Common use of Casualty Damage Clause in Contracts

Casualty Damage. With reasonable promptness after discovering any damage to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (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 substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party 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 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; (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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system 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 Common Areas that are deemed desirable by Landlord, are consistent with the character of the 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 Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.

Appears in 4 contracts

Samples: Office Lease (Nutanix, Inc.), Office Lease (Nutanix, Inc.), Office Lease (Nutanix, Inc.)

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Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building. In the event the Premises or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the Building is wholly or partially damaged or destroyed by fire or other party 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 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 casualty which 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11insurance, Landlord shall will proceed 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 (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law existing immediately prior to such damage or any Security Holder, and (b) any modifications destruction to the Common Areas that are deemed desirable by Landlord, are consistent with the character extent of the 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 Tenantcollected and made available by any mortgagee of Landlord unless, in Landlord’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvementssole judgment, and if the estimated (i) such damage or actual cost destruction is incapable of restoring any Tenant-Insured Improvements exceeds repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds received recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord from shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord 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’s insurance carrier, . To the extent after fire or other casualty that Tenant shall pay such excess to Landlord within 15 days after Landlord’s demand. No Casualty be deprived of the use 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 Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated and other charges due under this Lease as the amount of damaged or useless space in proportion the Premises bears to the rentable square footage of the Premises until such portion of time as the PremisesPremises are restored.

Appears in 4 contracts

Samples: Lease (Editas Medicine, Inc.), Lease (Editas Medicine, Inc.), Lease (Editas Medicine, Inc.)

Casualty Damage. With If the Dwelling Unit is damaged by fire or other casualty, by the failure of or malfunction of any equipment or utilities serving the Dwelling Unit, Tenant shall promptly notify Landlord. If, in the sole determination of Landlord, such damage does not render the Dwelling Unit substantially impaired or require repairs requiring Tenant to vacate the Dwelling Unit, Landlord shall repair the same within a reasonable promptness period of time after discovering service upon Landlord of written notice of such damage by Tenant, and Rent shall not xxxxx during the period of such repairs. If the Dwelling Unit or any damage to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any part thereof is damaged by fire or other casualty to such an extent that use of the Dwelling Unit is substantially impaired, or required repairs can be made only by Tenant vacating the Dwelling Unit, in the sole determination of Landlord, either Landlord or Tenant shall have the right to terminate the Lease in accordance with the terms of Section 55-248.24 of the VRLTA, and subject to Section 9(e) of the Lease. Landlord shall account to Tenant for the Security Deposit and prepaid rent, as applicable, plus accrued interest on the Security Deposit (a “Casualty”)if any) based upon the damage or casualty. However, if Landlord reasonably believes that Tenant, Tenant’s guests, invitees or authorized occupants were the cause of the damage or casualty, Landlord shall so notify Tenant of Landlord’s reasonable estimate and make disposition of the time required Security Deposit and prepaid rent by advising Tenant that such funds will be held until a determination is made of the amount of damages caused by Tenant’s acts. Landlord shall have the right to substantially complete repair of such damage (apply the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice Security Deposit and prepaid rent to the damage so caused by Tenant, Tenant’s guests, invitees, or authorized occupants. Except as otherwise provided herein, Tenant and Landlord do hereby otherwise release each other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering from any and all liability, loss, damage to the Project or claim resulting from any Casualty, Landlord may, whether or not 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 casualty and agree 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 secure from their insurers acknowledgement of the Term; or (v) any owner, other than Landlord, such release and a waiver of any damaged portion rights of the Project does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system 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 Common Areas that are deemed desirable by Landlord, are consistent with the character of the 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 Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisessubrogation.

Appears in 3 contracts

Samples: Estate Residential Lease Agreement, Estate Residential Lease Agreement, Estate Residential Lease Agreement

Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building. In the event the Premises or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimateBuilding is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord's insurance, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice will proceed to the other party 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 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; (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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurredexisting immediately prior to such damage or destruction unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days, except for in which event Landlord may, at Landlord's option and by written notice given to Tenant within sixty (a60) any modifications required by Law days of such damage or any Security Holderdestruction, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character declare this Lease terminated as of the Project, and do not materially impair access to happening of such damage or tenantability destruction. If in Landlord's sole opinion the net insurance proceeds recovered by reason of the Premisesdamage 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. Notwithstanding Section 10.4, To the extent after fire or other casualty that 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, be deprived of the use 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 Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any 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 Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated hereunder as the amount of damaged or useless space in proportion the Premises bears to the rentable square footage of the Premises until such portion time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the PremisesPremises referenced in the prior sentence.

