Casualty. and Taking ------------------- In case during the Term all or any substantial part of the Premises, the Building or the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.
Appears in 2 contracts
Samples: Viryanet LTD, Viryanet LTD
Casualty. and Taking ------------------- In case during the Term all of damage to or any substantial part destruction of the Premises, whether or not by a risk required to be covered by insurance as set forth in Paragraph 19 of this Lease, this Lease shall not terminate and Tenant shall promptly restore, rebuild, replace or repair (hereinafter referred to as “Restore” or “Restoration”) the Building Premises to substantially the same condition as existed immediately prior to such damage or destruction if, in the Lot are damaged materially good faith estimate of a mutually acceptable architect or contractor, such Restoration can be substantially completed within 180 days from the occurrence of the damage or destruction. Such Restoration shall be commenced promptly and shall thereafter be prosecuted with due diligence. Notwithstanding the foregoing, however, in the case of damage to or destruction of the Premises the Restoration of which cannot be substantially completed within 180 days from the occurrence or if the damage or destruction occurs during the last twelve (12) months of the Term that will render the Premises inaccessible or unusable for purposes of conducting Tenant’s business for a period of ninety (90) days or more, Tenant may elect to terminate this Lease by fire giving Landlord written notice of such election within thirty (30) days following the casualty, in which event Tenant shall have no obligation to Restore the Premises; provided, however, Tenant shall, at its cost, clear the Premises of debris and return the same to a safe and clean condition, and deliver any insurance proceeds (other than those for payable for damages to Tenant’s personal property or other casualty business interruption or by action of public or other authority Tenant’s costs to clear the Premises) to Landlord and/or Landlord’s mortgagee in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authorityaccordance with Subparagraph 20(e) below. If Tenant elects to terminate this Lease in accordance with this paragraph, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in thirty (30) days following the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives Tenant’s written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case election (the Premises are rendered unfit for use and occupation and "Termination Date”) upon the Lease is not so terminated, Landlord shall use due diligence (following the expiration payment by Tenant of all periods in which either party may terminate rent and all other sums then due and payable under this Lease pursuant to and including the foregoing provisions Termination Date. Said termination shall not release Tenant nor Landlord from the obligations and liabilities of either under this Section 7.1) to restore the PremisesLease, actual or in case of taking what may remain thereof (excluding any items installed contingent, which have accrued on or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermTermination Date.
Appears in 2 contracts
Samples: Office and Industrial/Commercial Lease (Input Output Inc), Office and Industrial/Commercial Lease (Input Output Inc)
Casualty. and Taking ------------------- In case during the Term all or Tenant immediately shall give written notice to Landlord of any substantial part of damage to the Premises, the Building Building, Project, or the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereofLand. If the Premises, Building, Project, or the Land are taken totally destroyed by eminent domain an insured peril, or so damaged by an insured peril that, in Landlord’s estimation, rebuilding or repairs cannot be substantially completed (exclusive of leasehold improvements Tenant makes) within two hundred ten (210) days after the date of Landlord’s actual knowledge of the damage, then Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, may terminate this Lease shall terminate by delivering to Tenant written notice of termination within thirty (30) days after the damage. If the Premises, Building, Project, or the Land are totally destroyed by an insured peril, or so damaged by an insured peril that, in Landlord’s estimation, rebuilding or repairs cannot be substantially completed (exclusive of leasehold improvements Tenant makes) within two hundred ten (210) days after the date of Landlord’s actual knowledge of the damage, then Landlord may, at Landlord's electionits expense, relocate Tenant to space reasonably comparable to the Premises, provided that Landlord terminates all other leases notifies Tenant of its intention to do so in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by a written notice given delivered to Tenant within 60 thirty (30) days after the occurrence damage. Such relocation may be for a portion of the event giving rise remaining Term or the entire Term. Landlord shall complete any such relocation within ninety (90) days after Landlord has delivered such written notice to Tenant. If the election to terminate which notice shall specify Premises, Building, Project, or the effective Land are totally destroyed by an insured peril, or so damaged by an insured peril that, in Landlord’s estimation, rebuilding or repairs cannot be substantially completed (exclusive of leasehold improvements Tenant makes) within two hundred ten (210) days after the date of terminationLandlord’s actual knowledge of the damage, or and if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed relocate Tenant following such damage to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposesBuilding, and Landlord receives written notice thereof signed by Tenanta Tenant Party did not cause such damage, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking then Tenant may terminate this Lease by delivering to Landlord written notice given of termination within (15) days following the date on which Landlord notifies Tenant in writing of the estimated time for the restoration. If Landlord estimates that the Premises will remain untenantable for in excess of two hundred ten (210) days, then Tenant may elect to terminate this Lease by written notice delivered to Landlord within 30 thirty (30) days after receipt following Landlord’s delivery to Tenant of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after estimated duration that the date of notice of such terminationPremises will remain untenantable. If in any case Landlord estimated the duration that the Premises are rendered unfit for use would remain untenantable at two hundred ten (210) days or less, and occupation and the Lease is not so terminated, Landlord shall use due diligence following two hundred ten (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1210) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated days’ from the date of casualty or taking until the Premises or remains untenantable, then Tenant may thereafter terminate this Lease upon ten (10) business days’ prior written notice to Landlord (and such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent termination shall be abated effective unless Landlord delivers the Premises in the required condition within said ten (10) business day period). If Landlord estimated the duration that the Premises would remain untenantable at more than two hundred ten (210) days (but neither party elected to terminate this Lease), and the Premises remains untenantable for more than thirty (30) days following the remainder estimated completion date (subject to extension for force majeure and delays caused by Tenant), then Tenant may thereafter terminate this Lease upon ten (10) business days’ prior written notice to Landlord (and such termination shall be effective unless Landlord delivers the Premises in the required condition within said ten (10) business day period). If there is a casualty during the last twelve (12) months of the Term, and if due to such casualty Landlord estimates that the Premises shall remain untenantable for in excess of thirty (30) days, then Tenant may elect to terminate this Lease by written notice delivered to Landlord within ten (10) business days following Landlord’s delivery to Tenant of the estimated duration that the Premises will remain untenantable.
Appears in 2 contracts
Samples: Industrial Lease Agreement (Li-Cycle Holdings Corp.), Industrial Lease Agreement (Li-Cycle Holdings Corp.)
Casualty. and Taking ------------------- In case during the Term all event of total or any substantial part partial destruction of the Premises, the Building or the Lot are damaged materially Leased Premises by fire or other casualty, Landlord agrees promptly to restore and repair same; provided, however, Landlord’s obligation hereunder with respect to the Leased Premises shall be limited to the reconstruction of such of the 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, beginning on the date of the casualty. Notwithstanding the foregoing, if the Leased Premises are (a) so destroyed that they cannot be repaired or rebuilt within one hundred eighty (180) days from the casualty date; or (b) destroyed by action of public or other authority in consequence thereofa 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 taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authorityinsufficient to rebuild the Building and the Leased Premises; then, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premisesclause (a) casualty, if the remainder is insufficient for use for Tenant's purposeseither Landlord or Tenant may, and Landlord receives written notice thereof signed by Tenantor, or in the case of casualty or taking if a clause (b) casualty, then Landlord may, upon thirty (30) days’ written notice to the time needed to do the construction work necessary to put the Premises or such remainder in other party, terminate this Lease as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from of the date of casualty such casualty. Notwithstanding anything to the contrary contained herein, if any such damage or taking Tenant may destruction occurs within the final twelve (12) months of the Lease Term hereof, then either party may, in its sole discretion, terminate this Lease by written notice given to Landlord the other party made within 30 thirty (30) days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such terminationdamage or destruction. If in Tenant waives any case right under applicable laws inconsistent with the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions terms of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termparagraph.
Appears in 2 contracts
Samples: Office Lease (MaxPoint Interactive, Inc.), Office Lease (MaxPoint Interactive, Inc.)
Casualty. and Taking ------------------- In case during Landlord will provide prompt notice to Tenant of any casualty affecting the Term all Property. If Tenant’s Communication Facility or any substantial part improvements are substantially damaged or destroyed, Tenant may terminate this Lease by upon written notice to Landlord. Termination shall be effective immediately after such notice is given, without the payment of the Premises, the Building or the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authorityTermination Fee. Upon such termination, this Lease shall terminate become null and void, and Landlord and Tenant shall have no other further obligations to each other hereunder, other than Tenant’s obligation to remove its property as herein provided and such other provisions that are stated herein to survive said termination. Landlord agrees to permit Tenant to place temporary transmission and reception facilities on the Premises, but only until such time (which shall in no event be longer than ninety (90) days from the date of such casualty) as Tenant is able to activate a replacement transmission facility at Landlord's electionanother location; notwithstanding the termination of this Agreement, provided Landlord terminates such temporary facilities will be governed by, and Tenant shall comply with, all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise terms and conditions of this Lease, including, but not limited to, Tenant’s obligation to pay Rent and carry insurance. If Tenant elects to continue this Lease, Tenant shall restore the Premises and/or Communication Facility to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed existing immediately prior to such firedamage or destruction. Tenant shall not unreasonably or unnecessarily delay restoration of its Communications Facility. If Tenant undertakes to rebuild or restore the Premises and/or the Communication Facility, other casualty or taking. In case of a taking of part as applicable, Landlord agrees to permit Tenant to place temporary transmission and reception facilities on the Premises at no additional Rent until the reconstruction of the Premises, if Premises and/or the remainder Communication Facility is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition completed (which shall be no later than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3said casualty), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Casualty. and Taking ------------------- In case during the Term all or any substantial part of the Premises, the Building or the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put a casualty involving the Premises or such remainder in that will take more than ninety (90) days to repair, as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by Landlord (the “Landlord’s Rebuild Estimate”), then Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease within thirty (30) days after delivery of Landlord’s Rebuild Estimate. Landlord shall provide Landlord’s Rebuild Estimate within thirty (30) days of the date of the applicable casualty. If neither party elects to terminate this Lease as provided above or if neither party has the right to terminate this Lease as provided above, then Landlord shall promptly commence to restore the Premises to substantially the same condition that existed prior to the fire or other casualty (“Landlord’s Repair Obligation”), exclusive of any Alterations, additions, improvements, fixtures and equipment installed by or on behalf of Tenant (whether before or after the Commencement Date). Notwithstanding the foregoing, Landlord shall not be required to fulfill its Landlord’s Repair Obligations to the extent that any lender requires that Landlord’s insurance proceeds be applied to the payment of the mortgage debt or if the casualty is not a claim covered by insurance or if Landlord’s insurance proceeds are insufficient to satisfy the cost of the repair work, and in such event Landlord shall have the right to terminate this Lease upon notice given to Tenant. Notwithstanding the foregoing, if Landlord’s Repair Obligation has not been substantially completed within forty-five (45) days after the estimated restoration date set forth in Landlord’s Rebuild Estimate (the last day of such 45-day period being the “Casualty Termination Date”), Tenant shall have the right to terminate this Lease effective upon thirty (30) days’ prior written notice to Landlord delivered within 30 sixty (60) days after receipt the Casualty Termination Date; provided, however, that such termination shall be null and void if Landlord completes the Landlord’s Repair Obligations prior to the expiration of Landlord's noticesuch sixty (60) day period. In the event that this Lease is terminated as set forth herein, which notice by Tenant the Fixed Rental shall specify be apportioned as of the effective date of termination. The effective date of termination specified either by Landlord or the damage and, provided Tenant is not in default, Tenant shall be not less than 15 nor more than 30 days entitled to a refund from Landlord of amounts for the Fixed Rental or other charges prepaid by Tenant to Landlord for the period arising after the date of notice the casualty. Tenant will have no claim to insurance proceeds with respect to insurance policies maintained by Landlord, condemnation award or proceeds in lieu of such terminationcondemnation; provided that in the event of a casualty, Tenant shall be permitted to retain any insurance proceeds payable under any policy carried by Tenant. If in any case In the event the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods untenantable in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, whole or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may part and neither party terminates as provided herein, then Fixed Rental shall be required equitably abated to remove pursuant to Section 3.1 or 3.3), to reflect the condition portion of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termnot tenantable.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Tuesday Morning Corp/De), Lease Agreement (Tuesday Morning Corp/De)
Casualty. Risk of loss up to and Taking ------------------- including the Closing Date shall be borne by Seller. In case during the Term all event of any immaterial damage or destruction to the Property or any substantial part portion thereof, Seller and Purchaser shall proceed to close under this Agreement, and Purchaser will receive (and Seller will assign to Purchaser at the Closing Seller's rights under insurance policies to receive) any insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due Seller as a result of the Premisessuch damage or destruction and assume responsibility for such repair, and Purchaser shall receive a credit at Closing for any deductible, uninsured or coinsured amount under said insurance policies. For purposes of this Agreement, the Building term “immaterial damage or the Lot are damaged materially by fire destruction” shall mean such instances of damage or other casualty destruction: (i) which can be repaired or by action restored at a cost of public $1,000,000.00 or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, less; (ii) which may can be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant restored and repaired within 60 one hundred eighty (180) days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty such damage or taking destruction; and (iii) which are not so extensive as to allow any Major Tenant may to terminate its Lease on account of such damage or destruction. In the event of any material damage or destruction to the Property or any portion thereof, Purchaser may, at its option, by notice to Seller given within the earlier of twenty (20) days after Purchaser is notified by Seller of such damage or destruction, or the Closing Date, but in no event less than ten (10) days after Purchaser is notified by Seller of such damage or destruction (and if necessary the Closing Date shall be extended to give Purchaser the full 10-day period to make such election): (i) terminate this Lease by notice given Agreement, whereupon Escrow Agent shall immediately return the Xxxxxxx Money to Landlord within 30 days after receipt of LandlordPurchaser, or (ii) proceed to close under this Agreement, receive (and Seller will assign to Purchaser at the Closing Seller's notice, which notice by Tenant shall specify rights under insurance policies to receive) any insurance proceeds (including any rent loss insurance applicable to the effective date of termination. The effective date of termination specified either by Landlord period on or Tenant shall be not less than 15 nor more than 30 days after the date Closing Date) due Seller as a result of such damage or destruction (less any amounts reasonably expended for restoration or collection of proceeds) and assume responsibility for such repair, and Purchaser shall receive a credit at Closing for any deductible amount under said insurance policies. If Purchaser fails to deliver to Seller notice of such terminationits election within the period set forth above, Purchaser will conclusively be deemed to have elected to proceed with the Closing as provided in clause (ii) of the preceding sentence. If Purchaser elects clause (ii) above, Seller will cooperate with Purchaser after the Closing to assist Purchaser in any case obtaining the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions insurance proceeds from Seller's insurers. For purposes of this Section 7.1) to restore the PremisesAgreement “material damage or destruction” shall mean all instances of damage or destruction that are not immaterial, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termas defined herein.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Wells Mid-Horizon Value-Added Fund I LLC), Purchase and Sale Agreement (Wells Mid-Horizon Value-Added Fund I LLC)
Casualty. Landlord and Taking ------------------- In case during Tenant hereby acknowledge and agree that the Term all or any substantial part following is hereby added at the end of Section 11.2 of the PremisesOffice Lease: “In the event Landlord elects to make the repairs, the Building or the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereofLandlord, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 sixty (60) days after the occurrence of any damage that renders the event giving rise Premises unfit for occupancy, shall cause to be delivered to Tenant an estimate, prepared by a qualified, independent, experienced and reputable architect, of the election to terminate which notice shall specify number of days, measured from the effective date of terminationthe casualty, or if that will be required for Landlord to complete Landlord’s restoration work (the “Repair Estimate”). If Landlord does not elect to so terminate, which notice shall contain terminate the Lease pursuant to Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in ’s termination right as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposesprovided above, and Landlord receives written notice thereof signed by Tenanteither (A) the repairs cannot, in the reasonable opinion of Landlord, be completed within three hundred sixty (360) days after being commenced, or in (B) the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is repairs are not actually completed within six sixty (660) months from days after the date period of casualty or taking time set forth in the Repair Estimate (subject to extension for delays caused by Force Majeure and delays caused by Tenant), Tenant may shall have the right to terminate this Lease during the first five (5) business days of each calendar month following the end of such period until such time as the repairs are complete, by notice given to Landlord within 30 days after receipt (the “Damage Termination Notice”), effective as of Landlord's noticea date set forth in the Damage Termination Notice (the “Damage Termination Date”), which notice by Tenant Damage Termination Date shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall not be not less than 15 nor more than 30 ten (10) business days following the end of each such month. Notwithstanding the foregoing, if Tenant delivers a Damage Termination Notice to Landlord, then Landlord shall have the right to suspend the occurrence of the Damage Termination Date for a period ending thirty (30) days after the date Damage Termination Date set forth in the Damage Termination Notice by delivering to Tenant, within five (5) business days of notice Landlord’s receipt of the Damage Termination Notice, a certificate of Landlord’s contractor responsible for the repair of the damage certifying that it is such terminationcontractor’s good faith judgment that the repairs shall be substantially completed within thirty (30) days after the Damage Termination Date. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord repairs shall use due diligence (following be substantially completed prior to the expiration of all periods in which either party may terminate such thirty (30) day period, then the Damage Termination Notice shall be of no force or effect, but if the repairs shall not be substantially completed within such thirty (30) day period, then this Lease pursuant to shall terminate upon the foregoing provisions expiration of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termthirty-day period.”
Appears in 2 contracts
Samples: Office Lease, Office Lease (Splunk Inc)
Casualty. and Taking ------------------- In case during Tenant shall give Landlord written notice of any fire or -------- other casualty occurring within the Term all Premises on the next business day following such occurrence or Tenant's knowledge thereof, whichever is later. If the Premises or Project (provided such damage to the Project would constitute an interference with Tenant's quiet enjoyment of the Premises), or any substantial portion of either, shall be damaged by fire or other casualty covered by the insurance carried by Landlord hereunder and the cost of repairing such damage shall not be greater than 10% of the then full replacement cost thereof, then, subject to the following provisions of this Article. Landlord shall repair the Premises and/or Project. If the Premises or Project shall be damaged (a) by fire or other casualty not covered by insurance carried by Landlord hereunder, (b) by fire or other casualty covered by insurance carried by Landlord hereunder and Landlord's mortgagee requires that such insurance proceeds be used to retire the mortgage debt, or (c) to an extent greater than 40% of the then full replacement cost thereof, then Landlord shall have the option (i) to repair or reconstruct the damaged Premises or Project to substantially the same condition as immediately prior to such fire or other casualty, or (ii) to terminate this Lease by so notifying Tenant within one hundred twenty (120) days after the date of such fire or other casualty, such termination to be effective as of the date of such fire or other casualty. 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 until repairs of the Premises are completed or if the Premises are not repaired, until the Expiration Date hereunder. 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. If the Building damage results from the fault or the Lot are damaged materially by fire negligence of Tenant, its agents, employees, licensees or invitees, Tenant shall not be entitled to any abatement or reduction of any Rent or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposessums due hereunder, and Landlord receives written notice thereof signed such damage shall be repaired by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if at Landlord's restoration work option by Landlord, at Tenant's expense. If this Lease is not actually completed within six terminated as provided in (6c)(ii) months from above, all Rent shall be apportioned and paid up to the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant not be required to the foregoing provisions of this Section 7.1) to restore the Premisesrepair or replace any furniture, furnishings, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which other personal property that Tenant may be required entitled to remove from the Premises or any property constructed and installed by or for Tenant pursuant to Section 3.1 6.01 hereof or 3.3), to the condition any installations in excess of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermBuilding Standard.
Appears in 2 contracts
Samples: Centre Lease Agreement (Ticketmaster Online Citysearch Inc), Centre Lease Agreement (Citysearch Inc)
Casualty. and Taking ------------------- In case during the Term all event of total or any substantial part partial destruction of the Premises, the Building or the Lot Leased Premises by fire or other 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. Rent shall proportionately xxxxx (which may be a total abatement if the Leased Premises are rendered wholly unusable) 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 (i) so destroyed that they cannot be repaired or rebuilt within three hundred sixty (360) days from the casualty date; or (ii) totally destroyed by a casualty which is not covered by the insurance required hereunder then, in case of a clause (i) casualty, 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 this Lease with respect to matters thereafter accruing. Tenant waives any right under applicable laws inconsistent with the terms of this Article 9. If the Leased Premises should be damaged materially by fire or other casualty or by action during the last twenty-four (24) months of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason the term of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in and the restoration cost thereof exceeds five percent (5%) of the replacement cost of the entire Building, which then, unless Tenant exercises any right it may be made notwithstanding Landlord's entire interest may be divestedhave to extend the term of this Lease, by notice given to Tenant Landlord may, within 60 thirty (30) days after the occurrence determination of the event giving rise to the election to cost of such rebuilding and repairs, terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives this Lease on written notice thereof signed to Tenant and, in such event, Rent and all other charges payable by Tenant, or in the case Tenant hereunder shall xxxxx as of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt the happening of Landlord's notice, which notice by Tenant shall specify the effective date of terminationsuch damage. The effective date number of termination specified either by Landlord days within which the Leased Premises can be rebuilt or Tenant repaired shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant determined by an independent contractor mutually acceptable to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by both Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermTenant.
Appears in 2 contracts
Samples: Office, Warehouse and Distribution Center (Container Store Group, Inc.), Office, Warehouse and Distribution Center (Container Store Group, Inc.)
Casualty. and Taking ------------------- In case during the Term all event of total or any substantial part partial destruction of the Premises, the Building or the Lot are damaged materially Leased Premises by fire or other casualty casualty, Landlord agrees to promptly restore and repair the Building or by action of public or other authority in consequence thereofLeased Premises; provided, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authorityhowever, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in obligation hereunder shall be limited to the reconstruction of the Building, which may Leased Premises, the Tenant Finish Improvements (as such term is defined in that certain Office Lease Agreement dated April 1, 2001 by and between Duke-Weeks Realty Limited Partnership and Tenant) as were originally required to be made notwithstanding by Landlord and the Tenant Improvements as set forth in this Lease. Landlord shall give Tenant written notice within thirty (30) days of the casualty of Landlord's entire interest may be divested, by notice given estimated date to Tenant within 60 days after the occurrence of complete such restoration and repair. In the event giving rise to the election to terminate which that such notice shall specify the effective discloses that such date of terminationcompletion is more than one hundred eighty (180) days from the casualty date, Landlord and Tenant shall endeavor in good faith to agree upon a schedule for the completion of such repair or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate rebuilding. If no such agreement is reached within thirty (30) days of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written receipt of notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from estimating the date of casualty or taking completion, Tenant may terminate this Lease Lease, effective upon the date of casualty, by delivery of written notice given thereof to Landlord within 30 fifteen (15) days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in the thirty (30) day negotiating period identified above. Rent shall proportionately axxxx during the time that the Leased Premises or part thereof are unusable because of any such damage until substantial completion of the restoration. Notwithstanding the foregoing, if the Leased Premises are destroyed by a casualty which either party may 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, then Landlord may, upon thirty (30) days' written notice delivered to Tenant within thirty (30) days of the casualty, terminate this Lease pursuant with respect to matters thereafter accruing. All restoration shall comply with all construction requirements imposed hereby on the foregoing provisions original construction of this Section 7.1) to restore the Building, Leased Premises, the original Tenant Finish Improvements or in case of taking what may remain thereof (excluding any items installed or paid for by the Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermImprovements.
