five (365) days (or such longer period as is specified in the Casualty Notice, plus an additional contingency period equal to twenty percent (20%) of such scheduled period) of the casualty, plus an additional period of up to sixty (60) days on the leased premises account of Force Majeure; provided however, that if such restoration or repair is completed within thirty (30) days following receipt of Tenant’s notice of termination, then such notice of termination shall be used to return the structures deemed null and other improvements located on the leased premises, to the condition substantially equal to void and of no further force or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseeeffect.
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged by lire or other casualty and that substantial alteration or reconstruction of the Building shall, in Landlord's sole opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty) or in the event such damage can be reasonably repaired and restored within any mortgagee under a period mortgage or deed of ninety (90) days, this lease contract shall remain in force, but trust covering the rental reserved hereby shall xxxxx to the proportionate extent Building should require that the leased premises insurance proceeds payable as a result of said fire or other casualty he used to return the mortgage debt, Landlord may, at its option, terminate this Lease and the term and estate hereby granted by notifying Tenant in writing of such termination within sixty (60) days after the date of such damage, in which event the Base Rent hereunder shall have been rendered unusable or untenantable by Lessee for be abated as of the purposes intended and for date of such damage. If Landlord does not thus elect to terminate this Lease, Landlord shall within seventy-five (75) days after the period of time actually required for the performance of repairs and restoration. And in the case date of such damage or injury, commence to repair and restore the proceeds Building and shall proceed with reasonable diligence to restore the Building (except that Landlord shall not be responsible for delays outside its control) to substantially the same condition in which it was immediately prior to the happening of any casualty insurance paid or recovered the casualty; except that Landlord shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor not be required to expend rebuild, repair, or replace any sum in excess part of Tenant’s furniture or furnishings or of fixtures and equipment removable by Tenant under the provisions of this Lease, but such work shall not exceed the scope of the actual amount recovered work done by Landlord in originally constructing the Building and installing standard office finish and the Tenant improvements in the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such insurance toward damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of rent proportionate to the amount of space that is unusable during the time and to the extent the Premises are unfit for occupancy. If the Premises or any other portion of the Building be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant’s agents, employees, or invitees the rent hereunder shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing Building cause thereby to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of extent such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, cost and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destructionexpense is not covered by insurance proceeds. Any insurance payment which may be carried by landlord or recovery made or had as a result of an insurable Tenant against loss of or damage to the structures Building or other improvements located on to the leased premises Premises shall be used to return for the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time sole benefit of the inception of this lease. Any party carrying such insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseeunder its sole control.
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered Premises shall be used and/or made available so damaged by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty that substantial alteration or reconstruction of the Building or the Premises (i.e., requiring a restoration period of more than 180 days) shall, in Landlord’s reasonable opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), Landlord or Tenant may, at their option, terminate this lease contract may be terminated Lease by either party hereto upon ten notifying the other in writing of such termination within forty-five (1045) days notice in writing to after the other partydate of such damage, in which event the rental due hereunder Rent shall be adjusted to abated as of the date of such damage. If neither Landlord nor Tenant elects to terminate this Lease as aforesaid, and provided insurance proceeds are available to fully repair the occurrence damage, Landlord shall within 180 days after the date of such fire damage repair and restore the Premises and the Building (except that Landlord shall not be responsible for delays outside its control) to substantially the same condition in which it was immediately prior to the happening of the casualty, failing which, Tenant may terminate this Lease; provided, Landlord shall not be required to rebuild, repair, or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction replace any part of Tenant’s furniture, fixturesfurnishings, machineryfixtures and/or equipment removable by Tenant or any improvements, and equipment alterations or additions installed by or for the benefit of Tenant under the provisions of this Lease. Landlord shall not in any event be required to spend for such work an amount in excess of the Lessee or insurance proceeds (excluding any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had deductible) actually received by Landlord as a result of an insurable the fire or other casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant, injury to the business of Tenant, loss of use of any part of the Premises by the Tenant or loss of Tenant’s personal property resulting in any way from such damage or the repair thereof, except that, subject to the structures or other improvements located on provisions of the leased premises next sentence, Landlord shall be used to return allow Tenant a fair diminution of Rent during the structures time and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at extent the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises are unfit for occupancy.
Appears in 1 contract
Casualty Damage. In If, during the event term of this Lease, the structure building or other improvements on the leased premises or Leased Premises be destroyed by any portion thereof shall be damaged by fire or other cause or casualty means whatsoever, or partially destroyed or damaged so as to render the Leased Premises unfit for occupancy, then this Lease shall cease to surrender said premises and in all interests therein to said LANDLORD, and TENANT shall pay rent within this term only to the event such damage can be reasonably repaired and restored date of surrender, unless, within a period of ninety thirty (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (9030) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of from the occurrence of any such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniturethe Leased Premises, fixturesLANDLORD and TENANT shall mutually agree that LANDLORD will restore the Leased Premises to substantially the condition as existed prior to the occurrence of such casualty and shall also mutually agree to keep this Lease in full force and effect; and in the event that LANDLORD and TENANT mutually agree within such thirty (30) day period, machineryrestoration of the Leased Premises by LANDLORD (but not thereafter) rent payable by TENANT shall abatx. Xx the premises shall not be destroyed and are rendered only partially unfit for occupancy, and equipment of if the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used repairable within sixty (60) days from the happening of said damage, then for the period of repairs (but not thereafter) the rental shall be abated in part in the same proportion that the premises are rendered unfit for occupancy, but if LANDLORD makes a reasonable effort to return effect the structures and other improvements located on repair of the leased premises, to this Lease and the condition substantially equal to or better than that existing at the time obligations of the inception parties hereunder shall not be otherwise affected, and the rent shall recommence immediately after the completion of said repairs. If LANDLORD fails to make a reasonable effort to complete the repair of the Leased Premises within said sixty (60) day period, TENANT shall have the option of terminating this Lease Contract by giving written notice of his intent to terminate the Lease Contract to LANDLORD within five (5) days following the end of said sixty (60) day period. If said premises be so slightly injured as not to be unfit for occupancy and if said LANDLORD shall make reasonable efforts to effect the repair of the premises, then and in that event, the rent accrued or accruing shall not be abated in whole or in part and this Lease and the obligations of the parties hereunder shall not be otherwise affected. If LANDLORD fails to make reasonable efforts to effect the repair of the premises within a reasonable time, TENANT shall have the option of terminating this Lease Contract by giving LANDLORD thirty (30) days written notice of this leaseintent to terminate the Lease Contract. Any insurance payment or recovery made or had by reason or damage If LANDLORD fails to or destruction effect the repair of furnishingsthe premises during said thirty (30) day period, trade fixtures, machinery, and equipment owned by Lessee then this Lease Contract shall be payable to deemed terminated. If LANDLORD effects the repair of the premises within said thirty (30) day period, then this Lease and the obligations of the parties hereunder shall not be otherwise affected and belong to the Lesseerent accrued or accruing shall not be abated in whole or in part.
Appears in 1 contract
Casualty Damage. In If: (a) the event Building shall be so damaged that substantial alteration or reconstruction of the structure Building shall, in Landlord’s opinion, be required (whether or other improvements not the Premises shall have been damaged by the casualty); or (b) the Premises shall be partially damaged by casualty during the last two years of the Lease Term, and the estimated cost of repair exceeds $200,000; Landlord may, within 45 days after the casualty, give notice to Tenant of Landlord’s election to terminate this Lease, and the balance of the Lease Term shall automatically expire on the leased fifth day after the notice is delivered, with Rent being payable only through the date of the damage. If Landlord does not elect to terminate this Lease, Landlord shall proceed with reasonable diligence to restore the Building and the Premises to substantially the same condition they were in immediately before the happening of the casualty. However, Landlord shall not be required to restore any unleased premises in the Building or any portion thereof of Tenant’s property. Rent shall xxxxx in proportion to the portion of the Premises not useable by Tenant as a result of any casualty covered by insurance carried or required to be damaged carried by fire Landlord under this Lease, as of the date on which the Premises becomes unusable; provided, however, that if the Premises are partially destroyed, and the remaining portion is not useable for Tenant’s business purposes, the rental abatement described herein shall apply to the entire Premises. Landlord shall not otherwise be liable to Tenant for any delay in restoring the Premises or other cause any inconvenience or casualty and annoyance to Tenant or injury to Tenant’s business resulting in any way from the damage or the repairs, Tenant’s sole remedy being the right to an abatement of Rent. Notwithstanding anything to the contrary in the Lease, in the event such of damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx or destruction to the proportionate extent Premises, or that prevents use of or access to the leased premises shall have been rendered unusable or untenantable by Lessee for Premises, Tenant may terminate this Lease, effective as of the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case date of such damage or injurydestruction, the proceeds if repairs have not been substantially completed within 235 days of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lessee.
Appears in 1 contract
Samples: Lease (Lion Biotechnologies, Inc.)
Casualty Damage. In Seller shall give notice (a “Casualty Notice”) to Buyer reasonably promptly after the event occurrence of any damage to the structure or other improvements on the leased premises or Property by any portion thereof casualty, which Casualty Notice shall be damaged by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period include Seller’s reasonable estimate of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the or repair and restoration and the time to complete such repair and restoration, whether or not the loss is insured, and, if such loss is uninsured, whether Seller is willing to provide Buyer with a credit against the Purchase Price in the amount of such uninsured loss. If, before the premises. Should Closing Date, the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable Property are damaged by any casualty and such casualty constitutes a Material Loss (hereinafter defined), Buyer shall have the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days right, by reason of fire or other casualty this lease contract may be terminated by either party hereto upon giving notice to Seller within ten (10) days notice in writing after Buyer’s receipt of a copy of the Casualty Notice or, if applicable, the Buyer Casualty Termination Notice (hereinafter defined) (the “Buyer Casualty Exercise Period”), to the other partyterminate this Agreement, in which event this Agreement shall terminate. If necessary, the rental due hereunder Closing Date shall be adjusted postponed until the date that is five (5) business days following the later of (i) the expiration of the time period provided to Tenant for delivery of its Tenant Casualty Termination Notice to Seller pursuant to Article 11 of the Lease, or (ii) the expiration of the Buyer Casualty Exercise Period. If, before the Closing Date, the Property is damaged by a casualty that does not result in a termination of this Agreement pursuant to the date preceding sentences, then the insurance proceeds (or, if not theretofore received, the right to receive such proceeds), if any, payable on account of the occurrence damage, exclusive of any proceeds of any business interruption or rent continuation insurance in respect of Seller’s period of ownership, shall be transferred to Buyer, and the amount of any applicable insurance deductible (not to exceed the repair cost as reasonably determined by Seller) shall be a credit to Buyer against the Purchase Price. In the event of any uninsured loss on account of a casualty hereunder, Seller may elect to provide Buyer with a credit against the Purchase Price in the amount of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard loss; provided, however, that if Seller does not so elect to damage provide said credit, then Buyer may terminate this Agreement by delivery of written notice to or destruction Seller within ten (10) days after Buyer’s receipt of furniture, fixtures, machinery, and equipment a copy of the Lessee or any third parties installed Casualty Notice, in or situated on the leased premises, regardless which event Buyer shall receive a refund of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeDeposit.
