Common use of Casualty Clause in Contracts

Casualty. If the Building is totally destroyed by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 3 contracts

Samples: Office Building Lease Agreement (Local Matters Inc.), Office Building Lease Agreement (Local Matters Inc.), Office Building Lease Agreement (Local Matters Inc.)

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Casualty. If In the event any improvements on the Office Building is totally destroyed site are rendered untenantable by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and the option of terminating this Lease shall terminate upon or rebuilding, and in such event written notice to Tenant; provided, however, that of the election by Landlord shall notify Tenant, be given to Tenant within thirty (30) days after the occurrence of such casualty. In the event Landlord elects to rebuild, (1) Landlord shall not be obligated to rebuild the Tenant's or any such mortgagee gives other Tenant Improvements; and (2) the affected portions of the Office Building shall be restored, as nearly as practicable in Landlord's reasonable judgment, to their former condition, exclusive of Tenant Improvements, within a notice reasonable time, during which time no payment of rent or other sum due hereunder from Tenant to Landlord shall xxxxx unless and until Tenant's space shall have continued untenantable for at least thirty (30) days after (and as a result of) such casualty. In the event (i) Landlord fails to give timely notice of its election to rebuild, or (ii) Landlord fails to rebuild so that Tenant's Improvements can be replaced within six (6) months of such election casualty, the term of this Lease shall then expire and this Lease and all options and rights under-it shall be of no further force or effect and Landlord shall be entitled to apply such proceeds against the mortgage debt, sole possession of the fact that such mortgagee has done so. Except as hereinafter providedPremises, and Landlord shall not be obligated to reimburse the Tenant for the value or cost of its improvements, or for any insurance which may be carried by Landlord or Tenant against loss expense or damage incident to the Building such casualty or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlelection.

Appears in 3 contracts

Samples: Lease Agreement (Netmaximizer Com Inc), Lease Agreement (Netmaximizer Com Inc), Lease Agreement (Netmaximizer Com Inc)

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty 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 leasehold improvements as were originally made by Landlord, if any. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such damage. Notwithstanding the foregoing, if the Leased Premises or Building is are (a) so damaged destroyed that rebuilding or repairs they cannot be completed repaired or rebuilt within one hundred eighty (180) days after from the date casualty date; or (b) destroyed by a casualty that is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Building and the Leased Premises; then, in case of such damagea clause (a) casualty, either Landlord or Tenant may at its option may, or, in the case of a clause (b) casualty, then Landlord may, upon thirty (30) days' written notice to the other party, terminate this LeaseLease with respect to matters thereafter accruing. Notwithstanding anything to the contrary contained herein, in which event if the Rent shall be abated during damage to the unexpired portion of this Lease effective from the date of such damage. If Leased Premises or the Building or is a partial casualty that effects more than twenty percent (20%) of the Leased Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed and has not been repaired and the Leased Premises made ready for occupancy within one hundred eighty sixty (18060) days after the date of the casualty, damage or destruction, then the Tenant shall have the right and option to terminate this Lease by giving written notice to Landlord at any time within fifteen (15) days after the end of such damagesixty (60) day period. Additionally, or if the damage should is to such an extent that it cannot reasonably be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall repaired and the Premises made ready for occupancy within ninety sixty (9060) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord damage or destruction, then Tenant may terminate this Lease within fifteen (15) days after the date of the casualty, damage or destruction by giving written notice to Landlord. Following any casualty loss which renders the Premises untenantable, Tenant shall not be required entitled to rebuild, repair an abatement of rent from the date of the damage or replace destruction until the Premises are rendered tenantable notwithstanding any negligence on the part of Tenant. If only a portion of Premises is rendered untenantable, then Tenant's rent shall be partially abated taking into account the furniture, equipment, fixtures and other improvements which may have been placed by Tenant diminution in value of the Premises. There If this Lease is terminated, Rent shall be a fair diminution prorated to the date of the casualty, damage or destruction and any prepaid Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds other prepaid amounts shall be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice refunded to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 3 contracts

Samples: Office Sublease by And, Office Sublease, Office Sublease

Casualty. If 22.1 In the event that the Premises or the Building is totally destroyed are damaged by fire or other casualty cause and in Landlord’s reasonable estimation such damage can be materially restored within two hundred forty (240) days from the date of such fire or if other cause, Landlord shall, forthwith repair the same and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate abatement in rent from the date of such damage and continuing until the earlier of (a) sixty (60) days following the date that the Premises or the Building is so damaged (as the case may be) have been materially restored (subject, in any case, to the terms and provisions of Section 22.7 below), or (b) the date upon which Tenant has taken occupancy of the Premises for the conduct of its business. Such abatement of rent shall be made pro rata in accordance with the extent to which the damage and the making of such repairs shall interfere with the use and occupancy by Tenant of the Premises from time to time, except that rebuilding if (i) such casualty materially and adversely interferes with Tenant’s use of more than fifty percent (50%) of the Premises for the conduct of its business, (ii) such damage by fire other cause was not the result of Tenant’s negligence or repairs cannot willful misconduct, and (iii) Tenant, as a result of such interference, ceases using the entire Premises, then rent shall be completed within one hundred eighty abated entirely. Within forty-five (18045) days after from the date of such damage, Landlord or Tenant may at its option terminate shall notify Tenant, in writing, of Landlord’s reasonable estimation of the length of time within which material restoration can be made (the “Target Restoration Date”). For purposes of this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises shall be deemed “materially restored” if they are damaged by fire, tornado in such condition as would not prevent or other casualty covered by Landlordmaterially interfere with Tenant’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after use of the date of such damage, or if Premises for the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in purpose for which it was being used immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any before such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controldamage.

Appears in 2 contracts

Samples: Lease (ConforMIS Inc), Lease (ConforMIS Inc)

Casualty. If the Premises or the Project is damaged or destroyed, in whole or in part, by fire or other casualty at any time during the Term and if, after such damage or destruction, Tenant is not able to use the portion of the Premises not damaged or destroyed to substantially the same extent and for the Authorized Use for which the Premises were leased to Tenant hereunder, and within sixty (60) days after Landlord’s receipt of written notice from Tenant describing such damage or destruction Landlord provides notice to Tenant that the Premises, as improved to the extent of the Building Standard improvements existing immediately prior to such destruction or casualty, cannot be repaired or rebuilt to the condition which existed immediately prior to such destruction or casualty within two hundred forty (240) days following the date of such destruction or casualty, then either Landlord or Tenant may by written notice to the other within thirty (30) days following such notice by Landlord terminate this Lease. Unless such damage or destruction is totally the result of the negligence or willful misconduct of Tenant or its employees, agents, contractors or invitees, the Rent shall be abated for the period and proportionately to the extent that after such damage or destruction Tenant is not able to use the portion of the Premises damaged or destroyed for the Authorized Use and to substantially the same extent as Tenant used the Premises prior thereto. If this Lease is not terminated pursuant to the foregoing, then upon receiving the available insurance proceeds, Landlord shall restore or replace the damaged or destroyed portions of the Premises, as improved to the extent of the Building Standard improvements existing immediately prior to such destruction or casualty, or Project; Tenant shall restore or replace the improvements to the Premises required to be insured by Tenant hereunder; and this Lease shall continue in full force and effect in accordance with the terms hereof except for the abatement of Rent referred to above, if applicable, and except that the Term shall be extended by a length of time equal to the period beginning on the date of such damage or destruction and ending upon completion of such restoration or replacement. Landlord shall restore or replace the damaged or destroyed portions of the Premises or Project that Landlord is required to restore or replace hereunder within a reasonable time, subject to Force Majeure Events and the availability of insurance proceeds. If either party elects to terminate this Lease as provided in this Section, this Lease shall terminate on the date which is thirty (30) days following the date of the notice of termination as if the Term hereof had been scheduled to expire on such date, and, except for obligations which are expressly stated herein to survive the expiration or earlier termination of this Lease, neither party shall have any liability to the other party as a result of such termination. Landlord shall not be obligated to repair any damage to Above Standard improvements or fixtures, Tenant’s inventory, trade fixtures or other personal property. If the Premises or any portion of the Project are damaged or destroyed by fire or other casualty caused by the negligence or if willful misconduct of Tenant, its employees, agents, contractors, or invitees, then any repair or restoration of the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after by Landlord pursuant to the date terms of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent Section shall be abated during the unexpired portion of at Tenant’s sole cost and expense. Notwithstanding anything in this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior Section to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debtcontrary, Landlord shall have no obligation to rebuild repair or restore the Premises or the Project on account of damage resulting from any casualty which occurs during the last twelve (12) months of the Term, or if the estimated cost of such repair or restoration would exceed fifty percent (50%) of the reasonable value of the Building prior to the casualty. The abatement of Rent, if applicable hereunder, and termination of this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify by Tenant, within thirty (30) days after any such mortgagee gives a notice if applicable hereunder, are the sole remedies available to Landlord of such election to apply such proceeds against Tenant in the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to event the Premises shall be for or the sole benefit of the party carrying such insurance and under its sole controlProject is damaged or destroyed, in whole or in part, by fire or other casualty.

Appears in 2 contracts

Samples: Lease Agreement (Upland Software, Inc.), Lease Agreement (Upland Software, Inc.)

Casualty. If In the event that the Building is should be totally destroyed by fire fire, tornado or other casualty casualty, or if the Premises or Building is should be so damaged that rebuilding or repairs cannot be completed within one hundred and eighty (180) days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, Lease in which event the Rent rent shall be abated during the unexpired portion of this Lease effective from with the date of such damage, or Landlord may proceed to rebuild the Building and the Premises. If the damage prohibits Tenant’s use of the Premises, cannot be repaired within one hundred and eighty (180) days and was not caused by Tenant, then Tenant can elect to terminate this Lease by written notice to Landlord received within sixty (60) days of the date of damage. In the event the Building or the Premises are should be damaged by fire, tornado or other casualty covered by Landlord’s insurancecasualty, but only to such extent that rebuilding or repairs in Landlord’s reasonable estimation can be completed within one hundred and eighty (180) days after the date of such damage, or if the damage should cannot be more serious repaired within such time frame but neither Landlord nor Tenant elects does not elect to terminate this Lease, in either such event, Landlord shall shall, within ninety sixty (9060) days after the date of such damage commence to rebuild or repair the Building and/or Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentpartitions, fixtures and other improvements which may have been placed by Tenant or other tenants within the Building and rent shall equitably xxxxx from the date of damage until such damage is repaired if such casualty results in the Premises. There shall be a fair diminution of Rent during the time damage to Tenant’s Premises or prohibits its access to the Premises are unfit for occupancyor use thereof. If In the event any mortgagee under a deed to secure debtof trust, security agreement or mortgage requires on the Building should require that the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and if Landlord so elects, this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter providedUnless otherwise provided in this Lease, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 2 contracts

Samples: Office Lease (Gaiam Inc), Office Lease (Wells Real Estate Fund Ix Lp)

Casualty. If In case following the Building is totally execution hereof and prior to the expiration of the Term hereof the Premises shall be damaged or destroyed in whole or in part by fire or other casualty casualty, this Lease shall, except as hereinafter provided in this Section, remain in full force and effect and Landlord shall, upon notice of such damage from Tenant and proceeding with reasonable dispatch, repair or if rebuild so much of the Premises as have been damaged by fire or Building is so damaged that rebuilding or repairs canthe elements to substantially their condition at the time of the Term Commencement Date (subject, however, to zoning laws and building codes then in existence). Landlord shall in all events not be completed within responsible for any delay which may result by reason of adjustment of insurance claims, collection of insurance proceeds, labor troubles, or from any other cause beyond Landlord’s reasonable control, with the understanding and agreement by Tenant that repair or restoration work will not occur prior to receipt of sufficient insurance proceeds, nor sums be expended in excess of net recovered insurance proceeds. Tenant shall concurrently repair or restore so much of the Premises as was constructed by Tenant and shall repair and restore its fixtures and personal property with the understanding and agreement by Landlord that repair or restoration work will not occur prior to receipt of sufficient insurance proceeds, nor sums be expended in excess of net recovered insurance proceeds. In the event that the provisions of this Section shall become applicable, the Base Rent and Additional Rent for real estate taxes and Operating Expenses shall be abated or reduced proportionately during any period in which, by reason of any such damage or destruction, there is substantial interference with the operation of the business of Tenant in the Premises, having regard to the extent to which Tenant may be required to discontinue its business in the Premises, and such abatement or reduction shall continue for the period commencing with such destruction or damage and ending with the substantial completion of such work, repair and/or reconstruction by Landlord. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease following: (i) damage or destruction to the Premises to the extent of twenty-five percent (25%) or more of the replacement cost thereof; or (ii) the refusal of the applicable insurance carrier to pay funds sufficient for the cost to repair or replace or the refusal of any applicable mortgagee to release the insurance proceeds for such purposes or the imposition of unsatisfactory conditions by the insurance carrier or the applicable mortgagee. Landlord or Tenant may exercise the right to so terminate this Lease by written notice to the other given by the later of (a) ninety (90) days of the date of the damage, or (b) thirty (30) days after the date the insurer or mortgagee notifies Landlord of its refusal or failure to release sufficient proceeds or imposes unsatisfactory conditions but in no event later than one hundred eighty and twenty (180120) days after the date of such damage, whichever is later. Such notice of termination shall be effective on the date thereof. Notwithstanding the foregoing, if the Premises shall have been damaged or destroyed as aforesaid and if the Landlord or exercises its right to terminate this Lease in accordance with the foregoing provisions of this Section 17A as a result of an insufficiency of insurance proceeds, then the Tenant may shall have the right at its option terminate this Leaseelection to nullify the Landlord’s termination thereof by paying to the Landlord, in which event the Rent shall be abated during the unexpired portion of this Lease effective from within fifteen (15) days after the date of such damagethe Landlord’s termination notice, the amount of the insufficiency, as reasonably determined and estimated by the Landlord, of any net insurance proceeds available to the Landlord to cover the cost to restore and repair the Premises. If the Building or the Premises are damaged by fire, tornado fire or other casualty covered by Landlord’s insurance, but only and are not substantially repaired or restored to the condition existing on the date of such extent that rebuilding or repairs can be completed damage within one hundred eighty (180) days after following the date of such damagefire or other casualty as provided herein, or if the damage should be more serious but neither Landlord nor Tenant elects to may thereafter terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a prior written notice to Landlord of unless such election to apply repair or restoration is completed within such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlthirty day period.