Appears in 2 contracts
Samples: Office Lease (Interactive Intelligence Group, Inc.), Office Lease (Interactive Intelligence Group, Inc.)
Casualty. Prior to the Closing and Taking ------------------- In case during notwithstanding the Term all or any substantial part pendency of the Premisesthis Agreement, the Building entire risk of loss or the Lot are damaged materially damage by fire earthquake, hurricane, tornado, flood, landslide, fire, acts of war, terrorism, terrorist activities or other casualty shall be borne and assumed by Transferor. If, prior to the Closing any “Material Damage” (as hereinafter defined) occurs, individually or by action in the aggregate, to any portion of public any Project as a result of earthquake, hurricane, tornado, flood, landslide, fire, acts of war, terrorism, terrorist activities or other authority in consequence thereofcasualty, Transferor shall immediately notify Transferee of such fact. In such event, Transferee shall have the option to terminate this Agreement upon written notice to Transferor given not later than thirty (30) days after Transferee’s receipt of such notice from Transferor. Transferee shall have no right to terminate this Agreement as a result of any such damage or are taken by eminent domain destruction that does not constitute Material Damage. If Transferee does not elect or Landlord receives compensable has no right to terminate this Agreement, Transferor shall assign and turn over, and Transferee shall be entitled to receive and keep, all insurance proceeds payable with respect to such damage or destruction (which shall then be repaired or not at Transferee’s option and cost) and Transferee shall receive, as a credit against the Contribution Value, an amount equal to the deductible amount with respect to the insurance and the parties shall proceed to the Closing pursuant to the terms hereof without modification of the terms of this Agreement. If Transferee does not elect or has no right to terminate such affected portion of this Agreement by reason of anything lawfully done on pursuance any casualty, Transferee shall have the right to participate in any adjustment of public any insurance claim. As used herein, the term “Material Damage” shall mean damage or other lawful authoritydestruction, this Lease shall terminate at Landlord's electionwith respect to any Property, provided Landlord terminates all other leases in (a) the Building, cost of repair of which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six the greater of $5,000,000.00 and five percent (65%) months from of the date value of casualty or taking Tenant may terminate this Lease by notice given the portion of the Contribution Value allocated to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove Property pursuant to Section 3.1 or 3.3), 2 hereof and (b) which Transferor fails to the condition of the Premises immediately repair in full prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermClosing.
Appears in 2 contracts
Samples: Acquisition and Contribution Agreement and Joint Escrow Instructions (Colonial Realty Limited Partnership), Acquisition and Contribution Agreement and Joint Escrow Instructions (Colonial Realty Limited Partnership)
Casualty. and Taking ------------------- In case during the Term all event of damage to, or any substantial part of the Premisestotal or partial destruction of, the Building or the Lot are damaged materially Premises by fire or other casualty (the “Casualty Damage”), the insurance proceeds, if any, that, as a result of the Casualty Damage, are payable under any fire or casualty insurance maintained by action Tenant relating to the Premises shall be payable to, and shall be the sole property of, Landlord, and, subject to the terms and conditions of public or other authority this Section, Landlord shall cause the prompt and diligent repair and replacement of the Premises as soon as reasonably is possible so that they are in consequence thereofsubstantially the same condition as existed prior to the Casualty Damage. If substantial Casualty Damage occurs at any time during the Lease Term, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease a determination shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given a licensed architect reasonably acceptable to Landlord and Tenant within 60 30 days after such Casualty Damage, of whether Landlord will be able, within a period of six months after such Casualty Damage occurs, to repair and replace the occurrence of Premises so that they are in substantially the event giving rise same condition as existed prior to the election Casualty Damage. If the architect determines that Landlord will not be able, within a period of six months after such Casualty Damage occurs, to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put repair and replace the Premises or such remainder so that they are in substantially the same condition as good or better condition than existed immediately prior to such firethe Casualty Damage, other casualty or taking. In case of a taking of part of the Premisesthen Landlord, if the remainder is insufficient for use for Tenant's purposesat its option, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by upon written notice given to Landlord within Tenant at least 30 days after receipt of Landlord's noticein advance, which notice by Tenant and all obligations hereunder, except those due or mature, shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such terminationcease and terminate. If in any case substantial Casualty Damage occurs during the Premises are rendered unfit for use and occupation and last two years of the Lease is Term, and provided that Tenant has not so terminatedexercised an option for an extension Term, Landlord shall use due diligence (following the expiration of all periods in which either party then Landlord, at its option, may terminate this Lease pursuant upon written notice to Tenant at least 30 days in advance, and all obligations hereunder, except those due or mature, shall cease and terminate. Rent shall not be abated or reduced during any repair or construction following any Casualty Damage. The term “substantially damaged” and “substantial damage” as used in this section, shall mean that the Premises has been damaged to the foregoing provisions extent that the cost of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition such restoration of the Premises immediately prior to the casualty or taking and will exceed a just proportion sum constituting 35% of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area total replacement cost of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Medpace Holdings, Inc.)
Casualty. and Taking ------------------- In Tenant shall give prompt notice to Landlord in case during of any fire or other damage to the Term all Premises or any substantial part of the Premises, Building. If (a) the Building or the Lot are Premises shall be damaged materially to the extent of fifty percent (50%) or more of the cost of replacement thereof; or (b) the Premises or Building shall be destroyed or substantially damaged as a result of a risk not insured by fire Landlord hereunder; or other casualty (c) the Premises shall be damaged to the extent of thirty percent (30%) or by action more of public the cost of replacement thereof during the last two (2) years of the Term (or other authority any renewal term), then or in consequence thereofany of such events, Landlord may elect either to repair the damage as aforesaid, or are taken to cancel this Lease by eminent domain written notice of cancellation given to Tenant within ninety (90) days after the date Landlord is in receipt of all relevant information regarding an occurrence specified in clauses (a), (b), or (c) of this sentence. Should Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authorityelect to terminate the lease, this Lease shall terminate at with the same force and effect as though the date set forth in the Landlord's electionnotice of termination pursuant to this Section 19.1 were the Expiration Date of the Lease. Should Landlord elect to terminate this Lease, provided Xxxxxx's liability for the Rent shall cease as of the date of such damage or destruction and Landlord terminates all shall make an equitable refund of any Rent paid by Xxxxxx in advance and not earned. Unless this Lease is terminated by Landlord, as aforesaid, this Lease shall remain in full force and effect. Provided Tenant is not the cause of the fire or other leases casualty, in the Buildingevent the Premises is rendered wholly untenantable, the Base Rent and Additional Rent shall be fully abated, or if only partially damaged, such Base Rent and Additional Rent shall be abated proportionately as to that portion of the Premises rendered untenantable and not actually used by Tenant during such period. In either of the foregoing events, Base Rent and Additional Rent shall xxxxx (unless Landlord shall elect to terminate this Lease as set forth above) until ten (10) days after notice by Landlord to Tenant that the Premises have been substantially repaired and restored to the extent required hereunder of Landlord or until Xxxxxx's business operations are restored in the entire Premises, whichever shall occur sooner. Tenant may continue the operation of Xxxxxx's business in the part of Premises not so damaged to the extent reasonably practicable from the standpoint of prudent business management and safety concerns. Tenant shall not be entitled to and hereby waives all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and for any inconvenience or annoyance occasioned by any such damage, destruction, repair or restoration. The provisions of any statute or other law which may be made notwithstanding Landlord's entire interest may be divested, by notice given allow Tenant to Tenant within 60 days after automatically terminate the lease or otherwise exercise a right of termination upon the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of terminationdamage, destruction or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice untenantability are hereby expressly waived by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury 19.1 shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termcontrol.
Appears in 1 contract
Samples: Lease Agreement (Beam Global)
Casualty. and Taking ------------------- In case during If the Term all Premises or any substantial part of the Premises, the Building or the Lot are Parking Deck, as applicable, as the case may be, is damaged materially or destroyed by fire or other casualty to the extent of twenty percent (20%) or more of the value thereof in the reasonable opinion of Landlord, then Landlord shall notify Tenant of such opinion (“Major Casualty Notice”), and thereafter either Landlord or Landlord’s lender may by action of public written notice to Tenant, or, if not resulting from the fault, negligence, act, omission or other authority misconduct of Tenant or its agents, employees, guests, customers, contractors or invitees then Tenant may by written notice to Landlord, in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice each case given to Tenant within 60 not later than sixty (60) days after the occurrence date of the event giving rise Major Casualty Notice, terminate this Lease effective to the election to terminate which notice shall specify the effective date of terminationsuch fire or other casualty. If Landlord’s lender will not agree that insurance proceeds can be applied to restoration and repair of the Building or the Parking Deck, as applicable, following a Major Casualty Notice, or if Landlord does not elect determines that available insurance proceeds will be insufficient to so terminaterepair and restore the Building or the Parking Deck, which notice shall contain Landlord's nonbinding estimate of as applicable, substantially to the time needed to put the Premises or such remainder in as good or better condition than existed thereof existing immediately prior to such fire, other casualty damage or taking. In case of a taking of part destruction and Landlord is unwilling to fund such difference and complete repair and restoration of the PremisesBuilding or the Parking Deck, if as applicable, substantially to the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice condition thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed existing immediately prior to such firedamage or destruction, other casualty then Landlord shall notify Tenant of in any such instance, and Tenant or is reasonably estimated by the Landlord to exceed six monthsmay, or if Landlord's restoration work is not actually completed within six thirty (630) months from the date days of casualty or taking Tenant may such a notice, terminate this Lease by notice given to the other. If this Lease is not so terminated as provided in this Section 15.01, then (a) Landlord shall proceed with diligence to rebuild and restore that portion of the Building or the Parking Deck, as applicable (exclusive of Tenant’s property and improvements or alterations that are the property of Tenant) that was so damaged or destroyed substantially to the condition thereof existing immediately prior to such damage or destruction, to the extent of available insurance, within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 two hundred seventy (270) days after the date of notice such fire or other casualty (exclusive of such terminationTenant Delay (as hereinafter defined) and Force Majeure Delay), and (b) the Term shall not terminate, but any Rent shall xxxxx on a per diem basis while the Premises remain untenantable. Landlord shall not be obligated to rebuild or restore any of (i) Tenant’s personal property, equipment, furniture or trade fixtures, or (ii) any alterations or improvements made in accordance with Article 14 or other alterations or improvements that were not part of the Premises on the Commencement Date. If in any case Landlord shall fail to complete the rebuilding and restoration of the Parking Deck, the Building and/or the Premises are rendered unfit for use such that a certificate of occupancy (temporary or final) shall not have been issued within the aforesaid 270-day period, exclusive of Force Majeure Delay and occupation and Tenant Delay, then either Landlord or Tenant, by written notice to the Lease is not so terminated, Landlord shall use due diligence other given within fifteen (15) days next following the expiration last day of all periods in which either party the aforesaid 270-day period, may terminate this Lease pursuant retroactive to the foregoing provisions date of this Section 7.1) to restore the Premisessuch fire or casualty, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury Rent shall be abated from or apportioned (as the case may be) on a per diem basis and paid to the date of casualty such fire or taking until casualty. Termination of this Lease by Tenant shall be Tenant’s sole remedy for Landlord’s failure to rebuild or restore the Parking Deck, the Building and/or the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termunder this Section 15.01.
Appears in 1 contract
Samples: Office Lease (Ncino, Inc.)
Casualty. and Taking ------------------- In case during If the Term all Property shall be damaged or any substantial part of the Premisesdestroyed, the Building in whole or the Lot are damaged materially in part, by fire or other casualty or by action (a “Casualty”), Borrower shall (a) give prompt notice of public or other authority in consequence thereofsuch damage to Lender, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authorityand (b) shall cause Mortgage Borrower, this Lease shall terminate at Landlord's electionMortgage Borrower’s option, provided Landlord terminates all other leases in either (x) promptly commence and diligently prosecute the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence completion of the event giving rise Restoration (or use commercially reasonable efforts to cause the election Condominium acting through the Condominium Board, to terminate which notice shall specify do so) so that the effective date of terminationProperty resembles, or if Landlord does not elect to so terminateas nearly as possible, which notice shall contain Landlord's nonbinding estimate of the time needed to put condition the Premises or such remainder Property was in as good or better condition than existed immediately prior to such fireCasualty, other casualty or taking. In case of a taking of part with such alterations as may be reasonably approved by Lender and otherwise in accordance with Section 6.4 of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by TenantMortgage Loan Agreement, or (b) prepay the Mortgage Loan in whole (even if such prepayment occurs prior to the Lockout Release Date), in which case no Prepayment Premium (as defined in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6Mortgage Loan Agreement) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after due; provided, however, that in the date of notice of such termination. If event Mortgage Borrower elects to prepay the Mortgage Loan in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods whole as provided in which either party may terminate this Lease pursuant to the foregoing provisions clause (b) of this Section 7.1) to restore 6.2, then Borrower shall prepay the Premises, or Loan in whole in which case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury no Prepayment Premium shall be abated from due. Borrower shall pay all costs of such Restoration whether or not such costs are covered by insurance. Lender may, but shall not be obligated to make proof of loss if not made promptly by Borrower. In addition, Lender may participate in any settlement discussions with any insurance companies with respect to any Casualty in which the date Net Proceeds or the costs of casualty completing the Restoration are equal to or taking until the Premises or greater than Eight Million Two Hundred Fifty Thousand and No/100 Dollars ($8,250,000) and Borrower shall deliver to Lender all instruments required by Lender to permit such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termparticipation.
Appears in 1 contract
Samples: First Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Casualty. and Taking ------------------- The Sellers shall, upon becoming aware thereof, deliver prompt written notice to the Purchaser of any damage or destruction with respect to the Property (exclusive of immaterial damages to be repaired prior to Closing or that is the responsibility of a Tenant). In case during the Term all event of any immaterial damage or destruction to the Property or any substantial part portion thereof, the Sellers and the Purchaser shall proceed to close under this Agreement, and the Purchaser will receive any insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due to the applicable Seller or Sellers as a result of such damage or destruction (less any amounts reasonably expended for restoration or collection of proceeds) and assume responsibility for such repair, and the Purchaser shall receive a credit at Closing for any deductible amount under said insurance policies (not to exceed the reasonable cost of repairing such casualty). For purposes of this Agreement, the term “immaterial damage or destruction” shall mean such instances of damage or destruction which can be repaired or restored at a cost equal to or less than [****] of the PremisesPurchase Price. In the event of any material damage or destruction with respect to the Property (being damage or destruction which is not deemed immaterial in accordance with the preceding paragraph), the Building or the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereofPurchaser may, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divestedits option, by written notice to the Sellers given to Tenant within 60 fifteen (15) days after the occurrence Purchaser is notified in writing by the Sellers of such damage or destruction (with the Closing being extended as necessary to provide the Purchaser the above-allowed time in which to respond), (i) terminate this Agreement, whereupon the Escrow Agent shall promptly return the Xxxxxxx Money to the Purchaser, in which event the parties shall have no further rights and liabilities hereunder except with respect to those matters specifically surviving the termination of this Agreement, or (ii) proceed to close under this Agreement, receive any insurance proceeds (including any rent loss insurance applicable to the period on or after the Closing Date) due the applicable Seller or Sellers as a result of such damage or destruction (less any amounts reasonably expended for restoration or collection of proceeds) and assume responsibility for such repair, and the Purchaser shall receive a credit at Closing for any deductible amount under said insurance policies. If the Purchaser fails to deliver to the Sellers written notice of its election within the period set forth above, the Purchaser will conclusively be deemed to have elected to proceed with the Closing as provided in clause (ii) of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termpreceding sentence.
Appears in 1 contract
Samples: Purchase and Sale Agreement (CTO Realty Growth, Inc.)
Casualty. and Taking ------------------- In case during If the Term all Leased Premises or any substantial other part of the Premises, the Building or the Lot Property are damaged materially by fire or other casualty casualty, the damage shall be repaired by and at the expense of Landlord, unless this Lease is terminated as herein after provided. Until such repairs are completed, the Base Rent shall be abated in proportion to the part of the Leased Premises which is unusable by Tenant in the conduct of its business and for the length of time that such condition persists; provided however, there shall be no abatement of Base Rent (a) if the Leased Premises (or by action any portion thereof) are unusable for a period of public fifteen (15) days or less, (b) if the damage is due to the fault or neglect of Tenant or any subtenant, or any agents, employees, servants, invitees, permittees or licensees thereof; nor shall there be any abatement of Base Rent on account of damage to the Building or any other part of the Property unless such damage includes damage to the Leased Premises or prevents access to the Leased Premises. In the event of fire or other authority in consequence thereofcasualty to the Leased Premises or the Building, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public if said fire or other lawful authoritycasualty results in the total destruction of the Building, this Lease shall automatically terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence as of the event giving rise to the election to terminate which notice shall specify the effective date of terminationsaid destruction. If the Leased Premises are damaged and made untenantable by fire or other casualty, or and if a registered architect selected by Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate should certify that repair and rehabilitation of the time needed Leased Premises cannot be accomplished by using standard working methods, procedures and materials so as to put make the Leased Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed tenantable within six one hundred twenty (6120) months days from the date of casualty or taking Tenant may rehabilitation is started, either party shall have the right to terminate this Lease by giving to the other party notice given to Landlord of such election within 30 fifteen (15) days after receipt of Landlordthe architect's noticecertificate of decision. If the common areas and facilities, which if any, within the Building are damaged by fire or other casualty, and if a registered architect selected by Landlord should certify that repair and rehabilitation of such common areas and facilities cannot be accomplished by using standard working methods, procedures and materials so as to restore such common areas and facilities within one hundred twenty (120) days from the date rehabilitation is started, Landlord shall have the right to terminate this Lease by giving to Tenant notice of such election within fifteen (15) days after receipt of the architect's certificate of decision. If any material portion of the Building is damaged by fire or other casualty, and if the casualty results from an uninsured risk under standard broad form of fire and extended coverage insurance policies then Landlord may, by written notice to Tenant within sixty (60) days of such damage, elect to terminate this Lease. In any case of termination of this Lease, all rent and other charges shall specify be apportioned on a per diem basis and be paid to the effective date of termination. The effective date of termination specified either by Landlord or Tenant Nothing herein shall be not less than 15 nor more than 30 days after the date construed as a limitation of notice of such termination. If in Tenant's liability for any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant damage to the foregoing provisions of this Section 7.1) to restore the Leased Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition Building, or to any other part of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or Property, should such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termliability otherwise exist.
Appears in 1 contract
Casualty. and Taking ------------------- In case during the Term all or any substantial part of the Premises, the Building or the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put If the Premises or the Project is damaged by an insured casualty, or, if Landlord fails to maintain the insurance required to be maintained by or pursuant to the terms of this Lease and such remainder in as good or better condition damage would have been covered by the insurance required to be maintained by Landlord hereunder, and such damage occurs more than existed immediately twelve (12) months prior to such fire, other casualty or taking. In case of a taking of part the expiration of the PremisesTerm hereof, Landlord shall forthwith repair same, or cause same to be repaired, (and, if an insured casualty, to the remainder is insufficient for use for Tenant's purposesextent that insurance proceeds are made available to Landlord therefor) and provided that such repairs can, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed reasonable opinion, be made within six ninety (690) months days from the date of casualty such damage (without payment of overtime or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt other premiums) under the laws and regulations of Landlord's noticethe federal, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such terminationstate and local governmental authorities having jurisdiction thereof. If in any case the Premises are rendered unfit for use and occupation and the Lease Landlord is not so terminatedrequired to repair such damage, Landlord shall use due diligence have the option within forty-five (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.145) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated days from the date of casualty such damage either to (i) notify Tenant of Landlord's election to repair such damage, in which event Landlord shall thereafter repair same, or taking until (ii) notify Tenant of Landlord's election to immediately terminate this Lease, in which event this Lease shall be so terminated; provided, however, if such notice advises Tenant of Landlord’s election to repair and that such repair cannot be made within ninety (90) days from the date of such damage, by written notice to Landlord given within ten (10) days of receipt of such notice from Landlord, Tenant may elect to terminate this Lease. Such termination by Tenant shall be effective ten (10) days following the date received by Landlord. Landlord shall refund to Tenant any rent previously paid for any period of time subsequent to such termination. Notwithstanding any contrary provision herein, and regardless of whether caused by casualty, Landlord shall not be required to repair any damage to the property of Tenant or to repair or replace any paneling, decorations, railings, floor coverings, alterations, additions, fixtures or improvements installed on the Premises by or such remainder shall have been restored by Landlord at the expense of Tenant. Tenant hereby waives the provisions of Section 1932, subdivision 2, and in case of a taking which permanently reduces the area Section 1933, subdivision 4, of the PremisesCivil Code of California, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termany similar law, statute or ordinance now or hereafter in effect.