Appears in 1 contract
Samples: Purchase Agreement (Invesco Real Estate Income Trust Inc.)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the balance of the Building. In the event the structure Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other improvements on casualty which is fully covered by Landlord’s insurance and for which such insurance proceeds are made available to Landlord by its Lender, Landlord will proceed to restore the leased premises same to substantially the same condition existing immediately prior to such damage or destruction unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days from the date of the fire or other casualty, as determined by Landlord, in which event Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days of such damage or destruction, declare this Lease terminated as respects the applicable Building(s) as of the happening of such damage or destruction. If in Landlord’s reasonable opinion the net insurance proceeds recovered by Landlord and made available by Landlord’s Lender by reason of the damage or destruction will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent that after the fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, the Monthly Rent hereunder shall be proportionately reduced based upon the extent to which the damage and repair prevents Tenant from conducting, and Tenant does not conduct, its business at the Premises. In the event that (i) the Premises or any of the Common Areas necessary for Tenant to use and occupy the Premises are damaged or destroyed by fire or other cause or casualty and in the event such damage can be casualty, (ii) Landlord reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent determines that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, destruction is incapable of repair or restoration within one (1) year from the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess date of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures fire or other improvements located on the leased premises be completely casualty (or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of if the fire or other casualty this lease contract may be terminated by either party hereto upon ten occurs during the final one hundred eighty (10180) days notice in writing of the term of this Lease), and (iii) Landlord does not exercise its right to terminate this Lease pursuant to the other partyforegoing provisions, in which event then Tenant shall have the rental due hereunder shall be adjusted right to terminate this Lease as respects the date applicable Building(s) by written notice to Landlord within fifteen (15) days after Tenant’s receipt of Landlord’s written notice setting forth Landlord’s estimate of the occurrence repair and restoration period. Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or hiring upon destruction of furniturethe thing hired and Sections 1941 and 1942, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason providing for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable repairs to and shall be and belong to the Lesseeof premises.
Appears in 1 contract
Samples: Office Lease (Intersil Corp/De)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other cause casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined In Article 25), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof. Notwithstanding the period of time actually required for foregoing to the performance of repairs and restoration. And contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by reason of Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other premiums, (b) more than 25% of the premises is affected by the damage, and fewer than 24 months remain in the Term, or any material damage occurs to the Premises during the last, 12 months of the Term, (c).any Holder (as defined in Article 25) shall require that the insurance proceeds or any portions thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this lease contract Lease necessary or convenient. Tenant may elect to terminate this Lease by notifying Landlord in writing of such termination if the Property shall be terminated damaged by either party hereto upon fire or other casualty or cause such that repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty or if in fact repairs to the Premises and access thereto are not in fact completed within 120 days after the casualty, provided Tenant makes such election within ten (10) days of notice in writing to from the other party, in Landlord of the estimated date of completion of such repairs (which event the rental due hereunder notice Landlord shall be adjusted to give not later than sixty (60) days after the date of such casualty) or within ten (10) days after the occurrence end of such fire 120-day period if the Premises or casualtysuch access have not then been restored, but Tenant's election to terminate shall not be effective in the event Landlord completes such repairs so that the Premises are usable for Tenant's purposes and reasonable access thereto is provided within thirty (30) days of Tenant's election to terminate. The Lessor shall have no responsibility whatsoever with regard Tenant agrees that Landlord's obligation to damage to or destruction of furniture, fixtures, machineryrestore, and equipment the abatement of Rent provided herein, shall be Tenant's sole recourse in the Lessee or event such damage, and waives any third parties installed in or situated on other rights Tenant may have under any applicable Law to terminate the leased premises, regardless Lease by reason of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on Property. Tenant acknowledges that this Article represents the leased premises shall be used to return entire agreement between the structures and other improvements located on the leased premises, parties respecting damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Samples: Agreement (Corechange Inc)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the structure Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other improvements on casualty which is covered by Landlord’s insurance, then Landlord will proceed to restore the leased premises same to substantially the same condition existing immediately prior to such damage or destruction unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days, in which event Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction. If, in Landlord’s sole opinion, the net insurance proceeds recoverable by reason of the damage or destruction will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence. If the Premises is substantially damaged by fire or other cause or casualty within the last 12 months of the Term and in it is reasonably determined by Landlord that the event such damage can Premises cannot be reasonably repaired and restored within a period of ninety (90) days120 days from the date the damage occurred, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises Tenant shall have been rendered unusable or untenantable by Lessee for the purposes intended and for right to terminate this Lease effective 60 days after the period delivery of time actually required for the performance written notice of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor termination to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeLandlord.
Appears in 1 contract
Samples: Office Lease (Medivation, Inc.)
Casualty Damage. In Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building, hi the event the structure or other improvements on the leased premises Premises or any portion thereof shall be substantial part of the Building is wholly or partially damaged or destroyed by fire or other cause or casualty and in which is covered by Landlord's insurance, the event Landlord will proceed to restore the same to substantially the same condition existing immediately prior to such damage can be reasonably repaired and restored or destruction unless such damage or destruction is incapable of repair or restoration within a period of ninety one hundred eighty (90180) days, this lease contract shall remain in forcewhich event Landlord may, but the rental reserved hereby shall xxxxx at Landlord's option and by written notice given to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case Tenant within sixty (60) days of such damage or injurydestruction, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess declare this Lease terminated as of the actual amount recovered from such insurance toward the repair and restoration happening of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any If in Landlord's sole opinion the net insurance payment proceeds recovered by reason of the damage or recovery made destruction will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or had other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of an insurable loss any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent hereunder as the amount of damaged or damage useless space in the Premises bears to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time rentable square footage of the inception Premises until such time as the Premises may be restored. Landlord shall reasonably determine the amount of this lease. Any insurance payment damaged or recovery made or had by reason or damage to or destruction useless space and the square footage of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises referenced in the prior sentence.
Appears in 1 contract
Samples: Office Lease (Texen Oil & Gas Inc)
Casualty Damage. In the event the structure or other improvements on the leased premises or With reasonable promptness after discovering any portion thereof shall be damaged by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that Premises, or to the leased premises shall have been rendered unusable or untenantable by Lessee Common Areas necessary for access to the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injuryPremises, the proceeds of resulting from any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be terminated by substantially completed within 270 days after they are commenced, either party hereto may terminate this Lease upon ten (10) days 60 days’ notice in writing to the other partyparty delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, in which event Landlord may, whether or not the rental due Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4. Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall be adjusted render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniturePremises is damaged by a Casualty, fixturesthen, machineryduring any time that, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss such damage, any portion of the Premises is untenantable or damage inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time rentable square footage of such portion of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises.
Appears in 1 contract
Samples: Assignment and Assumption of Lease Agreement (Ruthigen, Inc.)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the structure or other improvements on the leased premises Premises or any portion thereof shall be substantial part of the Building is wholly or partially damaged or destroyed by fire or other cause or casualty and in which is covered by Landlord’s insurance, Landlord will proceed to restore the event same to substantially the same condition existing immediately prior to such damage can be reasonably repaired and restored or destruction unless (i) such damage or destruction is incapable of repair or restoration within a period three hundred sixty-five (365) days as determined by Landlord’s architect; or (ii) the insurance proceeds recovered by reason of ninety the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (90iii) daysLandlord elects not to repair or restore the Building, this lease contract shall remain in forceany of which events Landlord or Tenant may, but the rental reserved hereby shall xxxxx by written notice given to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case other party within sixty (60) days of such damage or injurydestruction, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess declare this Lease terminated as of the actual amount recovered from such insurance toward the repair and restoration happening of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any If, in Landlord’s sole opinion, the net insurance payment proceeds recoverable by reason of the damage or recovery made destruction will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or had other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of an insurable loss any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, then Tenant shall be relieved of the same ratable portion of the Rent due under this Lease as the amount of damaged or damage useless space in the Premises bears to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time rentable square footage of the inception Premises until such time as the Premises may be restored. Landlord shall reasonably determine the amount of this lease. Any insurance payment damaged or recovery made or had by reason or damage to or destruction useless space and the square footage of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises referenced in the prior sentence.
Appears in 1 contract
Samples: Office Lease (TRX Inc/Ga)
Casualty Damage. In the event of damage or destruction of the structure or other improvements on the leased premises or any portion thereof shall be damaged Premises by fire or any other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) dayscasualty, this lease contract Lease shall remain in forcenot be terminated, but the rental reserved hereby Premises shall be promptly and fully repaired or restored, as the case may be, by Landlord at its own cost and expense in an amount not to exceed the amount of insurance proceeds available. Due allowance, however, shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, national emergencies and other conditions beyond the control of Landlord. It is agreed that in any of the aforesaid events, this Lease shall continue in full force and effect, but if the condition is such so as to make the entire Premises untenantable for practical use for Tenant's purposes, then the Rent which Tenant is obligated to pay hereunder shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period as of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence until the Premises have been fully and completely restored by Landlord. Any unpaid or prepaid Rent for the month in which said condition occurs shall be prorated. If the Premises are partially damaged or destroyed but the Tenant can still make practical use of such the balance of the Premises; then during the period that Tenant is deprived of the use of the damaged portion of said Premises, Tenant shall be required to pay Rent covering only that part of the Premises that it is able to occupy, based on that portion of total rent which the amount of square foot area remaining that can be occupied bears to the total square foot area of all the Premises covered by this Lease. In the event that twenty five per cent (25%) or more of the Premises are damaged or destroyed by fire or other casualty so as to be untenantable for practical use for Tenant's purposes and it shall require more than one hundred eighty (180) days for Landlord to substantially complete restoration of same as reasonably concurred on by Tenant, then either party hereto upon written notice delivered within thirty (30) days of the fire or other casualty to the other party may terminate this Lease, in which case the Rent shall be apportioned and paid to the date of said fire or other casualty. The Lessor shall have Subject to the foregoing, no responsibility whatsoever with regard compensation, or claim, or diminution of Rent will be allowed or paid, by Landlord, by reason of consequential damages, inconvenience, annoyance, or injury to damage to business, arising from the necessity of repairing the Premises or destruction of furniture, fixtures, machinery, and equipment any portion of the Lessee or any third parties installed in or situated on Building of which they are a part, however the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseenecessity may occur.