Appears in 2 contracts

Samples: NxStage Medical, Inc., NxStage Medical, Inc.

Casualty. If the Premises or the Project is damaged or destroyed, in whole or in part, by fire or other casualty at any time during the Term and if, after such damage or destruction, Tenant is not able to use the portion of the Premises not damaged or destroyed to substantially the same extent and for the Authorized Use for which the Premises were leased to Tenant hereunder, and within sixty (60) days after Landlord’s receipt of written notice from Tenant describing such damage or destruction Landlord provides notice to Tenant that the Premises, as improved to the extent of the Building Standard improvements existing immediately prior to such destruction or casualty, cannot be repaired or rebuilt to the condition which existed immediately prior to such destruction or casualty within two hundred seventy (270) days following the date of such destruction or casualty, then either Landlord or Tenant may by written notice to the other within thirty (30) days following such notice by Landlord terminate this Lease. Unless such damage or destruction is totally the result of the negligence or willful misconduct of Tenant or its employees, agents, contractors or invitees, the Rent shall be abated for the period and proportionately to the extent that after such damage or destruction Tenant is not able to use the portion of the Premises damaged or destroyed for the Authorized Use and to substantially the same extent as Tenant used the Premises prior thereto. If this Lease is not terminated pursuant to the foregoing, then upon receiving the available insurance proceeds, Landlord shall restore or replace the damaged or destroyed portions of the Premises, as improved to the extent of the Building Standard improvements existing immediately prior to such destruction or casualty, or Project; Tenant shall restore or replace the improvements to the Premises required to be insured by Tenant hereunder; and this Lease shall continue in full force and effect in accordance with the terms hereof except for the abatement of Rent referred to above, if applicable,. Landlord shall restore or replace the damaged or destroyed portions of the Premises or Project that Landlord is required to restore or replace hereunder within a reasonable time, subject to Force Majeure Events and the availability of insurance proceeds. If either party elects to terminate this Lease as provided in this Section, this Lease shall terminate on the date which is thirty (30) days following the date of the notice of termination as if the Term hereof had been scheduled to expire on such date, and, except for obligations which are expressly stated herein to survive the expiration or earlier termination of this Lease, neither party shall have any liability to the other party as a result of such termination. Landlord shall not be obligated to repair any damage to Above Standard improvements or fixtures, Tenant’s inventory, trade fixtures or other personal property. If the Premises are damaged or destroyed by fire or other casualty caused by the recklessness or if willful misconduct of Tenant, its employees, agents, contractors, or invitees, then any repair or restoration of the Premises or Building by Landlord pursuant to the terms of this Section shall be at Tenant’s sole cost and expense, except to the extent that Landlord is so damaged able to receive payment as a result of the insurance that rebuilding or repairs cannot be completed within one hundred eighty (180) days after it carries pursuant to the date terms of such damage, Landlord or Tenant may at its option terminate this Lease, . Notwithstanding anything in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior Section to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debtcontrary, Landlord shall have no obligation to rebuild repair or restore the Premises or the Project on account of damage resulting from any casualty which occurs during the last twelve (12) months of the Term, or if the estimated cost of such repair or restoration would exceed fifty percent (50%) of the reasonable value of the Building prior to the casualty. The abatement of Rent, if applicable hereunder, and termination of this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify by Tenant, within thirty (30) days after any such mortgagee gives a notice if applicable hereunder, are the sole remedies available to Tenant in the event the Premises or the Project is damaged or destroyed, in whole or in part, by fire or other casualty. Notwithstanding the foregoing, Landlord may not terminate this Lease unless Landlord also terminates the leases of such election to apply such proceeds against the mortgage debt, all other similarly situated tenants of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlBuilding.

Appears in 2 contracts

Samples: Commercial Lease (Ziprecruiter, Inc.), Commercial Lease (Ziprecruiter, Inc.)

Casualty. If all or any portion of the Building is totally destroyed Premises becomes untenantable or inaccessible by fire or other casualty or if to the Premises or Building is so damaged the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord with a written estimate of the amount of time required, using standard working methods, to substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that rebuilding the Premises or repairs any Common Areas necessary to provide access to the Premises cannot be completed made tenantable within one two hundred eighty ten (180210) days from the date the repair is started, then either party shall have the right to terminate this Lease upon written notice to the other within ten (10) days after Xxxxxx’s receipt of the date of such damageCompletion Estimate. Tenant, Landlord or Tenant may at its option terminate this Leasehowever, in which event shall not have the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects right to terminate this LeaseLease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord shall Landlord, by notice to Tenant within ninety (90) days after the date of such damage commence the Casualty, shall have the right to rebuild or repair terminate this Lease if: (1) the Building and/or Premises have been materially damaged and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part two (2) years of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in Term remain after the Premises. There shall be a fair diminution date of Rent during the time the Premises are unfit for occupancy. If Casualty; (2) any mortgagee under a deed to secure debt, security agreement or mortgage Mortgagee requires that the insurance proceeds be applied against to the payment of the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty or (303) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against material uninsured loss or damage to the Building or Premises occurs, provided that the foregoing shall not apply to a loss that is uninsured due to a failure by Landlord to carry standard casualty insurance on the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlBuilding.

Appears in 2 contracts

Samples: Office Lease Agreement (Klaviyo, Inc.), Office Lease Agreement (Klaviyo, Inc.)

Casualty. If all or any portion of the Premises becomes untenantable or all or any material portion of the Building is totally destroyed necessary for access to or beneficial use of the Premises shall be damaged by fire or other casualty (collectively a “Casualty”), then Landlord, with reasonable promptness, shall cause a licensed general contractor reasonably selected by Landlord to provide Landlord with a written estimate of the amount of time required, using standard working methods, to substantially complete the repair and restoration of the Premises (exclusive of Tenant’s Property and the Tenant Insured Improvements) and any Common Areas necessary to provide access to or if beneficial use of the Premises to substantially their condition prior to the Casualty to the extent reasonably practicable (subject to compliance with Laws) (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or Building is so damaged that rebuilding any Common Areas necessary to provide access to or repairs beneficial use of the Premises cannot be completed restored to substantially their condition prior to the Casualty to the extent reasonably practicable (subject to compliance with Laws) within one two hundred eighty seventy (180270) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or Casualty, then either party shall have the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects right to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior Lease upon written notice to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after Tenant’s receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease in accordance with this Section 14.01 if the Casualty was caused by the negligence or intentional misconduct of Tenant or any such mortgagee gives a Tenant Related Parties. In addition, Landlord, by notice to Landlord Tenant within sixty (60) days after the date of such election the Casualty, shall have the right to apply such terminate this Lease if: (1) the Premises have been materially damaged during the last twelve (12) months of the Term; (2) any Mortgagee requires that all or a material portion of the insurance proceeds against be applied to the payment of the mortgage debt, of the fact that debt owed to such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord Mortgagee; or Tenant against (3) a material uninsured loss or damage to the Building or Premises occurs. If this Lease is terminated by either party on account of any Casualty as provided in this Article 14, then Tenant shall pay to Landlord (by assignment or otherwise) an amount equal to the insurance proceeds actually received by Tenant under the policy(ies) referred to in Section 13.02(b) on account of the damage to or loss of the Leasehold Improvements in the Premises less a reasonable allocation of Tenant’s actual out-of-pocket third party costs, if any, to adjust and collect such proceeds; however, from any such proceeds actually received by Tenant, Tenant shall be for entitled to retain an amount equal to the sole benefit unamortized portion (amortized over the initial Term on a straight-line basis) of the party carrying such insurance and under its sole controlhard costs paid by Tenant to perform any Alterations (excluding, however, any amounts paid by Landlord to perform the Initial Tenant Work).

Appears in 2 contracts

Samples: Lease Agreement (Monte Rosa Therapeutics, Inc.), Lease Agreement (Monte Rosa Therapeutics, Inc.)

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty, Landlord agrees to promptly restore and repair the Building or Leased Premises; provided, however, Landlord's obligation hereunder shall be limited to the reconstruction of the Building, Leased Premises and the Tenant Finish Improvements as were originally required to be made by Landlord. Landlord shall give Tenant written notice within thirty (30) days of the casualty or if of Landlord's estimated date to complete such restoration and repair. In the Premises or Building event that such notice discloses that such date of completion is so damaged that rebuilding or repairs cannot be completed within more than one hundred eighty (180) days after from the date casualty date, Landlord and Tenant shall endeavor in good faith to agree upon a schedule for the completion of such damage, Landlord repair or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damagerebuilding. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to no such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, is reached within thirty (30) days after of Tenant's receipt of notice estimating the date of completion, Tenant may terminate this Lease, effective upon the date of casualty, by delivery of written notice thereof to Landlord within fifteen (15) days of the expiration of the thirty (30) day negotiating period identified above. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, damage until substantial completion of the fact that restoration. Notwithstanding the foregoing, if the Leased Premises are destroyed by a casualty which is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee has done so. Except as hereinafter providedentitled thereto or are insufficient to rebuild the Building, any insurance which may be carried by then Landlord or may, upon thirty (30) days' written notice delivered to Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit within thirty (30) days of the party carrying such insurance and under its sole controlcasualty, terminate this Lease with respect to matters thereafter accruing. All restoration shall comply with all construction requirements imposed hereby on the original construction of the Building, Leased Premises or the original Tenant Finish Improvements.

Appears in 2 contracts

Samples: Office Lease Agreement (Interactive Intelligence Inc), Office Lease Agreement (Interactive Intelligence Inc)

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty or 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 Tenant Improvements required to be made by Landlord pursuant to Section 2.02 above, if any. Rent shall proportionately axxxx during the time that the Leased Premises or part thereof are unusable because of any such damage. Notwithstanding the foregoing, in the event the Building is so or the Leased Premises should be totally or substantially destroyed or damaged as provided herein, then within thirty (30) days following the date of such destruction or damage, Landlord will provide Tenant with written notice, stating Landlord’s good faith estimate of the length of time necessary for reconstruction and restoration. If Landlord reasonably and in good faith determines that rebuilding or repairs cannot be completed within the reconstruction and restoration will take more than one hundred eighty (180) days after from the date of casualty to substantially complete, either party shall be entitled to terminate this Lease upon thirty (30) days prior written notice to the other party. Upon such termination, both parties shall be released from all liability hereunder, except for any right or obligation arising prior to the date of such damagetermination or which survives termination hereof. However, if neither party terminates within such thirty (30) day period, Landlord or Tenant may at its option terminate this Leaseshall promptly thereafter commence and diligently perform the necessary reconstruction. If, in which event after undertaking such reconstruction, the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Leased Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only not restored to such extent that rebuilding or repairs a stage where Tenant can be completed use the Leased Premises for the Permitted Use within the one hundred eighty (180) days after the date day period, as extended as a result of such damageForce Majeure or Tenant Delays (as hereinafter defined), or if the damage should Tenant shall be more serious but neither Landlord nor Tenant elects entitled to terminate this Lease, Lease upon written notice delivered to Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after the 180-day period. Upon such termination, both parties shall be released from all liability hereunder, except for any such mortgagee gives a notice right or obligation arising prior to Landlord the date of such election to apply such proceeds against termination or which survives termination hereof. Tenant waives any right under applicable laws inconsistent with the mortgage debt, terms of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlthis paragraph.