Appears in 2 contracts

Samples: Office Lease (Authoriszor Inc), Seec Inc

Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building. In the event the Premises or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the Building is wholly or partially damaged or destroyed by fire or other party 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 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 casualty which 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 ownerinsurance, other than Landlord, of any damaged portion of the Project does not intend to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject will proceed to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurredexisting immediately prior to such damage or destruction unless such damage or destruction is incapable of repair or restoration within two hundred seventy (270) days, except for (a) any modifications required in which event either party, at each party’s respective option and by Law or any Security Holder, and (b) any modifications written notice given to the Common Areas that are deemed desirable by Landlordother party within sixty (60) days of such damage or destruction, are consistent with the character declare this Lease terminated as of the Project, and do not materially impair access to happening of such damage or tenantability destruction. If in Landlord’s sole opinion the net insurance proceeds recovered by reason of the Premises. Notwithstanding Section 10.4damage or destruction will not be adequate to complete the restoration of the Building, Tenant Landlord shall assign have the right to Landlord (or its designee) terminate this Lease and all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if unaccrued obligations of the estimated or actual cost parties hereto by sending a notice 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 termination to Tenant, constitute a constructive eviction, provided that Landlord simultaneously terminates the leases of all the similarly situated tenants in the Building. To the extent after fire or excuse other casualty that Tenant from any obligation hereunder; provided, however, that if shall be deprived of the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability use and occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any 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 Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated hereunder as the amount of damaged or useless space in proportion the Premises bears to the rentable square footage of the Premises until such portion time as the Premises may be restored and Tenant is able to recommence its ordinary and usual conduct of business from the Premises. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence. Notwithstanding anything to the contrary contained in this Article 10, in the event of damage to the Premises in the last twelve (12) months of the Term, and the damage, in the reasonable opinion of Landlord, cannot be repaired within sixty (60) days from the date of discovery of such damage, Landlord shall give written notice to Tenant that the damage cannot be repaired within sixty (60) days of its discovery, in which event (i) either party may terminate the Lease by giving the other written notice of termination, and (ii) Tenant may terminate the Lease if Landlord has not commenced such repairs within such sixty (60) day period and diligently pursued same to completion. Tenant shall not be entitled to any compensation or damages from Landlord for loss of the use of the Premises., damage to Tenant’s personal property or any inconvenience occasioned by any damage, repair or restoration. Tenant hereby waives the provisions of Section 1932, Subdivision 2, and Section 1933, Subdivision 4, and Sections 1941 and 1942 of the California Civil Code, and the provisions of any similar Legal Requirement (whether now or hereafter in effect). Ring Central, Inc. Lease 16

Appears in 2 contracts

Samples: Office Lease, Office Lease (RingCentral Inc)

Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building. In the event the Premises or any substantial part of the time Building is wholly or partially damaged or destroyed by fire or other casualty which is covered or required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party 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 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 '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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11hereunder, Landlord shall promptly and diligently perform the Landlord Repairs, subject will proceed to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law existing immediately prior to such damage or any Security Holder, and (b) any modifications destruction to the Common Areas that are deemed desirable by Landlord, are consistent with the character extent of the 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 collected and made available by any Tenant-Insured Improvementsmortgagee of Landlord unless, and if in Landlord's reasonable judgment, (i) such damage or destruction is incapable of repair or restoration within twelve months following the estimated date of damage or actual cost of restoring any Tenant-Insured Improvements exceeds destruction; or (ii) the insurance proceeds received recovered by reason of the damage or destruction are inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord from Tenant’s shall fail to make insurance carrierproceeds available for restoration (provided Landlord is not in default under its mortgage documents), in any of which events Landlord may, at Landlord's option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. To the extent after fire or other casualty that Tenant shall pay such excess to Landlord within 15 days after Landlord’s demand. No Casualty be deprived of the use 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 Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any portion destruction or the repair thereof, providing Tenant did not cause the fire or other casualty, then so long as and to the extent Landlord's recovery of Rent as a result of a casualty is covered or required to be covered by Landlord's insurance hereunder, Tenant shall be entitled to an equitable reduction in rent under this Lease as the amount of damaged or unusable space in the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion bears to the rentable square footage of the Premises until such portion time as the Premises are restored. Landlord and Tenant shall reasonably determine the amount of damaged or unusable space and the square footage of the PremisesPremises referenced in the prior sentence. Tenant shall have the right to terminate this Lease if (i) Landlord elects not to restore the Building and intends to demolish the Building; or (ii) Landlord fails to restore the Building within twelve (12) months following the date of damage or destruction.