Appears in 1 contract
Samples: Confidentiality Agreement (Network Access Solutions Corp)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other cause casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined in Article 25), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under the event initial Work Agreement attached hereto as Exhibit B or under any separate agreement signed by the parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the period of time actually required for damage and then only to the performance of repairs and restorationextent such Rent abatement is not covered by Landlord's insurance). And Notwithstanding the foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by reason of Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty this lease contract or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within 180 days after the casualty without the payment of overtime or other premiums, (b) more than 40% of the Premises is affected by the damage, and fewer than 15 months remain in the Term, as it nay have been extended, or any material damage occurs to the Premises during the last 12 months of the Term, as it may have been extended, (c) any Holder (as defined in Article 25) shall require that the insurance proceeds or any portion thereof be terminated by either party hereto upon ten used to retire the Mortgage debt (10or shall terminate the ground lease, as the case may be), or (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be Tenant's sole recourse in the event of such damage, although if Landlord has not, within sixty (60) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to after the date of damage, given notice to Tenant of its intent to perform or not perform repairs, Tenant shall have the occurrence of such fire or casualtyright to terminate the Lease by notice to Landlord. The Lessor abatement of Rent under this provision shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment be based upon the ratio of the Lessee or any third parties installed in or situated on the leased premises, regardless portion of the cause Premises damaged or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage otherwise rendered untenantable to the structures or other improvements located on total rentable square footage of the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing Premises at the time of such casualty. Tenant acknowledges that this Article represents the inception of this lease. Any insurance payment or recovery made or had by reason or entire agreement between the parties respecting damage to the Premises or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Casualty Damage. In Subject to the event provisions of this paragraph, if the structure or other improvements on the leased premises or any portion thereof Premises shall be damaged by fire a casualty covered by an insurance policy such as fire, the elements, unavoidable accident or any other insured casualty but are not thereby rendered untenantable in whole or in part, Landlord at its own expense, up to the limit of the insurance proceeds received, subject to the rights of any mortgagee or the holders of any ground lease or the trustees in any deeds of trust and subject to receipt of proceeds, shall cause or casualty and in the event such damage can to be reasonably repaired repaired, and restored within a period the rent shall not be abated. If by reason of ninety (90) dayssuch occurrence, this lease contract the Premises shall remain be rendered untenantable only in forcepart and such damage renders less than 40% of the Premises and less than 50% of the Building untenantable, but the rental reserved hereby shall xxxxx then Landlord shall, at its own expense, up to the proportionate extent limit of the insurance proceeds received and made available to Landlord by the holders of any mortgage, deed of trust or ground lease, cause the damage to be repaired, and the fixed rent meanwhile shall be abated proportionately as to the portion of the Premises that the leased premises shall have been rendered unusable untenantable, provided, however, that notwithstanding that less than 40% of the Premises and less than 50% of the Building are rendered untenantable, if it is determined by Landlord or Landlord's agent in his reasonable judgment that such damaged portion of the Premises or Building cannot be repaired within sixty (60) days of such casualty, then either Landlord or Tenant may terminate this Lease as of the date of such casualty by giving written notice to the other within thirty (30) days of said casualty. If more than 40% of the Premises or more than 50% of the Building is rendered untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case reason of such damage casualty, either Landlord or injuryTenant may terminate this Lease as of the date of such casualty by giving written notice to the other within thirty (30) days of said casualty. Notwithstanding the above, if the proceeds Premises are damaged in whole or in part by a casualty not covered fully by insurance as described above, or if the holder of any casualty mortgage or deed of trust does not release the insurance paid or recovered shall be used and/or made available by Lessor proceeds to pay the costs of labor and materials for the accomplishment of Landlord, Landlord may, at Landlord's sole option, either (i) repair such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of damage with ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other partyat Landlord's expense, in which event the rental due hereunder case this Lease shall continue in full force and effect except that rent shall be adjusted abated as described above, or (ii) terminate this Lease upon written notice to the date Tenant within thirty (30) days of the such occurrence of such fire or casualtydamage of Landlord's intention to cancel and terminate this Lease. The Lessor Notwithstanding any of the above, Landlord shall have in no responsibility whatsoever with regard case be liable for repairs to damage to or destruction of furnitureany structures, fixtures, machinery, and equipment of alterations or improvements to the Lessee Premises or Building added or made to the Premises by Tenant or any third parties installed in person other than Landlord or situated on to any equipment, inventory or other personal property of Tenant. Landlord's obligation to repair the leased premisesPremises as referred to above shall be strictly limited to only such repairs that can be accomplished and fully funded by such insurance proceeds that may be received by Landlord and made available to Landlord by the holders of any mortgages, regardless deeds of the cause trust, ground leases or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage other financing arrangements pertaining to the structures or other improvements located on Building in which the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this leasePremises are located. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lessee17.
Appears in 1 contract
Samples: Dunn Computer Corp
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto or any parking areas necessary for Landlord to comply with Landlord's parking obligations pursuant to Article 7(E) shall be damaged by fire or other cause casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined in Article 25), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the period of time actually required for damage). Notwithstanding the performance of repairs and restoration. And foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other premiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in the Term, or any material damage occurs to the Premises during the last 12 months of the Term, (c) any Holder (as defined in Article 25) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not covered by Landlord's insurance policies required to be maintained hereunder, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent and termination right provided below, shall be Tenant's sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable law to terminate the Lease by reason of damage to the Premises or Property. Tenant acknowledges that this Article represents the entire agreement between the parties respecting damage to the Premises or Property. Notwithstanding anything to the contrary contained in this Article 10, Tenant may terminate this Lease if Tenant is unable to use all or a substantial portion of the Premises (or more than 20% of the parking required to be provided pursuant to Article 7(E) is unusable) as a result of fire or other casualty this lease contract not caused by Tenant or its employees or agents, and (a) Landlord fails to commence restoration work to the Premises and access thereto and/or, if applicable, the parking areas within sixty (60) days after the damage occurs, or (b) Landlord fails to substantially complete such work within 180 days after commencing the same (or if the Premises contains more than 30,000 rentable square feet, then an additional 30 days for each additional 5,000 rentable square feet), or such additional time as may be terminated by either party hereto upon ten necessary due to strikes, lock-outs or other labor troubles, shortages of equipment or materials, governmental requirements, power shortages or outages or other causes beyond Landlord's reasonable control, which time period shall in no event exceed, in the aggregate, more than two hundred seventy (10270) days or (c) such work is reasonably estimated (which estimate Landlord shall provide within 60 days following the casualty), to take more than 180 days to substantially complete after being commenced (or if the Premises contains more than 30,000 rentable square feet, then an additional 30 days for each additional 5,000 rentable square feet), or (d) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in the Term. In order to exercise any of the foregoing termination rights, Tenant must send Landlord at least sixty (60) days (but not more than 120 days) advance notice in writing to specifying the other partybasis for termination, in which event the rental due hereunder shall and such notice must be adjusted to the date of given no later than thirty (30) days following the occurrence of such fire the condition serving as the basis for the termination right invoked by Tenant. Such termination rights shall not be available to Tenant if: (i) Landlord substantially completes the repairs to the Premises and/or, if applicable, the parking areas and access thereto within sixty (60) days after Tenant's notice, or casualty(ii) Landlord provides Tenant with new premises reasonably comparable to the Premises (and/or, if applicable, substitute parking located on or near (and accessible from) the Property) and access thereto within sixty (60) days after Tenant's notice. The Lessor Notwithstanding anything to the contrary contained herein, if Tenant, or its officers, employees, contractors, invitees or agents delay Landlord in performing the repairs, Landlord shall have no responsibility whatsoever with regard additional time to damage to or destruction of furniture, fixtures, machinery, and equipment of complete the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially work equal to or better than that existing at such delay and Tenant shall pay Landlord all Rent for the time period of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseesuch delay.
Appears in 1 contract
Samples: Office Lease (Peapod Inc)
Casualty Damage. Tenant shall promptly notify Landlord or the Project Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the balance of the Building. In the event the structure Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other improvements on casualty which is fully covered by Landlord's insurance and for which such insurance proceeds are made available to Landlord by its Lender, Landlord will proceed to restore the leased premises same to substantially the same condition existing immediately prior to such damage or destruction unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days from the date of the fire or other casualty, as reasonably determined by Landlord, in which event Landlord may, at Landlord's option and by written notice given to Tenant within sixty (60) days of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction. If in Landlord's reasonable opinion the net insurance proceeds recovered by Landlord and made available by Landlord's Lender by reason of the damage or destruction will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant, which notice shall be delivered, if at all, promptly after Landlord has determined the amount of insurance proceeds that will be available to Landlord. To the extent that, after the fire or other casualty, Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, provided Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent hereunder as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence. In the event that (i) the Premises or any of the Common Areas necessary for Tenant to use and occupy the Premises are damaged or destroyed by fire or other cause or casualty and in the event such damage can be casualty, (ii) Landlord reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent determines that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, destruction is incapable of repair or restoration within three hundred (300) days from the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess date of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures fire or other improvements located on the leased premises be completely casualty (or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of if the fire or other casualty this lease contract may be terminated by either party hereto upon ten occurs during the final one hundred eighty (10180) days notice in writing of the Term), and (iii) Landlord does not exercise its right to terminate this Lease pursuant to the other partyforegoing provisions, in which event then Tenant shall have the rental due hereunder shall be adjusted right to terminate this Lease as respects the date applicable Building(s) by written notice to Landlord within fifteen (15) days after Tenant's receipt of Landlord's written notice setting forth Landlord's estimate of the occurrence repair and restoration period. Each of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or Landlord and Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of hiring upon destruction of furniturethe thing hired and Sections 1941 and 1942, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason providing for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable repairs to and shall be and belong to the Lesseeof premises.