Appears in 1 contract

Samples: Office Lease (Akorn Inc)

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damagecasualty, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence agrees promptly to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, and repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantsame; provided, however, Landlord's obligation hereunder with respect to the Leased Premises shall be limited to the reconstruction of such of the leasehold improvements as were originally required to be made by Landlord pursuant to Section 2.02 above, if any. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such damage. Notwithstanding the foregoing, if the Leased Premises are (a) so destroyed that they cannot be repaired or rebuilt within two hundred ten (210) days from the casualty date; or (b) destroyed by a casualty that is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Building and the Leased Premises; then, in case of a clause (a) casualty, either Landlord shall notify Tenantor Tenant may, within or, in the case of a clause (b) casualty, then Landlord may, upon thirty (30) days' written notice to the other party, terminate this Lease with respect to matters thereafter accruing. Such notice of termination shall be delivered no later than forty-five (45) days after the casualty. Tenant waives any right under applicable laws inconsistent with the terms of this paragraph. Further, in the event neither party has terminated the Lease in accordance with this Section, and Landlord has not Substantially Completed the repairs and restoration within two hundred ten (210) days from the casualty date, as such mortgagee gives date may be extended as a notice result of Force Majeure or Tenant Delay, Tenant may terminate this Lease provided Landlord has not Substantially Completed the repairs prior to Landlord receipt of such election to apply such proceeds against notice of termination. Tenant waives any right under applicable laws inconsistent with the mortgage debt, terms of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlthis paragraph.

Appears in 1 contract

Samples: Office Lease (Panera Bread Co)

Casualty. If the Premises or the Building is totally destroyed are damaged by fire or other casualty or casualty, Landlord shall forthwith repair the same unless this Lease is terminated as permitted herein. Within forty-five (45) days from the date of such damage, Landlord shall notify Tenant if the Premises or Building is so damaged in excess of twenty-five percent (25%) of the Building’s precasualty value, as reasonably determined by Landlord (damage in excess of such amount being referred to as “Major Damage” and damage equal to or less than such amount being referred to as “Minor Damage”). If Major Damage occurs, Landlord may elect to terminate the Lease. If Minor Damage occurs then Landlord shall repair such damage and rebuild that rebuilding portion of the Building or the Premises damaged. In the event of Major Damage, if Landlord gives its written notice to Tenant electing to rebuild, within sixty (60) days of the date of damage, or in the event of Minor Damage, this Lease shall remain in full force and effect provided the repairs cannot be are completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event except the Rent shall be reasonably abated during the unexpired period of repair based on that portion of the rentable square feet of the Premises not reasonably useable by Tenant. If in the event of Major Damage, Landlord elects by written notice to Tenant not to rebuild, then this Lease shall automatically terminate as of the effective from date of such notice, the Rent shall be reduced by a proportionate amount based upon the extent to which Tenants use of the Premises is impaired, and Tenant shall pay such reduced Rent up to the date of such damagetermination. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only Landlord agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except termination. Landlord shall not be required to rebuild, repair any damage by fire or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage cause to the Building or to the Premises shall be for the sole benefit property of the party carrying such insurance and under its sole control.Tenant. Page 15 – LEASE AGREEMENT

Appears in 1 contract

Samples: Lease Agreement (Summit Semiconductor Inc.)

Casualty. If the Premises or the Building is totally destroyed are damaged by fire or other casualty or casualty, Tenant shall forthwith repair the same unless this Lease is terminated as permitted herein. Within forty-five (45) days from the date of such damage, Tenant shall notify Port if the Premises or the Building is so damaged in excess of fifty percent (50%) of the Premises’ or the Building’s precasualty value, as reasonably determined by Tenant (damage in excess of such amount being referred to as “Major Damage” and damage equal to or less than such amount being referred to as “Minor Damage”). If Major Damage occurs, Tenant may elect to terminate the Lease. If Minor Damage occurs then Tenant shall repair such damage and rebuild that rebuilding portion of the Building or the Premises damaged. In the event of Major Damage, if Tenant gives its written notice to Port electing to rebuild, within sixty (60) days of the date of damage, or in the event of Minor Damage, this Lease shall remain in full force and effect provided the repairs cannot be are completed within one hundred eighty (180) days after except the Base Rent shall be reasonably abated during the period of repair based on that portion of the rentable square feet of the Building not reasonably useable by Tenant. If in the event of Major Damage, Tenant elects by written notice to Port not to rebuild, then this Lease shall automatically terminate as of the effective date of such damagenotice, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during reduced by a proportionate amount based upon the unexpired portion extent to which Tenant’s use of this Lease effective from the Building is impaired, and Tenant shall pay such reduced Rent up to the date of such damagetermination. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord Port shall not be required to rebuild, repair any damage by fire or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in cause to the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlTenant’s Property.

Appears in 1 contract

Samples: Lease Agreement

Casualty. If the Premises or Building is totally should be damaged or destroyed by fire or other casualty casualty, Tenant shall give immediate written notice to Landlord. Within thirty (30) days after receipt thereof, Landlord shall notify Tenant whether the necessary repairs can reasonably be made: (a) within ninety (90) days; (b) in more than ninety (90) days but in less than one hundred eighty (180) days; or if (c) in more than one hundred eighty (180) days from the date of such notice. Less Than 90 Days. If the Premises or Building should be damaged only to such extent that rebuilding or repairs can reasonably be completed within ninety (90) days, this Lease shall not terminate and, provided that insurance proceeds are available to fully repair the damage, Landlord shall repair the Premises, except that Landlord shall not be required to rebuild, repair or replace any alterations, partitions, fixtures, additions and other improvements (collectively, "Improvements") which may have been placed in, on or about the Premises by or for the benefit of Tenant; provided, however, that Landlord shall rebuild, repair or replace such Improvements so long as Tenant provides to Landlord any insurance proceeds that it receives pursuant to such damage or destruction. If Tenant is required to vacate all or a portion of the Premises during Landlord's repair thereof, the Base Rent payable hereunder shall be abated proportionately from the date Tenant vacates all or a portion of the Premises only to the extent rental abatement insurance proceeds are received by Landlord and only during the period the Premises are unfit for occupancy. Greater Than 90 Days. If the Premises or Building should be damaged only to such extent that rebuilding or repairs can reasonably be completed in more than ninety (90) days but in less than one hundred eighty (180) days, then Landlord shall have the option of: (a) terminating the Lease effective upon the occurrence of such damage, in which event the Rent shall be abated from the date Tenant vacates the Premises; or (b) electing to repair the Premises, provided insurance proceeds are available to fully repair the damage (except that Landlord shall not be required to rebuild, repair or replace any part of the Improvements which may have been placed in, on or about the Premises by or for the benefit of Tenant; provided, however, that Landlord shall rebuild, repair or replace such Improvements so long as Tenant provides to Landlord any insurance proceeds that it receives pursuant to such damage or destruction). If Tenant is required to vacate all or a portion of the Premises during Landlord's repair thereof, the Base Rent payable hereunder shall be abated proportionately from the date Tenant vacates all or a portion of the Premises only to the extent rental abatement insurance proceeds are received by Landlord and only during the period the Premises are unfit for occupancy. In the event that Landlord should fail to substantially complete such repairs within one hundred eighty days (180) days after the date upon which Landlord is notified by Tenant of the casualty (such period to be extended for delays caused by Tenant or because of any items of Force Majeure, as hereinafter defined) and Tenant has not re-occupied the Premises, Tenant shall have the right, as Tenant's exclusive remedy, within ten (10) days after the expiration of such one hundred eighty (180) day period, to terminate this Lease by delivering written notice to Landlord as Tenant's exclusive remedy, whereupon all rights hereunder shall cease and terminate thirty (30) days after Landlord's receipt of such notice. Greater Than 180 Days. If the Premises or Building should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damagedays, either Landlord or Tenant may at its option terminate this Lease, in which event Lease by giving written notice within ten (10) days after notice from Landlord specifying such time period of repair; and this Lease shall terminate and the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damageTenant vacates the Premises. If In the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent event that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant party elects to terminate this Lease, Landlord shall within ninety (90) days after promptly commence and diligently prosecute to completion the date of such damage commence repairs to rebuild or the Premises, provided insurance proceeds are available to repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, damage (except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements Improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time in, on or about the Premises are unfit by or for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to benefit of Tenant; provided, however, that Landlord shall notify Tenantrebuild, within thirty (30) days after any repair or replace such mortgagee gives a notice Improvements so long as Tenant provides to Landlord of any insurance proceeds that it receives pursuant to such election damage or destruction). If Tenant is required to apply such proceeds against the mortgage debt, vacate all or a portion of the fact that such mortgagee has done so. Except as hereinafter providedPremises during Landlord's repair thereof, any the Base Rent payable hereunder shall be abated proportionately from the date Tenant vacates all or a portion of the Premises only to the extent rental abatement insurance which may be carried proceeds are received by Landlord or Tenant against loss or damage to and only during the Building or to period that the Premises shall be are unfit for the sole benefit of the party carrying such insurance and under its sole controloccupancy.

Appears in 1 contract

Samples: Sublease Agreement (E Loan Inc)

Casualty. If the Building is totally destroyed by fire fire, tornado, or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s 's insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit unsuitable for occupancyoccupancy and Landlord is unable to move Tenant to a substitute space in the Building. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon [Missing page from original] continue for a period of thirty (30) days following Tenant's receipt of written notice to Tenantcure from Landlord; provided, however, that Landlord shall notify Tenant, if such failure is not capable of cure within said thirty (30) days after any day period, but is capable of cure, Tenant shall not be deemed in default, if Tenant commences to cure within said thirty (30) day period and diligently and in good faith prosecutes such mortgagee gives a notice cure to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlcompletion.

Appears in 1 contract

Samples: Sublease Agreement (Nfront Inc)

Casualty. If the Building Premises is totally damaged or destroyed by fire or other casualty covered by insurance, then (unless this Lease is terminated by Landlord as hereinafter provided) this Lease shall continue in full force and effect and Landlord shall proceed, after adjustment of such loss, to repair or restore the Premises to the condition which Landlord furnished to Tenant upon the commencement of the Term. Landlord shall be under no obligation to restore any Alterations to the Premises made by Tenant unless the same is covered by Landlord’s insurance, but nothing herein shall be construed to require Landlord to insure such property. In no event shall Landlord be obligated to expend an amount in excess of the insurance proceeds received by Landlord for such repair or restoration. Notwithstanding the foregoing, if any destruction or damage to the Premises (whether or not the Premises are affected) is so extensive that Landlord, in its sole discretion, elects not to repair or restore the Premises, or the proceeds of insurance are not sufficient or available to fully pay the cost of the repair or restoration, then Landlord may terminate this Lease effective as of the date of the damage by written notice to Tenant within sixty (60) days of the casualty. The provisions of this Section are subject to the rights of Landlord’s mortgagees, if any. Except in the case of an event of force majeure (defined below), if Landlord does not make the determination to restore or rebuild the Premises within sixty (60) days after the casualty, or if the Premises are not repaired or Building is so damaged that rebuilding or repairs cannot be completed rebuilt within one hundred eighty (180) days after the date of such damagecasualty, Landlord or Tenant may at its option terminate this Lease, in which event shall have the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects right to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a giving notice to Landlord of such election to apply such proceeds against within twenty (20) days following the mortgage debt, expiration of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlapplicable time period.