Appears in 2 contracts

Samples: Lease (Archemix Corp.), Office Lease (Archemix Corp.)

Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building. In the event the Premises or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the Building is wholly or partially damaged or destroyed by fire or other party 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 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 casualty which 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11insurance, Landlord shall promptly and diligently perform the Landlord Repairs, subject will proceed to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurredexisting immediately prior to such damage or destruction unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days, except for in which event Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (a60) any modifications required by Law days of such damage or any Security Holderdestruction, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character declare this Lease terminated as of the Project, and do not materially impair access to happening of such damage or tenantability destruction. If in Landlord’s sole opinion the net insurance proceeds recovered by reason of the Premisesdamage 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. Notwithstanding Section 10.4, To the extent after fire or other casualty that 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, be deprived of the use 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 Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any 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 Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated hereunder as the amount of damaged or useless space in proportion the Premises bears to the rentable square footage of the Premises until such portion time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the PremisesPremises referenced in the prior sentence.

Appears in 1 contract

Samples: Lease (Wilshire Bancorp Inc)

Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building. In the event the Premises or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the Building is wholly or partially damaged or destroyed by fire or other party 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 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 casualty which is not fully covered by Landlord’s insurance policies; (iii) insurance, then Landlord decides will proceed 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurredexisting immediately prior to such damage or destruction unless such damage or destruction is incapable of repair or restoration within 180 days, except for (a) any modifications required in which event Landlord and Tenant, each, may, by Law or any Security Holder, and (b) any modifications written notice given to the Common Areas that are deemed desirable by Landlordother within 60 days of such damage or destruction, are consistent with the character declare this Lease terminated as of the Projecthappening of such damage or destruction. If, and do not materially impair access to or tenantability in Landlord’s sole opinion, the net insurance proceeds recoverable by reason of the Premisesdamage 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. Notwithstanding Section 10.4, To the extent after fire or other casualty that 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, be deprived of the use 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 Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any 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 Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated due under this Lease as the amount of damaged or useless space in proportion the Premises bears to the rentable square footage of the Premises until such portion time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the PremisesPremises referenced in the prior sentence.

Appears in 1 contract

Samples: Lease (Medivation, Inc.)

Casualty Damage. With reasonable promptness after discovering any damage to In the event that the Premises or the building in which the Premises are located are damaged for any reason whatsoever such that Tenant would be rendered unable, in Landlord's and Tenant's joint determination, to carry on its normal business operations for a period of thirty (other 30) days or more, Tenant shall have the right to terminate this Lease by giving notice of such termination to Landlord no later than trade fixtures)sixty (60) days after the occurrence of such damage. Upon such termination, Tenant's obligations hereunder and each of them, including the obligation to pay rent of any kind or to any Common Area or Building system necessary for access to or tenantability nature, shall cease as of the Premisesday the Premises were so damaged. During any period that Tenant, resulting from in Landlord's and Tenant's joint determination, is unable to conduct its normal business operations because of such casualty damage, rent of any kind or nature due hereunder shall be abated. In the event the Premises are partially damaged by fire or other casualty (a “Casualty”)and Landlord and Tenant jointly shall determine that Tenant is able to carry on its normal business operations, Landlord Tenant shall notify pay rent for only such portion of the Premises which Tenant of Landlord’s reasonable estimate of may reasonably occupy during the time required to substantially complete repair of such damage make repairs. All repairs necessary to restore the Premises to its original condition shall be (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed a) commenced within 180 ninety (90) days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery occurrence of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not 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; (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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system 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 performed in a diligent and workmanlike manner with material of at least the Common Areas that are deemed desirable by Landlord, are consistent with same quality utilized originally in the character of the Project, and do not materially impair access to or tenantability construction of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord ; and (or its designeec) 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 completed by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 15 days after at 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 Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises's sole expense.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Synagro Technologies Inc)

Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building. In the event the Premises or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimateBuilding is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord's insurance, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice will proceed to the other party 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 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; (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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurredexisting immediately prior to such damage or destruction unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days, except for (a) any modifications required in which event Landlord or Tenant may, by Law or any Security Holder, and (b) any modifications written notice given to the Common Areas that are deemed desirable by Landlordother party within sixty (60) days of such damage or destruction, are consistent with the character declare this Lease terminated as of the Project, and do not materially impair access happening of such damage or destruction. Landlord agrees to give written notice to Tenant within forty-five (45) days of such damage or tenantability destruction setting forth Landlord's reasonable estimate of the Premisesamount of time necessary complete the repair or restoration. Notwithstanding Section 10.4If the Landlord's sole opinion the net insurance proceeds recovered 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 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, be deprived of the use 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 Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any 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 Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated hereunder as the amount of damaged or useless space in proportion the Premises bears to the rentable square footage of the Premises until such portion time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the PremisesPremises referenced in the prior sentence.

Appears in 1 contract

Samples: Office Lease (Pivotal Corp)

Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building. In the event the Premises or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the Building is wholly or partially damaged or destroyed by fire or other party 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 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 casualty which 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11's insurance, Landlord shall will proceed 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 (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law existing immediately prior to such damage or any Security Holder, and (b) any modifications destruction to the Common Areas that are deemed desirable by Landlord, are consistent with the character extent of the 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 collected and made available by any Tenant-Insured Improvementsmortgagee of Landlord unless, and if the estimated in Landlord's sole judgment, (i) such damage or actual cost destruction is incapable of restoring any Tenant-Insured Improvements exceeds repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds received recovered by reason of the damage or destruction are, in Landlord's sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord from shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord's option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord's sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord 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’s insurance carrier, . To the extent after fire or other casualty that Tenant shall pay such excess to Landlord within 15 days after Landlord’s demand. No Casualty be deprived of the use 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 Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated and other charges due under this Lease as the amount of damaged or useless space in proportion the Premises bears to the rentable square footage of the Premises until such portion of time as the PremisesPremises are restored.

Appears in 1 contract

Samples: Alnylam Pharmaceuticals Inc

Casualty Damage. With reasonable promptness after discovering In the event the whole or any part of the Building and/or other Improvements shall be damaged or destroyed by fire or other casualty, damage or action of the elements, at any time during the Term of this Lease, Tenant shall with all due diligence repair, restore and rebuild the Building and/or other Improvements as close as possible to the same plan and design as existed immediately prior to such damage or destruction (subject to such changes as may be required by any local governmental authorities as a condition to obtaining necessary permits to rebuild), and to the same condition that existed immediately prior to such damage. In the event of any restoration or reconstruction pursuant to this Article, any insurance proceeds available in consequence of such damage shall be made available to Tenant for said purpose and Landlord shall release any right it has to such insurance proceeds. Prior to any such restoration and reconstruction as herein provided, the drawings and specifications therefor shall be submitted to Landlord for its approval and to any other necessary party for its approval under any document of record as of the date of the recordation of the Memorandum of Lease for its approval. Landlord agrees that its approval of such drawings and specifications shall not be unreasonably withheld, conditioned or delayed. All such work performed by Tenant shall be constructed in a good and workmanlike manner according to and in conformance with the laws, rules and regulations of all governmental bodies and agencies. The Monthly Base Rental and other charges payable hereunder shall xxxxx, or be reduced, by reason of any casualty damage to the Premises (other than trade fixtures), or extent proceeds from the rental loss insurance to any Common Area or Building system necessary for access be provided by Tenant pursuant to or tenantability of the Premises, resulting from any fire or other casualty (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 substantially completed within 180 days after they Section 7.2 are commenced, either party may terminate this Lease upon 60 days’ notice to the other party 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 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 actually received by Landlord’s insurance policies; (iii) Landlord decides . Except as expressly provided herein, Tenant waives all rights 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i)any applicable law now or hereafter in effect, (ii)including, (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result without limitation, any right to terminate granted under Section 1932, subdivision 2, and Section 1933 of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system 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 Common Areas that are deemed desirable by Landlord, are consistent with the character of the 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 Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the PremisesCalifornia Civil Code.