Appears in 1 contract
Samples: Sublease (Aerohive Networks, Inc)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other cause casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantiate the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined in Article 25), any other modifications to the common areas, deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith, Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the period of time actually required for damage). Notwithstanding the performance of repairs and restoration. And foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by reason of Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty this lease contract may be terminated by either party hereto upon ten or cause such that: (10a) days notice in writing repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other partypremiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in which event the rental due hereunder Term, or any material damage occurs to the Premises during the last 12 months of the Term, (c) any Holder (as defined in Article 25) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be adjusted to Tenant's sole recourse in the date of the occurrence event of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinerydamage, and equipment waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on Property. Tenant acknowledges that this Article represents the leased premises shall be used to return entire agreement between the structures and other improvements located on the leased premises, parties respecting damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Samples: Agreement (Industrial Training Corp)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises shall be so damaged by fire or other casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable cost of restoration, as reasonably determined by Landlord, will equal or untenantable exceed 50 % of the replacement value of the building (exclusive of foundations), Landlord may, at its option, terminate this Lease by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And notifying Tenant in the case writing of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of termination within ninety (90) days by reason after the date of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other partysuch damage, in which event the rental due hereunder Rent shall be adjusted to abated as of the date of such damage. If Landlord does not elect to terminate this Lease, and provided insurance proceeds and any contributions from Tenant, if necessary, are available to fully repair the damage, Landlord shall within one hundred twenty (120) days after the date of such damage commence to repair and restore the Premises and shall proceed with reasonable diligence to restore the Premises (except that Landlord shall not be responsible for delays outside its control) to substantially the same condition in which it was immediately prior to the happening of the casualty; provided, Landlord shall not be required to rebuild, repair, or replace any part of Tenant's furniture, furnishings, fixtures and/or equipment removable by Tenant or any improvements, alterations or additions installed by or for the benefit of Tenant under the provisions of this Lease; and provided further that if in the reasonable opinion of Landlord's architect, the damage to the Premises (not including any Tenant Improvements) cannot be substantially repaired within 270 days after the occurrence of the damage, then Tenant may terminate this Lease upon written notice to Landlord within thirty (30) days after such fire or casualtydetermination has been made. The Lessor Landlord shall have no responsibility whatsoever with regard not in any event be required to damage to or destruction of furniture, fixtures, machinery, and equipment spend for such work an amount in excess of the Lessee or insurance proceeds (excluding any third parties installed in or situated on the leased premisesdeductible) and any contributions from Tenant, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had if necessary, actually received by Landlord as a result of an insurable the fire or other casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant, injury to the business of Tenant, loss of use of any part of the Premises by the Tenant or loss of Tenant's personal property resulting in any way from such damage or the repair thereof, except that, subject to the structures provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. Notwithstanding anything to the contrary contained herein, if the Premises be damaged by fire or other improvements located on casualty resulting from the leased premises intentional or negligent acts or omissions of Tenant or any of Tenant's Representatives, (i) the Rent shall not be used to return diminished during the structures and other improvements located on the leased premises, repair of such damage (except to the condition substantially equal extent Landlord receives payments from business interruption insurance to or better than that existing be obtained at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishingsTenant's cost and expense), trade fixtures, machinery, and equipment owned by Lessee (ii) Tenant shall be payable to and shall be and belong to the Lessee.not have
Appears in 1 contract
Samples: Lease Agreement (New Ico Global Communications Holdings LTD)
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises, or, to the extent that Tenant knows of the same, to the Building. Landlord shall promptly notify Tenant of any fire or other casualty or damage to the Building. In the event the structure Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other improvements on casualty which is required to be covered by Landlord’s insurance as provided herein, Landlord will proceed to restore the leased premises same (excluding the Premises Improvements, unless Tenant makes available to Landlord the insurance proceeds related to same) to substantially the same condition existing immediately prior to such damage or destruction unless Landlord notifies Tenant (the “Casualty Notice”) that (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days from the date of such fire or other casualty as reasonably determined by Landlord’s architect; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s reasonable judgment, inadequate (after adding the deductible amount thereto) to complete the restoration of the Building; in either of which events Landlord or Tenant may, by written notice given to the other party within twenty (20) days of Tenant’s receipt of the Casualty Notice, declare this Lease terminated as of the happening of such damage or destruction, except that Landlord shall not have the right to so terminate if such funds are inadequate Portions of this Exhibit, indicated by the xxxx “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. due to Landlord allowing the coverage required under this Lease to lapse. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, then Tenant shall be relieved of the same ratable portion of the Monthly Base Rent due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the entire Premises shall be restored and a certificate of occupancy is issued therefor (provided that Tenant diligently commences its required restoration activities hereunder and thereafter diligently and continuously prosecutes same to completion), the parties acknowledging and agreeing that, in connection with any such casualty not resulting in termination of this Lease, Landlord shall only be responsible for restoring the Premises to Base Building Condition, and Tenant shall be responsible for restoring the Tenant Improvements so long as same are damaged or destroyed by fire or other cause casualty which is required to be covered by Tenant’s insurance as provided herein. Landlord shall reasonably determine the amount of damaged or casualty useless space and the square footage of the Premises referenced in the prior sentence. Notwithstanding anything to the contrary contained herein, in the event such damage can be reasonably repaired and restored within of a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess which materially impairs Tenant’s use of the actual amount recovered from such insurance toward Premises or access thereto during the repair and restoration last eighteen (18) months of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable Term of this Lease, Tenant may, by the Lessee for the intended uses/purposes for a period of time in excess of ninety written notice to Landlord within sixty (9060) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to [***] after the date of the applicable casualty, declare this Lease terminated as of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lessee.
Appears in 1 contract
Samples: Office Lease (Enernoc Inc)
Casualty Damage. In the event the structure or other improvements on the leased premises or With reasonable promptness after discovering any portion thereof shall be damaged by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that Premises, or to the leased premises shall have been rendered unusable or untenantable by Lessee Common Areas necessary for access to the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injuryPremises, the proceeds of resulting from any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may (“a Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be terminated by substantially completed within 270 days after they are commenced, either party hereto may terminate this Lease upon ten (10) days 60 days’ notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence party delivered within 10 days after Landlord’s delivery of such fire or casualtyestimate. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or Within 90 days after discovering any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Project resulting from any Casualty, Landlord may, whether or other improvements located on not the leased premises shall Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to return pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies plus any applicable deductibles (other than deductibles with respect to earthquake damage); (iii) Landlord decides to rebuild the structures Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intent to repair such damages. If this Lease is not terminated pursuant to the Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other improvements located on events of Force Majeure. The Landlord Repairs shall restore the leased premises, Premises and the Common Areas necessary for access to the Premises to substantially the same condition substantially equal that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to or better than the Common Areas that existing at are deemed desirable by Landlord, are consistent with the time character of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machineryProject, and equipment owned by Lessee shall be payable to and shall be and belong do not materially impair access to the Lessee.Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance
Appears in 1 contract
Samples: Office Lease (Telik Inc)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other cause casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined in Article 25), any other modifications to the common areas reasonably determined to be made by Landlord (provided access to the Premises or the parking facility servicing the Building is not materially impaired without providing reasonably comparable substitute facilities taking into account the change in location), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations 1888 Century Park East [SCPIE Holdings Lease] 15 or improvements in excess of any work performed or paid for by Landlord under this Lease or any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (but abatement shall be limited to Landlord's rent loss insurance proceeds if Tenant or its employees or agents caused the period of time actually required for damage). Notwithstanding the performance of repairs and restoration. And foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of termination within ninety (90) days after the date of damage (such termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be damaged by reason of fire or other casualty this lease contract may or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be terminated by either party hereto upon ten completed within one hundred fifty (10150) days notice after the casualty without the payment of overtime or other premiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in writing the Term, or any material damage occurs to the other partyPremises during the last 12 months of the Term, (c) any Holder (as defined in which event Article 25) shall require that the rental due hereunder insurance proceeds or any substantial portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord's insurance policies (provided Landlord has maintained the insurance required under this Lease), or (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be adjusted to Tenant's sole recourse in the date of the occurrence event of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinerydamage, and equipment waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premisesProperty, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishingsincluding all rights under California Civil Code, trade fixturesSections 1932(2), machinery1933(4), and equipment owned by Lessee shall 1942, as the same may be payable to and shall be and belong to the Lesseemodified or replaced hereafter.
Appears in 1 contract
Samples: Office Lease (Scpie Holdings Inc)
Casualty Damage. In If the event the structure or other improvements on the leased premises or any portion thereof Premises shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice to Landlord. If the Building or any part thereof or access thereto shall be so damaged or destroyed by fire or other casualty such that substantial alteration or reconstruction of the Building and access thereto shall, in the event good faith and reasonable detennination of Landlord's Architect, be required with such damage can be reasonably repaired and restored within a period repair taking longer than niney (90) days or the remainder of the tenn, if less than ninety (90) days, this lease contract shall remain in force, but days (whether or not the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises Premises shall have been rendered unusable damaged by such casualty), or untenantable in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by Lessee for notifying Tenant in writing thirty (30) days after the purposes intended date of such damage. In case the Premises or access to the Premises shall be so damaged by fire or other casualty such that substantial alterations or reconstruction of the Premises shall, in the good faith and for reasonable determination of Landlord's Architect, be required, Tenant shall have the period right to tenninate this Lease upon thirty (30) days prior written notice to Landlord if Landlord (i) has not completed, (ii) cannot complete, or (iii) in the opinion of time actually Xxxxxxxx's Architect, cannot reasonably be expected to complete substantially the making of any required for the performance of repairs and restoration. And in restorations within ninety (90) days from the case date of such damage or injurydestruction . Rent shall xxxxx and be prorated as of the date such damage occurs and during any period of repair and restoration to the extent the Premises or any material part thereof are rendered unusable or access thereto is denied Tenant. If neither Landlord nor Tenant elect to terminate this Lease, Landlord shall commence and diligently proceed to restore and repair the proceeds Building and the Premises to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord's obligation to restore shall not exceed the amount Landlord expended to purchase and restore the Building. When Xxxxxxxx's work with respect to such resconstruction or restoration has been completed, Tenant shall complete the restorati on of the Premises, including the reconstruction of al l leasehold improvements and the restorati on of Tenant's furniture and equipment. Landlord shall not be liable for any inconvenience or anoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or repair, except that Landlord shall allow Tenant a fai r diminution of rent during the time and to the extent the Premises or any material portion thereof are unfit for occupancy. If the casualty insurance paid results from the gross negligence or recovered intentional misconduct of Tenant or any of Tenant's agents, employees or invitees, Rent shall not be diminished during the repair of such damage and Tenant shall be used and/or made available by Lessor liable to pay the costs of labor and materials Landlord for the accomplishment cost of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing Building to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of extent such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, cost and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any expense is not covered by insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseeproces.
Appears in 1 contract
Samples: Lease Agreement
Casualty Damage. If the Premises shall be destroyed or damaged by fire or any other casualty, Tenant shall immediately give written notice of that occurrence to Landlord. In the event the structure or other improvements on the leased premises or that any portion thereof shall be of the Premises is damaged by fire or other cause or casualty and if (a) such damage is such that the necessary restoration work or repairs cannot reasonably be completed within one hundred eighty (180) days after the date of the casualty, (b) less than one (1) year remains in the event such Lease Term at the time of any damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate Premises, or (c) the holder of a Financing Lien or lessor under a Ground Lease elects to take the applicable insurance proceeds, then either party, at its sole option, shall have the right to terminate this Lease. In such event, all Rent owed up to the time of the fire or other casualty shall be paid by Tenant to Landlord, whereupon this Lease shall cease and come to an end as of the date of written notice to the other party regarding such fire or other casualty. During the period from the occurrence of a casualty until the completion of the restoration work which is necessary to render the Premises tenantable, Rent shall be reduced to the extent that the leased premises Premises are rendered Untenantable. If, however, the Premises is damaged by fire or other casualty resulting from the fault or negligence of Tenant or any Tenant Related Party, Tenant shall not have been rendered unusable the option to terminate this Lease unless clauses (b) or untenantable by Lessee for (c) of this Section 7.2 are applicable. If neither party elects to terminate this Lease as the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case result of such damage or injurycasualty, then Tenant shall commence and proceed with reasonable diligence to restore the proceeds of any casualty insurance paid or recovered Premises. Tenant's restoration work shall be used and/or made available by Lessor to pay conducted in accordance with the costs provisions of labor and materials for the accomplishment of such repairs and restorationSection 5.2 above. Nevertheless, in In no event shall Lessor be required Landlord or Tenant have the obligation to expend any sum for the restoration or repair of the Premises an amount in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had proceeds actually received as a result of an insurable loss of such casualty. Landlord shall not be liable for any inconvenience or damage annoyance to Tenant or injury to the structures business of Tenant resulting in any way from any casualty or other improvements located on the leased premises shall be used to return repair or restoration work made necessary by the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time occurrence of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseeany casualty.