Appears in 1 contract
Samples: Office Lease (Ministry Partners Investment Company, LLC)
Casualty. and Taking ------------------- In case during If before the Term all or Closing any substantial material part of the PremisesAssets (other than the Real Property) is damaged, lost, or destroyed (whether by fire, theft, vandalism, or other cause or casualty other than the act or omission of Buyer, its agents, or representatives) and the same can be replaced, repaired or restored within 90 days, Seller must promptly replace, repair, and/or restore the same to substantially the same condition as before the damage; provided, however, that for the purposes of this Section, the Building Premises may not be replaced with other real property. If in Seller’s determination, the same cannot be replaced, repaired, or restored within 90 days, Seller must so notify Buyer within 30 days of the Lot are occurrence of the damage or destruction. Buyer will thereupon have 10 days to notify Seller in writing of its election either to (a) terminate this Agreement in its entirety; or (b) proceed to Closing and either (i) receive an assignment of insurance proceeds payable to Seller as a result of the damage or destruction, but the Purchase Price will not be reduced, or (ii) reduce the Purchase Price by the amount of insurance proceeds payable to Seller as a result of the damage or destruction, but Seller will retain all such proceeds. With respect to the Real Property, if a material part of the Real Property is damaged materially prior to the Closing by fire or other casualty or casualty, Buyer may cancel this Agreement by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case to Seller within ten (10) days of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty such casualty, in which event this Agreement shall terminate and neither party shall have any further rights or taking Tenant may terminate obligations under this Lease by Agreement other than those rights and obligations which are expressly stated to survive expiration or termination of this Agreement. In the event that Buyer fails to provide Seller with written termination notice given within such ten (10) day period, then notwithstanding anything to Landlord within 30 days after receipt of Landlord's noticethe contrary, this Agreement shall remain in full force and effect and Buyer shall proceed to close and take the Real Property as damaged, in which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant event Buyer shall be not less than 15 nor more than 30 days after entitled to receive the date of notice insurance proceeds, if any, actually received by Seller as the result of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termloss.
Appears in 1 contract
Samples: Asset Purchase Agreement (Tandem Health Care, Inc.)
Casualty. and Taking ------------------- 15.01. In case during the Term event that all or any substantial part of the Premises, the Building Office is damaged or the Lot are damaged materially destroyed by fire or other casualty ("CASUALTY"), this Lease shall remain in full force and effect; provided, however, that in the event the damage or by action destruction is so extensive as to amount to a Total Loss (as such term is defined below) of public the Office or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authoritythe Project, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence as of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate the Casualty. In the event this Lease is not terminated pursuant to the provisions of the immediately preceding sentence, Landlord shall repair or restore the Office provided: (i) the entire cost of repair and restoration is paid out of the proceeds of the Project's Insurance; (ii) the holders of any mortgages, deeds of trust, ground and master leases encumbering the Project, consent to the application of the proceeds of the Project's Insurance to the cost of repair and restoration; (iii) the damage or destruction does not result in the termination of any underlying or ground lease; (iv) the damage or destruction was not caused, by notice given to Landlord any intentional tort, or violation of Law on the part of Tenant or any person permitted in the Office by Tenant; (v) there are at least three years remaining in the term of this Lease or any renewal term then in effect; and (vi) within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of the damage or destruction, Landlord gives Tenant notice of such terminationLandlord's intention to repair or restore. If In the event Landlord does not give the notice provided for in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminatedimmediately preceding clause (vi), Tenant or Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant as of the date of the damage or destruction by notice given within 120 days after the date of the damage or destruction. In the event Landlord elects to repair or restore the foregoing provisions Office subject to and in accordance with clauses (i) through (vi) of this Section 7.1) to restore 15.01, Landlord shall commence and prosecute the Premisescompletion of such repair or restoration with reasonable diligence, or in case taking into account the amount of taking what may remain thereof (excluding any items installed or paid for by Tenant time which Tenant may be required to remove pursuant to Section 3.1 effect a settlement with or 3.3otherwise collect the insurance proceeds from the insurer(s), to . In the condition event this Lease is not terminated as a result of the Premises immediately prior to the casualty damage or taking destruction and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.is
Appears in 1 contract
Samples: Lease Agreement (Freei Networks Inc)
Casualty. and Taking ------------------- (a) In case during the Term all or any substantial part event that, as a result of a casualty insured against by the Port Authority under the New York standard form of fire insurance policy carried by it on the premises, the premises are damaged without the fault of the PremisesLessee, the Building or the Lot are damaged materially by fire its officers, members, employees, customers, guests, invitees or other casualty persons who are doing business with the Lessee or by action of public who are on the premises with the Lessee's consent, so as to render the premises untenantable in whole or other authority in consequence thereofpart, then (1) if the Port Authority finds that the necessary repairs or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may rebuilding can be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant completed within 60 ninety (90) days after the occurrence of the event giving rise damage, the Port Authority shall repair or rebuild with due diligence, and the rental hereunder shall be abated, as hereinafter provided in the Section of this Agreement entitled "Abatement of Rental", only for the period from the occurrence of the damage to the election to terminate which notice shall specify completion of the effective date repairs or rebuilding, whether or not the work of terminationrepair or rebuilding is actually completed within the said ninety (90) days; or (2) if the Port Authority finds that such repairs or rebuilding cannot be completed within ninety (90) days after the occurrence of the damage, or if Landlord does not elect the Port Authority concludes that other than the premises also require rebuilding, then the Port Authority shall have options: (i) to so terminate, which notice shall contain Landlord's nonbinding estimate proceed with due diligence to repair or to rebuild the premises as necessary; or (ii) to terminate the letting as to the damaged portion of the time needed to put premises only, and the Premises or such remainder rental hereunder shall be abated as provided in as good or better condition than existed immediately prior to such firethe Section of this Agreement entitled "Abatement of Rental", other casualty or taking. In case of a taking of part from and after the occurrence of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenantdamage, or (iii) to terminate the letting as to the entire premises; and in the case of casualty (i) and (iii), the rental hereunder shall be abated, as provided in the Section of this Agreement entitled "Abatement of Rental", either, as the case may require, for the period form the occurrence of the damage to the completion of repairs and rebuilding of the premises or taking if for the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months period from the date occurrence of casualty or taking Tenant may terminate this Lease by notice given the damage to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. (b) The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after parties do hereby stipulate that neither the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition 227 of the Premises immediately prior to the casualty or taking and a just proportion Real Property Law of the fixed rent and additional rent according State of New York nor those of any other similar statute shall extend or apply to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termthis Agreement.
Appears in 1 contract
Samples: Lease Agreement (Globus International Resources Corp)
Casualty. and Taking ------------------- A. In case during the Term all event the Premises or any substantial part of the Premises, the Building are materially or the Lot totally damaged or are damaged rendered materially or wholly untenantable by fire or other casualty or by action accident, Landlord may, as provided for hereinafter, give Tenant written notice of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the ’s election to terminate which notice shall specify the effective date of terminationLease, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate and thereupon the term of the Lease shall expire by lapse of time needed to put upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Landlord shall, within the later of (a) one hundred twenty (120) days from the fire or such remainder casualty or (b) thirty (30) business days after Landlord receives written notice from its insurance carrier regarding the extent of insurance proceeds Landlord will receive to restore the Building and/or the Premises, give Tenant written notice (“Casualty Notice”) of its intention to either (i) restore or rebuild the Premises in as good character, layout and area substantially equal to the Premises damaged or better condition than existed destroyed immediately prior to such firedamage or destruction (except Landlord shall not be required to rebuild, other casualty repair or taking. In case of a taking of replace any part of the Premisesfurniture, equipment, trade fixtures and other improvements [including Tenant Improvements, if the remainder is insufficient for use for any] which may have been placed by Tenant [or by Landlord on behalf of Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or ] in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed Premises) within six two hundred forty (6240) months days from the date of such fire or other casualty (but such two hundred forty [240] day period shall be subject to reasonable extensions and delays resulting from acts of God, fire, strikes, lockouts, labor trouble, inability to procure materials by reason of governmental restrictions, riots, insurrection, war or taking other causes beyond the reasonable control of Landlord) or (ii) terminate this Lease, as hereinbefore mentioned. In the event Landlord elects to restore or rebuild the Premises, Base Rent and all other obligations of Tenant may terminate shall xxxxx as of the date of such fire or other casualty (as long as Tenant shall not be in monetary or material nonmonetary default under this Lease after the expiration of any applicable cure period and such damage or casualty was not caused by Tenant) until the Premises shall have been restored or rebuilt by Landlord as required hereunder and possession thereof shall have been delivered to Tenant. If Landlord fails to give the Casualty Notice within the period required under this Section or, if Landlord fails to repair the damage (if the Casualty Notice notes Landlord’s intention to do so) from the casualty within the period set forth in the Casualty Notice (subject to force majeure), then Tenant shall have the right (provided Tenant is not in default under the Lease beyond any applicable notice and cure period and Tenant cannot conduct its business operations within the Premises) to elect to immediately cancel this Lease by giving written notice given to Landlord, provided such notice states that “Landlord failed to cancel this Lease within 30 the required time period of Section 15 of the Lease” and that “Landlord’s failure to void Tenant’s notice of termination of the Lease within fifteen (15) business days after of Landlord’s receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant this correspondence shall be not less than 15 nor more than 30 days after deemed Landlord’s acceptance of Tenant’s termination of the date of notice Lease”. A copy of such termination. If notice must be simultaneously sent to Landlord’s counsel (or such other parties as Landlord may from time to time designate) in any case accordance with the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing notice provisions of this Section 7.1) Lease in order for such request to restore be deemed effective. In the Premisescase Tenant gives a termination notice because Landlord failed to repair the casualty within the applicable time period, or in case of taking what may remain thereof (excluding any items installed or paid for Landlord can only void Tenant’s termination notice by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition delivery of the Premises immediately prior in the condition required under this Section within thirty (30) business days of Landlord’s receipt of the termination notice. Notwithstanding anything to the contrary contained in this Section, Tenant shall have the option to cancel the Lease, in the event such casualty or taking was not caused by Tenant and a just proportion (i) the casualty occurs during the last year of the fixed rent Lease Term, (ii) the casualty occurs at any time and, in both Landlord’s and additional rent according Tenant’s reasonable opinion, the restoration will take over three hundred sixty (360) days from said occurrence or (iii) the Casualty Notice informs Tenant that Landlord intends to restore (and not terminate), but the nature and extent of the injury shall be abated restoration will take over two hundred seventy (270) days to restore from the date of the casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termdamage.
Appears in 1 contract
Samples: Lease Agreement (Shutterstock, Inc.)
Casualty. and Taking ------------------- In case during the Term all event the leased Premises or any substantial part of the Premises, the Building is destroyed or the Lot are damaged materially injured by fire fire, earthquake or other casualty to the extent that they are no longer satisfactory for the conduct of Tenant's business, in whole or by action of public or other authority in consequence thereofpart, or are taken by eminent domain or then Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given will engage a registered architect to Tenant certify within 60 sixty (60) days after such destruction or injury to Landlord and Tenant the occurrence amount of time needed to restore the event giving rise Building and the Premises to substantially the same condition as existed immediately prior to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of casualty. If the time needed to put so restore the Building and Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six exceeds twelve (612) months from the date of casualty the casualty, then either the Landlord or taking Tenant may terminate this Lease by giving the other party such notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 within thirty (30) days after the date notifying party's receipt of notice of such terminationthe architect's certificate. If in any case a casualty causes damages to the Premises are rendered unfit for use Building and occupation and the this Lease is not terminated by either party under the provisions of this section, then Landlord shall diligently rebuild and restore the Building and the Premises. Upon a casualty event, the rent shall be abated equitably on a per diem basis for the portion of the Premises that is unfit for occupancy commencing upon the date of the casualty and ending on the completion of the repair and restoration so as to permit Tenant's full and regular occupancy thereof or the earlier termination of this Lease. During any period of abatement of rent due to casualty or destruction of the Premises, unless this Lease has been terminated, Landlord shall use due diligence (following its best efforts to locate comparable space for Tenant at the expiration fair market rate not to exceed Tenant's rental rate hereunder. Landlord shall not be liable for any consequential damages by reason of all periods in which either party may terminate this Lease pursuant inability, after use of its best efforts, to locate alternative space comparable to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), . Notwithstanding anything to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and contrary in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.this
Appears in 1 contract
Casualty. and Taking ------------------- In case during If the Term all Premises or any substantial part of the Premises, the Building or the Lot portion thereof are damaged materially by fire -------- or other casualty or the elements to the extent that, in the reasonable judgment of a duly licensed architect or engineer selected by action of public or other authority in consequence thereofthe Landlord, the damage cannot be repaired within one hundred eighty (180) days, or are taken by eminent domain if the Building is so damaged in the good faith opinion of such architect or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public engineer the Building must be demolished, and rebuilt or other lawful authorityreconstructed, this Lease shall terminate shall, at Landlord's election, provided the option of Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case terminate as of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking such casualty, and Tenant may terminate this Lease by notice given shall immediately surrender the Premises to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after and pay Rent up to the date of such surrender and any prepaid Rent shall be refunded. Landlord shall promptly provide Tenant with written notice of such terminationits architect's or engineer's determination. If in any case the Premises are rendered unfit for use and occupation and the this Lease is not so terminated, Landlord shall use due diligence (following shall, within a reasonable time but no more than 180 days after such fire or casualty to rebuild or repair the expiration of all periods Premises to substantially the same condition in which either party they existed prior to such damage; provided, however, Landlord's obligation hereunder shall be limited to the insurance proceeds available, and paid, to Landlord on account of such damage and to improvements initially constructed at Landlord's cost. Notwithstanding any provision in this Lease to the contrary, if such repairs are not completed within such 180 day period subject to the force majeure provisions hereof, then Tenant may terminate this Lease pursuant by delivering written notice to Landlord at any time before such repairs are complete. All such repairs shall be made in compliance with all applicable laws, codes, ordinances, rules, regulations, orders and permits, including, but not limited to, the foregoing provisions American with Disabilities Act of this Section 7.1) to restore 1990 and the Premises, or regulations and standards promulgated thereunder and using materials of like kind and quality as were used in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of Building and/or the Premises immediately prior to such damage. Promptly upon completion of Landlord's repairs, Tenant shall repair and replace all other alterations and improvements installed in the Premises by or for Tenant, excluding Base Building Work and Landlord's Work, and the Personal Property of Tenant. After any casualty or taking to the Premises, Tenant shall continue to owe and a just proportion pay Rent, but, subject to the next succeeding sentence, Rent shall be equitably abated until the earlier of the fixed rent and additional rent according to the nature and extent date possession of the injury shall be abated from entire reconstructed Premises is restored to Tenant or the date of casualty or taking until Lease terminates. If the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area any other portion of the PremisesBuilding is damaged by fire or other casualty resulting from the negligent or willful acts or omissions of Tenant or any of Tenant's agents, a just proportion contractors, employees, or invitees, the Rent shall not be so abated. Landlord shall not be liable to Tenant for inconvenience, annoyance, loss of profits, expenses or other type of injury or damage resulting from the repair of any such damage, or any delay in making such repairs, or for the termination of this Lease as herein provided. Landlord may terminate this Lease upon any damage or destruction to the Premises which cannot be repaired within such 180 day period occurring during the final one (1) year of the fixed rent and additional rent shall be abated for the remainder of the Lease Term.
Appears in 1 contract
Casualty. In the event the Demised Premises or the Building are totally damaged or are rendered wholly untenantable by fire or other casualty, Landlord may, as provided for hereinafter, give Tenant written notice of Landlord's election to terminate this Lease, and Taking ------------------- In case during thereupon the Term all term of this Lease, shall expire by lapse of time upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Demised Premises and surrender the same to Landlord. If Tenant shall not be in monetary or material nonmonetary default under this Lease after the expiration of any substantial applicable cure period, then upon the termination of this Lease under the conditions provided for hereinafter, Tenant's liability for Rent accruing subsequent to the fire or casualty shall cease and be apportioned as of the day following such fire or casualty. Notwithstanding anything to the contrary contained in this Lease, Landlord shall, within the earlier of (a) one hundred twenty (120) days from the fire or casualty or (b) thirty (30) business days after Landlord receives written notice from its insurance carrier regarding the extent of insurance proceeds Landlord will receive to restore the Building and/or the Demised Premises (as is required under this Lease), give Tenant written notice of it's intention to either (i) restore or rebuild the Demised Premises in character, layout and area substantially equal to the Premises damaged or destroyed immediately prior to such damage or destruction (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 [or by Landlord on behalf of Tenant (e.g., any improvement to Exhibit "E" hereinafter)] in the Premises) within two hundred ten (210) days from the date of such fire or other casualty (but such two hundred ten [210] day period shall be subject to reasonable extensions and delays resulting from acts of God, fire, strikes, lockouts, labor trouble, inability to procure materials by reason of governmental restrictions, riots, insurrection, war or other causes beyond the reasonable control of Landlord), or (ii) terminate this Lease ("Casualty Notice"). Notwithstanding anything to the contrary contained in this Lease, Tenant shall have the option to cancel this Lease, in the event (i) the casualty occurs during the last year of the Lease term, (ii) the casualty occurs at any time and, in both Landlord's and Tenant's reasonable opinion, the Building restoration will take over three hundred sixty (360) days from said occurrence or (iii) the Lot are Casualty Notice informs Tenant that Landlord's restoration will take over two hundred forty (240) days to restore from the date of the casualty or damage. It is agreed that if Landlord elects to restore or rebuild as provided for above, this Lease shall continue in full force and effect, but the Rent and all other obligations of Tenant shall xxxxx as of the date of such fire or other casualty (except as otherwise provided for above) until the Demised Premises shall have been restored or rebuilt by Landlord (as provided for above) and possession thereof shall have been delivered to Tenant. If Landlord does not give Tenant notice of its election to terminate the Lease within the period required under this Article 15, then Tenant shall have the right (provided Tenant is not in default under the Lease beyond any applicable notice and cure period and Tenant cannot conduct its business operations within the Premises) to elect to immediately cancel this Lease by giving written notice to Landlord, provided Tenant notifies Landlord in writing that "Landlord failed to cancel this Lease within the required time period of Article 15 and that Landlord's subsequent failure to void Tenant's notice of termination of the Lease within five (5) business days of Landlord's receipt of this correspondence shall be deemed Landlord's acceptance of Tenant's termination of this Lease". A copy of such notice must be simultaneously sent to Landlord's counsel (or such other parties as Landlord may from time to time designate) in accordance with the notice provisions of this Lease in order for such request to be deemed effective. If any part of the Demised Premises is damaged materially or destroyed by fire or other casualty or accident (unless the damage or casualty was caused by action Tenant), the Base Rent and Additional Rent shall be abated proportionately until the Demised Premises are restored in the manner required of public Landlord, taking into account the proportion of the Demised Premises rendered untenantable. If any mortgagee under a deed to secure debt, security agreement or other authority in consequence thereofmortgage requires the insurance proceeds be applied against the mortgage debt, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, shall have no obligation to rebuild and this Lease shall terminate at Landlord's electionupon notice to Tenant; provided, provided however, that Landlord terminates all other leases in 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 Buildingmortgage debt, of the fact that such mortgagee has done so. Except as hereinafter provided, any insurance which may be made notwithstanding Landlord's entire interest may carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be divested, by notice given to Tenant within 60 days after for the occurrence sole benefit of the event giving rise to party carrying such insurance and under its sole control. Tenant hereby waives the election to terminate which notice provisions of any applicable law and agrees that the provisions of this Section 15 shall specify the effective date of terminationcontrol in lieu thereof. Furthermore, or if Landlord does not repair the damage from the casualty within the aforesaid period required under this subparagraph, then Tenant shall have the right (provided Tenant is not in default under the Lease beyond any applicable notice and cure period and Tenant cannot conduct its business operations within the Premises) to elect to so terminatecancel this Lease by giving written notice to Landlord, which notice shall contain provided Tenant notifies Landlord in writing that "Landlord failed to cancel this Lease within the required time period of Article 15 and that Landlord's nonbinding estimate subsequent failure to void Tenant's notice of termination of the time needed to put Lease within thirty (30) business days of Landlord's receipt of this correspondence shall be deemed Landlord's acceptance of Tenant's termination of this Lease". Accordingly, Landlord can only void Tenant's termination notice by delivery of the Premises in the condition required under this Article 15 within thirty (30) business days of Landlord's receipt of the termination notice. In the event the Demised Premises are partially [e.g., less than ten percent (10%) of the Demised Premises] damaged or such remainder are rendered partially [e.g., less than ten percent (10%) of the Demised Premises untenantable by fire or other casualty, Landlord shall within one hundred eighty (180) days from the fire or casualty repair the area the of the Demised Premises damaged in as good a manner substantially equal to the Premises damaged or better condition than existed destroyed immediately prior to such damage or destruction (except Landlord shall not be required to rebuild, repair or replace any party of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant [or Landlord on behalf of Tenant] in the Premises. Such one hundred eighty (180) day period shall be subject to reasonable extensions and delays resulting from acts of God, fire, strikes, lockouts, labor trouble, inability to procure materials by reason of governmental restrictions, riots, insurrection, war or other causes beyond the reasonable control of Landlord. If Landlord does not repair the damage from the casualty or taking. In case of a taking of part of within the aforesaid period required under this subparagraph, then Tenant shall have the right (provided Tenant is not in default under the Lease beyond any applicable notice and cure period and Tenant cannot conduct its business operations within the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed ) to do the construction work necessary elect to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate cancel this Lease by giving written notice given to Landlord, provided Tenant notifies Landlord in writing that "Landlord failed to cancel this Lease within 30 the required time period of Article 15 and that Landlord's subsequent failure to void Tenant's notice of termination of the Lease within thirty (30) business days after receipt of Landlord's noticereceipt of this correspondence shall be deemed Landlord's acceptance of Tenant's termination of this Lease". Accordingly, which Landlord can only void Tenant's termination notice by Tenant shall specify delivery of the effective date Premises in the condition required under this Article 15 within thirty (30) business days of terminationLandlord's receipt of the termination notice. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice A copy of such termination. If notice must be simultaneously sent to Landlord's counsel (or such other parties as Landlord may from time to time designate) in any case accordance with the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing notice provisions of this Section 7.1) Lease in order for such request to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termdeemed effective.
Appears in 1 contract
Samples: Office Building Lease Agreement (Broadview Networks Holdings Inc)
Casualty. and Taking ------------------- In case Section 11.01. If the Building is damaged or destroyed by fire, explosion, the elements or otherwise during the Term all so as to render the Demised Building wholly untenantable or any substantial part unfit for Tenant’s use, or should the Demised Building be so badly injured that the same cannot be repaired within one hundred and eighty (180) days from the happening of such injury, then, and in such case, the Term hereby created shall, at the option of either Landlord or Tenant, terminate upon the giving of a notice of termination, such notice to be given within thirty (30) days of such damage or destruction. Notwithstanding anything in the preceding sentence to the contrary, in the event that the Building is damaged or destroyed by fire, explosion, the elements or otherwise as a result of the Premisesnegligence or willful misconduct of Tenant or its agents, employees or invitees, Tenant shall not be entitled to terminate the Lease. If a notice of termination is given, the Building or the Lot are damaged materially by fire or other casualty or by action Term of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence effective as of the event giving rise date of such damage or destruction, and Tenant shall immediately surrender the Demised Building and all Tenant’s interest therein to Landlord, and pay Basic Rent and Additional Rent only to the election time of such damage or destruction, and Landlord may re-enter and repossess the Demised Building discharged from this Lease and may remove all parties therefrom. Landlord shall have no obligation to terminate repair or restore Tenant’s improvements. If neither Landlord nor Tenant terminates the Lease, Landlord shall commence and diligently repair the same provided that the insurance proceeds so received are adequate to restore the Demised Building and Rent (Basic Rent and Additional Rent) shall xxxxx during any period during which notice shall specify the effective date of termination, Tenant cannot use all or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Demised Premises, if in proportion to the remainder is insufficient for interference with Tenant’s use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant In no event shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant have any obligation to repair or restore Tenant’s personal property or Tenant’s alterations or improvements to the foregoing provisions of this Section 7.1) to restore the Demised Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.