Appears in 1 contract

Samples: Lease Agreement (Dj Orthopedics Inc)

Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building, hi the event the Premises or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimateBuilding is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord's insurance, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice will proceed to the other party 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 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; (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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurredexisting immediately prior to such damage or destruction unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days, except for in which event Landlord may, at Landlord's option and by written notice given to Tenant within sixty (a60) any modifications required by Law days of such damage or any Security Holderdestruction, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character declare this Lease terminated as of the Project, and do not materially impair access to happening of such damage or tenantability destruction. If in Landlord's sole opinion the net insurance proceeds recovered by reason of the Premisesdamage 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. Notwithstanding Section 10.4, To the extent after fire or other casualty that 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, be deprived of the use 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 Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any 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 Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated hereunder as the amount of damaged or useless space in proportion the Premises bears to the rentable square footage of the Premises until such portion time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the PremisesPremises referenced in the prior sentence.

Appears in 1 contract

Samples: Office Lease (Texen Oil & Gas Inc)

Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building. In the event the Premises or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimateBuilding is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord's insurance, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice will proceed to the other party 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 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; (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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurred, except for existing immediately prior to such damage or destruction unless (ai) any modifications required by Law such damage or any Security Holder, and destruction is incapable of repair or restoration within one hundred eighty (b180) 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 or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord days; (or its designeeii) 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 recovered by reason of the damage or destruction are, in Landlord's sole judgment, inadequate to complete the restoration of the Building; or (iii) Landlord from Tenant’s insurance carrierelects not to repair or restore the Building, in any of which events 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. To the extent after fire or other casualty that Tenant shall pay such excess to Landlord within 15 days after Landlord’s demand. No Casualty be deprived of the use 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 Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any 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 Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated hereunder as the amount of damaged or useless space in proportion the Premises bears to the rentable square footage of the Premises until such portion time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the PremisesPremises referenced in the prior sentence.

Appears in 1 contract

Samples: Suburban Lodges of America Inc

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Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building. In the event the Premises or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimateBuilding is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord's insurance, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice will proceed to the other party 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 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; (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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurredexisting immediately prior to such damage or destruction unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days, except for in which event Landlord may, at Landlord's option and by written notice given to Tenant within sixty (a60) any modifications required by Law clays of such damage or any Security Holderdestruction, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character declare this Lease terminated as of the Project, and do not materially impair access to happening of such damage or tenantability destruction. If in Landlord's sole opinion the net insurance proceeds recovered by reason of the Premises. Notwithstanding Section 10.4damage 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 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, be deprived of the use 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 Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any 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 Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated hereunder as the amount of damaged or useless Space in proportion the Premises bears to the rentable square footage of the Premises until such portion time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the PremisesPremises referenced in the prior sentence.

Appears in 1 contract

Samples: C B Com Inc

Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises, Landlord shall notify Tenant or, to the extent it knows of Landlord’s reasonable estimate such damage, of any fire or other casualty to the Building. In the event the Premises, or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). IfBuilding, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the is wholly or partially damaged or destroyed by fire or other party 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 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 casualty which 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11insurance, Landlord shall promptly and diligently perform the Landlord Repairs, subject will proceed to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition existing immediately prior to such damage or destruction unless Landlord notifies Tenant (the “Casualty Notice”) that existed when such damage or destruction is incapable of repair or restoration within two hundred forty (240) days from commencement thereof as determined by Landlord’s architect. If the Building cannot be rebuilt or restored within two hundred forty (240) days Tenant may, by written notice given to the other party within twenty (20) days of Tenant’s receipt of the Casualty occurredNotice, 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 declare this Lease terminated as of the Project, and do not materially impair access to happening of such damage or tenantability destruction. To the extent after fire or other casualty that Tenant shall be deprived 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, use 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 Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any 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 Base Rent due under this Lease as the amount of damaged or useless space in the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion bears to the rentable square footage of the Premises until such portion time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the PremisesPremises referenced in the prior sentence.