Appears in 1 contract
Samples: Lease Agreement (SMTC Corp)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises, or any portion thereof part thereof, shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises shall be so damaged by fire or other casualty that substantial alteration or reconstruction of the Premises shall, in Landlord's sole opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), Landlord may, at its option, terminate this Lease and the term and estate hereby granted, by notifying Tenant in writing of such termination within sixty (60) days after the date of damage, in which event such damage can the rent shall be reasonably repaired and restored abated as of the date of damage. If Landlord does not elect to terminate this Lease, Landlord shall within a period of ninety (90) days, this lease contract shall remain in force, but days after the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case date of such damage or injurycommence to repair and restore the Premises and shall proceed to restore the Premises (except that Landlord shall not be responsible for delays beyond its control) to substantially the same condition in which it was immediately prior to the happening of the casualty, the proceeds of any casualty insurance paid or recovered except that Landlord shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor not be required to expend rebuild, repair, or replace any sum part of Tenant's furniture, furnishings, fixtures or equipment removable by Tenant, and such work shall not in any event exceed the scope of the work done by Landlord in originally constructing the Premises nor shall Landlord in any event be required to spend for such work an amount in excess of the actual amount recovered insurance proceeds actually received by Landlord as a result of the fire or other casualty. For the period of restoration, rent shall xxxxx as of the date of damage, unless Tenant is able to continue its occupancy of the Premises during restoration whereupon rent shall be adjusted and prorated in the proportion which the area of unusable lease space bears to the total Premises. In any event, Landlord shall not be liable for any inconvenience or annoyance to Tenant, injury to the business of the Tenant, loss of use of any part of the Premises by the Tenant or loss of Tenant's personal property resulting in any way from such insurance toward damage or the repair thereof. If the Premises or any other portion of the Building are damaged by fire or other casualty resulting from the omission, fault or negligence of Tenant or any of Tenant's agents, employees, or invitees, rent due hereunder shall not be abated or diminished during the repair of such damage and Tenant shall be liable to Landlord without prejudice to subrogation rights of Landlord's insurer for the cost and expense of the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing Premises and Building caused thereby to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of extent such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, costs and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any expense is not covered by insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseeproceeds.
Appears in 1 contract
Samples: Inspire Pharmaceuticals Inc
Casualty Damage. In Subject to Article 6 and the event remainder of this Article 8, Landlord shall use available insurance proceeds to restore the structure Premises or any common areas of the Property providing access thereto which are damaged by fire or other improvements on casualty during the leased premises Term. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or by any Holder, any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any portion of Tenant’s alterations or improvements in the Premises, which Tenant covenants to rebuild at Tenant’s expense promptly after the casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage or the repair thereof. However, from the date of the casualty until Landlord completes Landlord’s repairs, Landlord shall allow Tenant a proportionate abatement of Rent during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof (unless Tenant or its employees or agents intentionally caused the damage). Notwithstanding the foregoing, Landlord may terminate this Lease by giving Tenant written notice of termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by Tenant or its employees or agents, or if the Property shall be damaged by fire or other cause casualty such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within three hundred sixty five (365) days after the casualty without the payment of overtime or casualty other premiums, (b) more than twenty- five percent (25%) of the Premises is affected by the damage and fewer than twenty-four (24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (c) any Holder shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by Landlord's insurance policies (excluding the deductible), or (d) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Property, or (e) the nature of such work would make termination of this Lease necessary or convenient and Landlord also terminates the leases of all other similarly situated tenants. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be Tenant's sole recourse in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injurydamage, and waives any other rights Tenant may have under any applicable Law to terminate the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days Lease by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on Property. Tenant acknowledges that this Article represents the leased premises shall be used to return entire agreement between the structures and other improvements located on the leased premises, parties respecting casualty damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Samples: Office Lease
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged by fire or other casualty and that fifty percent (50%) or more of the Building requires substantial alteration or reconstruction, in Landlord's reasonable opinion, Landlord or Tenant may terminate this Lease by notifying the event other party in writing of such damage can be reasonably repaired and restored termination within a period of ninety (90) daysdays after the date of such damage, this lease contract in which event the Rent shall remain be abated as of the date of such damage but only to the extent and during the time period Tenant is not reasonably able, in forceTenant's good faith business judgment, to conduct its operations in the Building during such ninety (90) day period. If the Building or any part thereof shall be damaged by fire or other casualty such that the reparation of such damage or casualty shall require more than nine (9) months to complete [subject to extension for delays attributable to Tenant's or any of Tenant's Representatives' acts or omissions (collectively, "Tenant Delays"), or to acts or events beyond Landlord's control including, but not limited to, acts of God, earthquakes, strikes, lockouts, boycotts, discontinuance of any utility or other service required for performance of the rental reserved hereby reparation work, moratoriums, governmental agencies, delays on the part of governmental agencies, weather, and the lack of availability or shortage of specialized materials used in the construction of the Building (collectively, "Force Majeure Delays")], then either Tenant or Landlord may terminate this Lease by notifying the other party of such election to terminate this Lease within thirty (30) days after the date on which it is determined by Landlord of the length of time necessary to substantially complete such repairs, in which event the Rent shall xxxxx be abated as of the date of such damage but only to the proportionate extent and during the time period Tenant is not reasonably able, in Tenant's good faith business judgment, to conduct its operations in the damaged portion of the Building. Landlord shall notify Tenant in writing of the determination of the percentage of the Building damaged or the length of time to complete the reparation of such damage as soon as reasonably possible after Landlord is notified in writing of the damage, but in all events within ninety (90) days of Landlord's receipt of such notification from Tenant in writing. If neither party exercises their rights to so elect to terminate this Lease in accordance with the aforesaid provisions, and provided insurance proceeds are available to fully repair the damage (excluding any deductible), Landlord shall within ninety (90) days after the date of such damage commence to repair and restore the Building and shall proceed with reasonable diligence to restore the Building (except that the leased premises Landlord shall have been rendered unusable not be responsible for any Tenant Delays or untenantable any Force Majeure Delays and all time periods for performance by Lessee for the purposes intended and for Landlord shall be extended commensurately by the period of time actually required for attributable to such delays) to substantially the performance same condition in which it was immediately prior to the happening of repairs and restoration. And in the case of such damage or injurycasualty; provided, the proceeds of any casualty insurance paid or recovered Landlord shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor not be required to expend rebuild, repair, or replace any sum part of Tenant's furniture, furnishings, fixtures, equipment removable by Tenant, the Tenant Improvements (other than the upgrade for the fire protection system as set forth in Exhibit B hereto) or any other improvements, alterations or additions installed by or for the benefit of Tenant under the provisions of this Lease, or Tenant's Initial Alterations. Landlord shall not in any event be required to spend for such work an amount in excess of the actual amount recovered insurance proceeds (excluding any deductible) actually received by Landlord as a result of the fire or other casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant, injury to the business of Tenant, loss of use of any part of the Premises by the Tenant or loss of Tenant's personal property resulting in any way from such insurance toward damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent during the time and to the extent the Building is unfit for occupancy. Notwithstanding anything to the contrary contained herein, if the Building or any portion thereof be damaged by fire or other casualty resulting from the intentional or negligent acts or omissions of Tenant or any of Tenant's Representatives, (i) the Rent shall not be diminished during the repair of such damage, (ii) Tenant shall not have any right to terminate this Lease due to the occurrence of such casualty or damage, and (iii) Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of all or any portion of the premisesBuilding caused thereby (including, without limitation, any deductible) to the extent such cost and expense is not covered by insurance proceeds. Should In the structures or other improvements located on event the leased premises be completely or substantially destroyed or rendered untenantable or unusable holder of any indebtedness secured by the Lessee for Building requires that the intended uses/purposes for a period insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of time in excess of ninety termination to Tenant within thirty (9030) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to after the date of notice to Tenant of any such event, whereupon all rights and obligations shall cease and terminate hereunder except for those obligations expressly intended to survive any such termination of this Lease. Except as otherwise provided in this Section 28, Tenant hereby waives the occurrence provisions of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furnitureSections 1932(2.), fixtures1933(4.), machinery, 1941 and equipment 1942 of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeCalifornia Civil Code.
Appears in 1 contract
Samples: Lease Agreement (Webvan Group Inc)
Casualty Damage. In the event the structure or other improvements on the leased premises or With reasonable promptness after discovering any portion thereof shall be damaged by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that Premises, or to the leased premises shall have been rendered unusable or untenantable by Lessee Common Areas necessary for access to the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injuryPremises, the proceeds of resulting from any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be terminated by substantially completed within 180 days after commencement, either party hereto may terminate this Lease upon ten (10) days 60 days’ notice in writing to the other partyparty delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, in which event Landlord may, whether or not the rental due Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements. If the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall be adjusted render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniturePremises is damaged by a Casualty, fixturesthen, machineryduring any time that, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss such damage, any portion of the Premises is untenantable or damage inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time rentable square footage of such portion of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises.
Appears in 1 contract
Samples: Office Lease (Trintech Group PLC)
Casualty Damage. In the event the structure or other improvements on the leased premises or Within 60 days after discovering any portion thereof shall be damaged by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that Premises, or to the leased premises shall have been rendered unusable or untenantable by Lessee Common Areas necessary for access to the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injuryPremises, the proceeds of resulting from any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be terminated by either party hereto upon ten (10) substantially completed within 180 days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to after the date of the occurrence damage (or 90 days in the event the damage occurs during the last 12 months of the Term), either party may terminate this Lease as of the date of the damage, upon written notice to the other party delivered within 10 days after Landlord’s delivery of such fire estimate. Within 90 days after discovering any material damage to the Project resulting from any Casualty, Landlord may, whether or casualtynot the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder (other than Master Lessee or Xxxx) terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any material damage to the Building is not fully covered by Landlord’s insurance policies, or insurance required to be covered by Landlord under the terms of this Lease; (iii) the damage is material to operation of the Building or Common Areas and damage occurs during the last 12 months of the Term. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Lessor Landlord Repairs shall have no responsibility whatsoever restore the Premises and the Common Areas necessary for access to and parking for the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with regard to damage the character of the Project, and do not materially impair access to or destruction of furnitureparking for the Premises. Notwithstanding Section 10.4, fixtures, machineryTenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and equipment if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the Lessee insurance proceeds received by Landlord from Tenant’s insurance carrier, Landlord shall consult with Tenant and the parties shall use reasonable efforts to agree on replacement improvements at a cost in excess of insurance proceeds reasonably acceptable to Tenant. Tenant shall pay such excess to Landlord within 15 days after Landlord’s delivery of written demand, with reasonably detailed invoices and back-up documentation. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any third parties installed in or situated on Common Area necessary for Tenant’s access to the leased premisesPremises is damaged by a Casualty, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had then, during any time that, as a result of an insurable loss such damage, any portion of the Premises is untenantable or damage inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time rentable square footage of such portion of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises.