Appears in 1 contract
Samples: Lease Agreement (Pc Connection Inc)
Casualty. and Taking ------------------- Landlord shall not be responsible for any damage to Tenant’s property, unless such damage is caused by Landlord’s gross negligence or willful misconduct. Tenant shall be responsible to insure Tenant’s personal property against loss or damage. Upon request by Landlord, Tenant shall furnish evidence of such insurance policy or policies to Landlord. In case during the Term all or any substantial part of the Premises, the Building or the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise that Tenant fails to the election to terminate which notice obtain insurance as required by this subparagraph, Landlord may (but shall specify the effective date not be obligated to) purchase such insurance on behalf of terminationTenant and Tenant shall reimburse Landlord for all associated costs. If flood, or if Landlord does not elect to so terminatefire, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such firestorm, other casualty or taking. In case Act of a taking of part of God shall destroy (or so substantially damage as to be uninhabitable) the PremisesUnit, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months Rent shall xxxxx from the date of casualty or taking such destruction. Landlord and Tenant, may, by written notice, within thirty (30) days of such destruction, terminate this Lease, whereupon Rent and all other obligations hereunder shall be adjusted between the parties as of the date of such destruction. If the Unit is damaged, but is not rendered wholly uninhabitable by such casualty, Rent shall xxxxx in proportion to the percentage of the Unit which has been damaged and Landlord shall restore the Unit as soon as is reasonably practicable, whereupon full rent shall commence. Notwithstanding anything to the contrary contained herein, Rent shall not xxxxx nor shall Tenant may be entitled to terminate this Lease by notice given to Landlord within 30 days after receipt if the damage or destruction of Landlord's noticethe Unit, which notice by whether total or partial, is the result of the negligence of Tenant or Tenant’s household or its invitees, licensees or guests. For the purposes hereof, “uninhabitable” shall specify mean that the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease Unit is not so terminatedcapable of being used as a residence as contemplated in this Lease, Landlord shall use whether due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premisesphysical damage or restrictions resulting from any applicable building code, health code, or in case of taking what may remain thereof (excluding any items installed other applicable law or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termgovernmental regulation.
Appears in 1 contract
Samples: Lease Agreement
Casualty. and Taking ------------------- In case during If the Term all Premises are destroyed or any substantial part of the Premises, the Building or the Lot are damaged materially by fire or other casualty or covered by action of public or other authority in consequence thereofa standard fire and extended coverage policy, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, then (unless this Lease is terminated by Landlord as hereinafter provided) Landlord shall terminate at Landlord's electionproceed, provided after adjustment of such loss, to repair or restore the Premises to the condition which Landlord terminates furnished to Tenant upon the commencement of the Term. If the Premises or any part thereof shall be rendered untenantable by any destruction or damage, then a pro rata portion of all other leases rent based upon the number of square feet of area in the Building, Premises which may are untenantable shall be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put abated until the Premises or such remainder part thereof shall have been put in as good tenantable condition. If, however, any destruction or better condition than existed immediately prior damage to such fire, other casualty or taking. In case of a taking of part of the Premises, if Building or Property (regardless of whether or not the remainder Premises are affected) is insufficient for use for Tenant's purposesso extensive that Landlord, and Landlord receives written notice thereof signed by Tenantin its sole discretion, elects not to repair or restore the Premises, Building or Property, or in the case proceeds of casualty insurance are not sufficient or taking if available to fully pay the time needed to do the construction work necessary to put the Premises cost of repair or such remainder in as good or better condition than existed immediately prior to such firerestoration, other casualty or is reasonably estimated by the then Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt effective as of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either the damage by Landlord or written notice to Tenant shall be not less than 15 nor more than given within 30 days after the date of such casualty. Notwithstanding anything to the contrary in this Section 8, Landlord shall, within 60 days after the date of any damage or destruction to the Premises, advise Tenant in writing as to the reasonably estimated time within which the damage or destruction can be repaired or restored. If Landlord reasonably estimates that such damage cannot be repaired within 180 days from the date of the damage, then Tenant may, by written notice to Landlord within 15 days after the receipt of Landlord's notice estimating a time for restoration, elect to terminate this Lease, effective on the 30th day following Xxxxxx's notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing The provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), are subject to the condition rights of any mortgagee of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermProperty.
Appears in 1 contract
Samples: Office Lease
Casualty. and Taking ------------------- In case the event that, at any time during the Term all or any substantial part of the PremisesTerm, the Building Lessee -------- Radio Facilities shall be destroyed or damaged in whole or in part then Lessee shall, at Lessee's sole cost and expense, cause the Lot are damaged materially by fire same to be repaired, replaced or other casualty rebuilt. Lessee shall commence such repair, replacement or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant rebuilding within 60 sixty (60) days after the occurrence date of such damage or destruction and shall thereafter diligently and continuously prosecute such repair, replacement or rebuilding to completion. In the event the Lessee Radio Facilities are destroyed or damaged in whole or in part at any time during the last year of the event giving rise Term of this Lease to the election to terminate which notice shall specify extent that, in Lessee's reasonable discretion, the effective date Lessee Radio Facilities are not usable in their damaged condition for the conduct of terminationXxxxxx's business, or if Landlord does not elect to so terminateLessee may, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives upon written notice thereof signed by Tenantto OpCo, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by as of the date set forth in such notice given to Landlord within 30 days after receipt of Landlord's notice, [which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 ten (10) days after the date of notice such notice] and all rentals and other sums shall be accounted for between OpCo and Lessee as of such termination. If in date, and Lessee shall immediately remove the Lessee Radio Facilities; provided, however, that Lessee shall repair, at its sole cost and expense, any case damage to the Premises are rendered unfit for use and occupation and or to any improvements caused by such removal. In the Lease is event Lessee has not so terminatedcommenced such repair, Landlord shall use due diligence replacement or rebuilding within sixty (following 60) days after the expiration date of all periods in which either party may such damage or destruction, OpCo may, upon written notice to Lessee prior to commencement of such repair, replacement or rebuilding, terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition as of the Premises immediately prior date sixty (60) days after such damage or destruction. In the event Lessee fails to the casualty complete such repair, replacement or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from rebuilding within one hundred twenty (120) days after the date of casualty such damage or taking until the Premises destruction, OpCo may, upon written notice to Lessee prior to completion of such repair, replacement or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area rebuilding, terminate this Lease as of the Premisesdate one hundred twenty (120) days after such damage or destruction, a just proportion of the fixed rent and additional rent all rentals and other sums shall be abated accounted for the remainder between OpCo and Lessee as of the Termsuch date.
Appears in 1 contract
Casualty. If, prior to Closing, a casualty which is less than a Major Casualty (as hereinafter defined) occurs, the portion of the Property so damaged shall be repaired or rebuilt as speedily as practical under the circumstances, by and Taking ------------------- In case at the expense of the Landlord, and during the Term period required for such repair or restoration, the expiration of the Inspection Period, the Closing Date, and all other significant deadlines hereunder (other than the deadline for Seller’s Board approval of this transaction pursuant to Section 22.00) shall be tolled based on the number of days necessary for the Property to be repaired or restored. If prior to Closing all or any substantial material part of the PremisesProperty or Parking Spaces is damaged or destroyed or material interference with access to the Property occurs (a “Major Casualty”), the Building or the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divestedthen Purchaser, by written notice to Seller given to Tenant within 60 days after the occurrence ten (10) Business Days of the event giving rise to the election to terminate which notice shall specify the effective date of terminationthe Major Casualty, or if Landlord earlier, the Date of Closing, may elect to terminate this Agreement, whereupon the Xxxxxxx Money shall be refunded promptly to Purchaser, and this Agreement shall be terminated except for Purchaser’s Indemnity Obligations and other provisions of this Agreement which by their terms are to survive a termination of this Agreement. If Purchaser does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord Agreement following a Major Casualty within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days ten (10) Business Days from and after the date of notice the casualty, or if earlier, the Date of Closing, then this Agreement shall remain in full force and effect and the conveyance of the Property contemplated herein shall be effected and Seller shall assign to Purchaser at Closing the insurance proceeds to be received by Seller arising from such casualty, and pay to Purchaser the amount of any deductible under applicable insurance policies or the amount of such terminationMajor Casualty which Seller self insures (as applicable), with no further adjustments between the parties. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions For purposes of this Section 7.112.00, a “material part” shall mean (i) with respect to restore the PremisesProperty, a casualty loss, the replacement value of which is ONE MILLION and NO/100 DOLLARS ($1,000,000.00) or more; or (ii) a casualty loss that gives a right of termination to any tenant or tenants of the Improvements leasing ten thousand (10,000) rentable square feet or more in the aggregate in the Improvements; or (iii) with respect to the Parking Spaces, a casualty loss of fifty (50) or more spaces, and alternative parking located within three hundred (300) feet of the Improvements is not provided by Seller, or in case (iv) with respect to access, any denial of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), access to the condition Improvements which would be a violation of any tenant leases or would interfere with the operation of the Premises immediately prior to Improvements for their intended purpose or which would preclude the casualty or taking and a just proportion use of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermOther Property Interests.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Richmond Honan Medical Properties Inc.)
Casualty. and Taking ------------------- In case If, during the Term all or any substantial part of the PremisesLease Term, the Building is totally --------------------- or partially damaged or destroyed from any cause rendering the Lot are damaged materially Building totally or partially inaccessible or unusable, and the cost of repairing such damage is fully covered by fire or other casualty or by action the net proceeds of public or other authority in consequence thereofinsurance made available to Landlord, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in diligently (taking into account the time necessary to effectuate a satisfactory settlement with any insurance companies involved) restore and repair the Premises and/or the Building, which as the case may be made notwithstanding Landlord's entire interest may be divestedbe, by notice given to Tenant proper condition for use and occupancy to the extent of such net proceeds; provided, however, if such damage or destruction is not reasonably susceptible of being repaired or restored within 60 ninety days after the occurrence of such damage (or, if the event giving rise casualty occurs within the last two years of the Lease Term (as it may be extended by Tenant's exercise of any option to extend the election Lease Term provided for by Section 2.5) within sixty days after the occurrence of such damage), including the time needed for removal of debris, preparation of plans and issuance of all required Authorizations, but excluding the time needed to terminate which notice shall specify the effective date of terminationreach an insurance settlement, or if the net proceeds of insurance made available to Landlord do not fully cover the cost of repairing such damage and Landlord does not elect to so terminatedo so, which notice shall contain Landlord's nonbinding estimate Landlord or Tenant may, within forty-five days after the occurrence of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such firedamage, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by giving notice given of termination to Landlord within 30 days after receipt of Landlord's notice, which the other and specifying in such notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case this Lease is terminated pursuant to this Section, all Basic Rent and additional rent payable hereunder shall be paid to the Premises are date of such termination of this Lease; provided, however, that with respect to space rendered unfit for use inaccessible or unusable, Basic Rent and occupation additional rent hereunder shall be abated as of the date the damage occurred, an equitable apportionment between the space rendered inaccessible or unusable and the remainder of the space to be based upon the criteria provided below. Following any termination of this Lease as aforesaid, Tenant shall have no further rights or remedies as against Landlord pursuant to this Lease or otherwise. If this Lease is not so terminatedterminated as a result of such damage, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or shall continue in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking full force and effect and a just proportion and proportionate part of the fixed rent Basic Rent and additional rent shall, according to the nature and extent of to which the injury Premises shall have been so rendered inaccessible or unusable, be suspended or abated from the date of casualty or taking until the Premises or such remainder shall have been restored by to proper use and occupancy as aforesaid. Whether or not Landlord and in case of a taking which permanently reduces elects not to terminate this Lease, Landlord shall be entitled to receive directly from the area insurer all insurance proceeds resulting from or related to the casualty. In no event shall Landlord be required to spend an amount to restore the portion of the Premises, Premises affected by a just proportion casualty in excess of the fixed rent and additional rent shall be abated for the remainder net amount (after expenses of collection) of the Terminsurance proceeds received by Landlord. Tenant shall notify Landlord immediately of any damage or destruction within the Premises or Building of which Tenant becomes aware.
Appears in 1 contract
Casualty. and Taking ------------------- In case during The risk of loss or damage or destruction to the Term all or any substantial part of the Premises, the Building or the Lot are damaged materially Premises by fire or other casualty is assumed by Seller until the Closing, but, except as specifically set forth in this Paragraph, Seller shall not be obligated to repair or by action replace any such loss or damage. In the event of public fire or other authority in consequence thereofcasualty, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease Seller shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given have thirty (30) days to Tenant within 60 days after the occurrence of the event giving rise notify Purchaser whether it intends to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of rebuild the Premises, but if Seller shall fail to notify Purchaser of its election within such thirty (30) day period Seller shall be deemed to have elected not to rebuild. If Seller elects (or is deemed to have elected) not to repair or replace any such loss or damage to the remainder is insufficient Premises then Purchaser shall have the option of declaring this Contract of Sale terminated within thirty (30) days of Seller's election not to rebuild, in which event Seller or Purchaser shall instruct Escrow Agent to refund to Purchaser, with the interest earned thereon, the Downpayment whereupon this Contract of Sale and all rights of Purchaser hereunder and to the Premises shall terminate and neither Seller nor Purchaser shall have any further claim against the other; provided that if neither party shall have elected to terminate this Contract as aforesaid then Purchaser shall close title in accordance with this Contract and pay in full the Purchase Price, without any abatement thereof or claim against Seller for use for Tenant's purposessuch loss or damage, and Landlord receives written notice thereof signed by Tenantaccepting an assignment, or in the case without recourse, of casualty or taking Seller's rights, if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3)any, to the condition of the Premises immediately any payments to be made under any applicable hazard insurance policies, if any, together with any payments under such policies made to Seller prior to the casualty Closing not expended to repair or taking replace such loss, damage or destruction and a just proportion Seller shall credit to Purchaser the amount of any insurance deductible. If Seller elects to repair or replace any such loss or damage, Seller shall be entitled to reasonable adjournments of the fixed rent and additional rent according Closing Date in which to perform the work, not exceeding one hundred twenty (120) days in the aggregate. If Seller elects to repair or replace any such loss or damage to the nature Premises and extent if such loss or damage is not repaired (substantial completion thereof) prior to the Closing Date, as adjourned by Seller pursuant to this Paragraph, Purchaser shall have the option of: (a) declaring this Contract of Sale terminated, in which event Seller or Purchaser shall instruct Escrow Agent to refund to Purchaser, with the interest earned thereon, the Downpayment whereupon this Contract of Sale and all rights of Purchaser hereunder and to the Premises shall terminate and neither Seller nor Purchaser shall have any further claim against the other or (b) closing title in accordance with this Contract of Sale and paying in full the Purchase Price, without any abatement thereof or claim against Seller for such loss or damage, and accepting an assignment, without recourse, of Seller's rights, if any, to any payments to be made under any applicable hazard insurance policies for work not yet completed, together with any payments under such policies made to Seller prior to the Closing not expended to repair or replace such loss, damage or destruction; provided that if Purchaser shall have failed to timely make an election it shall be deemed to have chosen (b) above. Notwithstanding the foregoing, if the cost of the injury repairs and replacements is less than $25,000, as determined by an independent third party professional chosen by Seller and acting reasonably, Purchaser shall be abated from close title with a credit against the date purchase price in such amount which shall not exceed $25,000 and Seller shall retain the rights to the insurance proceeds, if any, in respect of casualty or taking until such casualty. This Paragraph shall govern to the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termextent inconsistent with any applicable law.
Appears in 1 contract
Samples: Contract of Sale (BRT Realty Trust)
Casualty. and Taking ------------------- In case during the Term If all or any substantial part portion of the Premises, the Building or the Lot are damaged materially Premises becomes untenantable by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to terminate which notice shall specify the effective date of termination, or if provide Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding and Tenant with a good faith written estimate of the amount of time needed required using standard working methods to put Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”). If the Completion Estimate indicates that the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work any Common Areas necessary to put provide access to the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is cannot actually completed be made tenantable within six nine (69) months from the date of casualty or taking the Casualty, then Tenant may shall have the right to terminate this Lease by upon written notice given to Landlord within 30 thirty (30) days after receipt of Landlord's noticethe Completion Estimate. In addition to Tenant’s right to terminate the lease entirely under such circumstances, each of Landlord and Tenant shall have the following termination rights, which shall be exercised, if at all, by written notice to the other party within thirty (30) days after receipt of the Completion Estimate: (i) if the Casualty affects only the portion of the Premises in the 0 Xxxxxxxx Xxxxxxxx, each of Landlord and Tenant may elect to terminate the Lease with respect to the 3 Carlisle Building Premises only and the Lease shall continue with respect to the 5 Carlisle Building Premises; and (ii) if the Casualty affects only the portion of the Premises in the 0 Xxxxxxxx Xxxxxxxx, each of Landlord and Tenant may elect to terminate the Lease with respect to the 5 Carlisle Building Premises only and the Lease shall continue with respect to the 3 Carlisle Building Premises. In the event of a partial termination hereunder, the parties agree to enter into an amendment of this Lease to reflect the reduction of the Premises effected by Tenant shall specify the effective date of such partial termination. The effective date of termination specified either by Landlord or Tenant shall be not In addition, if the Premises have been materially damaged and there is less than 15 nor more than 30 days after two (2) years of the Term remaining on the date of notice of such termination. If in the Casualty (unless Tenant elects to exercise any case the Premises are rendered unfit for use and occupation and the Lease is not so terminatedremaining extension options), Landlord shall use due diligence (following the expiration of all periods in which then either party may terminate this Lease pursuant by delivery of notice of termination to the other party within thirty (30) days after the date of the Casualty. Further, provided that Landlord maintains the property insurance required to be maintained by Landlord under the Lease, if an uninsured Casualty occurs that would cost in excess of $250,000 to repair, Landlord may elect to terminate the Lease with respect only to that portion of the Premises located in the building(s) affected by the casualty, by giving Tenant notice of such election within thirty (30) days after occurrence of the Casualty. Notwithstanding the foregoing provisions of this Section 7.1paragraph, if only the Premises have been affected by the Casualty and Landlord elects to terminate under this paragraph, Tenant may elect to nullify Landlord’s termination election by (i) giving Landlord written notice (the “Nullification Notice”) of such election not later than ten (10) business days after delivery of Landlord’s termination notice, and (ii) paying to Landlord the Restoration Funds (defined below) not later than ten (10) business days after Landlord delivers to Tenant the Restoration Estimate (defined below). If Tenant fails timely to deliver the Nullification Notice, or having delivered such notice, fails timely to pay the Restoration Funds, then any purported election by Tenant to nullify Landlord’s termination shall automatically become void. If Tenant elects to nullify Landlord’s termination, then, within thirty (30) days after Tenant delivers the Nullification Notice to Landlord, Landlord shall cause a general contractor selected by Landlord to prepare an estimate of the cost to repair and restore such casualty (the “Restoration Estimate”) and shall deliver same to Tenant. The amount set forth in the Restoration Estimate is referred to herein as the “Restoration Funds”. The Restoration Funds shall be held in trust by Landlord for the sole purpose of funding the restoration of such casualty and any portion of the Restoration Funds remaining unexpended after completion of such restoration shall be promptly refunded to Tenant. Forthwith after receipt of the Restoration Funds, Landlord shall restore the PremisesPremises as otherwise provided in this Section 16. If the cost of such restoration exceeds the Restoration Funds, Tenant shall pay to Landlord, as Additional Rent, the amount of such excess within thirty (30) days after delivery of Landlord’s demand therefor accompanied by copies of third party invoices evidencing the amount of such cost of restoration. Notwithstanding anything to the contrary contained in this Lease, in the event that Tenant so nullifies Landlord’s termination election under this paragraph, Rent shall xxxxx only if, as, and to the extent that Landlord actually receives proceeds from rental interruption insurance maintained by or in case for the benefit of taking what may remain thereof (excluding Landlord. In no event shall Landlord have any items installed obligation to reimburse Tenant or give Tenant a credit against Rent for any amount paid for by Tenant which Tenant may be required to remove fund a restoration made pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termthis paragraph.
Appears in 1 contract
Samples: Letter (Cynosure Inc)
Casualty. and Taking ------------------- In case during If, prior to the Term all Closing Date, any damage or destruction (a "Casualty") of any substantial part of the Premises, the Building or the Lot are damaged materially by Real Property as a result of any fire or other casualty occurs, Seller shall notify Purchaser of such Casualty. If prior to the Closing Date a Non-Material Casualty (as hereinafter defined) occurs, then, in such event, (a) this Agreement shall remain in full force and effect, and (b) Seller shall (i) credit to Purchaser against the Purchase Price the amount of any insurance proceeds theretofore received by Seller in connection with any such Casualty, less Seller's out-of-pocket cost incurred in connection with its attempts to seek collection of any such insurance proceeds, and credit to Purchaser against the Purchase Price an amount equal to the deductible amount under the Borrower's insurance policies, and (ii) assign to Purchaser by written assignment in form and substances satisfactory to Seller and Purchaser, at the Closing, all of Seller's right, title and interest in and to any insurance proceeds payable in connection with such Casualty. In the event of an occurrence of a Casualty referred to in the immediately preceding sentence prior to the Closing Date, Purchaser shall have the right to participate, in a reasonable manner, in the negotiations and settlement of any insurance claim and any decision regarding the reconstruction or by action renovation of public any improvement on the Real Property, it being understood and agreed that Seller shall not settle any insurance claim or other authority in consequence thereofconsent to any application of any insurance proceeds to the restoration of the Real Property without Purchaser's prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned. If prior to the Closing Date, a Material Casualty (as hereinafter defined) occurs, Purchaser shall have the right, without duplication of its rights under Section 8.3 hereof, to exercise the Termination Option upon notice to Seller given upon the earlier to occur of (x) ten (10) days after written notice is given to Purchaser of the Casualty, or are taken by eminent domain (y) the Closing Date. If Purchaser elects not to exercise the Termination Option, the Material Casualty shall be deemed to be a "Non-Material Casualty" for all purposes hereunder and Purchaser and Seller shall proceed to Closing, subject to satisfaction of the provisions herein with respect to a Non-Material Casualty. Except as otherwise provided in this Section 10.1, Purchaser shall not be entitled to any reduction of, or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authoritycredit against, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases the Purchase Price in the Buildingevent of any Casualty, which may and Purchaser shall be made obligated to close hereunder notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of any such event. Seller shall in no event have any obligation to Purchaser to repair, restore or replace any portion of the event giving rise Real Property affected by any Casualty. As used herein, the term "Material Casualty" shall mean any Casualty (i) the cost of which to repair is in excess of [redacted], or (ii) which will allow the election tenant under the [redacted] to terminate their Leases. As used herein, the term "Non-Material Casualty" shall mean a Casualty which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermMaterial Casualty.