Appears in 1 contract

Samples: Lease and Lease Termination Agreement (Salix Pharmaceuticals LTD)

Casualty Damage. With reasonable promptness after discovering any damage to the Premises (other than trade fixtures)Premises, or to any the Common Area or Building system Areas necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (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 substantially completed within 180 days after they are commencedcommencement (or prior to the then scheduled expiration date of this Lease, whichever is sooner), either party may terminate this Lease upon 60 days’ notice to the other party 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 are 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any the Common Area or Building system Areas 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 Common Areas that are deemed desirable by Landlord, are consistent with the character of the 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 . 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 Common Area or Building system necessary for Tenant’s access to or tenantability of 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 or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.

Appears in 1 contract

Samples: Office Lease (Optimer Pharmaceuticals Inc)

Casualty Damage. With reasonable promptness after discovering any damage to Lessor and Lessee agree that if the Premises (other than trade fixtures), shall be materially damaged or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any destroyed by fire or other casualty (a “Casualty”)covered under the policies of fire and extended coverage insurance on the Leased Premises, Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of and such damage or destruction could reasonably be repaired within one hundred twenty (120) days from the “Landlord Repairs”). Ifhappening thereof, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party 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 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; (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 then Lessee shall proceed with all reasonable speed to repair such damage; provideddamage or destruction and to restore the Premises as nearly as practicable to their condition immediately preceding such damage or destruction to the extent of the available net insurance proceeds and subject to the approval by Lessor of all plans and specifications for such repair. If the Premises cannot reasonably be restored within the number of days set forth above but can be restored within one hundred eighty (180) days, howeverthen Lessee may, that (x) Landlord may but shall not terminate this Lease be required to, restore the Premises in accordance with the foregoing. If Lessee does not elect to restore the Premises pursuant to the preceding clauses (i)sentence, (ii)then Lessor may, (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty by prompt written notice to terminate any other leases of space in the BuildingLessee, and (y) Landlord may not terminate this Lease pursuant elect to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) at its sole cost and any Common Area or Building system necessary for access expense using the net insurance proceeds 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 apply to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, cost and do not materially impair access expense necessary to or tenantability of restore the Premises. Notwithstanding Section 10.4If neither party elects to restore the Premises, Tenant then this Lease shall assign to Landlord (terminate as of the date of such damage or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvementsdestruction and both parties shall be released from further liability hereunder, 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; providedwithout prejudice, however, that if to any rights accruing to either party prior to the date of such damage or destruction. If in any case Lessee elects or is required to restore the Premises (other than trade fixtures) and promptly commences and thereafter diligently pursues such restoration, this Lease shall not terminate, notwithstanding that the actual time required for such repairs or any Common Area or Building system necessary restoration may exceed that contemplated by the parties. The rent for access to or tenantability of the Premises during the time Lessee is damaged by a Casualty, then, during any time that, as a result deprived of possession on account of such damage, any portion of damage or destruction or the Premises is inaccessible repair or untenantable and is not occupied by Tenant, Monthly Rent restoration thereof shall be abated in proportion to the rentable square footage of such portion of the Premiseson a per diem basis.

Appears in 1 contract

Samples: Lease (Aas Capital Corp)

