Common use of Casualty Restoration Clause in Contracts

Casualty Restoration. In the event of total or partial destruction of the Leased Premises by fire or other casualty, Landlord agrees promptly to restore and repair same; provided, however, Landlord’s obligation hereunder with respect to the Leased Premises shall be limited to the reconstruction of such of the improvements as were originally required to be made by Landlord pursuant to the Workletter. Rent shall proportionately xxxxx during the time that the Building or part thereof is unusable or inaccessible because of any such damage. Within sixty (60) days after such casualty, Landlord shall deliver to Tenant written notice (the “Casualty Notice”) setting forth Landlord’s reasonable estimate for substantial completion of the required restoration and repair work. If the Casualty Notice provides that the Leased Premises is destroyed to the extent that it cannot be repaired or rebuilt within one hundred eighty (180) days from the casualty date, then either Landlord or Tenant may, upon thirty (30) days’ written notice to the other party, terminate this Lease with respect to matters thereafter accruing. In the event Landlord elects to terminate this Lease, Tenant shall have the right to reject Landlord’s termination in which case the Lease shall remain in full force and effect; provided, however, if the remaining Lease Term following Landlord’s estimated completion date is less than five (5) years, the Lease Term shall be automatically extended as follows: Tenant may elect to either (x) exercise a remaining option to extend the Lease Term pursuant to Section 17.01 below, in which case any right to retract its exercise of an option to extend set forth in Section 17.01 shall be null and void and the applicable Extension Term shall commence upon the expiration of the preceding term, or (y) keep any remaining options to extend (if any) unaffected by the casualty, in which case the Lease Term shall be extended to the last day of the fifth (5th) year following Landlord’s substantial completion of the restoration and repair work in connection with such casualty, and the Minimum Annual Rent per square foot for any resulting extension term shall be an amount equal to one hundred two percent (102%) of the Minimum Annual Rent per square foot for the period immediately preceding such extension term for the first twelve (12) months of such extension term, with an increase of two percent (2%) for each successive twelve (12) month period of such extension term.

Casualty Restoration. In If the event of total or partial destruction of the Leased Premises shall be damaged by fire or other casualty, then the Premises shall be repaired and restored to its condition preceding the damage in accordance with the provisions of this Article 7. Whenever in this Article 7 reference is made to restoration of the Premises, (i) Tenant's obligation shall be as to all personal property within the Premises including Tenant's furniture, fixtures, equipment and other personal property, any and all Alterations, construction or other improvements made to the Premises by or on behalf of Tenant (including, without limitation, Tenant's and Directrix' initial Alterations to prepare the Premises for its occupancy, but excluding Landlord's Work), all of which shall be restored and replaced at Tenant's sole cost and expense and (ii) Landlord's obligation, if any, shall be as to the shell, which constitutes the structure of the Building, the mechanical, electrical, plumbing, air conditioning and other Building-wide systems which exist immediately prior to the casualty (except to the extent the same were installed by Tenant or Directrix) and Landlord's Work. Landlord agrees promptly shall have no liability to restore Tenant, and repair sameTenant shall not be entitled to terminate this Lease, if such repairs and restoration are not in fact completed within Landlord's estimated time period (except as otherwise expressly provided herein). The Base Rent payable under Article 2, as well as Additional Rent payable pursuant to Article 3, until thirty (30) days after such repairs which are Landlord's obligation shall be made, shall be reduced in the proportion which the area of the part of the Premises which is not usable by Tenant bears to the total area of the Premises; provided, however, Landlord’s obligation hereunder should Tenant reoccupy a portion of the Premises for the conduct of its business prior to the date such repairs are made, the Base Rent and such Additional Rent shall be reinstated with respect to such reoccupied portion of the Leased Premises and shall be limited to payable by Tenant from the reconstruction date of such of the improvements as were originally required to be made by Landlord pursuant to the Workletter. Rent shall proportionately xxxxx during the time that the Building or part thereof is unusable or inaccessible because of any such damage. Within sixty (60) days after such casualty, Landlord shall deliver to Tenant written notice (the “Casualty Notice”) setting forth Landlord’s reasonable estimate for substantial completion of the required restoration and repair work. If the Casualty Notice provides that the Leased Premises is destroyed to the extent that it cannot be repaired or rebuilt within one hundred eighty (180) days from the casualty date, then either Landlord or Tenant may, upon thirty (30) days’ written notice to the other party, terminate this Lease with respect to matters thereafter accruing. In the event Landlord elects to terminate this Lease, Tenant shall have the right to reject Landlord’s termination in which case the Lease shall remain in full force and effect; provided, however, if the remaining Lease Term following Landlord’s estimated completion date is less than five (5) years, the Lease Term shall be automatically extended as follows: Tenant may elect to either (x) exercise a remaining option to extend the Lease Term pursuant to Section 17.01 below, in which case any right to retract its exercise of an option to extend set forth in Section 17.01 shall be null and void and the applicable Extension Term shall commence upon the expiration of the preceding term, or (y) keep any remaining options to extend (if any) unaffected by the casualty, in which case the Lease Term shall be extended to the last day of the fifth (5th) year following Landlord’s substantial completion of the restoration and repair work in connection with such casualty, and the Minimum Annual Rent per square foot for any resulting extension term shall be an amount equal to one hundred two percent (102%) of the Minimum Annual Rent per square foot for the period immediately preceding such extension term for the first twelve (12) months of such extension term, with an increase of two percent (2%) for each successive twelve (12) month period of such extension termoccupancy.