Appears in 1 contract

Samples: Lease (Systemax Inc)

Casualty. Tenant shall promptly give Landlord written notice of any fire or other casualty occurring within the Premises. If the Premises or other parts of the Building is totally destroyed or Project reasonably required for Tenant's use and quiet enjoyment of the Premises are damaged by fire or other casualty then, subject to the following provisions of this Article, Landlord shall promptly repair the damage. If, however, the damage (a) is not covered by insurance carried by Landlord hereunder, (b) is covered by insurance carried by Landlord hereunder, but Landlord's mortgagee requires that proceeds of such insurance be used to retire the mortgage debt, (c) is so extensive that the cost of repairs will be greater than 10% of the then full replacement cost of the Building, or if (d) occurs during the last 12 months of the then effective Term of this Lease, then Landlord shall have the option to repair the damaged Premises and any other damaged parts of the Building or Project reasonably necessary to Tenant's use and quiet enjoyment of the Premises to substantially the same condition as immediately prior to such fire or other casualty. If Landlord does not so elect to repair the damaged Premises and such other damaged parts of the Building or Project reasonably necessary for Tenant's use and quiet enjoyment of the Premises to substantially the same condition as existed prior to such damage, then Landlord will so notify tenant by the date that is so damaged that rebuilding or repairs cannot be completed within one hundred eighty forty-five (18045) days after the date of such damage, and thereafter either Landlord or Tenant may at its will have the option to terminate this Lease, in which event Lease by so notifying the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed party within one hundred eighty sixty (18060) days after the date of such damage, or if the damage should such termination to be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after effective as of the date of such damage commence the fire or other casualty causing the damage. The Rent required to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition be paid hereunder shall be abated in which it was immediately prior proportion to the casualtyportion of the Premises, except if any, which is rendered untenantable by fire or other casualty hereunder until repairs specified in clause (i) of the preceding sentence are completed. Other than such rental abatement, no damages, compensation or claims shall be payable by Landlord for loss of the use of the whole or any part of the Premises, Tenant's personal property, or any inconvenience, loss of business, or annoyance arising from any such repair and reconstruction. Notwithstanding the foregoing, Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentfurnishings, fixtures or other personal property that Tenant may be entitled to remove from the Premises or any alterations to the Premises constructed and other improvements which may have been placed installed by or for Tenant pursuant to Section 6.01 hereof. Notwithstanding the foregoing, if Tenant cannot operate in the Premises. There shall be a fair diminution of Rent during Premises for more than one hundred eighty (180) days, Tenant will have the time the Premises are unfit for occupancy. If any mortgagee under a deed right to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and terminate this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within by so notifying Landlord. Within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or casualty to the Premises shall be for the sole benefit or Building, Landlord must give Tenant notice of the estimate of time to repair or restore the Premises and Building to a condition existing prior to the casualty. This estimate is to be prepared by a third party carrying architect or contractor, with a copy of such insurance report given to Tenant within such thirty (30) day period. If the estimate of time to repair or restore the Premises and under its sole controlBuilding to a condition existing prior to the casualty is over one hundred twenty (120) days following the date of the casualty, Tenant will have the right to terminate this Lease by so notifying Landlord. Further, Tenant will have the right to terminate this Lease upon notification to Landlord if such repair and restoration is not complete within one hundred twenty (120) days following the date of the casualty.

Appears in 1 contract

Samples: Pointe Lease Agreement (Financial Industries Corp)

Casualty. If less than twenty-five percent (25%) of the Premises or the Building is totally destroyed or damaged by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Leasecasualty, Landlord shall within ninety (90) days after restore the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantdiligence; provided, however, that Landlord shall notify have no obligation to restore improvements not originally provided by Landlord or its Predecessor, or to replace any of Tenant's fixtures, furnishings, equipment or personal property, Upon completion of Landlord's restoration work, Tenant shall promptly replace and restore all of Tenant's fixtures, furnishings and equipment damaged or destroyed by the casualty. Landlord shall not be required to commence repairs until insurance proceeds are available. If twenty-five percent (25%) or more of the Premises or the Building is destroyed, then Landlord may elect, not to rebuild the Premises, or the Building (as applicable) and, upon such election, this Lease shall terminate as of the date of the casualty. If Landlord notifies Tenant that the restoration is anticipated to take more than one hundred twenty (120) days to substantially complete, then either party may terminate this Lease by notice thereof to the other party within thirty ten (3010) days after any notice of such mortgagee gives a fact has been given. If the fire orcasualty occurs within the last three (3) years of the Lease term, then Landlord, by written notice to Landlord of such election Tenant, may terminate this Lease. If this Lease is not terminated as provided above, this Lease shall continue in full force and effect, but if Tenant is unable to apply such proceeds against use the mortgage debteffect, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or but if Tenant against loss or damage is unable to the Building or to use the Premises during the restoration, then Base Rent and additional rent shall be xxxxx until the restoration is substantially complete. Tenant shall carry business interruption insurance covering loss of income for the sole benefit of the party carrying such insurance and under its sole controltwelve (12) months from any event causing an interruption.

Appears in 1 contract

Samples: Office Lease (Tradeshow Marketing Co. Ltd.)

Casualty. If all or any portion of the Premises becomes untenantable or all or any material portion of the Building is totally destroyed necessary for access to or beneficial use of the Premises shall be damaged by fire or other casualty (collectively a “Casualty”), then Landlord, with reasonable promptness, shall cause a licensed general contractor reasonably selected by Landlord to provide Landlord with a written estimate of the amount of time required, using standard working methods, to substantially complete the repair and restoration of the Premises (exclusive of Tenant’s Property and the Tenant-Insured Improvements) and any Common Areas necessary to provide access to or if beneficial use of the Premises to substantially their condition prior to the Casualty to the extent reasonably practicable (subject to compliance with Laws) (“Completion Estimate”). Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or Building is so damaged that rebuilding any Common Areas necessary to provide access to or repairs beneficial use of the Premises cannot be completed restored to substantially their condition prior to the Casualty to the extent reasonably practicable (subject to compliance with Laws) within one two hundred eighty seventy (180270) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or Casualty, then either party shall have the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects right to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior Lease upon written notice to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after Tenant’s receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease in accordance with this Section 14.01 if the Casualty was caused by the negligence or intentional misconduct of Tenant or any such mortgagee gives a Tenant Related Parties. In addition, Landlord, by notice to Landlord Tenant within sixty (60) days after the date of such election the Casualty, shall have the right to apply such terminate this Lease if: (1) the Premises have been materially damaged during the last twelve (12) months of the Term; (2) any Mortgagee requires that all or a material portion of the insurance proceeds against be applied to the payment of the mortgage debt, of the fact that debt owed to such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord Mortgagee; or Tenant against (3) a material uninsured loss or damage to the Building or Premises occurs. If this Lease is terminated by either party on account of any Casualty as provided in this Article 14, then Tenant shall pay to Landlord (by assignment or otherwise) an amount equal to the insurance proceeds actually received by Tenant under the policy(ies) referred to in Section 13.02(b) on account of the damage to or loss of the Leasehold Improvements in the Premises less a reasonable allocation of Tenant’s actual out-of-pocket third party costs, if any, to adjust and collect such proceeds; however, from any such proceeds actually received by Tenant, Tenant shall be for entitled to retain an amount equal to the sole benefit unamortized portion (amortized over the initial Term on a straight-line basis) of the party carrying such insurance and under its sole controlhard costs paid by Tenant to perform any Alterations (excluding, however, any amounts paid by Landlord to perform the Initial Tenant Work).

Appears in 1 contract

Samples: Lease Agreement (Ikena Oncology, Inc.)

Casualty. If the Premises or the Building is totally destroyed are damaged by fire or -------- other casualty or if casualty, Landlord shall forthwith repair the Premises or Building same unless this Lease is so damaged that rebuilding or repairs cannot be completed within one hundred eighty terminated as permitted herein. Within twenty (18020) days after from the date of such damage, Landlord shall notify Tenant if the Building is damaged in excess of twenty-five percent (25%) of the Building's precasualty value, as reasonably determined by Landlord (damage in excess of such amount being referred to as "Major Damage" and damage equal to or Tenant less than such amount being referred to as "Minor Damage"). If Major Damage occurs, Landlord may at its option elect to terminate this the Lease, in which event the Rent . If Minor Damage occurs then Landlord shall be abated during the unexpired repair such damage and rebuild that portion of this Lease effective from the date of such damage. If the Building or the Premises damaged. In the event of Major Damage, if Landlord gives its written notice to Tenant electing to rebuild or in the event of Minor Damage, this Lease shall remain in full force and effect provided the repairs are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty twenty (180120) days after except the Rent shall be reasonably abated during the period of repair based on that portion of the Premises not reasonably usable by Tenant. If in the event of Major Damage, Landlord elects by written notice to Tenant not to rebuild, then this Lease shall automatically terminate as of the effective date of such notice, the Rent shall be reduced by a proportionate amount based upon the extent to which said damage interfered with the business carried on by Tenant in the Premises, and the Tenant shall pay such reduced Rent up to the date of termination. Landlord agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except termination. Landlord shall not be required to rebuildrepair any damage by fire or other cause to the property of Tenant and any paneling, repair decorations, railings, floor coverings, or replace any part alterations, additions, fixtures or improvements installed on the Premises by or at the expense of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 1 contract

Samples: Partnership Lease Agreement (Preview Systems Inc)

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty 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 leasehold improvements as were originally required to be made by Landlord pursuant to Section 2.02 above, if any. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such damage. Notwithstanding the foregoing, if the Leased Premises or Building is are (a) so damaged destroyed that rebuilding or repairs they cannot be completed repaired or rebuilt within one two hundred eighty ten (180210) days after from the date casualty date; or (b) destroyed by a casualty that is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Building and the Leased Premises; then, in case of such damagea clause (a) casualty, either Landlord or Tenant may at its option may, or, in the case of a clause (b) casualty, then Landlord may, upon thirty (30) days’ written notice to the other party, terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only with respect to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantmatters thereafter accruing; provided, however, that if the casualty is not covered by insurance as a result of Landlord’s failure to maintain the insurance required herein or if Landlord failed to use commercially reasonable efforts to negotiate terms in a mortgage which would require a mortgagee to release insurance proceeds to Landlord for use in rebuilding, Landlord shall notify Tenant, not have the right to terminate this Lease under clause (b). Tenant waives any right under applicable laws inconsistent with the terms of this paragraph. Landlord and Tenant shall reasonably determine within thirty (30) days after of any such mortgagee gives a notice to Landlord of such election to apply such proceeds against casualty event whether the mortgage debt, of Leased Premises can be restored within two hundred ten (210) days from the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlcasualty date.

Appears in 1 contract

Samples: Office Lease (Salix Pharmaceuticals LTD)

Casualty. If the Premises or the Building is totally destroyed are damaged by fire or other casualty or casualty, Landlord shall forthwith repair the same unless this Lease is terminated as permitted herein. Within thirty (30) days from the date of such damage, Landlord shall notify Tenant if the Premises or Building is damaged in excess of thirty-five percent (35%) of the Building's precasualty value, as reasonably determined by Landlord (damage in excess of such amount being referred to as "MAJOR DAMAGE" and damage equal to or less than such amount being referred to as "MINOR DAMAGE"). If Major Damage occurs, Landlord may elect to terminate the Lease so long as Landlord terminates the tenancies of all other similarly affected tenants in the Building. If Minor Damage occurs, then Landlord shall repair such damage and rebuild that portion of the Building or the Premises damaged within a reasonable time not to exceed one hundred eighty (180) days after such casualty. In the event of Major Damage, if Landlord gives its written notice to Tenant electing to rebuild or in the event of Minor Damage, this Lease shall remain in full force and effect except the Rent shall be reasonably abated during the period of repair based on that rebuilding or repairs canportion of the Premises not reasonably usable by Tenant. If in the event of Major Damage, Landlord elects by written notice to Tenant not to rebuild, then this Lease shall automatically terminate as of the effective date of such notice, the Rent shall be reduced by a proportionate amount based upon the extent to which said damage interfered with the business carried on by Tenant in the Premises, and the Tenant shall pay such reduced Rent up to the date of termination. Landlord agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such date of termination. Landlord shall not be completed required to repair any damage by fire or other cause to the property of Tenant or any alterations, additions, fixtures or improvements installed on the Premises by or at the expense of Tenant. In the event that such damage or destruction is not repaired within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged event, then Tenant, at its option, by firewritten notice to Landlord, tornado or other casualty covered by may terminate this Lease which shall be effective upon Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date 's receipt of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlnotice.