Appears in 1 contract
Casualty Damage. In the event the structure or other improvements on the leased premises or With reasonable promptness after discovering any portion thereof shall be damaged by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that Premises, or to the leased premises shall have been rendered unusable or untenantable by Lessee Common Areas necessary for access to the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injuryPremises, the proceeds of resulting from any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be terminated by substantially completed within 210 days after they are commenced, either party hereto may terminate this Lease upon ten (10) days 60 days’ notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence party delivered within 10 days after Landlord’s delivery of such fire or casualtyestimate. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or Within 90 days after discovering any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Project resulting from any Casualty, Landlord may, whether or other improvements located on not the leased premises shall Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to return pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the structures Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other improvements located on events of Force Majeure. The Landlord Repairs shall restore the leased premises, Premises and the Common Areas necessary for access to the Premises to substantially the same condition substantially equal that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to or better than the Common Areas that existing at are deemed desirable by Landlord, are consistent with the time character of the inception of this leaseProject, and do not materially impair access to the Premises. Any Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance payment or recovery made or had by reason or damage proceeds payable to or destruction of furnishings, Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements and trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to if the Lessee.estimated or actual cost of restoring any
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other cause casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined In Article 25), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair of replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting In any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the period of time actually required for damage). Notwithstanding the performance of repairs and restoration. And foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by reason of Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty this lease contract may be terminated by either party hereto upon ten of cause such that: (10a) days notice in writing repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other partypremiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in which event the rental due hereunder shall be adjusted Term, or any material damage occurs to the date Premises during the last 12 months of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lessee.Term,
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice thereof to Landlord. If the Building shall be so damaged that Tenant is prohibited from substantial occupancy and such substantial repairs or casualty reconstruction cannot be completed within 180 days from the date of damage, either Landlord or Tenant may terminate this Lease by the other in writing of such termination within thirty (30) days after the date of such damage. If neither party elects to terminate, Landlord shall commence and proceed with reasonable diligence to restore the Building to substantially the same condition in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx which it was immediately prior to the proportionate extent that happening of the leased premises casualty, Tenant's equipment, trade fixtures, and furnishings excepted. However, Landlord shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor not be required to expend any sum spend for such work an amount in excess of the actual amount recovered insurance proceeds actually received by Landlord as a result of the casualty. If there is any injury to Tenant or injury to the business of Tenant resulting in any way from such insurance toward damage or the repair thereof, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair abatement of Base Rent during the time and to the extent the Premises are unfit for occupancy. Notwithstanding the foregoing, if the Premises or any other portion of the Building be damaged by fire or other casualty caused by Tenant, its employees, or invitees, the Base Rent hereunder shall not be diminished during the repair of such damage, and Tenant shall not be entitled to terminate the Lease and Tenant shall additionally be liable to Landlord for the entire cost of the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing Building caused thereby to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of extent such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, cost and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any expense is not covered by Landlord's insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseeproceeds.
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises shall be so damaged by fire or other casualty that substantial alteration or reconstruction of the Premises shall, in Landlord's sole opinion, be required (whether or not the Premises shall have been damaged by such fire or other casualty), Landlord may, at its option, terminate this Lease and the term and estate hereby granted by notifying Tenant in writing of such termination within sixty (60) days after the event date of such damage can be reasonably repaired and restored damage. If Landlord does not thus elect to terminate this Lease, Landlord shall within a period of ninety (90) days, this lease contract shall remain in force, but days after the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case date of such damage or injurycommence to repair and restore the Premises and shall proceed with reasonable diligence to restore the Premises (except that Landlord shall not be responsible for delays outside its control) to substantially the same condition in which it was immediately prior to the happening of the casualty, the proceeds of any casualty insurance paid or recovered except that Landlord shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor not be required to expend rebuild, repair or replace any sum part of Tenant's furniture, furnishings ro fixtures and equipment removable by Tenant under the provisions of this Lease, but such work shall not exceed the scope of the work done by Landlord in originally constructing the Premises, nor shall Landlord in any event be required to spend for such work an amount in excess of the actual amount recovered insurance proceeds actually received by Landlord as a result of the fire or other casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant, injury to the business of Tenant, loss of use of any part of the Premises by the Tenant or loss of Tenant's personal property resulting in any way from such insurance toward damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any other portion of the Project are damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, employees, or invitees, the Rent shall not be diminished during the repair of such damages and Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of the premisesPremises caused thereby to the extent such costs and expense is not covered by insurance proceeds. Should Notwithstanding anything herein to the structures or other improvements located on contrary, Tenant shall be entitled to cancel this Lease in the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee event that Tenant's business is interrupted for the intended uses/purposes for a period of time in excess of ninety more than sixty (9060) days following such casualty unless the damage was caused by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeTenant's negligence.
Appears in 1 contract
Samples: Lease Agreement (Jupiter Marine International Holdings Inc/Fl)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other cause casualty, Landlord may use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined in Article 24), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the period of time actually required for damage). Notwithstanding the performance of repairs and restoration. And foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by reason of Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty this lease contract may be terminated by either party hereto upon ten or cause such that: (10a) days notice in writing repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other partypremiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in which event the rental due hereunder Term, or any material damage occurs to the Premises during the last 12 months of the Term, (c) any Holder (as defined in Article 24) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt or the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that the remedies provided in this Article 9 shall be adjusted to Tenant's sole recourse in the date of the occurrence event of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinerydamage, and equipment Tenant waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this leaseProperty. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lessee.Tenant
Appears in 1 contract
Samples: Lease Agreement (Infocure Corp)
Casualty Damage. In the event that the structure or other improvements on the leased premises or any portion thereof shall be Property is damaged by fire or other cause perils or casualty and in the event such damage can be reasonably repaired and restored within a period causes of ninety (90) daysloss prior to Closing, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises Sellers at their sole option shall have been rendered unusable the right to elect either to repair the damage, or untenantable by Lessee for to elect not to repair the purposes intended and for damage. If Sellers elect to repair the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injurydamage, Purchaser shall cooperate to make available on a timely basis the proceeds of any casualty insurance paid or recovered coverage maintained by Purchaser, which insurance shall be used and/or made available by Lessor to pay the costs of labor and materials primary, for the accomplishment purpose of paying the cost of such repair and Purchaser shall assign to Sellers all proceeds thereof, except for proceeds payable to Purchaser for damage to the Purchaser’s personal property. If such repairs are not completed by the date of Closing, then the date of Closing shall be extended as necessary to allow such completion and restorationunless abated by the terms of the Lease, the Purchase Price shall be increased by an amount equivalent to the prorated amount of rental last payable under the terms of the Lease as of the date of Closing. NeverthelessIf the cost of repair exceeds the insurance proceeds received by Sellers, then the difference in those amounts shall also be added to the Purchase Price, and the amount of any deductible payable by Sellers shall also be added to the Purchase Price. If the Sellers elect not to repair the damage, Sellers shall give written notice of such election to the Purchaser within 30 days following the date of casualty. Purchaser shall have 15 days from receipt of such notice to elect to exercise the Option to purchase and complete purchase of the Property notwithstanding such damage; in which event Purchaser shall be entitled to a credit at Closing for insurance proceeds received by Sellers as a result of such damage, provided that in no event shall Lessor be required to expend any sum in excess of will such credit exceed the actual amount recovered from Purchase Price, and if Sellers have not received such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted proceeds prior to the date of Closing, then Sellers will assign such proceeds at Closing to Purchaser provided that in no event will the occurrence assignment of such fire or casualtyproceeds exceed the total Purchase Price. The Lessor shall have no responsibility whatsoever If Purchaser does not give written notice of such election to proceed with regard to damage to or destruction of furniture, fixtures, machinery, and equipment the exercise of the Lessee or any third parties installed in or situated on the leased premises, regardless Option and purchase of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to Property within the structures or other improvements located on the leased premises time required, Purchaser shall be used deemed to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time have waived all rights of purchase of the inception of Property and this lease. Any insurance payment or recovery made or had by reason or damage Agreement will be deemed terminated, any Xxxxxxx Money paid to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee Sellers shall be payable returned to Purchaser and shall the parties will be and belong to the Lesseereleased from all further obligations under this Agreement.
Appears in 1 contract
Samples: Option Agreement for the Purchase
Casualty Damage. In Tenant shall immediately notify Landlord of any material damage to or within the Premises or any part thereof. Within ten (10) business days after Tenant gives Landlord such notice, Landlord shall notify Tenant whether, in the reasonable judgment of Landlord, such damage or destruction can be repaired within four (4) months from the date of Landlord's receipt of notice from Tenant of such damage. Subject to the requirements of Landlord's Mortgagee (as that term is defined in Section 19) under any mortgage covering the Premises, and except as otherwise provided below, in the event of partial or total destruction of the structure Building or other improvements on the leased premises or any portion thereof shall be damaged Premises by fire or other cause or casualty casualty, and if in the event Landlord's reasonable estimation such damage can be reasonably repaired and materially restored within a period four (4) months from the date of ninety (90) daysLandlord's receipt of notice from Tenant of such damage, this lease contract shall remain in forceLandlord shall, but as promptly as practicable repair, reconstruct or replace the rental reserved hereby shall xxxxx portions of the Building or the Premises destroyed to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for as nearly as possible their condition prior to such destruction. During the period of time actually required for repairs or restoration this Lease shall continue but there shall be an abatement of rent in proportion to the performance percentage of repairs and restorationspace or available power, whichever is greater, within the Premises rendered untenantable by such fire or other such casualty. And If the Building is (i) so extensively destroyed by fire or other casualty that it is not, in Landlord's reasonable opinion, reasonably susceptible of repair, reconstruction or replacement within four (4) months from the case date of Landlord's receipt of notice from Tenant of such damage destruction, or injury, (ii) the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess destruction of the actual amount recovered from such insurance toward Building by fire or other casualty occurs during the repair and restoration last year of the premises. Should Term, then either Landlord or Tenant may terminate this Lease by giving written notice to the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of within ninety (90) days after the date of such destruction. In the event of termination, this Lease shall terminate as of, and rent shall be appropriately apportioned through and abated from and after, the first rental payment date occurring after the delivery of the notice of termination. In the event that neither Landlord nor Tenant exercises its option to terminate this Lease, then Landlord shall repair or restore such damage. During the period of repairs or restoration this Lease shall continue in full force and effect and there shall be an abatement of rent in proportion to the percentage of space or available power within the Premises rendered untenantable by reason of such fire or other casualty this lease contract may such casualty. Landlord shall not be terminated required to repair or replace any damage or loss by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such or from fire or casualty. The Lessor shall have no responsibility whatsoever with regard other cause to damage to or destruction of furnitureany partitions, fixturesadditions, machineryceilings, and equipment of the Lessee floor coverings, trade fixtures or any third parties other property or improvements installed in or situated on the leased premisesPremises by, regardless of the cause or reason for such damage or destructionbelonging to, Tenant. Any insurance payment that may be carried by Landlord or recovery made or had as a result of an insurable Tenant against loss of or damage to the structures Building or other improvements located on the leased premises Premises shall be used to return for the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time sole benefit of the inception of this lease. Any party carrying such insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseeunder its sole control.
Appears in 1 contract
Samples: Lease (Riot Blockchain, Inc.)