Casualty Damage. With reasonable promptness after discovering any damage to If the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s . In case the Building shall be so damaged that in Landlord's reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party 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 are affectedhas 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 and area 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 casualty or in the event any Mortgagee should require that the insurance proceeds in excess of $250,000 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 (meaning an uninsured loss of $250,000 or more, unless Tenant pays for any uninsured loss in excess of that amount), Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within ninety (90) days after the date of such casualty, provided such election to terminate must be made in good faith and not merely as a means to re-lease the Premises at rates more favorable than those set forth in this Lease. 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, and the effective date of 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 proceed with reasonable diligence to restore the Building (provided that Landlord shall not be required to restore any unleased premises in the Building) and the Tenant 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 casualty. Notwithstanding the foregoing, Landlord's obligation to restore the Building, and the Tenant 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. Tenant shall have the right to terminate this Lease if (i) any Security Holder terminates any ground lease such restoration of the Premises is not completed within 180 days after the date of such casualty and such delays prevent Tenant from occupying the Premises for Tenant's normal business operations; 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 Premises are damaged within the last 12 months two (2) years of the Term; or (v) any owner, other than Landlord, of any damaged portion of Lease Term and such damage prevents Tenant from occupying the Project does not intend Premises for Tenant's normal business operations. When repairs to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system 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 Common Areas that are deemed desirable completed by Landlord, are consistent with Tenant shall complete the character restoration or replacement of all Tenant's Property necessary to permit Tenant's reoccupancy of the ProjectPremises, and do not materially impair access Tenant shall present Landlord with evidence satisfactory to or tenantability Landlord of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Notwithstanding Section 10.4Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the 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 rental interruption insurance), and Tenant shall assign be liable 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 for the estimated or actual cost of restoring the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds. Landlord and Tenant hereby waive the provisions of any Tenant-Insured Improvements exceeds law from time to time in effect during the insurance proceeds received by Lease Term relating to the effect upon leases of partial or total destruction of leased property. Landlord from Tenant’s insurance carrier, and 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 agree that their respective rights in the event of any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access damage to or tenantability destruction of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesthose specifically set forth herein.

Appears in 1 contract

Samples: Office Lease Agreement (Onyx Software Corp/Wa)

Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the balance of the time required to substantially complete repair of such damage (Building. In the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party 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 event the Premises are affected, terminate this Lease or any substantial part of the Building is wholly or partially damaged or destroyed by notifying Tenant if (i) any Security Holder terminates any ground lease fire or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property other casualty which is not fully covered by Landlord’s insurance policies; and for which such insurance proceeds are made available to Landlord by its Lender, Landlord will proceed to restore the 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 casualty, (ii) Landlord reasonably determines that such damage or destruction is incapable of repair or restoration within one (1) year 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 of this Lease), and (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 exercise its right to repair such damage; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i)foregoing provisions, (ii), (iii) or (v) unless then Tenant shall have the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty right to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to as respects the preceding clause (ivapplicable Building(s) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system 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 Common Areas that are deemed desirable by Landlord, are consistent with the character of the 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 written notice to Landlord within 15 fifteen (15) days after Tenant’s receipt of 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 Common Area or Building system necessary for access to or tenantability written notice setting forth Landlord’s estimate of the Premises is damaged by a Casualtyrepair and restoration period. Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), then, during any time that, as a result providing for termination of such damage, any portion hiring upon destruction of the Premises is inaccessible or untenantable thing hired and is not occupied by TenantSections 1941 and 1942, Monthly Rent shall be abated in proportion providing for repairs to the rentable square footage and of such portion of the Premisespremises.

Appears in 1 contract

Samples: Office Lease (Intersil Corp/De)

Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability Manager of the Premises, resulting from any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the Building. In the event the Premises or any substantial part of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimateBuilding is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord's insurance, the Landlord Repairs cannot be substantially completed within 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice will proceed to the other party 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 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; (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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. 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 (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises same to substantially the same condition that existed when the Casualty occurredexisting, except for immediately prior to such damage or destruction unless such damage or destruction is incapable of repair or restoration within, one hundred eighty (a180) any modifications required days, in which event Landlord or tenant may, at their option and by Law or any Security Holder, and (b) any modifications written notice given to the Common Areas that are deemed desirable by Landlordother within sixty (60) days of such damage or destruction, are consistent with the character declare this Lease terminated as of the Project, and do not materially impair access to happening of such damage or tenantability destruction. If in Landlord's reasonable opinion the net insurance proceeds recovered by reason of the Premisesdamage or 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. Notwithstanding Section 10.4, To the extent after fire or other casualty that 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, be deprived of the use 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 Common Area or Building system necessary for access to or tenantability occupancy of the Premises is damaged by a Casualty, then, during or any time that, portion thereof as a result of any such damage, any 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 Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated hereunder as the amount of damaged or useless space in proportion the Premises bears to the rentable square footage of the Premises until such portion 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. 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 relieved of the Monthly Rent hereunder until repairs to the Premises are completed.