Appears in 1 contract

Samples: Lease Agreement (Webtrends Corp)

Casualty. If It is agreed by and between the Building is totally parties hereto that in case the Demised Premises, or the Building, shall be destroyed or damaged in part or in whole by fire or other casualty elements, or if by any other cause, to an extent which shall render the Demised Premises untenantable or Building is so damaged that rebuilding unfit for occupancy for the purposes intended, the Tenant shall pay the accrued Rent to the time of such destruction. Landlord shall, at its sole option, either (a) terminate this Lease, in which case Tenant shall have no further liability for future Rent, or repairs can(b) repair the Demised Premises with all reasonable speed, not be completed within one exceeding one-hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damagesaid casualty. If Landlord cannot represent that the Building or repairs shall be substantially completed and Tenant may re-occupy the Demised Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one one-hundred eighty (180) days after from the date of said casualty (as determined by Landlord's engineer), then Tenant may terminate this Lease without further liability by either party. Upon completion of such damagerepairs, Tenant shall resume paying Rent as provided herein. If, however, the Demised Premises shall be partially damaged by fire or if other causes, then the damage should shall be more serious but neither repaired by Landlord nor with all reasonable speed, and the Rent for the portions not usable by the Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after be apportioned and abated for the term beginning with the date of such damage commence to rebuild or repair and ending when such damage shall have been repaired and such portions of the Building and/or Demised Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior again made usable to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, if the repairs are not completed within thirty one-hundred eighty (30180) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done sodate of said casualty, then Tenant may terminate this Lease without further liability of either party upon sixty (60) days written notice. In no event shall Landlord have any liability or be required to repair or replace Tenant's merchandise, trade fixtures, furnishings, equipment, leasehold improvements, personal property, or other items of Tenant and the insurance proceeds on account thereof shall be sufficient for Landlord to repair the improvements. Except to the extent specifically provided in this Lease, no damage or destruction of the Demised Premises, or any portion thereof, by fire or other casualty, nor the untenantability of the Demised Premises, or any portion thereof as hereinafter provideda result of fire or other casualty, shall permit Tenant to terminate this Lease or surrender the Demised Premises, or any part thereof, nor shall relieve Tenant from its obligations to pay Rent. Tenant shall not be entitled to and hereby waives any and all claims against Landlord for any compensation or damage for loss of use of the Demised Premises, or any portion thereof, and/or for any inconvenience or annoyance resulting from any damage, destruction, repair or restoration including, without limitation, any insurance which may be carried by Landlord injury (or Tenant against loss death) to persons or damage to property, or interruption of Tenant's business, resulting from fire or other casualty, unless caused by the Building gross negligence or to the Premises shall be for the sole benefit willful misconduct of the party carrying such insurance and under Landlord, its sole controlemployees or agents.

Appears in 1 contract

Samples: Lease for Real Property (Unigene Laboratories Inc)

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed casualty, Landlord agrees promptly to restore and repair same within one hundred eighty (180) days after such casualty (the date "Scheduled Completion Date"); provided, however, Landlord's obligation hereunder with respect to the Leased Premises shall be limited to the reconstruction of such damageof the leasehold improvements as were originally in the Leased Premises on the Commencement Date. Notwithstanding the foregoing, Landlord shall not be in default for failing to timely complete such restoration and repair unless Tenant provides to Landlord written notice of default for such failure on or Tenant may at its option terminate this Lease, in which event after the Rent Scheduled Completion Date and Landlord fails to complete such restoration and repair within thirty (30) days of receiving such notice. The Monthly Rental Installments shall be abated proportionately xxxxx during the unexpired portion time that the Leased Premises or any part thereof are unusable because of this Lease effective from the date of any such damage. If Notwithstanding the Building or foregoing, if the Leased Premises are damaged by fire, tornado (a) so destroyed that they cannot be repaired or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed rebuilt within one hundred eighty (180) days after from the date casualty date; or (b) destroyed by a casualty that is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Building and the Leased Premises; then, in case of such damagea clause (a) casualty, either Landlord or if Tenant may, or, in the damage should be more serious but neither case of a clause (b) casualty, then Landlord nor Tenant elects may, upon thirty (30) days' written notice to the other party, terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence Lease with respect to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantmatters thereafter accruing; provided, however, that Landlord the Monthly Rental Installment shall notify Tenant, within thirty (30) days after proportionately xxxxx during the time that the Leased Premises or any part thereof are unusable because of any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlcasualty.

Appears in 1 contract

Samples: Lease (Biolife Solutions Inc)

Casualty. If In the Building event the leased Premises or the said building is totally destroyed or injured by fire fire, earthquake or other casualty or if casualty, then Lessor may, at Lessor's option, proceed with reasonable diligence to rebuild and restore the said Premises or Building is so damaged such part thereof as may be injured as aforesaid, provided that rebuilding or repairs cannot be completed within one hundred eighty sixty (18060) calendar days after such destruction or injury Lessor will notify Lessee of Lessor's intention to do so, and during the date period of such damage, Landlord or Tenant may at its option terminate this Lease, in which event rebuilding and restoration the Rent rent shall be abated during on the unexpired portion of this Lease effective from the date Premises that is unfit for occupancy. During any period of such damageabatement of rent due to casualty or destruction of the Premises, Lessor shall use its best efforts to locate comparable space for Lessee at the fair market rate not to exceed Lessee's rental rate hereunder. If Lessor shall not be liable for any consequential damages by reason of inability, after use of its best efforts, to locate alternative space comparable to the Building or premises leased hereunder. Notwithstanding the foregoing, if the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to any peril and Lessor does not terminate this Lease, Landlord then Lessee shall have the option to terminate this Lease if the Premises cannot be, or are not in fact, fully restored by Lessor to their prior condition within ninety (90) calendar days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord damage. Lessor shall not be required have the right to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and terminate this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against if the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to does not affect the Premises or is (a) due to a risk required to be insured against under Section 22 of this Lease or (b) relatively minor (e.g., repair or restoration would cost less than ten percent (10%) of the replacement cost of the Building). Whenever Rent is to be abated under this Lease, all Rent and additional rent shall be for equitably abated based upon the sole benefit extent to which Lessee's use of the party carrying such insurance and under its sole controlPremises is diminished.

Appears in 1 contract

Samples: Fourth And (Trubion Pharmaceuticals, Inc)

Casualty. If In the event that the Building is should be totally destroyed by fire fire, tornado or other casualty casualty, or if the Premises or Building is should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, Lease in which event the Rent rent shall be abated during the unexpired portion of this Lease effective from with the date of such damage. If , or Landlord may proceed to rebuild the Building or and the Premises are Premises. In the event the Building should be damaged by fire, tornado or other casualty covered by Landlord’s insurancecasualty, but only to such extent that rebuilding or repairs in Landlord’s reasonable estimation can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should cannot be more serious repaired within such time frame but neither Landlord nor Tenant elects does not elect to terminate this Lease, in either such event, Landlord shall shall, within ninety sixty (9060) days after the date of such damage commence to rebuild or repair the Building and/or Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentpartitions, fixtures and other improvements which may have been placed by Tenant in or other tenants within the PremisesBuilding. There shall be a fair diminution of Rent during In the time the Premises are unfit for occupancy. If event any mortgagee under a deed to secure debtof trust, security agreement or mortgage requires on the Building should require that the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and if Landlord so elects, this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter providedUnless otherwise provided in this Lease, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. Tenant may terminate this Lease if such damage occurs during the last year of the Term (as may be extended), such damage was not caused by Tenant, and in Landlord’s reasonable opinion such damage causes the Premises to be untenable for a period of in excess of ninety (90) days.

Appears in 1 contract

Samples: Office Lease (Behringer Harvard Opportunity REIT II, Inc.)

Casualty. If In the event that the Building is should be totally -------- destroyed by fire fire, tornado or other casualty casualty, or if the Premises or Building is should be so damaged that rebuilding or repairs cannot be completed in Landlord's reasonable estimation within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, Lease in which event the Rent rent shall be abated during the unexpired portion of this Lease effective from with the date of such damage. If , or Landlord may proceed to rebuild the Building or and the Premises are Premises. In the event the Building should be damaged by fire, tornado or other casualty covered by Landlord’s insurancecasualty, but only to such extent that rebuilding or repairs in Landlord's reasonable estimation can be completed within one hundred eighty (180I 80) days after the date of such damage, or if the damage should cannot be more serious repaired within such time frame but neither Landlord nor Tenant elects not to terminate this Lease, in such event, Landlord shall within shall, promptly following receipt of all applicable permits and insurance proceeds, but in no event more than ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentpartitions, fixtures and other improvements which may have been placed by Tenant in or other tenants within the PremisesBuilding. There shall be a fair diminution of Rent during the time If the Premises are unfit for occupancydamaged and in Landlord's reasonable estimation the repairs cannot be completed within two hundred ten (210) days after the date of such damage, then if Landlord has not otherwise terminated the Lease Tenant may elect to terminate this Lease within ninety (90) days of the date of such damage. If In the event any mortgagee under a deed to secure debtof trust, security agreement or mortgage requires on the Building should require that the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and if Landlord so elects, this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter providedUnless otherwise provided in this Lease, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. If Tenant's Premises are untenantable and Landlord does not complete the repair thereof within the time periods estimated by Landlord, subject to extension thereof by Force Majeure, and such failure to complete is not a result of Tenant Delay, then Tenant may elect to terminate this Lease upon thirty (30) days prior written notice to Landlord, if during such thirty (30) day period the repairs are not completed by Landlord. If Tenant does not so elect to terminate and Landlord elects to rebuild the Building or portions thereof, so long as Tenant provides Landlord with the plans and if specifications necessary for the re-construction of its leasehold improvements and the insurance proceeds or other source of funds provided by Tenant are collectively sufficient in amount to cover such administrative, hard and soft construction, and such other costs incurred by Landlord, Landlord agrees to re- construct Tenant's damaged leasehold improvements for and on behalf of Tenant.

Appears in 1 contract

Samples: Office Lease (Sm&a Corp)

Casualty. If the Premises or the Building are damaged by fire -------- or other casualty, Landlord shall forthwith repair the same unless this Lease is terminated as permitted herein. Within twenty (20) days from the date of such damage, Landlord shall notify Tenant if the Building is totally destroyed damaged in excess of twenty-five percent (25%) of the Building's precasualty value, as reasonably determined by fire Landlord (damage in excess of such amount being referred to as "Major Damage" and damage equal to or other casualty less than such amount being referred to as "Minor Damage"). If Major Damage occurs, Landlord may elect to terminate the Lease. If Minor Damage occurs then Landlord shall repair such damage and rebuild that portion of the Building or if the Premises damaged. In the event of Major Damage, if Landlord gives its written notice to Tenant electing to rebuild or Building is so damaged that rebuilding or in the event of Minor Damage, this Lease shall remain in full force and effect provided the repairs cannot be are completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event except the Rent shall be reasonably abated during the unexpired period of repair based on that portion of the Premises not reasonably usable by Tenant. If in the event of Major Damage, Landlord elects by written notice to Tenant not to rebuild, then this Lease shall automatically terminate as of the effective from date of such notice, the Rent shall be reduced by a proportionate amount based upon the extent to which said damage interfered with the business carried on by Tenant in the Premises, and the Tenant shall pay such reduced Rent up to the date of such damagetermination. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only Landlord agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except termination. Landlord shall not be required to rebuild, repair any damage by fire or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage cause to the Building or to the Premises shall be for the sole benefit property of the party carrying such insurance and under its sole controlTenant.