Appears in 1 contract
Samples: Agreement of Purchase and Sale (Reckson Associates Realty Corp)
Casualty. and Taking ------------------- In case during 8.1 Should the Term all Premises (or any substantial part of the Premises, the Building thereof) be damaged or the Lot are damaged materially destroyed by fire or other casualty insured under Landlord's standard fire and casualty insurance policy with approved standard extended coverage endorsement applicable to the Premises, Landlord shall, except as otherwise provided herein, repair and/or rebuild the Premises to the same condition as existed on the Commencement Date with reasonable diligence, commencing the work within 90 days after such damage (subject to delays in the adjustment of insurance). Landlord shall promptly and diligently seek adjustment of insurance proceeds after any casualty. Landlord's obligation hereunder shall be limited to the Office Unit and improvements originally provided by Landlord at the Commencement Date of the Term, the net proceeds of insurance recovered for the casualty damage, and shall be subject to zoning and building laws or by action ordinances then in existence. If there should be interference with the operation of public Tenant's business in the Premises as a result of such damage or other authority destruction which requires Tenant as a result of such damage or destruction to temporarily close its business, the Fixed Basic Rent and Additional Rent shall xxxxx in consequence thereofproportion to the square footage of the Premises that Tenant is unable to utilize as a result of the casualty, for the period commencing with the damage and ending upon Landlord’s completion of its restoration work, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, at such earlier date as Tenant is able to resume use the entire Premises. Unless this Lease shall terminate is terminated by Landlord as hereinafter provided, Tenant shall, at Landlord's electionits cost and expense, provided Landlord terminates all other leases in the Buildingrepair, which may be made notwithstanding Landlord's entire interest may be divestedrestore, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put redecorate and re-fixture the Premises or such remainder and restock the contents thereof in as good or better a manner and to at least a condition than existed immediately equal to that existing prior to such firedamage or destruction except for the Office Unit and improvements to be reconstructed by Landlord as above set forth, other casualty or taking. In case and the proceeds of a taking of part of all insurance carried by Tenant on the property, decorations and improvements, as well as fixtures and contents in the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or shall be held in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice trust by Tenant shall specify the effective date of terminationfor such purposes. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 agrees to commence such work within ten (10) days after the date of notice of such termination. If in damage or destruction or the date Landlord substantially completes any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease reconstruction required to be completed by it pursuant to the foregoing provisions of this Section 7.1) above, whichever date is later, and Tenant shall diligently pursue such work to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termits completion.
Appears in 1 contract
Casualty. Prior to the Closing, and Taking ------------------- In case during notwithstanding the Term all or any substantial part pendency of the Premisesthis Agreement, the Building entire risk of loss or the Lot are damaged materially damage by earthquake, flood, landslide, fire or other casualty shall be borne and assumed by Seller, except as otherwise provided in this Section 13.1. If, prior to the Closing, any part of the Real Property is damaged or destroyed by action of public earthquake, flood, landslide, fire or other authority in consequence thereofcasualty, Seller shall immediately notify Buyer of such fact. If such damage or destruction is “material”, Buyer shall have the option to terminate this Agreement upon notice to Seller given not later than ten (10) days after receipt of Seller’s notice. For purposes of this Section 13.1, “material” shall be deemed to be any damage or destruction (i) where the costs of repair or replacement is estimated to be Three Hundred Thousand Dollars ($300,000.00), or are taken more, (ii) which Seller reasonably estimates shall take more than ninety (90) days to repair, (iii) which results in access to or parking on the Real Property being adversely affected in a material respect, (iv) which damage results in the Real Property failing to comply in a material respect with zoning or any covenants, conditions, or restrictions affecting the Real Property, (v) which damage entitles the Tenant to terminate the Lease, or (vi) where the cost of repair or replacement is uninsured by eminent domain or Landlord receives compensable damage by reason an amount in excess of anything lawfully done on pursuance Ten Thousand Dollars ($10,000). In the case of public or other lawful authorityan uninsured loss, this Lease shall terminate Seller, at Landlord's its election, provided Landlord terminates shall be entitled (but not required) to pay (or credit to Buyer against the Purchase Price) the amount of the excess (i.e., in excess of $10,000) and, thereby, nullify the option of Buyer otherwise existing to terminate this Agreement. If Buyer does not exercise this option to terminate this Agreement, or the casualty is not material, neither party shall have the right to terminate this Agreement, but Seller shall assign and turn over to Buyer, and Buyer shall be entitled to receive and keep all other leases insurance proceeds payable to it with respect to such destruction (but not in excess of the Purchase Price) and the parties shall proceed to the Closing pursuant to the terms hereof without modification of the terms of this Agreement and without any reduction in the BuildingPurchase Price provided that Buyer shall be entitled to a credit at Closing against the Purchase Price in an amount equal to any deductible with respect to any applicable insurance coverage (exclusive, which may be made notwithstanding Landlord's entire interest may be divestedhowever, by notice given of any deductible relating to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, a casualty resulting from earthquake or if Landlord flood). If Buyer does not elect to so terminate this Agreement by reason of any casualty, Buyer shall have the right to participate in any adjustment in the insurance claim. If Buyer does terminate this Agreement pursuant to this Section 13.1, this Agreement shall terminate, all rights and obligations hereunder of each party shall be at an end (except those matters which notice shall contain Landlord's nonbinding estimate of are specifically stated in this Agreement to survive the time needed termination) and the Escrow Agent is hereby instructed to put return promptly to the Premises or party which placed such remainder in as good or better condition than existed immediately prior items into Escrow all funds (including the Deposit which is to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, be promptly returned to Buyer) and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated documents which are held by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from Escrow Agent on the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.
Appears in 1 contract
Samples: Purchase and Sale Agreement (KBS Real Estate Investment Trust, Inc.)
Casualty. and Taking ------------------- In case during (a) (i) If the Term all or any substantial part of Building, the Premises, the Building or the Lot Appurtenances are damaged materially by fire or other casualty casualty, Tenant shall provide Landlord with immediate notice and Landlord shall promptly obtain a bid for the repair or restoration (but not with respect to Tenant's Property) and shall deliver to Tenant notice, together with a statement prepared by action a reputable contractor or architect setting forth the contractor's or architect's estimate, of public or other authority in consequence thereofthe time required to repair the damage (the "Repair period"), or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by said notice being given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of the damage (unless Landlord completes such repairs within the 30 days) . For purposes of determining the Repair period, it shall be deemed to commence on the date of Landlord's receipt from Tenant of notice of such terminationthe damage. If in any case the Premises are rendered unfit for use Repair period is determined to be longer than 365 days (such estimate being referred to as the "outside Repair Period") and occupation and if such damage will prevent Tenant's ability to carry on its business operations during the Lease is not so terminatedoutside Repair period as reasonably determined by Tenant, Tenant shall give Landlord shall use due diligence notice thereof (following "Interruption Notice") within 30 days after notice of the expiration of all periods in which outside Repair period. If Tenant gives Landlord the Interruption Notice, either party Landlord or Tenant may elect to terminate this Lease by giving notice to the other ("Termination Notice") within 15 days after the Interruption Notice, of a date on which the termination shall be effective, which date shall be not less than 30 days nor more than 90 days after the Termination Notice. If Landlord shall, in `good faith, dispute Tenant's determination that the damage will prevent Tenant's ability to carry on its business operations during the outside Repair period, then Landlord shall have the right to require the matter to be arbitrated pursuant to the foregoing arbitration provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding 33 and any items installed or paid for termination by Tenant which shall not be deemed effective until a final decision Is rendered pursuant thereto. Upon such termination, this Lease, including the obligation of Tenant may be required to remove pursuant to Section 3.1 or 3.3)pay the Rent, to the condition shall cease as of the Premises immediately prior to date of termination as though by lapse of time, provided, however, that the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury Rent shall be abated equitably xxxxx from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termdamage.
Appears in 1 contract
Casualty. and Taking ------------------- In case If during the Lease Term all the Premises or any substantial part of the Premises, the Building are totally or partially damaged or destroyed by a casualty, thereby rendering the Lot are damaged materially by fire Premises totally or other casualty partially inaccessible or by action of public or other authority unusable, Landlord shall diligently (taking into account the time necessary to effectuate a satisfactory settlement with any insurance company involved) restore and repair the Premises and the Building to substantially the same condition they were in consequence thereofprior to such damage; provided, or are taken by eminent domain or however, if Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in reasonably believes that the Building, which may repairs and restoration cannot be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant completed despite reasonable efforts within 60 ninety (90) days after the occurrence of the event giving rise to the election to terminate which notice such damage, Landlord shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate promptly notify Tenant of the estimated repair time needed and either Landlord or Tenant shall have the right, at its sole option, to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by giving written notice given of termination to Landlord the other within 30 forty-five (45) days after receipt the occurrence of Landlord's noticesuch damage. If this Lease is terminated pursuant to the preceding sentence, which notice by Tenant all rent payable hereunder shall specify be apportioned and paid to the effective date of terminationthe occurrence of such damage. The effective date Until the repair and restoration of termination specified either by Landlord or the Premises is completed Tenant shall be not less than 15 nor required to pay rent only for that part of the Premises that Tenant is able to use while repairs are being made, based on the ratio that the amount of usable rentable area bears to the total rentable area in the Premises; provided that if the damages result from the negligence or willful misconduct of Tenant or its employees or contractors, Landlord shall only allow Tenant a proportional abatement of rent to the extent Landlord is reimbursed from the proceeds of rental interruption insurance purchased by Landlord. Landlord shall bear the costs and expenses of repairing and restoring the Premises, except that if such damage or destruction was caused by the act or omission of Tenant or any of its employees, agents, licensees, subtenants, customers, clients, family members, or guests, upon written demand from Landlord Tenant shall pay to Landlord the amount by which such costs and expenses exceed the insurance proceeds, if any, received by Landlord on account of such damage or destruction. Nothing in this Lease shall be construed as requiring Landlord to spend more than 30 the net proceeds of any insurance available to it for any restoration, repair or rebuilding. If Landlord fails to timely substantially complete such repair and restoration within the longer of ninety (90) days or thirty (30) days after the expiration of the repair time estimated by Landlord (notice to which was provided to Tenant within thirty (30) days after the casualty), then Tenant shall have the option, upon written notice to Landlord given before the first to occur of such substantial completion or fourteen (14) days after the expiration of the aforesaid period, to elect to terminate this Lease; Tenant's failure to timely exercise such termination right shall be a conclusive waiver of such right. Notwithstanding anything contained in this Section to the contrary, if Tenant is deprived of the use of all or any portion of the Premises by reason of such damage or destruction and such damage or destruction occurs during the last twelve (12) months of the Lease Term (giving due consideration to any extension thereof), and if, in Landlord's reasonable judgment, the time needed for such repair and restoration is sixty (60) days or more, then either party shall have the right to terminate this Lease, effective as of the date of such damage or destruction, by giving written notice of such termination. If in any case election to the Premises are rendered unfit for use and occupation and other party within sixty (60) days after the Lease occurrence of such damage or destruction and, if such notice of termination is not so terminatedgiven, Landlord shall use due diligence (following not be obligated to repair the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to damage and restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermProperty.
Appears in 1 contract
Samples: Lease Agreement (Edutrek Int Inc)
Casualty. and Taking ------------------- In case during 9. (a) If the Term all demised premises or any substantial part of the Premises, the Building or the Lot are thereof shall be damaged materially by fire or other casualty casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by action of public fire or other authority in consequence thereofcasualty, or are taken the damages thereto shall be repaired by eminent domain or Landlord receives compensable damage by reason and at the expense of anything lawfully done on pursuance of public or other lawful authorityOwner and the rent and additional rent, this Lease until such repair shall terminate at Landlord's electionbe substantially completed, provided Landlord terminates all other leases in shall be apportioned from the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after day following the occurrence of the event giving rise casualty according to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premisespremises which is usable. (c) If the demised premises are totally damaged or rendered wholly unusable by fire or other casualty, if then the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated proportionately paid up to the time of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner, subject to Owner’s right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such events, Owner may elect to terminate this lease by written notice to Tenant given within 90 days after such fire or casualty, specifying a date for the remainder expiration of the Termlease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the demised premises without prejudice however, to Owner’s rights and remedies against Tenant under the lease provisions in effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent or additional rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner’s control. After any such casualty, Tenant shall cooperate with Owner’s restoration by removing from the premises as promptly as reasonably possible, all of Tenant’s salvageable inventory and movable equipment, furniture, and other property. Tenant’s liability for rent shall resume thirty (30) days after written notice from Owner that the premises are substantially ready for Tenant’s occupancy. (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, each party shall look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law, Owner and Tenant each hereby releases and waives all right of recovery against the other or anyone claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors’ insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefiting from the waiver shall pay such premium within ten (10) days after written demand or shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant’s furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same. (f) Tenant hereby waives the provisions of Section 227 of the Real Property Law and agrees that the provisions of this Article shall govern and control in lieu thereof.
Appears in 1 contract
Samples: Agreement of Lease (American Realty Capital New York Recovery Reit Inc)
Casualty. and Taking ------------------- In case during the Term all event that the Premises shall be totally destroyed or any substantial part of the Premises, the Building or the Lot are shall be damaged materially by fire or other casualty to the extent that the same shall not be reasonably tenantable by Tenant, either party, may elect to cancel this Lease as of the time of the damage to, or destruction of, the Premises, whereupon Tenant shall be relieved from the payment of any rental accruing thereafter. In the event that the Premises shall be partially destroyed or damaged by action of public fire or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise casualty to the election extent that the same shall be reasonably tenantable by Tenant as mutually agreed to terminate which notice shall specify by the effective date of terminationParties, or if the Premises are totally destroyed and Landlord does not elect to so terminatecancel this Lease pursuant to the preceding sentence, then Landlord shall restore the Premises by repairs or reconstruction, in which notice event the amount of rental payable hereunder shall contain be abated for the period of Landlord's nonbinding estimate ’s repairs in proportion to the amount of the time needed Premises which shall be untenantable by Tenant, unless such fire or other casualty was caused in whole or in part by Tenant, its agents, employees, contractors, consultants, licensees or invitees, in which event Tenant shall be obligated to put continue paying rental accruing thereafter. As used herein, the term “casualty” means fire, hurricane, flood, tornado, rain, wind, sinkhole or other act of God, regardless of whether the same reasonably could be foreseen; riot, civil commotion or other acts of a public enemy, war, terrorism and theft, vandalism or other criminal or tortious acts of third parties. Repairs or reconstruction by Landlord shall be completed in a commercially reasonably period. In the event that the Premises shall be rendered wholly untenantable by fire or such remainder in as good or better condition than existed immediately prior other casualty, the Landlord shall be entitled to such fire, other casualty or taking. In case the proceeds of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposesall applicable insurance maintained by Landlord, and Landlord receives may, at its option, (a) terminate this Lease by giving Tenant written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six thirty (630) months days from the date of casualty said damage or taking Tenant may terminate this Lease by notice given destruction, or (b) repair or replace the Premises to substantially the same condition as prior to the damage or destruction. If the Landlord fails to commence to repair the damage or destruction within 30 forty-five (45) days after receipt of Landlord's notice, which notice by Tenant shall specify from the effective date of termination. The effective date of termination specified either by Landlord such damage or Tenant destruction, or if the Premises shall be not less than 15 nor more than 30 have been substantially replaced or repaired within one hundred eighty (180) days after the date of such damage or destruction. Tenant may at its option, terminate this Lease by giving written notice to Landlord within fifteen (15) days after Landlord’s failure to commence or substantially complete said repairs within the applicable time period. The rent herein required to be paid shall axxxx during the period of such untenantability. If the Premises shall be damaged in part by fire or other casualty, but still remain partially tenantable, Landlord shall repair the Premises to substantially the same condition as prior to the damage. Landlord shall commence repair of the damage or destruction within ninety (90) days from the date of occurrence. During the period of such repairs and restorations, this Lease shall continue in full force and effect, and Tenant shall be required to pay the rent herein reserved, abated by the percentage of area of the Leased Premises destroyed as compared to the total area of the Leased Premises. Landlord Tenant Initials Initials In the event that any damage or destruction occurs during the last twelve (12) months of the Lease Term or the renewal term, if any, to the extent of fifty percent (50%) or more of the insurable value of the Premises, Landlord may elect to terminate this Lease by giving notice of such terminationelection to Tenant within thirty (30) days after such damage or destruction. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminatedIn such event, Landlord shall use due diligence (following receive the expiration proceeds of all periods in which either party may terminate this Lease pursuant the Landlord’s insurance policies without obligation to the foregoing provisions of this Section 7.1) to rebuild or restore the Premises, or in case of taking what may remain thereof (excluding and Tenant shall execute any items installed or paid for by Tenant waiver which Tenant may be required to remove pursuant to Section 3.1 of it by any insurer or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermLandlord.
Appears in 1 contract
Samples: Office Lease Agreement (Health Insurance Innovations, Inc.)
Casualty. and Taking ------------------- In case during If Tenant causes material damage to or the Term all destruction of facilities or any substantial part of improvements located within the Premises, or if facilities or improvements located with the Building Premises are declared unsafe or unfit for use or occupancy by a public entity with jurisdiction directly as a result the Lot are damaged materially by fire acts or other casualty omissions of Tenant, then Tenant shall commence repair or by action replacement of public the improvements as required or other authority in consequence thereofpermitted under this section as soon as practical, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 but no later than 90 days after the occurrence event that caused the damage or destruction. Tenant shall diligently perform such repairs to completion. If Tenant does not commence the repairs within 90 days, the District may undertake the repairs. Tenant shall reimburse the District for the actual and documented cost of any such repair costs undertaken by the District (subject to application of insurance proceeds actually received by the District). If Tenant does not reimburse the District for repair costs, the District will deliver a notice of nonpayment requiring Tenant to pay within ten days. Upon the passage of the event giving rise ten days, the District will be authorized to withdraw this cost from the Security Deposit; provided, however, the District’s withdrawal of such cost from the Security Deposit will not be deemed to constitute a waiver of any default or breach under this Lease on the part of Tenant for Tenant’s failure to reimburse District for the repair costs as referred to above. Tenant shall perform the repairs required by this Section 19.1 in accordance with the provisions of this Lease and to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate reasonable satisfaction of the time needed to put District. If the Site is damaged or destroyed through no negligence, act or omission of Tenant and, as a result of such damage or destruction, the Premises or such remainder in as good or better condition than existed immediately prior are not suitable for the Business Objective, Tenant shall have the option to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by delivering written notice given to Landlord District within 30 60 days after receipt following the occurrence of Landlord's noticesuch damage or destruction, in which event this Lease will terminate as of the date specified in Tenant’s notice by whereupon neither the District nor Tenant shall specify have any further liability hereunder, excluding those provisions which are expressly intended to survive the effective date termination or expiration of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such terminationthis Lease. If in any case the Premises are rendered unfit for use and occupation and the Lease is Tenant does not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant as provided above in strict accordance with the time period set forth in the immediately preceding sentence, this Lease will continue in full force and effect, and District will proceed to the foregoing provisions of this Section 7.1) to promptly repair such damage and destruction and restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), Site to the condition existing prior to such damage and destruction. Rent will xxxxx during restoration and repair of the Premises immediately prior in direct proportion to the casualty or taking and a just proportion percentage of the fixed rent and additional rent according Premises which is unusable by Tenant, as determined by the District. District has no obligation to the nature and extent of the injury shall be abated from the date of casualty restore or taking until repair the Premises or such remainder shall have been restored by Landlord and following a casualty except only as otherwise set forth in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termthis Lease.
Appears in 1 contract
Samples: Lease Agreement
Casualty. and Taking ------------------- In case during the Term all event of a fire or any substantial part of other casualty in the Leased Premises, Tenant shall immediately give notice thereof to Landlord. If the Building or the Lot are damaged materially Leased Premises shall be destroyed by fire or other casualty so as to render the Leased Premises untenantable in whole or by action in part, Base Rental shall abate equitably thereafter as to the portion of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason the Leased Premises xxxxxred untenantable (based upon the square footage of anything lawfully done on pursuance the Net Rentable Area rendered untenantable) until the earlier to occur of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 (i) sixty (60) days after the occurrence date Tenant is permitted to commence repair of its leasehold improvements for the portion of the event giving rise Leased Premises so damaged, or (ii) the date the Leased Premises are made tenantable. Landlord agrees to commence and prosecute repair of the Building Standard Improvements promptly and with all due diligence, and Tenant agrees to commence and prosecute repair of its leasehold improvements promptly and with all due diligence, subject in each case to delays for insurance adjustments and delays caused by matters beyond the applicable party's control, zoning laws and building codes then in effect, and to the election to terminate which notice shall specify termination rights set forth below. In the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate event any portion of the time needed to put the Premises Project is damaged by fire or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposescasualty, and if such damage is such that Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed cannot reasonably be expected to do the construction substantially complete its repair work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six one hundred and eighty (6180) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminatedcasualty, as reasonably estimated by a responsible contractor selected by Landlord, then Landlord shall use due diligence (following have the expiration of all periods in which either party may right to terminate this Lease pursuant and all Rent owing under this Lease up to the foregoing provisions time of such destruction or termination shall be paid by Tenant and thenceforth this Lease shall cease and come to an end. Landlord shall give Tenant written notice of its decisions, estimates or elections under this Section 7.16.5 within sixty (60) days after any such damage or destruction. In the event any portion of the Leased Premises is damaged by fire or other casualty, and if such damage is such that Landlord cannot reasonably be expected to substantially complete its repair work of the Building Standard Improvements within the Leased Premises within one hundred and eighty (180) days after the date of the casualty to the extent necessary to allow Tenant to commence repair of its leasehold improvements, as reasonably estimated by a responsible contractor selected by Landlord, and Landlord has not terminated this Lease as herein provided, then Tenant shall have the right, within thirty (30) days after Landlord delivers the estimate to Tenant of time to restore, to terminate this Lease. Notwithstanding anything to the contrary contained in this Section 6.5. if at the time of any damage to the Project, less than one (1) year remains in the Term, then Landlord, at Landlord's sole option, shall have the right to terminate this Lease. Additionally, notwithstanding anything to the contrary contained in this Section 6.5, (a) Landlord shall be obligated to restore or rebuild (i) the Premisesdamaged property only to the extent of the net insurance proceeds made available to Landlord for restoration or rebuilding by the holder of any mortgage or deed of trust or lessor under any ground lease, or in case and (ii) only the portion of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), the Leased Premises that consists of Building Standard Improvements and only to the condition of the Premises that existed immediately prior to the casualty or taking casualty, and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury nothing herein shall be abated from construed to obligate Landlord under any circumstances to repair or restore any of Tenant's leasehold improvements in excess of Building Standard Improvements, and (b) if the date Leased Premises, the Project, or any portion thereof shall be damaged through the negligence or willful misconduct of casualty Tenant or taking until any of its agents, employees or invitees, the Premises or such remainder shall have been restored cost of any repairs made by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent not covered by insurance proceeds received by Landlord shall be abated for the remainder of the Termpaid by Tenant and Rent shall continue unabated.