Appears in 1 contract

Samples: Saville Systems PLC

Casualty Damage. 11.1 With reasonable promptness after discovering any damage to the Premises promises (other than trade fixturesFixtures), or to any Common Area or Building system System necessary for access to or tenantability of the PremisesPromises, resulting from any fire or other casualty (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 substantially completed Completed within 180 270 days after they are commencedthe date of the 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 estimate. Within 90 days after discovering any damage to the Project Property resulting from any Casualty, Landlord may, whether or not the Premises are affected, may terminate this Lease by notifying Tenant if (i) the cost of the Landlord Repairs exceeds (any such excess, a “Shortfall”) the sum of (a) the proceeds of Landlord’s insurance (other than with respect to any Tenant-Insured Improvements), less any portion thereof that is lawfully required by any Security Holder terminates any ground lease or requires that any insurance proceeds to be used to pay any mortgage debt; plus (b) if any insurance required under Section 10.6 is not carried by Landlord, then any proceeds of such insurance (other than with respect to any Tenant-Insured Improvements) that would have been available to Landlord (any could not have lawfully required by any Security Holder to be used to pay any mortgage debt) if Landlord had carried such insurance (subject to maximum commercially reasonable deductibles), plus (c) any applicable deductibles (other than with respect to earthquake damage), plus (d) any insurance proceeds or other amounts paid to Landlord pursuant to Section 11.2, plus (e) 5% of the replacement cost of the Building, as reasonably determined by Landlord: or (ii) any damage to Landlord’s property Landlord is not fully covered by Landlord’s insurance policies; (iii) Landlord decides legally permitted to rebuild the Building or and Common Areas so that it or they will be in substantially different the same configuration structurally or and architecturally; or (iviii) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion Term and Landlord estimates that the Landlord Repairs cannot be substantially completed within the period beginning on the date of the Project does not intend Causalty and having a duration equal to repair 20% of the balance of the Term remaining on such damage; provideddate. Notwithstanding the foregoing, however, that (x) Landlord may not terminate any notice of termination of this Lease pursuant to clause (l) of the preceding clauses sentence (i)a “Shortfall Termination Notice”) shall be ineffective if (x) Tenant, (ii)within 10 business days after receiving such Shortfall Termination Notice, (iii) or (v) unless notifies Landlord that Tenant agrees to pay, and provides Landlord with evidence reasonably satisfactory to Landlord of Tenant’s ability to pay, the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, Shortfall; and (y) Landlord may the Shortfall does not terminate this Lease pursuant to exceed 5% of the replacement cost of the Building, as reasonably determined by Landlord. If any shortfall Termination Notice becomes ineffective by operation of the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If sentence and this Lease is not otherwise terminated pursuant to this Section 1111.1, then (i) Tenant, within three (3) business days after Landlord’s request (which shall not be made more frequently than once per calendar month), shall deliver to Landlord, as Additional Rent, in addition to any amounts required to be paid to Landlord shall promptly under Section 11.2, cash in an amount equal to (a) the Shortfall multiplied by a fraction, the numerator of which is the total cost of the Landlord Repairs incurred by Landlord to date, and diligently perform the denominator of which is Landlord’s reasonable estimate of the total cost of the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or Building system 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 less (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character total amount of the Project, and do not materially impair access payments previously made by Tenant to or tenantability Landlord pursuant to this sentence; (ii) if Landlord’s reasonable estimate of the Premises. Notwithstanding Section 10.4, Tenant shall assign total cost of the Landlord Repairs changed 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 reflect the estimated or total actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received Landlord Repairs, then the Shortfall and the amounts payable pursuant to this sentence shall be adjusted equitably; and (iii) Tenant shall not, by Landlord from reason of Tenant’s insurance carrierdelivery of such amounts, acquire any ownership, equitable mortgage or similar interest in any part of the Property or otherwise become entitled to reimbursement from Landlord, it being hereby acknowledged and agreed by Tenant shall pay such excess to Landlord within 15 days after that Landlord’s demand. No Casualty and no restoration performed agreement to perform the Landlord Repairs as required hereunder shall render Landlord liable to Tenantunder this Section 11, constitute a constructive evictiontogether with the other terms and conditions hereof, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or Building system necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of deemed adequate consideration for such portion of the Premisesdelivery.

Appears in 1 contract

Samples: Office Lease (Rocket Fuel Inc.)

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