Appears in 1 contract

Samples: Lease Agreement (Virtual Mortgage Network Inc)

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Casualty. If the Premises, the Building is totally or Property shall be damaged or destroyed by fire or other casualty insurable under standard coverage insurance to the extent of less than twenty-five percent (25%) of the reasonable replacement value thereof at the time of such damage or destruction, Landlord shall, except as otherwise provided herein, repair and/or rebuild the same with reasonable diligence. Tenant shall repair or restore with due diligence all trade fixtures, equipment and other installations theretofore installed by Tenant to the extent of Tenant’s obligations as set forth in Exhibit B and damaged or destroyed by such fire or casualty. If the Premises or the Building shall be damaged or destroyed to the extent of twenty-five percent (25%) or more of the reasonable replacement value thereof at the time of such damage or destruction, or shall be damaged or destroyed as a result of a risk which is not covered by insurance, or shall be damaged or destroyed to any extent by any cause in the last three (3) years of the then current term of this Lease (unless Tenant shall have exercised prior to the date of said fire or other casualty any remaining option to extend the term of this Lease), or if the Property (whether or not including the Premises or the Building) should be damaged or destroyed to the extent of twenty-five percent (25%) or more of the reasonable replacement value thereof at the time of such damage or destruction, the Landlord may at its sole election restore or rebuild the Premises, the Building or the Property, as the case may be, or terminate this Lease. In any instance where Landlord shall have an election to terminate this Lease by reason of such damage or destruction, it shall give Tenant notice of its election within sixty (60) days after such damage or destruction, and in such event, if Landlord shall elect to restore or rebuild, Landlord shall proceed to do so, with reasonable diligence and Tenant shall replace or restore with reasonable diligence all trade fixtures, equipment and other installations theretofore installed by Tenant and damaged or destroyed by such fire or other casualty. Landlord’s obligation hereunder shall be to restore or rebuild to no greater extent than its obligations in connection with the original construction as set forth in Exhibit B and shall also be subject to zoning and building laws then applicable to the Premises. Further, Landlord’s obligation hereunder shall be limited to the proceeds received and retained by Landlord (net of any amounts required to be paid to Landlord’s mortgagee) under the insurance policy which is so damaged that rebuilding or repairs canallocable to the Premises, and Landlord shall not be completed within one hundred eighty obligated to commence such repairs and/or rebuilding until such insurance proceeds are released to Landlord. Landlord shall not be liable for delays in the making of any such repairs which are due to governmental regulations, casualties, and strikes, unavailability of labor and materials, and other causes beyond the reasonable control of Landlord; nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to that business of Tenant resulting from reasonable delays in the making of any such repairs. Tenant shall, during any period of reconstruction or repair of the Premises, the Building and/or of the Property, continue the operation of its business in the Premises to the extent reasonably practicable. If the Premises, or any part thereof, or the Building shall be damaged or destroyed by fire or other casualty not caused by the negligence or act of Tenant (180irrespective of the time when such damage or destruction shall occur, and irrespective of whether or not Landlord shall be insured against the perils causing same), and if as a result thereof the Premises shall be rendered untenantable to an extent which would reasonably require the Tenant to curtail a part of its business operation, then a just proportion of the Rent reserved hereunder shall be suspended or abated according to the extent to which Tenant may be reasonably required to discontinue its business in the Premises until the work of restoration to be done by Landlord as aforesaid shall be substantially completed. In the event Landlord elects to terminate this Lease pursuant hereto, the effective termination date shall be not less than thirty (30) days after the date on which a termination notice is received by Tenant, this Lease and the term hereof shall expire as of such effective termination date, and the yearly Rent and Additional Rent shall be apportioned as of such date; further, if the Premises or any part thereof shall have been rendered unfit for use and occupation by reason of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the yearly Rent shall be abated during and Additional Rent for the unexpired portion of this Lease effective period from the date of such damage. If the Building or the Premises are damaged by fire, tornado fire or other casualty covered to the effective termination date, or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been rendered unfit, shall be abated. Notwithstanding any provision of this Section XV to the contrary, (I) in case the Building is so damaged by such fire or other casualty that Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord architect shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be make a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, written determination within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, fire or other casualty that substantial repair or reconstruction of the fact that Building can reasonably be expected to require more than nine (9) months from the date the work begins, then, whether or not the Premises shall have been damaged by such mortgagee has done so. Except as hereinafter providedfire or other casualty, any insurance which this Lease and the term hereof may be carried by terminated at the election of Landlord or Tenant against loss or damage by a notice in writing of its election so to terminate which shall be given to the Building other party within sixty (60) days following such fire or other casualty, the effective termination date of which shall be not less then thirty (30) days after the date on which such termination notice is received; and (II) In the event Landlord shall have not completed the repairs or restoration to the Premises and the means of access thereto to a tenantable condition as required hereunder in the event of a fire or other casualty, within nine (9) months of the date of such fire or other casualty, Tenant shall have the right to terminate this lease by a notice in writing of its election so to terminate which shall be given to Landlord within fifteen (15) days following the expiration of said nine (9) month period, the effective termination date of which shall be thirty (30) days after the date on which such termination notice is received. Tenant’s failure to deliver any notice of termination within the time period set forth in this Section XV for the sole benefit such notice shall render any such notice void and of the party carrying such insurance and under its sole controlno force or effect.

Appears in 1 contract

Samples: Lease (Ace Comm Corp)

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty casualty, Landlord agrees to promptly restore and repair the Leased Premises; provided, however, that Landlord's obligation hereunder shall be limited to the reconstruction of such of the tenant finish improvements as were originally required to be made by Landlord, if any. Any insurance proceeds not used by Landlord in restoring or repairing the Leased Premises shall be the sole property of Landlord. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such damage thereto. Notwithstanding the foregoing, if the Leased Premises or Building is are (i) so damaged destroyed that rebuilding or repairs they cannot be completed repaired or rebuilt within one hundred eighty (180) days after from the date on which the insurance claim is adjusted; or (ii) destroyed by a casualty which is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient (excluding any deductible) to rebuild the Building and the Leased Premises; then, in case of a clause (i) casualty, either Landlord or Tenant may, or, in the case of a clause (ii) casualty, then Landlord may, upon thirty (30) days written notice to the other party, terminate and cancel this Lease; and all further obligations hereunder shall thereupon cease and terminate. Landlord hereby agrees to notify Tenant (i) within sixty (60) days of the date of such damage, the casualty whether or not Landlord or Tenant may at its option terminate this Lease, in which event believes the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Leased Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed repaired or rebuilt within such one hundred eighty (180) days after day time period, and (ii) as soon as reasonably possible in the date of such damage, or if the damage should be more serious but neither event Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety the Lease pursuant to clause (90ii) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlabove.

Appears in 1 contract

Samples: Lease Agreement (August Technology Corp)

Casualty. If In the event that Building is should be totally destroyed by fire -------- fire, tornado or other casualty casualty, or if the Premises or Building is should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180nine months from issuance of building permit(s) days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, Lease in which event the Rent rent shall be abated during the unexpired portion of this Lease effective from with the date of such damage, or Landlord may proceed to rebuild Building and Premises. If In the event Building or the Premises are should be damaged by fire, tornado or other casualty covered by Landlord’s insurancecasualty, but only to such extent that rebuilding or repairs in Landlord's reasonable estimation can be completed within one hundred eighty (180nine months of issuance of building permit(s) days after the date of such damage, or if the damage should cannot be more serious repaired within such time frame but neither Tenant nor Landlord nor Tenant elects elect to terminate this Lease, in either such event, Landlord shall shall, within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the happening of the casualty, except that the Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentpartitions, fixtures and other improvements which may have been placed by the Tenant in within Building. In the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If event any mortgagee under a deed to secure debtof trust, security agreement or mortgage requires on Building should require that the insurance proceeds be applied against used to retire the mortgage debt, debt (notwithstanding Landlord's reasonable efforts to obtain the right to use proceeds to rebuild) then Landlord shall have no obligation to rebuild and if Landlord so elects, this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter providedUnless otherwise provided in this Lease, any insurance which may be carried by the Landlord or the Tenant against loss or damage to the Building or to the Premises Complex shall be for the sole benefit of the party carrying such insurance and under its sole control. Furthermore, if the casualty occurs during the last twenty-four (24) months of the Lease Term and any damage cannot be repaired within 180 days or alternatively if upon completion of the repair there would be less one hundred and eighty (180) days remaining in the Lease Term then, Tenant may within ten (10) days of receipt of written notice from Landlord of Landlord's election to repair, terminate this Lease by written notice to Landlord.

Appears in 1 contract

Samples: Wells Real Estate Fund Viii Lp

Casualty. If In the event that the Building is should be totally destroyed by fire fire, tornado or other casualty casualty, or if the Premises or Building is should be so damaged that rebuilding or repairs cannot be completed in Landlord's reasonable estimation within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, Lease in which event the Rent rent shall be abated during the unexpired portion of this Lease effective from with the date of such damage. If , or Landlord may proceed to rebuild the Building or and the Premises are Premises. In the event the Building should be damaged by fire, tornado or other casualty covered by Landlord’s insurancecasualty, but only to such extent that rebuilding or repairs in Landlord's reasonable estimation can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should cannot be more serious repaired within such time frame but neither Landlord nor Tenant elects does not elect to terminate this Lease, in either such event, Landlord shall shall, within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentpartitions, fixtures and other improvements which may have been placed by Tenant in or other tenants within the PremisesBuilding. There shall be a fair diminution of Rent during In the time the Premises are unfit for occupancy. If event any mortgagee under a deed to secure debtof trust, security agreement or mortgage requires on the Building should require that the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and if Landlord so elects, this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter providedUnless otherwise provided in this Lease, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 1 contract

Samples: Office Lease (Usurf America Inc)

Casualty. If In the Building is totally destroyed by fire event of total or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date partial destruction of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged or obstruction of access to the Building or Premises by fire, tornado fire or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Leasecasualty, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence agrees promptly to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, and repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenantsame; provided, however, Landlord’s obligation hereunder with respect to the Premises shall be limited to the reconstruction of such of the leasehold improvements as were originally required to be made by Landlord pursuant to Exhibit B, if any. Rent shall proportionately xxxxx during the time that the Premises or part thereof are unusable because of any such damage to either the Premises or the Building. In the event of total or partial destruction of the Parking Facility or obstruction of access thereto by fire or other casualty, Landlord agrees promptly to restore and repair the Parking Facility (or to cause the same to occur); provided, however, Rent shall not xxxxx so long as Landlord provides a reasonable alternative for vehicle parking together with transportation to the Building, if reasonably required. Notwithstanding the foregoing, if Landlord determines that the Premises (or the Parking Facility, if no reasonable alternative is provided) are (i) so destroyed that they cannot be repaired or rebuilt within two hundred ten (210) days from the casualty date; or (ii) destroyed by a casualty that is not covered by the insurance required hereunder (which is not required by Landlord) or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Building and the Premises (or the Parking Facility, if applicable), then Landlord shall notify Tenantgive written notice to Tenant of such determination (the “Casualty Notice”) within sixty (60) days of such casualty. In case of a clause (i) casualty, either Landlord or Tenant may, or, in the case of a clause (ii) casualty, then Landlord may, by giving written notice to the other party within thirty (30) days days’ after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, Landlord’s delivery of the fact that such mortgagee has done soCasualty Notice, terminate this Lease with respect to matters thereafter accruing. Except as hereinafter provided, Tenant waives any insurance which may be carried by Landlord or Tenant against loss or damage to right under applicable laws inconsistent with the Building or to the Premises shall be for the sole benefit terms of the party carrying such insurance and under its sole controlthis paragraph.

Appears in 1 contract

Samples: Lease Agreement (Teavana Holdings Inc)

Casualty. If the Premises or the Building is totally damaged or destroyed by fire or other casualty covered by insurance, then (unless this Lease is terminated by Landlord as hereinafter provided) this Lease shall continue in full force and effect and Landlord shall proceed, after adjustment of such loss, to repair or if restore the Premises or Building is so damaged that rebuilding or repairs cannot to the condition which Landlord furnished to Tenant upon the commencement of the Term. Landlord shall be completed within one hundred eighty (180) days after the date of such damage, Landlord under no obligation to restore any Alterations or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or Improvements to the Premises are damaged made by fire, tornado or other casualty Tenant unless the same is covered by Landlord’s insurance, but only nothing herein shall be construed to require Landlord to insure such extent property. In no event shall Landlord be obligated to expend an amount in excess of the insurance proceeds received by Landlord for such repair or restoration. In the event the Premises are repaired as provided herein, then Tenant shall repair and restore its merchandise, furnishings, furniture, equipment, all Alternations and Tenant Improvements made by or for Tenant to at least a condition equal to that rebuilding prior to its damage. Notwithstanding the foregoing, if any destruction or repairs can be completed within one hundred eighty damage to the Premises or Building (180whether or not the Premises are affected) days after is so extensive that Landlord, in its sole discretion, elects not to repair or restore the Premises or Building, or the proceeds of insurance are not sufficient or available to fully pay the cost of the repair or restoration, then Landlord may terminate this Lease effective as of the date of such damage, or if the damage should be more serious but neither by written notice to Tenant within ninety (90) days of the casualty. The provisions of this Section are subject to the rights of Landlord’s mortgagees, if any. Except in the case of an event of force majeure (defined below), if Landlord nor Tenant elects does not make the determination to terminate this Lease, Landlord shall restore or rebuild the Premises within ninety (90) days after the date of such damage commence to rebuild casualty, or repair if the Building and/or Premises are not repaired or rebuilt within two hundred and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to ten (210) days after the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation the right to rebuild and terminate this Lease shall terminate upon notice to Tenant; providedLease, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a by giving notice to Landlord of such election to apply such proceeds against within twenty (20) days following the mortgage debt, expiration of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlapplicable time period.