Appears in 1 contract
Samples: Lease Agreement (Zixit Corp)
Casualty. and Taking ------------------- In case during the Term all or any substantial part -------- of the Premises, the Building or the Lot are (i.e. require greater than nine (9) months to rebuild) is damaged materially by fire or any other casualty or by action of public or other authority in consequence thereof("Substantial Casualty"), or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, then this Lease shall shall, except as hereinafter provided terminate at LandlordLandlord or Tenant's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant the other party within 60 thirty (30) days after the occurrence of the event giving rise to the election to terminate casualty, which notice of termination shall specify the effective date of termination, or if Landlord does termination which shall not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 sixty (60), days after the date of notice of such termination. If in any case In such event the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent Fixed Rent and additional rent shall be abated for the remainder as of the Term.date of such casualty. In the event of any fire or casualty to the Building, unless the Lease is so terminated, Landlord shall, as promptly as practicable, repair, replace and restore the Building into substantially the same condition as it was prior to the casualty for use and occupation to the extent of the proceeds of insurance, less adjuster's fees and other reasonable expenses of collection, but including the insurance deductible(s ). In the event of fire or other casualty which does not damage all or a substantial part of the-Building, the Fixed Rent and additional rent shall xxxxx on an equitable basis from the date of such casualty until such area is restored to substantially the same condition as it was prior to the casualty. In addition, if such damage is not repaired and the Building restored to substantially the same condition as it was prior to such damage within nine months from the date of such damage, plus, a reasonable period of time (not exceeding 90 days after such fire or other casualty) to recover the insurance proceeds, Tenant, within five days from the expiration of such nine month period or from the expiration of any extension thereof pursuant to the terms hereof, may terminate this Lease by notice to Landlord, specifying a date not more than 10 days after the giving of such notice on which the term of this
Appears in 1 contract
Samples: Davox Corp
Casualty. and Taking ------------------- In case during If the Term all or any substantial part of the Premises, the Building Premises or the Lot are Project is damaged materially 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 substantially the same purpose as Tenant used the Premises prior thereto, and within forty-five (45) days after Landlord’s receipt of written notice from Tenant describing such damage or destruction Landlord provides notice to Tenant that the Premises 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 Landlord or Tenant may by action written notice to the other within thirty (30) days following such notice by Landlord terminate this Lease. Unless such damage or destruction is the result of public 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 to substantially the same extent and for substantially the same purposes as Tenant used the Premises prior thereto. If this Lease is not terminated pursuant to the foregoing, Landlord shall commence such restoration or replacement of the damaged or destroyed portions of the Premises or Project, 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 commence such restoration or replacement of the damaged or destroyed portions of the Premises or Project within sixty (60) days after the occurrence of such fire or other authority casualty, and Landlord shall complete the same as soon as possible thereafter (but in consequence thereofno event later than two hundred seventy (270) days from the date of the commencement of such restoration and replacement), Landlord diligently pursuing such restoration or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authorityreplacement to completion, subject to Force Majeure Events. If either party elects to terminate this Lease as provided in this Section, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in on the Building, date which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 is thirty (30) days after following the occurrence date of the event giving rise notice of termination. Landlord shall not be obligated to repair any damage to Tenant’s inventory, trade fixtures or other personal property. Notwithstanding anything in this Section to the election contrary, Landlord shall have no obligation to terminate which notice shall specify the effective date of termination, repair or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put restore the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other the Project on account of damage resulting from any casualty or taking. In case of a taking of part of which occurs during the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six last twelve (612) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.
Appears in 1 contract
Samples: Lease Agreement (Us Dataworks Inc)
Casualty. and Taking ------------------- In case during the Term all event of any loss, damage, or any substantial part of destruction to the Premises, the Building -------- Improvements or the Lot are damaged materially Personal Property after the date hereof and prior to the Closing by fire or other casualty (a "Casualty") which is not a Major Casualty Seller shall promptly notify Buyer of the occurrence thereof. In the event of such Casualty, at the Seller's sole option, Seller shall have the right to (i) repair and restore the loss, damage or by action of public destruction before or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of Closing, in which event (a) Seller shall cause the event giving rise Improvements and/or Personal Property to be restored to substantially the condition in which they existed immediately prior to the election Casualty, (b) Seller shall be entitled, but not obligated, in Seller's sole discretion, to terminate postpone the Closing for up to thirty (30) days upon written notice of such postponement to Buyer, which notice shall specify the effective a new date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposesClosing hereunder, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking (c) if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's repair and restoration work is not actually completed within six (6) months from at Closing, Buyer shall have the date right to withhold payment of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt the estimated cost of Landlord's noticerepair and restoration for such Facility, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after paid promptly upon completion of the date repair and restoration work, or (ii) without repairing the Casualty, and without recourse or warranty, assign to Buyer at the Closing all of notice of such termination. If Seller's right, title, and interest, if any, in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of to all periods in which either party may terminate this Lease pursuant insurance proceeds payable with respect to the foregoing provisions of this Section 7.1) to restore Casualty, and pay Buyer the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition amount of the Premises immediately prior to deductible (or the casualty or taking self-insured retainage) under Seller's insurance policy, whereupon the Closing shall take place as if no Casualty had occurred and a just proportion of without any reduction in the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermPurchase Price.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Centennial Healthcare Corp)
Casualty. and Taking ------------------- In case during the Term If all or any substantial a part of the Premises shall be damaged or destroyed by casualty ("CASUALTY"), subject to the provisions of Paragraph 15, (i) Tenant shall, with reasonable promptness and diligence, rebuild, replace and repair any damage or destruction to the Premises, at its expense, in conformity with the Building or requirements of Paragraph 11 (as if such work were Alterations) in such manner as to restore the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise same to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good same or better condition than and equivalent or better value, as nearly as reasonably practicable, as existed immediately prior to such firecasualty and (ii) there shall be no abatement or reduction whatsoever of Basic Rent or Additional Rent. If the estimated cost of rebuilding, other casualty replacing and repairing any damage or taking. In case of destruction to the Premises caused by a taking of part of the PremisesCasualty, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed as reasonably determined by Tenant, shall exceed $10,000,000, Tenant shall promptly notify Landlord thereof. In the event of a Casualty which results in damage or in the case of casualty or taking if the time needed destruction to do the construction work necessary to put the Premises which Tenant reasonably estimates will cost $10,000,000 or more to rebuild, replace and repair and which occurs within the last two (2) years of the Term, Landlord or Tenant may, by written notice to the other given within sixty (60) days following such remainder Casualty, elect that Tenant not be required to rebuild, replace and repair any damage or destruction caused by such Casualty (such notice being a "RESTORATION WAIVER"). In the event Landlord gives Tenant a Restoration Waiver and provided an Event of Default does not then exist, Tenant may render such Restoration Waiver ineffective by giving to Landlord an Extension Notice with respect to the next remaining Extended Term, if any then remains, such Extension Notice to be given, notwithstanding any contrary notice period specified in as good Paragraph 4, within thirty (30) days following -16- receipt by Tenant of Landlord's Restoration Waiver. In the event that Tenant gives an Extension Notice pursuant to this Subparagraph 13(a) (that is, following receipt of a Landlord's Restoration Waiver), then (1) notwithstanding any contrary provision in Paragraph 4, the Term shall be deemed extended for the subject Extended Term at the Basic Rent set forth in EXHIBIT 5, and (2) Tenant shall not thereafter be entitled to withdraw its Extension Notice for any reason whatsoever. In the event Landlord or better condition Tenant gives a Restoration Waiver (other than existed immediately a Landlord's Restoration Waiver which is rendered ineffective pursuant to this Paragraph 13(a)), (A) Tenant shall assign and release to Landlord all insurance proceeds payable in respect of such Casualty and pay to Landlord the amount of any deductibles; and (B) Tenant shall pay Basic Rent and Additional Rent and otherwise comply with the terms of this Lease through the expiration of the Term of this Lease. This Lease shall terminate and Tenant shall vacate the Premises on the expiration date of the Term. The obligations of Tenant under this Paragraph 13 shall survive the expiration or earlier termination of the Term with respect to any Casualty which occurs prior to such fire, other casualty expiration or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of earlier termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.
Appears in 1 contract
Casualty. If the Building is damaged by fire, tornado or other casualty, the Landlord will promptly assess the damage and Taking ------------------- In case notify all affected tenants of the time period necessary to complete repairs (the “Restoration Period”). If the Premises are damaged, and the damage will materially and adversely affect the Tenant’s ability to conduct business from the Premises during the Term all or any substantial part of Restoration Period and the PremisesRestoration Period is greater than two hundred forty (240) days, Tenant may terminate the Building or Lease by giving notice to the Lot are damaged materially Landlord. Any termination notice must be received by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 fifteen (15) days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after ’s receipt of Landlord's notice’s notice specifying the Restoration Period, which and will be effective on the date received by the Landlord. Landlord may also terminate the Lease by giving notice by to the Tenant shall specify if (a) the effective date Restoration Period is greater than 240 days, (b) the damage occurs within the last twenty-four (24) months of terminationthe Term, (c) the insurance proceeds available to Landlord are insufficient to pay for all necessary repairs, including situations where the mortgage holder on the Building does not make the insurance proceeds available to Landlord, or (d) the Landlord decides not to repair and restore the Building based on its current economic analysis. The effective date of termination specified either If the Lease is terminated, Landlord will be entitled to receive all insurance proceeds payable under policies maintained by Landlord or Tenant shall be not less than 15 nor more than 30 days after with respect to alterations or improvements located in the date of notice of such terminationPremises. If in any case the Premises are rendered unfit for use and occupation and a casualty occurs but the Lease is not so terminated, (a) Landlord shall use due diligence will promptly and diligently repair and restore the Premises to substantially the same condition as existed before the event occurred, and (following the expiration of b) during all periods in which either party may terminate this Lease pursuant between the date of the casualty event and substantial completion of the repairs when the Tenant is unable to the foregoing provisions of this Section 7.1) to restore conduct business from the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may Base Rent shall be required to remove pursuant to Section 3.1 or 3.3), equitably abated. Landlord’s repair obligations under this section will be limited to the condition extent of insurance proceeds actually received by Landlord for the applicable casualty event, and will not include an obligation to repair or replace any trade fixtures, furniture, equipment or other personal property lost or damaged, any improvements made to the Premises at Tenant’s expense (all of which will be replaced at Tenant’s expense and/or with insurance proceeds arising from coverage maintained by Tenant) or any improvements other than building-standard improvements. Tenant will not have any rights or receive any benefits under this section if an Event of Default exists as of the Premises immediately prior to date the casualty damage occurs, or taking and a just proportion at any time thereafter, or if the Tenant or an employee, agent or affiliate of the fixed rent and additional rent according to Tenant caused the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termdamage.
Appears in 1 contract
Samples: Office Lease (Englobal Corp)
Casualty. and Taking ------------------- In case during Tenant shall give Landlord written notice of any fire or other casualty occurring within the Term all Premises on the next business day following such occurrence or Tenant's knowledge thereof, whichever is later. If the Premises or Project (provided such damage to the Project would constitute an interference with Tenant's quiet enjoyment of the Premises), or any substantial portion of either, shall be damaged by fire or other casualty covered by the insurance carried by Landlord hereunder and the cost of repairing such damage shall not be greater than 10% of the then full replacement cost thereof, then, subject to the following provisions of this Article, Landlord shall repair the Premises and/or Project. If the Premises or Project shall be damaged (a) by fire or other casualty not covered by insurance carried by Landlord hereunder, (b) by fire or other casualty covered by insurance carried by Landlord hereunder and Landlord's mortgagee requires that such insurance proceeds be used to retire the mortgage debt, or (c) to an extent greater than 10% of the then full replacement cost of any Building in which the Premises are located, then Landlord shall have the option (i) to repair or reconstruct the damaged Premises or Project to substantially the same condition as immediately prior to such fire or other casualty, or (ii) to terminate this Lease by so notifying Tenant within ninety (90) days after the date of such fire or other casualty, such termination to be effective as of the date of such fire or other casualty. 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 until repairs of the Premises are completed, or if the Premises are not repaired, until the Expiration Date hereunder. 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. If the Building damage results from the fault or the Lot are damaged materially by fire negligence of Tenant, its agents, employees, licensees or invitees, Tenant shall not be entitled to any abatement or reduction of any Rent or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposessums due hereunder, and Landlord receives written notice thereof signed such damage shall be repaired by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if at Landlord's restoration work option by Landlord, at Tenant's expense. If this Lease is not actually completed within six terminated as provided in (6c)(ii) months from above, all Rent shall be apportioned and paid up to the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant not be required to the foregoing provisions of this Section 7.1) to restore the Premisesrepair or replace any furniture, furnishings, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which other personal property that Tenant may be required entitled to remove from the Premises or any property constructed and installed by or for Tenant pursuant to Section 3.1 6.01 hereof or 3.3), to the condition any installations in excess of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermBuilding Standard.
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Casualty. and Taking ------------------- In case during the Term all event of total or any substantial part partial destruction of the Premises, the Building or the Lot are damaged materially Leased Premises by fire or other casualty or by action 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 public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason such of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may leasehold improvements as were originally required to be made notwithstanding Landlord's entire interest may be divestedby Landlord pursuant to Section 2.02 above and any alterations approved by Landlord pursuant to Section 7.03 above, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice Exhibit B or Exhibit E, if any. Minimum Annual Rent and Annual Rental Adjustment (collectively, “Rent”) shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of proportionately xxxxx during the time needed to put that the Leased Premises or part thereof are unusable because of any such remainder in as good or better condition than existed immediately prior to such fire, other casualty or takingdamage. In case of a taking of part of Notwithstanding the Premisesforegoing, if the remainder Leased Premises are (a) so destroyed that they cannot reasonably be repaired or rebuilt by Landlord within one hundred eighty (180) 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 for use for Tenant's purposes, and to rebuild the Leased Premises; then Landlord receives shall give written notice thereof signed by Tenant, to Tenant of such determination (the “Casualty Notice”) within sixty (60) days of such casualty. Either Landlord or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease effective as of the date of such casualty by giving written notice given to Landlord the other party within 30 thirty (30) days after receipt Landlord’s delivery of Landlord's noticethe Casualty Notice. If Landlord does not deliver the Casualty Notice, which notice by Tenant shall specify but Landlord fails to either (a) substantially complete the effective date restoration and repair of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 the Leased Premises within two hundred ten (210) days after the date of notice the occurrence of such termination. If in casualty (subject to extension for Force Majeure and any case delay caused by Tenant’s acts or omissions) or (b) commence the restoration and repair of the Leased Premises are rendered unfit for use and occupation and within one hundred eighty (180) days after the Lease is not so terminateddate of the occurrence of such casualty, Landlord then Tenant shall use due diligence (following have the expiration of all periods in which either party may right to terminate this Lease pursuant upon written notice to Landlord, so long as Tenant’s written notice is delivered to Landlord prior to Landlord’s delivery of the foregoing provisions Leased Premises substantially completed to Tenant. Tenant waives any right under applicable laws inconsistent with the terms of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termparagraph.
Appears in 1 contract
Casualty. and Taking ------------------- In case during the Term all event of total or any substantial part partial destruction of the Premises, the Building or the Lot are damaged materially Leased Premises by fire or other casualty, Landlord agrees promptly to restore and repair same; provided, however, Landlord's obligation hereunder with respect to the Leased Premises shall be limited to the reconstruction of such of the leasehold improvements as were originally required to be made by Landlord pursuant to Section 2.07 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 action of public or other authority in consequence thereofa 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 taken by eminent domain insufficient to rebuild the Leased Premises; then, in case of a clause (a) casualty, either Landlord or Landlord receives compensable damage by reason Tenant may, or, in the case of anything lawfully done on pursuance of public or a clause (b) casualty, then Landlord, may, upon thirty (30) days' written notice in the other lawful authorityparty, terminate this Lease shall terminate at Landlord's election, provided with respect to Illegible thereafter accruing. If the Lease is not terminated pursuant to the preceding sentence and Landlord terminates all other leases in fails to substantially complete the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant restoration and repair of the Leased Premises within 60 two hundred eighty (280) days after the date for the occurrence of the event giving rise damage (subject to the election delays due to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for force majeure and any delay caused by Tenant's purposesacts or omissions), and Landlord receives written notice thereof signed by Tenant, or in then Tenant shall have the case of casualty or taking if the time needed right to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease upon written notice to Landlord, so long as Tenant's written notice is received by notice given Landlord prior to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice substantial completion of such termination. If in restoration and repair, Tenant waives any case right under applicable laws inconsistent with the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions terms of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termparagraph.
Appears in 1 contract
Samples: License Agreement (Datapath Inc)
Casualty. and Taking ------------------- In case during If the Term all Premises or Project, or any substantial portion of either, shall be damaged by fire or other casualty covered by the insurance carried by Landlord hereunder, and the cost of repairing such damage shall not be greater than ten percent (10%) of the then full replacement cost thereof, then, subject to the following provisions of this Article, Landlord shall repair the Premises and/or Project. If the Premises or Project shall be damaged (a) by fire or other casualty not covered by insurance carried by Landlord hereunder, (b) by fire or other casualty covered by insurance carried by Landlord hereunder and Landlord's mortgagee requires that such insurance proceeds be used to retire the mortgage debt, or (c) to an extent greater than ten percent (10%) of the then full replacement cost thereof, then Landlord shall have the option to either (i) repair or reconstruct the same to substantially the same condition as immediately prior to such fire or other casualty, or (ii) terminate this Lease by so notifying Tenant within one hundred twenty (120) days after the date of such fire or other casualty, such termination to be effective as of the date of such notice. The Rent required to be paid hereunder shall be abated in proportion to the portions of the Premises, if any, which are rendered untenantable by fire or other casualty hereunder until repairs of the Premises are completed, or if the Premises are not repaired, until the termination date hereunder. Other than such Rent abatement, no damages, compensation or claim shall be payable by Landlord for loss of the use of the whole or any part of the Premises, Tenants personal property, or any inconvenience, loss of business, or annoyance arising from any such repair and reconstruction. If the Building damage results from default or the Lot are damaged materially by fire negligence of Tenant, its agents, employees, licensees or invitees, then Tenant shall not be entitled to any abatement or reduction of any Rent or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premisessums due hereunder and, if the remainder cost to repair such damage is insufficient for use for Tenantnot fully covered by Landlord's purposesinsurance, and Landlord receives written notice thereof signed such damage shall be repaired by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if at Landlord's restoration work option by Landlord, at Tenant's expense (to the extent Landlord is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate reimbursed by insurance). If this Lease by notice given to Landlord within 30 days after receipt of Landlord's noticeis terminated as provided in (c)(ii) above, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant all Rent shall be not less than 15 nor more than 30 days after apportioned and paid up to the date of notice of such terminationtermination date. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant not be required to the foregoing provisions of this Section 7.1) to restore the Premisesrepair or replace any furniture, furnishings or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant other personal property which Tenant may be required entitled to remove from the Premises or any property constructed and installed by or for Tenant pursuant to Section 3.1 8.01 hereof or 3.3), to the condition any installations in excess of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermBuilding Standard.
Appears in 1 contract
Samples: Lease (TaxMasters, Inc.)
Casualty. In the event the leased Premises or the said Building is destroyed or injured by fire, earthquake or other casualty, then Lessor may, at Lessor’s option, proceed with reasonable diligence to rebuild and Taking ------------------- In case restore the said Premises or such part thereof as may be injured as aforesaid, provided that within sixty (60) days after such destruction or injury Lessor will notify Lessee of Lessor’s intention to do so, and during the Term all period of such rebuilding and restoration the rent shall be abated on the portion of the Premises that is unfit for occupancy. During any period of abatement of rent due to casualty or any substantial part destruction of the Premises, Lessor shall use its best efforts to locate comparable space for Lessee at the Building or fair market rate not to exceed Lessee’s rental rate hereunder. 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 Lot premises leased hereunder. Notwithstanding the foregoing, if the Premises are damaged materially by fire or other casualty or by action of public or other authority in consequence thereofany peril and Lessor does not terminate this Lease, then Lessee shall have the option to terminate this Lease if the Premises cannot be, or are taken not in fact, fully restored by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given Lessor to Tenant their prior condition within 60 ninety (90) calendar days after the occurrence of damage. Lessor shall not have the event giving rise right to terminate this Lease if the damage to the election to terminate which notice shall specify the effective date of termination, or if Landlord Building does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put affect the Premises or such remainder in as good is (a) due to a risk required to be insured against under Section 22 of this Lease or better condition (b) relatively minor (e.g., repair or restoration would cost less than existed immediately prior to such fire, other casualty or taking. In case of a taking of part ten percent (10%) of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition replacement cost of the Premises immediately prior Building). Whenever Rent is to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premisesunder this Lease, a just proportion of the fixed rent all Rent and additional rent shall be equitably abated for based upon the remainder extent to which Lessee’s use of the TermPremises is diminished. Notwithstanding anything to the contrary in the Master Lease (defined below), Lessor’s obligations to restore the Premises and rights to terminate this Lease or the Master Lease following a casualty shall, effective as of the date of execution of this Lease, be as set forth in this Section 26.