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that in Landlord's reasonable judgment, substantial alteration or casualty and reconstruction of the Building shall be required which cannot be completed within 180 days (whether or not the Premises has been damaged by such casualty) or in the event Landlord will not be permitted by applicable law to rebuild the Building in substantially the same form as existed prior to the fire or casualty or in the event the Premises has been materially damaged and there is less than two (2) years of the Lease Term remaining on the date of such damage can casualty or in the event any Mortgagee should require that the insurance proceeds payable as a result of a casualty be reasonably repaired and restored applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord or Tenant may, at its option, terminate this Lease by notifying the other in writing of such termination within a period of ninety (90) daysdays after the date of such casualty. Such termination shall be effective as of the date of fire or casualty, with respect to any portion of the Premises that was rendered untenantable. If Landlord or Tenant do not elect to terminate this lease contract Lease, Landlord shall remain commence and proceed with reasonable diligence to restore the Building which shall be completed within 180 days from the date of destruction, subject to Force Majeure (provided that Landlord shall not be required to restore any unleased premises in forcethe Building) and the Leasehold Improvements (but excluding any improvements, but alterations or additions made by Tenant in violation of this Lease) located within the rental reserved hereby shall xxxxx Premises, if any, which Landlord has insured to substantially the same condition they were in immediately prior to the proportionate extent that happening of the leased premises casualty. Notwithstanding the foregoing, Landlord's obligation to restore the Building, and the Leasehold Improvements, if any shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty. When repairs to the Premises have been rendered unusable completed by Landlord, Tenant shall complete the restoration or untenantable by Lessee replacement of all Tenant's Property necessary to permit Tenant's reoccupancy of the Premises, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the purposes intended and for the period business of time actually required for the performance of repairs and restoration. And Tenant resulting in the case of any way from such damage or injurythe repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent on a per diem basis during the time and to the extent any damage to the Premises causes the Premises to be rendered untenantable and not used by Tenant. If the Premises or any other portion of the Building is damaged by fire or other casualty resulting from the negligence of Tenant or any Tenant Related Parties, the Rent hereunder shall not be diminished during any period during which the Premises, or any portion thereof, is untenantable (except to the extent Landlord is entitled to be reimbursed by the proceeds of any casualty insurance paid or recovered rental interruption insurance), and Tenant shall be used and/or made available by Lessor liable to pay the costs of labor and materials Landlord for the accomplishment cost of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premisesBuilding caused thereby to the extent such cost and expense is not covered by insurance proceeds. Should Landlord and Tenant hereby waive the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period provisions of any law from time to time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing effect during the Lease Term relating to the other party, effect upon leases of partial or total destruction of leased property. Landlord and Tenant agree that their respective rights in which the event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to any damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises Premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lesseethose specifically set forth herein.
Appears in 1 contract
Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the structure or other improvements on the leased premises Premises or any portion thereof shall be substantial part of the Building is wholly or partially damaged or destroyed by fire or other cause or casualty and in which is covered by Landlord's insurance, the event Landlord will proceed to restore the same to substantially the same condition existing immediately prior to such damage can be reasonably repaired and restored or destruction unless such damage or destruction is incapable of repair or restoration within a period of ninety one hundred eighty (90180) days, this lease contract shall remain in forcewhich event Landlord or Tenant may, but the rental reserved hereby shall xxxxx by written notice given to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case other party within sixty (60) days of such damage or injurydestruction, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess declare this Lease terminated as of the actual amount recovered from such insurance toward the repair and restoration happening of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any Landlord agrees to give written notice to Tenant within forty-five (45) days of such damage or destruction setting forth Landlord's reasonable estimate of the amount of time necessary complete the repair or restoration. If the Landlord's sole opinion the net insurance payment proceeds recovered by reason of the damage or recovery made destruction will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or had other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of an insurable loss any such damage, destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent hereunder as the amount of damaged or damage useless space in the Premises bears to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time rentable square footage of the inception Premises until such time as the Premises may be restored. Landlord shall reasonably determine the amount of this lease. Any insurance payment damaged or recovery made or had by reason or damage to or destruction useless space and the square footage of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseePremises referenced in the prior sentence.
Appears in 1 contract
Samples: Office Lease (Pivotal Corp)
Casualty Damage. In the event the structure or other improvements on the leased premises or With reasonable promptness after discovering any portion thereof shall be damaged by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that Premises, or to the leased premises shall have been rendered unusable or untenantable by Lessee Common Areas necessary for access to the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injuryPremises, the proceeds of resulting from any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be terminated by substantially completed within 180 days after they are commenced, either party hereto may terminate this Lease upon ten (10) days 60 days’ notice in writing to the other partyparty delivered within 10 business days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. If this Lease is not terminated pursuant to this Section 11. Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements. If the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises. If Landlord does not substantially complete the Landlord Repairs on or before the Outside Restoration Date (defined below), then, provided that the Casualty was not caused by the negligence or willful misconduct of Tenant or any party claiming by, through or under Tenant, Tenant may terminate this Lease by notifying Landlord within 15 days after the Outside Restoration Date. As used herein, “Outside Restoration Date” means the date occurring two (2) months after the later of (a) the expiration of the time set forth in Landlord’s estimate described in the First sentence of this Section 11, or (b) the date occurring 270 days after the commencement of the Landlord Repairs; provided, however, that the Outside Restoration Date shall be extended to the extent of (i) any delay caused by the insurance adjustment process; (ii) any other delay caused by events of Force Majeure, and (iii) any delay caused by Tenant or any party claiming by, through or under Tenant. Notwithstanding the foregoing, if Landlord determines in good faith that it will be unable to substantially complete the Landlord Repairs on or before the Outside Restoration Date, Landlord may cease its performance of the Landlord Repairs and provide Tenant with notice (the “Restoration Date Extension Notice”) stating such inability and identifying the date on which Landlord reasonably believes such substantial completion will occur, in which event Tenant may terminate this Lease by notifying Landlord within five (5) business days after receiving the rental due hereunder Restoration Date Extension Notice. If Tenant does not terminate this Lease within such 5-business day period, the Outside Restoration Date shall be adjusted automatically amended to be the date of identified in the occurrence of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeRestoration Date Extension Notice.
Appears in 1 contract
Samples: Office Lease (NeurogesX Inc)
Casualty Damage. In the event of damage to or destruction of the structure or other improvements on the leased premises or any portion thereof shall be damaged Leased Premises caused by fire or other cause casualty, or casualty of the entrances and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx other common facilities necessary to provide normal access to the proportionate extent that Leased Premises, or to other portions of the leased premises Building or its equipment which portions and equipment are necessary to provide services to the Leased Premises in accordance herewith, Landlord shall have been rendered unusable or untenantable by Lessee for the purposes intended undertake to make and for the period of time actually required for the performance of complete repairs and restoration. And in the case restorations as hereafter provided, unless this Lease be terminated by Landlord or Tenant or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such damage or injury, proceeds to cover the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment cost of such repairs and restoration. NeverthelessIf (a) the damage is of such nature or extent, in no event shall Lessor Landlord's sole judgment, that. more than one hundred and eighty (180) consecutive days, after commencement of the work, would be required (with normal work crews and hours) to expend any sum in excess repair and restore the part of the actual amount recovered from such insurance toward Leased Premises or the repair and restoration Building which has been damaged, or (b) a substantial portion of the premises. Should Leased Premises or the structures Building is so damaged that, in Landlord's .sole judgment, it is uneconomic to restore or other improvements located repair the Leased Premises or the Building, as the case may be, or (c) less than two (2) years remain on the leased premises be completely Lease Term, Landlord shall so advise Tenant promptly, and either party, in the case described in clause (a) above, or substantially destroyed Landlord, in the case described in clauses (b) or rendered untenantable or unusable by the Lessee for the intended uses/purposes (c) above, for a period of time in excess of ninety (90) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days thereafter, shall have the right to terminate this Lease by written notice in writing to the other partyother, as of the date specified in such notice, which event the rental due hereunder termination date shall be adjusted to no later than thirty (30) days after the date of such notice. In the occurrence event of such fire or other casualty, if this Lease is not terminated pursuant to the terms of this Section 22, if sufficient casualty insurance proceeds are available for use for such restoration or repair, and if this Lease is then in full force and effect, Landlord shall proceed diligently to restore the Leased Premises to substantially its condition prior to the occurrence of the damage, provided that Landlord shall not be obligated to repair or restore any alterations, additions or fixtures which Tenant may have installed (whether or not Tenant has the right or the obligation to remove the same or is required to leave the same on the Leased Premises as of the expiration or earlier termination of this Lease) unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all cost as may be incurred by Landlord in connection therewith. Landlord is not required hereunder to insure any improvements or alterations made by Tenant, to the Leased Premises, or any fixtures, equipment or other property of Tenant. Tenant shall have the right, at its sole expense, to insure the value of its leasehold improvements, fixtures, equipment or other property located in the Leased Premises, for the purpose of providing funds to Landlord to repair and restore the Leased Premises to substantially its condition prior to the occurrence of the damage. If there be any such alteration, fixtures or additions and Tenant does not assure or agree to assure payment of the cost of restoration or repair as aforesaid, Landlord shall have the right to determine the manner in which the Leased Premises shall be restored so as to be substantially as the Leased Premises existed prior to the damage occurring, as if such alterations, additions or fixtures had not then been made or installed. The Lessor validity and effect of this Lease shall not be impaired in any way by the failure of Landlord to complete repairs and restoration of the Leased Premises or of the Building within one hundred eighty (180) consecutive days after commencement of work, even if Landlord had in good faith notified Tenant that the repair and restoration could be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Leased Premises which is of a nature or extent that Tenant's continued occupancy is substantially impaired, the Annual Fixed Rent otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment. Anything to the contrary in this Lease notwithstanding, expressed or implied, Landlord shall have no responsibility whatsoever with regard liability to Tenant for and shall have no duty to repair, replace or restore any damage to or destruction of furniturewhatsoever, fixtures, machinery, and equipment of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had occurring as a result of leakage or seepage of water or any other liquid from any source whatsoever, or breakage of any pipes, mains or other plumbing located in or about the Building, or snow, frost, steam, excessive heat or cold, falling plaster, sewage, gas, odors, noise, or by air conditioning or heating apparatus. Provided, however, Landlord shall repair, replace and restore as an insurable loss Operating Expense of or the Building, all damage to the structures or other improvements located on the leased premises Building structure, systems and fixtures. Tenant shall be used responsible to return insure and/or repair all of Tenant's leasehold improvements and all equipment, fixtures and personal property located in the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeLeased Premises.
Appears in 1 contract
Casualty Damage. In Landlord, by notice to Tenant within 60 days of the event date of the structure or other improvements on the leased premises or any portion thereof shall be damaged by fire or other cause casualty (a “Casualty”), shall have the right to terminate this Lease if all or casualty and in any part of the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx Premises is damaged to the proportionate extent that it cannot reasonably be repaired within 120 days after the leased premises date of the Casualty. If this Lease is not terminated, Landlord shall have been rendered unusable promptly and diligently, restore the Premises. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Laws. Upon notice from Landlord, Tenant shall assign to Landlord (or untenantable to any party designated by Lessee Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the purposes intended and benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time actually required that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall xxxxx for the performance portion of repairs the Premises that is untenantable and restorationnot used by Tenant. And in Notwithstanding the case of such damage or injuryforegoing, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor and without limiting Tenant’s obligations, to pay the costs to Landlord any cost of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum restoration in excess of the actual amount recovered from such proceeds of Tenant’s Insurance, in the event that Landlord does not receive sufficient insurance toward proceeds to complete all required restoration work, whether due to an uninsured Casualty, requirements of a Mortgagee, or otherwise, then Landlord shall have the repair right to terminate this Lease by written notice to Tenant. The provisions of this Lease, including this Section 16, constitute an express agreement between Landlord and restoration Tenant with respect to any and all damage to, or destruction of, all or any part of the premises. Should Premises, the structures Building, the Property or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90Project, and any Laws, including, without limitation, Sections 1932(2) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10and 1933(4) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of such fire an express agreement between the parties, and any similar or casualty. The Lessor successor Laws now or hereinafter in effect, shall have no responsibility whatsoever with regard application to this Lease or any damage to or destruction of furniture, fixtures, machinery, and equipment to all or any part of the Lessee Premises, the Building or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Samples: Office Lease Agreement (Emmaus Life Sciences, Inc.)