Appears in 1 contract

Samples: Commercial Lease

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Leased Premises by fire or other casualty and upon receipt of the insurance proceeds with respect to the casualty, Landlord agrees to promptly restore and repair the Leased Premises; provided, however, Landlord's obligation hereunder shall be limited to the reconstruction of such of the tenant finish improvements as were originally required to be made by Landlord, if any. Tenant agrees to also pay Landlord any deductible amount elected to be maintained by Tenant. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such damage. Notwithstanding the foregoing, if the Leased Premises or Building is are (i) so damaged destroyed that rebuilding or repairs they cannot be completed repaired or rebuilt within one hundred eighty (180) days after from the date casualty date; or (ii) destroyed by a casualty which is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Building and the Leased Premises; then, in case of such damagea clause (i) casualty, either Landlord or Tenant may at its option may, or, in the case of a clause (ii) casualty, then Landlord may, upon thirty (30) days' written notice to the other party, terminate this Lease with respect to matters thereafter accruing. Tenant waives any right under applicable laws inconsistent with the terms of this paragraph and in the event of a destruction agrees to accept any offer by Landlord to provide Tenant with comparable space within the project in which the Leased Premises are located on the same terms as this Lease. Notwithstanding the provisions of this paragraph, if any such damage or destruction occurs within the final two (2) years of the term hereof, then Landlord, in which event its sole discretion, may, without regard to the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within aforesaid one hundred eighty (180) days after day period, terminate this Lease by written notice to Tenant. In the event of such termination, Tenant's obligation to pay Minimum Annual Rent and Additional Rent shall cease as of the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 1 contract

Samples: Industrial Lease Agreement (United Stationers Supply Co)

Casualty. (a) If the Building is totally destroyed and/or Premises shall be so damaged by fire or other casualty so as to prevent Tenant from conducting or partially conducting its business for the Intended Uses in the Premises, and if such damage shall be so great that the Premises with the exercise of reasonable diligence, but without the payment of overtime or Building is so damaged that rebuilding or repairs other premiums cannot be completed made fully operational for the Tenant within one hundred eighty (180) 180 days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date happening of such damage. If the Building or the Premises are damaged by fire, tornado fire or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damagecasualty, or if the damage should can be more serious repaired to make the Premises fully operational for the Tenant within the 180-day period from the happening of the fire or other casualty, but insurance proceeds are not made available to Landlord for repair of such damage, then Landlord or Tenant may terminate this Lease. If neither Landlord nor Tenant elects to terminate terminates this LeaseLease as set forth above, then, except as hereinafter provided, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or with reasonable promptness, repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, damage so done except that Landlord shall not be required to rebuildrepair, replace or restore any personal property of Tenant specified in the first sentence of Section 13(b). Until such repair or replace any is substantially completed, the Base Rent and the Operating Cost shall be abated in proportion to the part of the furniture, equipment, fixtures and other improvements Premises which may have been placed is unusable by Tenant in the Premisesreasonable conduct of its business or profession. There shall be a fair diminution no abatement of Base Rent during or the time Operating Costs by reason of any portion of the Premises are unfit being unusable for occupancya period of ten (10) days or less, unless covered by Landlord’s loss of rent insurance. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage is due to the Building fault or to the Premises negligence of Tenant or Tenant’s employees, agents or invitees, there shall be for no abatement of Base Rent and the sole benefit Operating Costs, unless covered by Landlord’s loss of the party carrying such insurance and under its sole controlrent insurance.

Appears in 1 contract

Samples: Lease

Casualty. If In the event of total or partial destruction of the Building is totally destroyed or the Premises by fire or other casualty or (a “Casualty”), Landlord agrees promptly to restore and repair the same; provided that Landlord’s obligation with respect to the Premises shall not include any improvements made by Tenant in connection with this Lease. Rent shall proportionately xxxxx during any time that the Premises are unusable (and not used) because of any such damage. Notwithstanding the foregoing, if the Premises or Building is are (a) so damaged destroyed that rebuilding or repairs they cannot be completed repaired or rebuilt within one two hundred eighty ten (180210) days after from the date Landlord receives a reasonable estimate for such repair or rebuilding (which estimate Landlord shall use commercially reasonable efforts to get within thirty (30) days of such damageCasualty), (b) destroyed by a Casualty that is not covered by the insurance required hereunder or, if covered, such insurance proceeds are not released by any mortgagee entitled thereto or are insufficient to rebuild the Building and the Premises, or (c) if a Casualty occurs during the second year of the Term or during any Extension Term, then, in case of a clause (a) Casualty, either Landlord or Tenant may at its option may, or, in the case of a clause (b) Casualty, Landlord may, or, in the case of a clause (c) Casualty, Tenant may, upon thirty (30) days’ written notice to the other party, terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damagewith respect to matters thereafter accruing. If the Building or the Premises are damaged by fire, tornado or other casualty covered by LandlordTenant’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects right to terminate this Lease, Lease under this Article 9 shall be exercised by giving Landlord shall within ninety (90) days after the date written notice of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, exercise within thirty (30) days after any such mortgagee gives a Xxxxxx receives notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact estimated time for such repair or rebuilding, time being of the essence, and the effective date of the termination shall be the date that is thirty (30) days after the date Landlord receives the applicable notice. Tenant’s failure to timely submit a termination notice as set forth herein shall be deemed a waiver of Tenant’s termination right under this Article 9. Notwithstanding anything herein to the contrary, in no event may Landlord terminate this Lease under this Article 9 unless and until Landlord simultaneously terminates the leases of all similarly situated tenants at the Building. Tenant waives any right under Applicable Laws inconsistent with the terms of this paragraph. Landlord agrees, at its cost, to maintain customary property and other insurance in connection with its obligations under this Lease (including this Article 9); it being agreed that such mortgagee has done so. Except as hereinafter provided, any insurance which cost may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlincludable in Operating Costs hereunder.

Appears in 1 contract

Samples: Purchase and Sale Agreement (LL Flooring Holdings, Inc.)

Casualty. If the Building is totally destroyed by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s 's insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy, which shall be based on a good faith determination of the degree of the impairment to Tenant's use and enjoyment of the Premises. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, Tenant within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.

Appears in 1 contract

Samples: Office Building Lease Agreement (Continucare Corp)

Casualty. Tenant shall promptly give Landlord written notice of any fire or other casualty occurring within the Premises. If the Premises or other parts of the Building is totally destroyed or Project reasonably required for Tenant's use and quiet enjoyment of the Premises are damaged by fire or other casualty then, subject to the following provisions of this Article, Landlord shall promptly repair the damage. If, however, the damage (a) is not covered by insurance carried by Landlord hereunder, (b) is covered by insurance carried by Landlord hereunder, but Landlord's mortgagee requires that proceeds of such insurance be used to retire the mortgage debt, (c) is to such an extent that the cost of repairs will be greater than 10% of the then full replacement cost of the Building, or if (d) occurs during the last 12 months of the then effective Term of this Lease, then Landlord shall have the option (i) to repair the damaged Premises and any other damaged parts of the Building or Project reasonably necessary to Tenant's use and quiet enjoyment of the Premises to substantially the same condition as immediately prior to such fire or Building is other casualty, or (ii) to terminate this Lease by so damaged that rebuilding or repairs cannot be completed notifying Tenant within one hundred eighty sixty (18060) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall such termination to be abated during the unexpired portion effective as of this Lease effective from the date of such the fire or other casualty causing the damage. If Notwithstanding the Building or foregoing, if the Premises are damaged by fire, tornado so destroyed that they cannot or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding will not be repaired or repairs can be completed rebuilt within one hundred eighty (180) days after of the date of such damagecasualty date, or if Tenant shall have the damage should be more serious but neither Landlord nor Tenant elects option to terminate this Lease, Lease by so notifying Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after Tenant's discovery of such untentability, such termination to be effective as of the date of fire or other casualty causing the damage. The Rent required to be paid hereunder shall be abated in proportion to the portion of the Premises, if any, which is rendered untenantable by fire or other casualty hereunder from the date of the occurrence of such damage or casualty until the repairs specified in clause (i) of the preceding sentence are completed. Other than such rental abatement, no damages, compensation or claims shall be payable by Landlord for loss of the use of the whole or any part of the Premises, Tenant's personal property, or any inconvenience, loss of business, or annoyance arising from any such mortgagee gives a notice repair and reconstruction. Landlord shall not be required to Landlord of such election to apply such proceeds against the mortgage debtrepair or replace any furniture, of the fact furnishings, or other personal property that such mortgagee has done so. Except as hereinafter provided, any insurance which Tenant may be carried by Landlord entitled to remove from the Premises or Tenant against loss or damage to the Building or any alterations to the Premises shall be constructed and installed by or for the sole benefit Tenant pursuant to Section 6.01 hereof or any installations in excess of the party carrying such insurance and under its sole controlBuilding Standard.

Appears in 1 contract

Samples: Lease Agreement (Eloyalty Corp)

Casualty. If the Premises or the Building are damaged by fire or -------- other casualty, Landlord shall forthwith repair the same unless this Lease is terminated as permitted herein. Within twenty (20) days from the date of such damage, Landlord shall notify Tenant if the Building is totally destroyed damaged in excess of twenty-five percent (25%) of the Building's precasualty value, as reasonably determined by fire Landlord (damage in excess of such amount being referred to as "Major Damage" and damage equal to or other less than such amount being referred to as "Minor Damage"). If Major Damage occurs, Landlord by written notice to Tenant within thirty (30) days from the date of casualty may elect to terminate the Lease, provided, however, 18 LEASE AGREEMENT that if Major Damage occurs in the last year of the Lease Term, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days of the casualty. If Minor Damage occurs then Landlord shall repair such damage and rebuild that portion of the Building or if the Premises damaged. In the event of Major Damage, if Landlord gives its written notice to Tenant electing to rebuild or Building is so damaged that rebuilding or in the event of Minor Damage, this Lease shall remain in full force and effect provided the repairs cannot be are completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event except the Rent shall be reasonably abated during the unexpired period of repair based on that portion of the Premises not reasonably usable by Tenant. If in the event of Major Damage, Landlord elects by written notice to Tenant not to rebuild, then this Lease shall automatically terminate as of the effective from date of such notice, the Rent shall be reduced by a proportionate amount based upon the extent to which said damage interfered with the business carried on by Tenant in the Premises, and the Tenant shall pay such reduced Rent up to the date of such damagetermination. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only Xxxxxxxx agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except termination. Landlord shall not be required to rebuild, repair any damage by fire or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage cause to the Building or to the Premises shall be for the sole benefit property of the party carrying such insurance and under its sole controlTenant.

Appears in 1 contract

Samples: Lease Agreement (Colorado Business Bankshares Inc)

Casualty. If In the event that the Building is should be totally destroyed by fire fire, tornado or other casualty casualty, or if the Premises or Building is should be so damaged that rebuilding or repairs cannot be completed in Landlord's reasonable estimation within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, Lease in which event the Rent rent shall be abated during the unexpired portion of this Lease effective from with the date of such damage. If , or Landlord may proceed to rebuild the Building or and the Premises Premises. Tenant may terminate this Lease upon thirty (30) days prior written notice to Landlord if (i) it would take more than one hundred and eighty (180) days to repair (as determined by Landlord) (ii) at least fifty percent (50%) of the Premises, have been rendered untenantable (iii) neither Tenant nor its employees caused the casualty and (iv) there are fewer than thirty-six (36) months remaining in the applicable Lease Term as of the date of the casualty. In the event the Building should be damaged by fire, tornado or other casualty covered by Landlord’s insurancecasualty, but only to such extent that rebuilding or repairs in Landlord's reasonable estimation can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should cannot be more serious repaired within such time frame but neither Landlord nor Tenant elects does not elect to terminate this Lease, in either such event, Landlord shall shall, within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and shall proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentpartitions, fixtures and other improvements which may have been placed by Tenant in or other tenants within the PremisesBuilding. There shall be a fair diminution of Rent during In the time the Premises are unfit for occupancy. If event any mortgagee under a deed to secure debtof trust, security agreement or mortgage requires on the Building should require that the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and if Landlord so elects, this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter providedUnless otherwise provided in this Lease, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. If (i) the Premises are damaged or otherwise rendered untenantable, (ii) this Lease is not terminated, and (iii) the casualty was not caused by Tenant, its agents or employees then Rent shall equitably abatx xxxed upon the portion of the Premises rendered untenantable from the date of the casualty until restored.