Appears in 1 contract
Casualty. and Taking ------------------- In case during the Term all event of any damage to or any substantial part destruction of the Leased Premises, the Building or the Lot are damaged materially by fire or other casualty casualty, which materially and adversely affects Tenant’s use and enjoyment of the Leased Premises for the purposes specified in this Lease, then either Landlord or by action Tenant shall have the right, no later than ninety (90) days after such party becomes aware of public such damage or other authority in consequence thereofdestruction, to terminate this Lease upon thirty (30) days’ prior written notice to the other. In the event of any damage or destruction which is not so extensive, or are taken by eminent domain or in the event that neither Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authoritynor Tenant elects to terminate this Lease pursuant to the preceding sentence, then this Lease shall terminate at continue in full force and effect, and Landlord will, to the extent proceeds of insurance are available therefor, repair, restore, rebuild and/or replace the Leased Premises and fixtures and building equipment destroyed in such casualty, substantially to the condition they were in immediately prior to such damage or destruction. Any such work shall be done in a good and workmanlike manner and in accordance with all Legal Requirements and the terms and provisions of this Lease. In no event shall Landlord be obligated to incur costs which are not covered by Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of ’s property insurance. In the event giving rise Landlord does not commence such repair, restoration or replacement within a reasonable amount of time, but in any event within one hundred sixty (160) days of such casualty, and/or does not pursue the work to the election completion in a reasonably expeditious manner, Tenant shall give written notice thereof to terminate which notice shall specify the effective date of terminationLandlord, or and if Landlord does not elect to so terminatethereafter commence or resume such work as required hereunder within five (5) days, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by further written notice given to Landlord within 30 days after (such termination to be effective upon Landlord’s receipt of Landlord's such further written notice). Upon such termination, which notice by this Lease shall terminate and neither Landlord nor Tenant shall specify have any further liability to each other hereunder, except for such obligations that are expressly stated to survive the effective date of terminationtermination hereof. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after From the date of notice such casualty until completion of the work (or until Tenant terminates this Lease as permitted hereunder), the Base Rent shall be proportionately reduced to reflect the portion of the Leased Premises rendered unusable to Tenant as a result of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, fire or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termother casualty.
Appears in 1 contract
Casualty. and Taking ------------------- In case during the Term all event of any loss, damage, or any substantial part destruction to the assets or properties of the PremisesCompany (including the Real Property or the improvements thereon) resulting in losses of $150,000 or greater, after the date hereof and prior to the Closing, whether by fire, theft, vandalism, terrorism, flood, earthquake, force majeure or other cause or casualty (a “Casualty”), the Building or Company shall promptly notify the Lot are damaged materially by fire or other casualty or by action Purchaser of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence thereof. Upon receipt of such notice, the Purchaser shall have the right to terminate this Agreement in accordance with the provisions of Section 8.1(d). In the event giving rise of such Casualty, if the Purchaser chooses not to terminate the Agreement, the Shareholders shall have the right to (i) cause the Company to repair and restore the loss, damage or destruction before the Closing, in which event (a) the Shareholder shall cause the Company to restore such assets or properties to substantially the condition in which they existed immediately prior to the election Casualty, (b) the Shareholders shall be entitled, but not obligated, to terminate postpone the Closing for up to thirty (30) Business Days upon written notice of such postponement to the Purchaser, which notice shall specify a new date for the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposesClosing, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking (c) if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's repair and restoration work is not actually completed within six (6) months from at Closing, the date of casualty or taking Tenant may Purchaser shall have the right to terminate this Lease by notice given Agreement or proceed to Landlord within 30 days after receipt of Landlord's noticethe Closing, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party event the Purchaser may terminate this Lease pursuant withhold that portion of the Purchase Price equal to the foregoing provisions estimated cost of this Section 7.1) to restore the Premisesrepair and restoration for such assets or properties, or in case of taking what may remain thereof (excluding any items installed ii) without repairing the Casualty, and without recourse or paid for by Tenant which Tenant may be required warranty, cause the Company to remove pursuant to Section 3.1 or 3.3), to pay the condition Purchaser the amount of the Premises immediately prior to deductible (or the casualty or taking and a just proportion self-insured retainage) under the insurance policy of the fixed rent Company covering such assets or properties, whereupon the Closing shall take place as if no Casualty had occurred and additional rent according to without any reduction in the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermPurchase Price.
Appears in 1 contract
Samples: Stock Purchase Agreement (Signature Group Holdings Inc)
Casualty. and Taking ------------------- 15.01. In case during the Term event that all or any substantial part of the Premises, the Building Office is damaged or the Lot are damaged materially destroyed by fire or other casualty ("CASUALTY"), this Lease shall remain in full force and effect; provided, however, that in the event the damage or by action destruction is so extensive as to amount to a Total Loss (as such term is defined below) of public the Office or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authoritythe Project, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence as of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate the Casualty. In the event this Lease is not terminated pursuant to the provisions of the immediately preceding sentence, Landlord shall repair or restore the Office provided: (i) the entire cost of repair and restoration is paid out of the proceeds of the Project's Insurance; (ii) the holders of any mortgages, deeds of trust, ground and master leases encumbering the Project, consent to the application of the proceeds of the Project's Insurance to the cost of repair and restoration; (iii) the damage or destruction does not result in the termination of any underlying or ground lease; (iv) the damage or destruction was not caused, by notice given to Landlord any intentional tort, or violation of Law on the part of Tenant or any person permitted in the Office by Tenant; (v) there are at least three years remaining in the term of this Lease or any renewal term then in effect; and (vi) within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 90 days after the date of the damage or destruction, Landlord gives Tenant notice of such terminationLandlord's intention to repair or restore. If In the event Landlord does not give the notice provided for in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminatedimmediately preceding clause (vi), Tenant or Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant as of the date of the damage or destruction by notice given within 120 days after the date of the damage or destruction. In the event Landlord elects to repair or restore the foregoing provisions Office subject to and in accordance with clauses (i) through (vi) of this Section 7.1) to restore 15.01, Landlord shall commence and prosecute the Premisescompletion of such repair or restoration with reasonable diligence, or in case taking into account the amount of taking what may remain thereof (excluding any items installed or paid for by Tenant time which Tenant may be required to remove pursuant to Section 3.1 effect a settlement with or 3.3otherwise collect the insurance proceeds from the insurer(s), to . In the condition event this Lease is not terminated as a result of the Premises immediately prior damage or destruction and Landlord is obligated to repair or restore the casualty or taking Office, Tenant shall reinstall and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from reconstruct Tenant Improvements within 45 days after the date of casualty or taking until Landlord gives Tenant notice that the Premises or such remainder shall have been restored by Landlord Office is Ready for Occupancy, and in case of a taking which permanently reduces reopen the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated Office for the remainder of the Term.LEASE - 24
Appears in 1 contract
Casualty. and Taking ------------------- In case during the Term all event of total or any substantial part partial destruction of the Premises, the Building or the Lot are damaged materially Leased Premises by fire or other casualty or by action of public or other authority in consequence thereofcasualty, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in agrees promptly to restore and repair same to substantially the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed existing immediately prior to the partial or total destruction; provided, however, Landlord’s obligation hereunder with respect to the Leased Premises shall be limited to the reconstruction of such fireof the leasehold improvements as were originally required to be made by Landlord pursuant to Section 2.02 above, other if any. Rent shall proportionately xxxxx during the time that the Leased Premises or part thereof are unusable because of any such damage or repair. 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 taking. In (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 taking of part of the Premisesclause (a) casualty, if the remainder is insufficient for use for Tenant's purposeseither Landlord or Tenant may, and Landlord receives written notice thereof signed by Tenantor, or in the case of casualty or taking if a clause (b) casualty, then Landlord may, upon thirty (30) days’ written notice to the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fireother party, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given with respect to matters thereafter accruing. Tenant waives any right under applicable laws inconsistent with the terms of this paragraph. If Landlord does not terminate the Lease as provided above, but Landlord fails to either (a) substantially complete the restoration and repair of the Leased Premises within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 two hundred ten (210) days after the date of notice the occurrence of such termination. If in casualty (subject to extension for Force Majeure and any case delay caused by Tenant’s acts or omissions) or (b) commence the restoration and repair of the Leased Premises are rendered unfit for use and occupation and within one hundred eighty (180) days after the Lease is not so terminateddate of the occurrence of such casualty, Landlord then Tenant shall use due diligence (following have the expiration of all periods in which either party may right to terminate this Lease pursuant upon written notice to Landlord, so long as Tenant’s written notice is delivered to Landlord prior to Landlord’s delivery of the foregoing provisions Leased Premises substantially completed to Tenant. Tenant waives any right under applicable laws inconsistent with the terms of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termparagraph.
Appears in 1 contract
Casualty. and Taking ------------------- In case during the Term all or any substantial part of event the Premises, the Building or the Lot Leased Premises are damaged materially by fire or other casualty or covered by action of public or other authority in consequence thereofLandlord's insurance, or are taken Landlord shall repair the damage at its expense within 180 days. If the damage cannot be repaired with 180 days (as estimated by eminent domain or Landlord receives compensable damage an architect chosen by reason of anything lawfully done on pursuance of public or other lawful authorityLandlord), this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, terminated by notice given to either Landlord or Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives by written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlordthe architect's damage certification and shall then terminate 30 days after such date such notice is given. Tenant shall pay all rent due under this Lease, prorated to the date of such notice, and all other sums owing at that time and shall immediately surrender possession of the Leased Premises to Landlord. However, if the damage can be repaired within 180 days or if it cannot be repaired within such time but neither party exercises its option to terminate this Lease, Landlord shall, within 30 days of such damage, begin to repair the Leased Premises and shall proceed with reasonable diligence to restore the Leased Premises to the same conditions as existed immediately prior to the occurrence of such casualty. The rent shall be abated or any proportionate amount of rent during the time the premises or any portion thereof are unfit for occupancy. Landlord shall not be required to rebuild or repair or replace any of the furniture, equipments, fixtures or other improvements which may have been placed on the Leased Premises by Tenant. In the event any mortgagee under a deed of trust, security agreement or mortgage on the building should require that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon written notice to Tenant. In the event the building is so badly damaged by fire or other casualty, even though the Leased Premises may not be affected, that Landlord decides, within 60 days after the destruction, not to rebuild or repair the building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate 30 days after notice is given, and the Tenant shall specify pay rent hereunder apportioned to the effective time such notice is given and shall pay all other obligations of Tenant owing on the date of termination. The effective date of termination specified either by Landlord or , and Tenant shall be not less than 15 nor more than 30 days after immediately surrender the date of notice of such terminationLeased Premises to Landlord. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to Notwithstanding the foregoing provisions of this Section 7.1) to restore 23, Tenant agrees that if the Premises, Leased Premises or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition other part of the Premises immediately prior 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 and the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall not be abated from or reduced before or during the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termrepair period.
Appears in 1 contract
Samples: Office Building Lease Agreement (Entrust Technologies Inc)
Casualty. and Taking ------------------- In case If at any time during the Term all or any substantial part of the Premisesthis Lease, a material portion of the Building or the Lot are Premises shall be (i) damaged materially or destroyed by fire or other casualty (a “Casualty”) or by action (ii) taken under the power of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage condemned by reason of anything lawfully done on pursuance of any competent authority for any public or other lawful authorityquasi-public use or purpose, or sold to prevent the exercise thereof (a “Taking”), then Landlord shall have the right to elect, in Landlord’s sole and absolute discretion, to either (a) terminate this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by delivery of written notice given (a “Termination Notice”) thereof to Tenant within 60 days after or (b) to continue this Lease, in which case, Landlord shall repair and reconstruct the occurrence of Tenant Space to substantially the event giving rise to the election to terminate same condition in which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than they existed immediately prior to such fireCasualty or Taking. If Landlord elects to terminate this Lease and Landlord repairs and/or reconstructs the Building, other casualty Landlord may not operate or takingpermit another entity to operate a meet-me room in the Building for five (5) years following the Casualty or Taking. In case of If as a taking of part result of the PremisesCasualty, if the remainder Tenant Space is insufficient unfit for use by Tenant in the ordinary conduct of Tenant’s business (as reasonably determined by Tenant) and actually is not used by Tenant, then Landlord shall provide written notice (the “Restoration Notice”) to Tenant as soon as practicable after the Casualty of the period of time (the “Stated Restoration Period”) which shall be required for the repair and restoration of the Building to permit use of the Tenant Space in the ordinary conduct of Tenant's purposes’s business and Tenant shall have the right, at its election, (i) to terminate this Lease if (a) the Stated Restoration Period shall be in excess of one hundred eighty (180) days following the Casualty or Taking, (b) fewer than twenty-four (24) months remain in the Term as of the date of the Taking or Casualty, or (c) fewer than twelve (12) months would remain in the Term upon the expiration of the Stated Restoration Period, and Landlord receives Tenant terminates this Lease with written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 thirty (30) days after receipt following delivery of Landlord's noticethe Restoration Notice, which notice by or (ii) to terminate the Lease if Landlord shall fail within the Stated Restoration Period to complete the repair and restoration of the Building necessary to allow Tenant’s use of the Tenant shall specify Space in the effective date ordinary conduct of termination. The effective date of termination specified either by Landlord or Tenant’s business and Tenant shall be not less than 15 nor more than 30 days after the date of delivers written notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, termination to Landlord shall use due diligence within thirty (30) days following the expiration of all periods in which either party may terminate this Lease pursuant to the restoration deadline. For purposes of the foregoing provisions of this Section 7.1) to restore sentence, the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury Term shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termdetermined as if Tenant had exercised any Renewal Option then granted to Tenant.
Appears in 1 contract
Casualty. and Taking ------------------- In case during If the Term all or any substantial part of the Premises, the Building Premises or the Lot are Project is damaged materially 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 action written notice to the other within thirty (30) days following such notice by Landlord terminate this Lease. Unless such damage or destruction is the result of public the negligence or other authority in consequence thereofwillful 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 are taken Project; Tenant shall restore or replace the improvements to the Premises required to be insured by eminent domain 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 receives compensable damage by reason shall restore or replace the damaged or destroyed portions of anything lawfully done on pursuance 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 public or other lawful authorityinsurance proceeds. If either party elects to terminate this Lease as provided in this Section, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in on the Building, date which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 is thirty (30) days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from following the date of casualty or taking Tenant may terminate this Lease by the notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord 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 Tenant earlier termination of this Lease, neither party shall be not less than 15 nor more than 30 days after have any liability to the date of notice 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 in any case the Premises are rendered unfit for use damaged or destroyed by fire or other casualty caused by the recklessness or willful misconduct of Tenant, its employees, agents, contractors, or invitees, then any repair or restoration of the Premises by Landlord pursuant to the terms of this Section shall be at Tenant’s sole cost and occupation and expense. Notwithstanding anything in this Section to the Lease is not so terminatedcontrary, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant have no obligation to the foregoing provisions of this Section 7.1) to repair or restore the PremisesPremises or the Project on account of damage resulting from any casualty which occurs during the last twelve (12) months of the Term, or in case if the estimated cost of taking what may remain thereof such repair or restoration would exceed fifty percent (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition 50%) of the Premises immediately reasonable value of the Building prior to the casualty or taking casualty. The abatement of Rent, if applicable hereunder, and a just proportion termination of this Lease by Tenant, if applicable hereunder, are the fixed rent and additional rent according sole remedies available to Tenant in the nature and extent of the injury shall be abated from the date of casualty or taking until event the Premises or such remainder shall have been restored the Project is damaged or destroyed, in whole or in part, by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termfire or other casualty.
Appears in 1 contract
Casualty. and Taking ------------------- In case during If prior to the Term all Closing the Property is damaged or any substantial part of the Premisesdestroyed, the Building but not materially damaged or the Lot are damaged materially destroyed, by fire or other casualty, Buyer shall be required to perform this Agreement and, except to the extent such amount has been paid to Tenant under the Lease, shall be entitled to the casualty insurance proceeds payable to Seller with respect thereto (including without limitation any business income, rent loss or like insurance proceeds relating to Property income lost or abated for periods following Closing (such lost or abated income, the “Lost Income”)) under the policies of insurance maintained by action Seller (collectively, the “Insurance Proceeds”) and a credit against the Purchase Price in the amount of public any applicable insurance deductible. If the Property is materially damaged or destroyed by fire or other authority in consequence thereofcasualty, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done Buyer may terminate this Agreement on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by written notice to Seller given to Tenant within 60 ten (10) business days after receiving notice of the occurrence of the event giving rise such fire or casualty. If Buyer shall exercise such option to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant it shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate deemed that Buyer terminated this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove Agreement pursuant to Section 3.1 or 3.3)3.3 and the rights of the parties shall be as set forth therein. If Buyer does not exercise such option to terminate, this Agreement shall remain in full force and effect in accordance with its terms and, except to the condition of extent such amount has been paid to Tenant under the Premises immediately prior Lease, Buyer shall be entitled to the casualty or taking Insurance Proceeds and a just proportion credit against the Purchase Price in the amount of any applicable insurance deductible. For purposes hereof, the fixed rent and additional rent according to the nature and extent of the injury Property shall be abated from deemed “materially damaged or destroyed” if (i) the date Estimated Repair Cost is greater than $125,000.00, (ii) if such damage or destruction will entitle any Tenant to terminate its Lease or permanently axxxx its rent in whole or in part, (iii) if the damage or destruction is not covered by Seller’s insurance or if such insurance is not for full replacement cost, or (iv) if Buyer’s lender shall refuse to consummate the loan to Buyer as a result of casualty such damage or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termdestruction.
Appears in 1 contract
Casualty. If fire or other casualty damages the Premises or common areas of the Property necessary for Tenant's use and Taking ------------------- In case occupancy of the Premises and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant's agents, officers, employees, contractors, licensees or invitees, then, during the Term all or any substantial part period the Premises is rendered unusable by such damage, Tenant shall be entitled to a reduction in Base Rent in the proportion that the area of the Premises rendered unusable by such damage bears to the total area of the Premises. Notwithstanding anything to the contrary contained in the immediately preceding sentence, if the Building Property or the Lot are Premises, or any part thereof, is damaged materially by fire or other casualty before the Commencement Date or by action during the term of public this Lease and (a) such fire or other authority in consequence thereofcasualty occurs during the last twelve (12) months of the term of this Lease, or (b) the insurance proceeds received by Landlord in respect of such damage are taken not adequate to pay the entire cost, as reasonably estimated by eminent domain Xxxxxxxx, of the repair and restoration work to be performed by Xxxxxxxx, or (c) the repair and restoration work to be performed by Landlord receives compensable damage cannot, as reasonably estimated by reason Xxxxxxxx, be completed within four (4) months after the occurrence of anything lawfully done on pursuance of public such fire or other lawful authoritycasualty, this Lease then, in any such event, Landlord shall terminate at Landlord's election, provided Landlord terminates all other leases in have the Building, which may be made notwithstanding Landlord's entire interest may be divestedright, by giving written notice given to Tenant within 60 sixty (60) days after the occurrence of the event giving rise to the election such fire or other casualty, to terminate which notice shall specify this Lease as of the effective date of termination, or if such notice. If Landlord does not elect exercise the right to so terminateterminate this Lease in accordance with this Section 11.1, this Lease shall (subject to the terms of this Section 11.1) remain in full force and effect and Landlord shall repair such damage and restore the Property and the Premises to substantially the same condition in which notice the Property and the Premises existed before the occurrence of such fire or other casualty. Landlord shall contain Landlordnot be obligated to repair any damage to, or to make any replacement of, any movable furniture, equipment, trade fixtures or personal property in the Premises. Tenant shall, at Tenant's nonbinding estimate sole cost and expense, repair and replace all such movable furniture, equipment, trade fixtures and personal property. A total destruction of the time needed to put the Premises or such remainder in Property shall automatically terminate this Lease effective as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termtotal destruction.
Appears in 1 contract
Samples: Industrial Lease (EnviroStar, Inc.)
Casualty. and Taking ------------------- In case during the Term all or any substantial part of the Premises, the Building or the Lot are damaged materially by If fire or other casualty damages the Premises or common areas of the Property necessary for Tenant's use and occupancy of the Premises and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant's agents, officers, employees, contractors, licensees or invitees, then, during the period the Premises is rendered unusable by action such damage. Tenant shall be entitled to a reduction in Base Rent in the proportion that the area of public the Premises rendered unusable by such damage bears to the total area of the Premises. Notwithstanding anything to the contrary contained in the immediately preceding sentence, if the Property or the Premises, or any part thereof, is damaged by tire or other authority in consequence thereofcasualty before the Commencement Date or during the term of this Lease and (a) such fire or other casualty occurs during the last twelve (12) months of the term of this Lease, or (b) the insurance proceeds received by Landlord in respect of such damage are taken not adequate to pay the entire cost, as reasonably estimated by eminent domain or Landlord receives compensable damage Landlord, of the repair and restoration work to be performed by reason Lanxxxxx, xr (c) the repair and restoration work to be performed by Xxxxxxxd cannot, as reasonably estimated by Landlord, be completed within four (4) months after the occurrence of anything lawfully done on pursuance of public such tire or other lawful authoritycasualty, then, in any such event. Landlord shall have the right, by giving written notice to Tenant within sixty (60) days alter the occurrence of such fire or other casualty, to terminate this Lease as of the date of such notice, if Landlord does not exercise the right to terminate this Lease in accordance with this section, this Lease shall terminate at Landlord's election, provided (subject to the terms of this section) remain in full force and effect and Landlord terminates all other leases shall repair such damage and restore the Property and the Premises to substantially the same condition in which the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after Property and the Premises existed before the occurrence of such lire or other casualty. Landlord shall not be obligated to repair any damage to. or to make any replacement of. any movable furniture, equipment, trade fixtures or personal property in the event giving rise to the election to terminate which notice shall specify the effective date of terminationPremises. Tenant shall, or if Landlord does not elect to so terminateat Tenant's sole cost and expense, which notice shall contain Landlord's nonbinding estimate repair and replace all such movable furniture, equipment, trade fixtures and personal property. A total destruction of the time needed to put the Premises or such remainder in Property shall automatically terminate this Lease effective as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termtotal destruction.