Casualty Restoration. In If the event of total Premises and/or the building are totally or partial destruction of the Leased Premises partially damaged or destroyed by fire fire, earthquake, accident or other casualty, Landlord agrees promptly shall repair and restore the Premises and/or the building, as applicable, unless either Landlord or Tenant elects to restore and repair same; provided, however, Landlord’s obligation hereunder with respect terminate this lease as permitted herein. Landlord shall have the right to terminate this Lease if (i) the damage to the Leased Premises shall be limited to and/or the reconstruction of such of the improvements as were originally building is caused by a casualty that Landlord was not required to be made by Landlord pursuant insure against under the terms of this Lease, and the cost to repair and restore the Workletter. Rent shall proportionately xxxxx during Premises will exceed $500,000, or (ii) the time that Premises and/or the Building or part thereof is unusable or inaccessible because of any such damage. Within sixty (60) days after such casualty, Landlord shall deliver to Tenant written notice (the “Casualty Notice”) setting forth Landlord’s reasonable estimate for substantial completion of the required restoration and repair work. If the Casualty Notice provides that the Leased Premises is destroyed to the extent that it building cannot be fully repaired or rebuilt and restored within one hundred eighty (180) days from the date of the casualty. Landlord shall notify Tenant of the estimated time required to repair and restore the Premises and/or the building within 30 days after the date of the casualty dateand, then either if Landlord or Tenant may, upon thirty (30) days’ written notice has the right to the other party, terminate this Lease with respect to matters thereafter accruing. In the event as permitted herein, whether Landlord elects has elected to terminate this Lease, . Tenant shall have the right to reject Landlord’s termination in which case the terminate this Lease shall remain in full force and effect; provided, however, if the remaining Premises cannot be fully repaired and restored within one hundred eighty (180) days from the date of the casualty. If neither Landlord nor Tenant elect to terminate this Lease Term following Landlord’s estimated completion date is less than five (5) yearsas permitted herein, then Landlord shall promptly commence the Lease Term repair and restoration of the Premises and/or the building and shall diligently pursue the same to completion. Tenant shall be automatically extended as follows: Tenant may elect entitled to either (x) exercise a remaining option to extend proportionate abatement of rent from the Lease Term pursuant to Section 17.01 below, in which case any right to retract its exercise of an option to extend set forth in Section 17.01 shall be null and void and the applicable Extension Term shall commence upon the expiration date of the preceding termcasualty until the Premises are fully repaired and restored, or (y) keep any remaining options based on the extent to extend (if any) unaffected by the casualty, in which case the Lease Term shall be extended to the last day Tenant’s use of the fifth (5th) year following Landlord’s substantial completion Premises is impaired as result of the restoration and repair work in connection with such casualty, repair and the Minimum Annual Rent per square foot for any resulting extension term shall be an amount equal to one hundred two percent (102%) of the Minimum Annual Rent per square foot for the period immediately preceding such extension term for the first twelve (12) months of such extension term, with an increase of two percent (2%) for each successive twelve (12) month period of such extension termrestoration.