Appears in 1 contract

Samples: Office Lease (McData Corp)

Casualty. If the Building is totally Premises or a substantial portion thereof, are damaged or destroyed by fire or other casualty or if cause, the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty Landlord may elect (180a) days after to terminate this Agreement as of the date of such damagecasualty by notice to the Tenant within thirty days after that date, Landlord or Tenant may at its option terminate this Lease, in which event (b) to repair all damage to the Rent Premises so that the same shall be abated during the unexpired portion of this Lease effective from the date of restored to such condition as existed immediately prior to such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this LeaseAgreement, Landlord the rent shall within ninety (90) days after be abated on a per-diem basis and be paid to the date of such damage commence to rebuild the fire or repair casualty. If the Building and/or Premises and proceed with reasonable diligence Landlord elects to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualtyPremises, except such restoration shall be completed with reasonable promptness, provided that Landlord shall not be required to rebuildrestore any improvements made by Tenant. If the Premises are unusable during such restoration, or if the Tenant is reasonably required to close its operation while such repairs are made, the rent shall xxxxx during such period of repair or replace any part while such operations have ceased and the Premises are completely closed. If the Tenant continues to operate on the Premises during such repairs, but is unable to use a substantial portion of the furniturePremises, equipment, fixtures and other improvements then the rent shall be prorated in the proportion which may have been placed the area of unusable leased space bears to the total Premises for the period that said space is unusable. The Landlord will not be liable for business losses to the Tenant by Tenant in reason of damage to the Premises. There shall If the untenantability is caused by the fault of the Tenant, there will be a fair diminution no apportionment or abatement of Rent during rent. Notwithstanding anything contained in this Section 10 to the time contrary, if the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement not or mortgage requires the insurance proceeds cannot be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, made tenantable within thirty (30) 120 days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, date of the fact that such mortgagee has done so. Except as hereinafter providedcasualty for any reason whatsoever, any insurance which the Tenant may be carried by Landlord or Tenant against loss or damage to terminate this Agreement and the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controllease.

Appears in 1 contract

Samples: Office Lease Agreement

Casualty. If the Building is totally destroyed “Major Damage” means damage by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If to the Building or the Premises are damaged by firethat causes the Premises or any substantial portion of the Building to be unusable, tornado or other casualty that will cost more than twenty-five percent (25%) of the predamage value of the Building to repair, or that is not covered by Landlord’s insurance. In case of Major Xxxxxx, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects may elect to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition Lease by notice in which it was immediately prior writing to the casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after such date. If this Lease is not terminated following Major Damage, or if damage occurs that is not Major Damage, Landlord shall promptly restore the Premises to the condition existing just prior to the damage, to the extent insurance proceeds are available to effect such restoration. Tenant shall be responsible for insuring its personal property and trade fixtures located on the Premises and any such mortgagee gives a notice alterations or tenant improvements it has made to the Premises, and Tenant shall promptly restore all damage to tenant improvements or alterations installed or paid for by Tenant. Unless the casualty was caused by Tenant, rent shall be reduced from the date of damage until the date restoration work being performed by Landlord of such election is substantially complete, with the reduction to apply such proceeds against be in proportion to the mortgage debt, area of the fact that such mortgagee has done soPremises not usable by Tenant. Except Landlord shall have no liability for any damage sustained or claimed to have been sustained by Xxxxxx as hereinafter provideda result of interruption of Tenant’s business during the restoration period. Neither Landlord, nor any insurance which may Landlord Parties will be carried by Landlord liable to Tenant or any Tenant against Parties for any loss or damage caused by water damage, sprinkler leakage, or any of the risks that are covered by property insurance, or for any business interruption, and there shall be no subrogated claim by one party’s insurance carrier against the other party arising out of any such loss. Landlord and Tenant grant this release on behalf of themselves and their respective insurance companies and each represents and warrants to the Building or other that it is authorized by its respective insurance company to grant the Premises waiver of subrogation contained in this Section. This release and waiver shall be for binding upon the sole benefit parties whether or not insurance coverage is in force at the time of the party carrying such insurance and under its sole controlloss or destruction of property referred to in this Section.

Appears in 1 contract

Samples: Lease Agreement

Casualty. If the Premises or the Building is totally destroyed are damaged by fire or other casualty or casualty, Landlord shall forthwith repair the same unless this Lease is terminated as permitted herein. Within forty-five (45) days from the date of such damage, Landlord shall notify Tenant if (i) the Premises or Building is so damaged that rebuilding in excess of twenty-five percent (25%) of the Building's precasualty value as reasonably determined by Landlord or repairs (ii) more than ten percent (10%) of the parking spaces located on the Land as of the Commencement Date cannot be used as a result of such casualty (and Landlord cannot reasonably relocate the same). Damage to the Building in excess of such amount is referred to as "Major Damage" and damage to the Building equal to or less than such amount is referred to as "Minor Damage". If damage occurs, Landlord may elect to terminate the Lease. If Major Damage related to parking reduction occurs, and Landlord cannot reasonably relocate the same to Tenant's reasonable satisfaction, Tenant shall have the right to terminate the Lease. Any and all termination rights provided to Tenant in this Section 19.1 shall be exercised in writing by Tenant within fourteen (14) days after the date Landlord gives Tenant notice of the damage or loss of use provided for herein and Landlord's inability to reasonably replace the parking spaces, and such rights shall automatically expire at 11:59 p.m. of such fourteenth day. This termination right relating to parking shall be personal to the Tenant. If Minor Damage occurs then Landlord shall repair such damage and rebuild that portion of the Building or the Premises damaged. In the event of Major Damage, if Landlord gives its written notice to Tenant electing to rebuild, within sixty (60) days of the date of damage, or in the event of Minor Damage, this Lease shall remain in full force and effect provided the repairs are completed within one hundred eighty (180) days after of the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event damage except the Rent shall be reasonably abated during the unexpired period of repair based on that portion of the rentable square feet of the Premises not reasonably useable by Tenant. If in the event of Major Damage, Landlord elects by written notice to Tenant not to rebuild, then this Lease shall automatically terminate as of the effective from date of such notice, the Rent shall be reduced by a proportionate amount based upon the extent to which Tenant's use of the Premises is impaired, and the Tenant shall pay such reduced Rent up to the date of such damagetermination. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only Landlord agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall within ninety (90) days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the casualty, except termination. Landlord shall not be required to rebuild, repair any damage by fire or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage cause to the Building or to the Premises shall be for the sole benefit property of the party carrying such insurance and under its sole controlTenant.

Appears in 1 contract

Samples: Lease Agreement (Planar Systems Inc)

Casualty. If the Building is totally destroyed by fire fire, tornado or other casualty or if the Premises or the Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) ninety days after the date of such damage, Landlord or Tenant may may, at its option option, terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease Term effective from with the date of such damage. If the Building or the Premises are is damaged by fire, tornado or other casualty (whether or not covered by Landlord’s insurance), but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) ninety days after the date of such damage, or if the damage should be is more serious but neither (i.e., the damage cannot be completed within ninety days after the date of such damage), and Landlord nor Tenant elects does not elect to terminate this Lease, in either such event Landlord shall within ninety (90) thirty days after the date of such damage commence to rebuild or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was as existed immediately prior to the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipmentequipment (including computer hardware or software), fixtures and other improvements which may have been placed by Tenant in or other tenants within the Building or the Premises. There Landlord shall be allow Tenant a fair and proportionate diminution of Rent during the time the Premises are unfit for occupancy. If In the event any mortgagee under a deed to secure debtof trust, security agreement or mortgage on the Building requires the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole controlLandlord’s entire obligation to rebuild or restore shall be limited to the extent of any insurance proceeds actually received. Landlord shall have no obligation to insure Tenant’s contents, business disruption or loss of profits or business.

Appears in 1 contract

Samples: Office Lease Agreement

Casualty. If In the Building is totally destroyed by fire or other casualty or if the Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Leased Premises are damaged by fire, tornado fire or other casualty covered by Landlord’s 's insurance, but only to such extent that rebuilding Landlord shall repair the damage at its expense within a reasonable time. If the damage cannot be repaired within 180 days (as estimated by an architect chosen by Landlord), this Lease may be terminated by either Landlord or repairs can be completed Tenant by written notice within one hundred eighty (180) 30 days after receipt of the architect's damage certification and shall then terminate as of the date such notice is given. Tenant shall pay all rent due under this Lease, prorated on the date of such damagenotice, or and all other sums owing at that time and shall immediately surrender possession of the Leased Premises to Landlord. However, if the damage should can be more serious repaired within 180 days or if it cannot be repaired within such time but neither Landlord nor Tenant elects party exercises its option to terminate this Lease, Landlord shall shall, within ninety (90) 30 days after the date of such damage commence damage, begin to rebuild or repair the Building and/or Leased Premises and shall proceed with reasonable diligence to restore the Building and/or Leased Premises to not less than substantially in the same condition in which it was as existed immediately prior to the occurrence of such casualty, except . The rent shall be abated during the time the premises are unfit for occupancy. Landlord shall not be required to rebuild, repair repair, or replace any part of the furniture, equipment, fixtures and or other improvements which may have been placed on the Leased Premises by Tenant in Tenant. In the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If event any mortgagee under a deed to secure debtof trust, security agreement agreement, or mortgage requires on the building should require that the insurance proceeds be applied against used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon written notice to Tenant; provided. In the event the building is so badly damaged by fire or other casualty, howevereven though the Leased Premises may not be affected, that Landlord shall notify Tenantdecides, within thirty (30) 90 days after any the destruction, not to rebuild or repair the building (such mortgagee gives a notice to decision being vested exclusively in the discretion of Landlord), then in such event Landlord of such election to apply such proceeds against the mortgage debt, shall so notify Tenant in writing and this Lease shall terminate as of the fact that time such mortgagee has done so. Except as hereinafter providednotice is given, any insurance which may be carried by Landlord or and the Tenant against loss or damage shall pay rent hereunder apportioned to the Building time such notice is given and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Leased Premises to Landlord. Notwithstanding the foregoing provisions of this Section 23, Tenant agrees that if the Leased Premises or to the Premises shall be for the sole benefit any other part of the party carrying such insurance building is damaged by fire or other casualty caused by the fault or negligence of Tenant or Tenant's agents, employees, or invitees, Tenant shall have no option to terminate this Lease, even if the damage cannot be repaired within 180 days, and under its sole controlthe rent shall not be abated or reduced befor or during the repair period.

Appears in 1 contract

Samples: Lease Agreement (Netvoice Technologies Corp)

Casualty. If any portion of the Building Leased Premises is totally damaged or destroyed by fire or other casualty casualty, or if the Building is materially damaged or destroyed by fire or other casualty, Landlord is to repair or restore the Leased Premises (but excluding Tenant's Property) or the Building, as the case may be, with reasonable diligence to the condition the Leased Premises or the Building was in immediately preceding the occurrence of such damage or destruction. From the date of such damage or destruction and continuing throughout the period of such restoration or repair, the Base Rent, Additional Rent, and other charges, if any, payable hereunder equitably abate to the extent the Leased Premises or Tenant's use and occupancx xxxreof are materially affected thereby. However, if such damage is so damaged extensive that rebuilding such repair or repairs restoration cannot be completed by Landlord within one hundred eighty (180) a period of 150 days after the date of such damage, Landlord or Tenant may at its option terminate this Lease, in which event the Rent shall be abated during the unexpired portion of this Lease effective from the date of such damage. If the Building or the Premises are damaged by fire, tornado or other casualty covered by Landlord’s insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after following the date of such damage, or if more than 50% of the damage should be more serious but neither net rentable square footage of the Leased Premises is damaged, Landlord nor or Tenant elects has the right to terminate this LeaseLease by giving notice thereof to the other within 30 days following the occurrence of such casualty. In such case, (a) Landlord shall within ninety has no obligation to repair or restore the Leased Premises or Building, (90b) days after this Lease automatically terminates as of the date of such damage commence notice, (c) the Base Rent, Additional Rent, and other charges, if any, are to rebuild be adjusted as of the date of the occurrence of such casualty, and (d) neither party has any liability by reason of such termination or repair the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior further obligation to the casualtyother hereunder except the obligations under Article XIV and such other obligations which survive the termination of this Lease. Except for the abatement of rent and other charges as set forth above, except Tenant is not entitled to, and hereby waives all claims against Landlord shall not be required to rebuildfor, repair any compensation or replace damage for loss of use of the whole or any part of the furnitureLeased Premises or Appurtenances, equipmentor for any inconvenience or annoyance occasioned by any such damage, fixtures and other improvements destruction, repair or restoration except for any claim based upon the negligence or wilful misconduct of Landlord or its agents or employees. The provisions of any Applicable Law under which may have been placed a lease is automatically terminated or a tenant is given the right to terminate a lease upon the occurrence of any such damage or destruction, are hereby expressly waived by Tenant in the Premises. There shall be a fair diminution of Rent during the time the Premises are unfit for occupancy. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; provided, however, that Landlord shall notify Tenant, within thirty (30) days after any such mortgagee gives a notice to Landlord of such election to apply such proceeds against the mortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and maximum extent permitted under its sole controlApplicable Law.

Appears in 1 contract

Samples: Lease Agreement (D & K Healthcare Resources Inc)

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