Casualty Damage. In Landlord, by notice to Tenant within sixty (60) days of the event date of the structure or other improvements on the leased premises or any portion thereof shall be damaged by fire or other cause casualty (a “Casualty”), shall have the right to terminate this Lease if all or casualty and in any part of the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx Premises is damaged to the proportionate extent that it cannot reasonably be repaired within one hundred twenty (120) days after the leased premises date of the Casualty. If this Lease is not terminated, Landlord shall have been rendered unusable promptly and diligently, restore the Premises. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Laws. Upon notice from Landlord, Tenant shall assign to Landlord (or untenantable to any party designated by Lessee Landlord) all property insurance proceeds payable to Tenant under Tenant’s Insurance with respect to any Leasehold Improvements performed by or for the purposes intended and benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within thirty (30) days of demand, Tenant shall also pay Landlord for any additional excess costs relating to Leasehold Improvements that are determined during the performance of the repairs. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time actually required that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall xxxxx for the performance portion of repairs the Premises that is untenantable and restorationnot used by Tenant. And in Notwithstanding the case of such damage or injuryforegoing, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor and without limiting Tenant’s obligations, to pay to Landlord any cost of restoration of the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum Leasehold Improvements in excess of the actual amount recovered from such proceeds of Tenant’s Insurance, in the event that Landlord does not receive sufficient insurance toward proceeds to complete all required restoration work, whether due to an uninsured Casualty, requirements of a Mortgagee, or otherwise, then Landlord shall have the repair right to terminate this Lease by written notice to Tenant. The provisions of this Lease, including this Section 17, constitute an express agreement between Landlord and restoration Tenant with respect to any and all damage to, or destruction of, all or any part of the premises. Should Premises, the structures Building, or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90Development, and any Laws, including, without limitation, Sections 1932(2) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10and 1933(4) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of such fire an express agreement between the parties, and any similar or casualty. The Lessor successor Laws now or hereinafter in effect, shall have no responsibility whatsoever with regard application to this Lease or any damage to or destruction of furniture, fixtures, machinery, and equipment to all or any part of the Lessee Premises, the Building or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeDevelopment.
Appears in 1 contract
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion part thereof shall be damaged by fire or other cause casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Buildings shall be so damaged by fire or other casualty and that substantial alteration or reconstruction of the Buildings shall, in Landlord's sole opinion, be required (whether or not the event Premises shall have been damaged by such damage can be reasonably repaired and restored fire or other casualty), Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within a period of ninety (90) daysdays after the date of such damage, this lease contract in which event the Rent shall remain in force, but be abated as of the rental reserved hereby shall xxxxx date of such damage. In addition to the proportionate extent foregoing, if the Premises or any part thereof shall be damaged by fire or other casualty such that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case reparation of such damage or injurycasualty shall, in Landlord's reasonable judgement, require more than two hundred forty (240) days to complete (subject to extension for force majeure delays attributable to Tenant's or any of Tenant's Representatives' acts or omissions), then either Tenant or Landlord may terminate this Lease by notifying the proceeds other party of any casualty insurance paid or recovered such election to terminate this Lease within thirty (30) days after the date of Landlord's determination of the extent of such damage, in which event the Rent shall be used and/or made available by Lessor to pay abated as of the costs of labor and materials for the accomplishment date of such repairs damage. If neither party elects to terminate this Lease, and restoration. Neverthelessprovided insurance proceeds and any contributions from Tenant, if necessary, are available to fully repair the damage, Landlord shall within one hundred twenty (120) days after the date of such damage commence to repair and restore the Buildings and shall proceed with reasonable diligence to restore the Buildings (except that Landlord shall not be responsible for delays outside its control) to substantially the same condition in no event which it was immediately prior to the happening of the casualty; provided, Landlord shall Lessor not be required to expend rebuild, repair, or replace any sum part of Tenant's furniture, furnishings, fixtures and/or equipment removable by Tenant or any improvements, alterations or additions installed by or for the benefit of Tenant under the provisions of this Lease. Landlord shall not in any event be required to spend for such work an amount in excess of the actual amount recovered insurance proceeds (excluding any deductible) and any contributions from Tenant, if necessary, actually received by Landlord as a result of the fire or other casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant, injury to the business of Tenant, loss of use of any part of the Premises by the Tenant or loss of Tenant's personal property resulting in any way from such insurance toward damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. Notwithstanding anything to the contrary contained herein, if the Premises or any other portion of the Buildings be damaged by fire or other casualty resulting from the intentional or negligent acts or omissions of Tenant or any of Tenant's Representatives, (i) the Rent shall not be diminished during the repair of such damage, (ii) Tenant shall not have any right to terminate this Lease due to the occurrence of such casualty or damage, and (iii) Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of all or any portion of the premisesBuildings caused thereby (including, without limitation, any deductible) to the extent such cost and expense is not covered by insurance proceeds. Should In the structures or other improvements located on event the leased premises be completely or substantially destroyed or rendered untenantable or unusable holder of any indebtedness secured by the Lessee for Premises requires that the intended uses/purposes for a period insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of time in excess of ninety termination to Tenant within thirty (9030) days by reason of fire or other casualty this lease contract may be terminated by either party hereto upon ten (10) days notice in writing to the other party, in which event the rental due hereunder shall be adjusted to after the date of notice to Tenant of any such event, whereupon all rights and obligations shall cease and terminate hereunder except for those obligations expressly intended to survive any such termination of this Lease. Except as otherwise provided in this Section 27, Tenant hereby waives the occurrence provisions of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furnitureSections 1932(2.), fixtures1933(4.), machinery, 1941 and equipment 1942 of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures or other improvements located on the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeCalifornia Civil Code.
Appears in 1 contract
Samples: Lease Agreement (Phase Metrics Inc)
Casualty Damage. In the event the structure or other improvements on the leased premises or With reasonable promptness after discovering any portion thereof shall be damaged by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable Premises (other than trade fixtures), or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage to any Common Area or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess portion of the actual amount recovered from such insurance toward the repair and restoration Base Building necessary for access to or tenantability of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of Premises, resulting from any fire or other casualty this lease contract may (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be terminated by substantially completed within 180 days after the date of occurrence of the Casualty, either party hereto may terminate this Lease upon ten (10) days 60 days’ notice in writing to the other party, in which event the rental due hereunder shall be adjusted to the date of the occurrence party delivered within 10 days after Landlord’s delivery of such fire or casualtyestimate. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment of the Lessee or Within 90 days after discovering any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Project resulting from any Casualty, Landlord may, whether or other improvements located on not the leased premises shall Premises are affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to return pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies plus any applicable deductibles (other than any earthquake insurance deductible that Landlord does not elect to fund in order to perform the structures Landlord Repairs); (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; or (iv) the damage occurs during the last 12 months of the Term. If this Lease is not terminated pursuant to this Section 10, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other improvements located on events of Force Majeure. The Landlord Repairs shall restore the leased premisesPremises (other than trade fixtures) and any Common Area or portion of the Base Building necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the condition substantially equal Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to or better than that existing at the time tenantability of the inception of this leasePremises. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the Lessee.Notwithstanding
Appears in 1 contract
Samples: Office Lease (Magnite, Inc.)
Casualty Damage. In the event the structure or other improvements on the leased premises or any portion thereof shall be damaged Landlord, by fire or other cause or casualty and in the event such damage can be reasonably repaired and restored notice to Tenant within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee for the purposes intended and for the period of time actually required for the performance of repairs and restoration. And in the case of such damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess 60 days of the actual amount recovered from such insurance toward the repair and restoration date of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for a period of time in excess of ninety (90) days by reason of fire or other casualty (a “Casualty”), shall have the right to terminate this lease contract may be terminated by either party hereto upon ten (10) days notice in writing Lease if all or any part of the Premises is damaged to the other party, in which event the rental due hereunder shall extent that it cannot reasonably be adjusted to repaired within 120 days after the date of the occurrence Casualty. If this Lease is not terminated, Landlord shall promptly and diligently, restore the Premises. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law. Upon notice from Landlord, Tenant shall assign to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, the excess cost of such fire repairs shall be paid (or casualtyproven to be available for draw) by Tenant to Landlord prior to Landlord's commencement of repairs. The Lessor Within 15 days of demand, Tenant shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinery, and equipment also pay Landlord for any additional excess costs incurred during the performance of the Lessee or any third parties installed in or situated on the leased premises, regardless repairs because of requests of the cause Tenant. Landlord shall not be liable for any inconvenience to Tenant, or reason for such damage injury to Xxxxxx's business resulting in any way from the Casualty or destructionthe repair thereof. Any insurance payment Provided that Tenant is not in Default, during any period of time that all or recovery made or had a material portion of the Premises is rendered untenantable as a result of an insurable loss of or damage to a Casualty, the structures or other improvements located on Rent shall xxxxx for the leased premises shall be used to return the structures and other improvements located on the leased premises, to the condition substantially equal to or better than that existing at the time portion of the inception of this lease. Any insurance payment or recovery made or had Premises that is untenantable and not used by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeTenant.
Appears in 1 contract
Samples: Office Lease Agreement
Casualty Damage. In If the event the structure or other improvements on the leased premises Premises or any portion thereof common areas of the Property providing access thereto shall be damaged by fire or other cause Casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or casualty by any Holder (as defined in Article 24), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the event parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage can be reasonably repaired or the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and restored within a period of ninety (90) days, this lease contract shall remain in force, but the rental reserved hereby shall xxxxx to the proportionate extent that the leased premises shall have been rendered unusable or untenantable by Lessee Premises are unfit for occupancy for the purposes intended permitted under this Lease and for not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the period of time actually required for damage). Notwithstanding the performance of repairs and restoration. And foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in the case writing of such termination within sixty (60) days after the date of damage or injury, the proceeds of any casualty insurance paid or recovered shall be used and/or made available by Lessor (such termination notice to pay the costs of labor and materials for the accomplishment of such repairs and restoration. Nevertheless, in no event shall Lessor be required to expend any sum in excess of the actual amount recovered from such insurance toward the repair and restoration of the premises. Should the structures or other improvements located on the leased premises be completely or substantially destroyed or rendered untenantable or unusable by the Lessee for the intended uses/purposes for include a period of time in excess of termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by reason of Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty this lease contract may be terminated by either party hereto upon ten or cause such that: (10a) days notice in writing repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other partypremiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in which event the rental due hereunder Term, or any material damage occurs to the Premises during the last 12 months of the Term, (c) any Holder (as defined in Article 24) shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt or the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be adjusted to Tenant's sole recourse in the date of the occurrence event of such fire or casualty. The Lessor shall have no responsibility whatsoever with regard to damage to or destruction of furniture, fixtures, machinerydamage, and equipment waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of the Lessee or any third parties installed in or situated on the leased premises, regardless of the cause or reason for such damage or destruction. Any insurance payment or recovery made or had as a result of an insurable loss of or damage to the structures Premises or other improvements located on Property. Tenant acknowledges that this Article represents the leased premises shall be used to return entire agreement between the structures and other improvements located on the leased premises, parties respecting damage to the condition substantially equal to Premises or better than that existing at the time of the inception of this lease. Any insurance payment or recovery made or had by reason or damage to or destruction of furnishings, trade fixtures, machinery, and equipment owned by Lessee shall be payable to and shall be and belong to the LesseeProperty.
Appears in 1 contract
Samples: Lease Agreement (Infocure Corp)