Appears in 1 contract
Samples: Gigabeam Corp
Casualty. and Taking ------------------- In case during If the Term all Premises or any substantial part of the PremisesBuilding are damaged by fire or other -------- casualty, Landlord shall forthwith repair the same unless this Lease is terminated as permitted herein. If the Building or the Lot are Premises is damaged materially by fire or other casualty so that the Premises are rendered unsuitable for the conduct of Tenant's business, then Tenant shall have the right to terminate this Lease, upon written notice to Landlord, if such damage cannot be or is not repaired within sixty (60) days after the damage occurs. Within twenty (20) days from the date of any 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 action Landlord (damage in excess of public such amount being referred to as "Major Damage" and damage equal to or other authority 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 the Premises damaged, but not including Tenant Finish in consequence thereof, excess of Building-Standard Tenant Finish (which Tenant shall be obligated to repair at its own expense) or are taken by eminent domain any of Tenant's Property. In the event of Major Damage. if Landlord gives its written notice to Tenant electing to rebuild or Landlord receives compensable damage by reason in the event of anything lawfully done on pursuance of public or other lawful authorityMinor Damage, this Lease shall terminate at Landlord's election, remain in full force and effect provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant repairs are completed within 60 one hundred eighty (180) days after the occurrence date the damage occurred, 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 giving rise of Major Damage, Landlord elects by written notice to the election Tenant not to rebuild, then this Lease shall automatically terminate which notice shall specify as of the effective date of terminationsuch notice, or if Landlord does not elect the Rent shall be reduced by a proportionate amount based upon the extent to so terminate, which notice shall contain Landlord's nonbinding estimate of said damage interfered with the time needed to put the Premises or such remainder business carried on by Tenant in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify pay such reduced Rent up to the effective date of termination. The effective Xxxxxxxx agrees to refund to Tenant any Rent previously paid for any period of time subsequent to such date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may not be required to remove pursuant repair any damage by fire or other cause to Section 3.1 or 3.3)Tenant's Property, to the condition including without limitation, all Tenant Finish in excess of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermBuilding-Standard Tenant Finish.
Appears in 1 contract
Samples: Lease Agreement (Inflow Inc)
Casualty. and Taking ------------------- In case during If the Term all or any substantial part of the Premises, the Building or the Lot Premises are damaged materially by fire or other casualty or by action the elements to the extent that, in the judgment of public or other authority in consequence thereofLandlord, the damage cannot be repaired within one hundred twenty (120) days, or are taken by eminent domain if the Building is so damaged that Landlord shall decide to demolish, rebuild or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authorityreconstruct the Building, this Lease shall shall, at the option of Landlord, terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence as of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking such casualty, and Tenant may terminate this Lease by notice given shall immediately surrender the Premises to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after and pay Rent up to the date of notice of such terminationsurrender. If in any case the Premises are rendered unfit for use and occupation and the this Lease is not so terminated, Landlord shall use due diligence (following shall, within a reasonable time, rebuild or repair the expiration of all periods Premises to substantially the same condition in which either party they existed prior to such damage; provided, however, Xxxxxxxx’s obligation hereunder shall be limited to the insurance proceeds available, and paid, to Landlord on account of such damage and to improvements initially constructed at Landlord’s cost. Promptly upon completion of Landlord’s repairs, Tenant shall repair and replace all other alterations and improvements installed in the Premises by or for Tenant and the Personal Property of Tenant. After any casualty to the Premises, Tenant shall continue to owe and pay Rent, but, subject to the next succeeding sentence, Rent shall be equitably abated until the earlier of the date possession of the entire reconstructed Premises is restored to Tenant or the Lease terminates. If the Premises or any other portion of the Building is damaged by fire or other casualty resulting from the negligent or willful acts or omissions of Tenant or any of Tenant’s agents, contractors, employees, or invitees, the Rent shall not be so abated. Landlord shall not be liable to Tenant for inconvenience, annoyance, loss of profits, expenses or other type of injury or damage resulting from the repair of any such damage, or any delay in making such repairs, or for the termination of this Lease as herein provided. Landlord may terminate this Lease pursuant upon any damage or destruction to the foregoing provisions of this Section 7.1Premises occurring during the final two (2) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition years of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Lease Term.
Appears in 1 contract
Casualty. and Taking ------------------- In case during If the Term all Premises or Project, or any substantial part portion of the Premiseseither, the Building or the Lot are shall be damaged materially by fire or other casualty or covered by action the insurance carried by Landlord hereunder, and the cost of public or other authority in consequence repairing such damage shall not be greater than twenty percent (20%) of the then full replacement cost thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authoritythen, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise subject to the election to terminate which notice following provisions of this Article, Landlord shall specify repair the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put Premises and/or Project. If the Premises or Project shall be damaged (a) by fire or other casualty not covered by insurance carried by Landlord hereunder, (b) by fire or other casualty covered by insurance carried by Landlord hereunder and Landlord's mortgagee requires that such remainder in insurance proceeds be used to retire the mortgage debt, or (c) to an extent greater than twenty percent (20%) of the then full replacement cost thereof, then Landlord shall have the option to either (i) repair or reconstruct the same to substantially the same condition as good or better condition than existed immediately prior to such firefire or other casualty, or (ii) terminate this Lease by so notifying Tenant within sixty (60) days after the date of such fire or other casualty or takingcasualty, such termination to be effective as of the date of such notice. In case the event Landlord shall elect to repair or reconstruct in accordance with subclause (i) of a taking this Section, Landlord shall so notify Tenant in writing within sixty (60) days after the date of part such casualty. In the event Landlord shall be obligated to repair or reconstruct or shall have elected to repair or reconstruct, then such repair or reconstruction shall be completed by Landlord within one hundred eighty (180) days after the casualty if the damage was not greater that thirty percent (30%) and two hundred forty (240) days after the casualty if the damage was greater than fifty percent (50%) (subject to Tenant Delays and delays caused by force majeure). In the event Landlord fails to complete any repair or reconstruction within the foregoing time periods, Tenant shall have the option to terminate this Lease by so notifying Landlord with such termination to be effective as of Tenant's notice. Furthermore, notwithstanding anything to the Premisescontrary contained herein, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good the Project should be so damaged by fire or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by such that the Landlord to exceed six monthsdamage cannot, or if in Landlord's restoration work is not actually completed reasonable opinion, be repaired within six two hundred forty (6240) months from days after such casualty, then Landlord shall notify Tenant of same (the date of casualty "Major Damage Notice" ) whereupon either Landlord or taking Tenant may terminate this Lease by delivering written notice given to Landlord the other party within 30 thirty (30) days after receipt of Landlord's noticethe Major Damage Notice. The Rent required to be paid hereunder shall be abated in proportion to the portions of the Premises, if any, which notice are rendered untenantable by Tenant shall specify the effective date fire or other casualty hereunder until repairs of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit completed, or if the Premises are not repaired, until the termination date hereunder. Other than such Rent abatement, no damages, compensation or claim shall be payable by Landlord for loss of the use and occupation and of the Lease is not so terminated, Landlord shall use due diligence (following the expiration whole or any part of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, Tenant's personal property, or any inconvenience, loss of business, or annoyance arising from any such repair and reconstruction unless caused by the gross negligence or willful misconduct of Landlord. If the damage results from default or negligence of Tenant, its agents, employees, licensees or invitees, then Tenant shall not be entitled to any abatement or reduction of any Rent or other sums due hereunder. If this Lease is terminated as provided in case of taking what may remain thereof (excluding c)(ii) above, all Rent shall be apportioned and paid up to the termination date. Landlord shall not be required to repair or replace any items installed furniture, furnishings or paid for by Tenant other personal property which Tenant may be required entitled to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored any property constructed and installed by Landlord and or for Tenant in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.
Appears in 1 contract
Casualty. and Taking ------------------- In case during If the Term all or any substantial part of the Premises, the Building or the Lot are Project shall be damaged materially by fire or other casualty and (i) the risk is covered by insurance carried or required to be carried by action Landlord hereunder (whether or not actually maintained by Landlord) and the cost of public or other authority in consequence repairing such damage shall not be greater than fifty percent (50%) of the then full replacement cost thereof, or are taken (ii) the damage results from a risk not covered by eminent domain insurance maintained or Landlord receives compensable damage required to be maintained (whether or not actually maintained by reason of anything lawfully done on pursuance of public or other lawful authority, Landlord) pursuant to this Lease to an extent less than twenty percent (20%) of the replacement cost of the Project, or (iii) Tenant has the right to terminate this Lease as provided below and does not terminate this Lease, then, subject to the following provisions of this Article, Landlord shall terminate at Landlord's election, provided Landlord terminates repair the Project (including all other leases leasehold improvements in the BuildingPremises) to the condition prior to the casualty. If repairs are not commenced within ninety (90) days of the casualty, which may be made notwithstanding Landlord's entire interest may be divesteddiligently prosecuted thereafter, by notice given to Tenant or substantially completed within 60 two hundred seventy (270) days after the occurrence commencement of the event giving rise to the election to terminate which notice shall specify the effective date of terminationsuch repairs, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by giving written notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant may restore and offset the costs of restoration, plus interest at the Default Interest Rate, against Rent. The Rent required to be paid hereunder shall be abated in proportion to the portions of the Premises, if any, which are rendered untenantable by fire or other casualty hereunder until repairs of the Project are completed, or if the Project are not less repaired, until the termination date hereunder. Notwithstanding the foregoing, if the Project is damaged by fire or other casualty to an extent greater than 15 nor more than 30 twenty percent (20%) of the then full replacement cost thereof resulting from an act of war, then Landlord shall have the right to terminate this Lease by giving written notice to Tenant. If Landlord fails to give Tenant such written notice within thirty (30) days after following the date of notice occurrence of such terminationcasualty, then Landlord shall repair the Project as set forth above. If in any case the Premises are rendered unfit for use and occupation and Project shall be damaged (a) by fire or other casualty not covered by insurance maintained or required to be maintained (whether insured or not) by this Lease to an extent greater than twenty percent (20%) of the replacement cost of the Project, or (b) the damage results from a risk covered by insurance maintained or required to be maintained by this Lease is not so terminatedto an extent greater than fifty percent (50%) of the then full replacement cost thereof, Landlord shall use due diligence (following the expiration of all periods in which either party then Tenant may terminate this Lease pursuant by giving written notice to Landlord; if Tenant fails to deliver such notice within thirty (30) days following the foregoing provisions occurrence of this Section 7.1) to restore the Premisessuch casualty, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by then Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.shall
Appears in 1 contract
Samples: Disturbance and Attornment Agreement (I2 Technologies Inc)
Casualty. and Taking ------------------- In case during the Term all or any substantial part of the Premises, If the Building or the Lot are damaged materially is totally destroyed by fire or other -------- casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good Building is so damaged that rebuilding or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is repairs cannot actually be completed within six one hundred eighty (6180) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice 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 terminationdamage. If in any case the Building or the Premises are rendered unfit for use and occupation and damaged by fire, tornado or other casualty covered by Tenant's insurance, but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the Lease is not so terminateddate of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord shall use due 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 (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or Building and/or Premises to not less than substantially the same condition in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises it was immediately prior to the casualty casualty, except Landlord shall not be required to rebuild, repair or taking and a just proportion replace any part of the fixed rent furniture, equipment, fixtures and additional rent according to other improvements which may have been placed by Tenant in the nature and extent of the injury Premises. There shall be abated from a fair diminution of Base Rent and Additional Rent during the date of casualty or taking time the Premises are unfit for occupancy until the Premises or such remainder shall have been are substantially completed and restored by Landlord to substantially the same condition they were in as of the Commencement Date. In the event of restoration by Landlord, (i) Landlord shall advise Tenant in writing of its good faith estimate of the time necessary to ensure the restoration; and in case (ii) all restoration by Landlord shall be commenced and completed utilizing diligent efforts. Landlord shall use its best efforts to prepare the necessary plans and specifications and apply for the issuance of a taking which permanently reduces building permit as soon as possible following destruction. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the area insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant; however, 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 Premisesfact that such mortgagee has done so. Except as hereinafter provided, a just proportion 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 fixed rent party carrying such insurance and additional rent shall be abated for the remainder of the Termunder its sole control.
Appears in 1 contract
Samples: Lease Agreement (Universal Beverages Holdings Corp)
Casualty. and Taking ------------------- In case during If, prior to the Term all Closing Date, the Redemption Property or any substantial part of the Premises, the Building portion thereof is destroyed or the Lot are damaged materially by fire or other casualty or by action (a “Damage Event”), MC Owner will promptly notify the ROFO (RM) Parties of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise such Damage Event. If there is a Material Damage Event with respect to the election Real Property, the ROFO (RM) Parties shall have the option, to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed be exercised within six fifteen (615) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's noticenotice of such Material Damage Event, which notice by Tenant shall specify to amend this Agreement to remove the effective date of termination. The effective date of termination specified either by Landlord or Tenant Redemption Property and replace it with the Substituted Redemption Property and, if necessary, the Scheduled Closing Date shall be automatically extended to give the ROFO (RM) Parties the full fifteen (15) day period to make such election. If the ROFO (RM) Parties so elects to amend this Agreement, the Redemption Property Value shall be accordingly adjusted by the fair market value of the Substituted Redemption Property, and the parties shall enter into an amendment to this Agreement confirming the substitution of the Substituted Redemption Property as the Redemption Property and the applicable adjustment of the Redemption Property Value. “Material Damage Event” means a Damage Event with respect to the Redemption Property if: (i) the cost of restoration or repair exceeds the greater of (x) ten percent (10%) of the Redemption Property Value and (y) $500,000.00; (ii) the Damage Event, including any abatements of rent for a Major Tenant, is not less than 15 nor more than 30 covered by MC Owner’s or such Tenant’s insurance (excluding any deductible paid for by MC Owner or such Tenant); (iii) ingress or egress to, the parking for, or the current use and operation of the Redemption Property are materially and adversely affected with no viable alternative available in lieu thereof; or (iv) the Damage Event causes any Major Tenant’s Lease to automatically terminate by its terms or any Major Tenant terminates its Lease in accordance with its terms because of such Damage Event or any Major Tenant has not waived in writing any right which it has, if any, to terminate its Lease because of such Damage Event unless such right is not likely to arise. In addition to the foregoing, in the event that there is a Damage Event or Damage Events with respect to the Redemption Property or any portions thereof, or the “Property” or any portion thereof under either of the Other PSAs, where the cost of restoration or repairs, in the aggregate, exceeds twenty percent (20%) of the total Redemption Property Value under this Agreement and purchase price under the Other PSAs (a “Total Damage Event”), the ROFO (RM) Parties shall have the option to be exercised within fifteen (15) days after the date receipt of notice of any such Damage Event, to terminate this Agreement in its entirety, and the Closing Date shall be automatically extended to give the ROFO (RM) Parties the full fifteen (15) day period to make such election. Upon such termination. If in any case the Premises are rendered unfit for use and occupation , MC Owner and the Lease ROFO (RM) Parties will have no further rights or obligations under this Agreement, except with respect to the Termination Surviving Obligations. In the event of a Damage Event which is not so terminateda Material Damage Event or a Total Damage Event, Landlord shall use due diligence or if the ROFO (following RM) Parties do not otherwise elect to remove an individual Property from the expiration terms of all periods in which either party may this Agreement with respect to a Material Damage Event or to terminate this Lease Agreement in the event of a Total Damage Event in accordance with the terms hereof, then (a) at Closing MC Owner will assign and turn over to the ROFO (RM) Parties MC Owner’s insurance proceeds, including, without limitation, business interruption insurance, net of reasonable collection costs (or if such have not been awarded, all of its right, title and interest therein) payable with respect to the Damage Event (which right of the ROFO (RM) Parties shall survive Closing), (b) MC Owner will not be obligated to repair such damage or destruction, and (c) the parties will proceed to Closing pursuant to the foregoing provisions terms hereof without abatement of the Redemption Property Value (except for any adjustment thereto for any Substituted Redemption Property), except that the ROFO (RM) Parties will receive a credit against the Redemption Property Value for any insurance deductible amount. In the event MC Owner elects to perform any work in an effort to make the Redemption Property safe and secure after the Damage Event and to protect the Redemption Property from further damage, MC Owner will be entitled to deduct its reasonable costs and expenses from any amount to which the ROFO (RM) Parties is entitled under this Section 7.111.1, which right shall survive the Closing. MC Owner shall not settle any claim with respect to any destruction, damage, fire or Damage Event concerning the Redemption Property or any part thereof or spend any award or proceeds for repairs or restoration without obtaining the ROFO (RM) to restore the PremisesParties’ prior written consent in each case, which consent shall not be unreasonably withheld, conditioned or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termdelayed.
Appears in 1 contract
Casualty. and Taking ------------------- In case the event the Leased Premises shall be damaged or destroyed during the Term all or any substantial part of the PremisesTerm, the Building or the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereofLandlord shall promptly proceed to repair, restore, replace, or are taken rebuild the Leased Premises (excluding restoration of any alterations made by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election Leased Premises) to terminate substantially the same condition in which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed same were immediately prior to such firedamage or destruction, other casualty and Landlord thereafter shall diligently prosecute said work to completion without delay or takinginterruption. In case of a taking of part of Notwithstanding the Premisesforgoing, if the remainder damage to the Leased Premises is insufficient for use for Tenant's purposesso substantial that (a) the repair, and Landlord receives written notice thereof signed by Tenant, restoration or in the case rehabilitation of casualty or taking if the time needed such damage cannot reasonably be expected to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually be substantially completed within six (6) months 180 days from the date of casualty such damage, (b) the damage to the Leased Premises is so substantial that the estimated repair costs exceed $100,000, (c) the damage occurs within the last twelve (12) months of the Term, or taking Tenant (d) the Building is damaged to the extent of fifty percent (50%) or more of the monetary value thereof and Landlord elects not to rebuild the Building, then either party may elect to terminate this Lease by giving written notice given to Landlord the other party within 30 thirty (30) days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice such casualty. Furthermore, notwithstanding the foregoing, in no event shall Landlord’s obligation to repair, restore, replace, or rebuild the Leased Premises exceed the amount of the insurance proceeds received by Landlord in connection with such terminationcasualty. If in any case In the Premises are rendered unfit for use and occupation and event the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Leased Premises, or in case any part thereof, are destroyed or damaged to the extent the Leased Premises cannot be occupied due to such casualty (“Untenantable Premises”), there shall be an abatement of taking what may remain thereof (excluding any items installed or paid for Base Rent due Landlord by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to for the condition period of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from time commencing on the date of such casualty or taking and continuing until the Premises or such remainder shall have been restored by Landlord and in case earlier of a taking which permanently reduces (a) the area of day that Tenant re-occupies the Untenantable Premises, a just proportion or (b) thirty (30) days following the completion of the fixed rent and additional rent shall be abated for the remainder of the TermLandlord’s repair obligation as above stated.
Appears in 1 contract
Samples: Lease Agreement
Casualty. and Taking ------------------- In case during the Term If all or any substantial part of the PremisesAircraft shall be damaged or destroyed by casualty which is insured or required to be insured under this Lease, Lessee shall promptly notify the Building Lessor thereof, and shall, with reasonable promptness and diligence, rebuild, replace and repair any damage or destruction to the Aircraft, at its expense, in conformity with the requirements of this Lease, in such manner as to restore the same to the same or better condition as existed prior to such casualty, using materials of the same or better grade than that of the materials being replaced, and there shall be no abatement of Basic Rent or Additional Rent. Proceeds of casualty insurance of $100,000.00 or less shall be paid to Lessee. Proceeds in excess of $100,000.00 shall be held by Lessor or a proceeds trustee (which may be Lender, an escrow or title company, or a bank or trust company designated by Lessor) and paid to Lessee, but only against certificates of Lessee, appropriate lien waivers and such other information reasonably required by Lessor or the Lot are damaged materially proceeds trustee delivered to Lessor from time to time, but not more frequently than once per calendar month, as such work or repair progresses. Each such certificate shall describe the work or repair for which Lessee is requesting payment and the cost incurred by fire Lessee in connection therewith and stating that Lessee has not theretofore received payment for such work and has sufficient funds remaining to complete the work free of liens or other casualty or by action claims. Any proceeds remaining after Lessee has repaired the Aircraft shall be delivered to Lessee No payment shall be made to Lessee if there exists any Event of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authorityDefault under this Lease. If Lessee is not required to restore after a casualty, this Lease shall terminate at Landlord's electionnevertheless remain in full force and effect, provided Landlord terminates all other leases in with no abatement of Basic Rent or Additional Rent, except that Lessor shall have the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given right to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord Lessee if Lessee does not agree to restore within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 sixty (60) days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminatedcasualty, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) or if Lessee agrees to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required but does not diligently proceed to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termdo so.
Appears in 1 contract
Casualty. and Taking ------------------- In case during the Term all or any substantial part of the Premises, If the Building or the Lot are is damaged materially by fire or other casualty or casualty, and (i) the insurance proceeds actually received by action Landlord on account of public or other authority in consequence thereofsuch damage are sufficient to pay for the necessary repairs, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at (ii) Landlord's election, provided Mortgagee permits Landlord terminates all other leases in to utilize the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given insurance proceeds to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or repair such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposesdamage, and (iii) Landlord receives written notice thereof signed by Tenant, or in represents that the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed Building can be substantially repaired within six (6) months from after the date of casualty such casualty, this Lease shall remain in effect and Landlord shall substantially repair the damage within six (6) months after the date of such casualty, subject to delays beyond Landlord's control. If any of the foregoing conditions requiring Landlord to repair the Building is not met, Landlord, by notice to Tenant given within one hundred twenty days of the date of casualty, said time period to be strictly of the essence, may elect either to (i) terminate this Lease; or taking (ii) repair the damage as soon as reasonably possible, in which event this Lease shall remain in full force and effect (but Tenant may shall then have the right to terminate this Lease by notice given to Landlord if the Property cannot be substantially repaired within 30 days six (6) months after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of terminationcasualty). The effective date Tenant's notification of termination specified either by Landlord or Tenant pursuant to the immediately preceding sentence, if any, shall be not less than 15 nor more than 30 required within thirty (30) days after the date of said notice of such election from Landlord. Time shall be strictly of the essence with regard to Tenant's notification of termination. If, for any reason whatsoever, Landlord has not received Tenant's aforesaid written notification of termination within the aforesaid thirty (30) day period, then, Tenant shall automatically and irrevocably be deemed to have waived its said right of termination and Landlord's notice of election shall be deemed accepted and approved by Tenant. If this Lease shall remain in any case full force and effect following a casualty, and if said casualty or the repair and/or restoration of the damage caused thereby shall render the Premises are untenantable, in whole or in part, then and in those events, there shall be an equitable abatement of Annual Base Rent and Additional Rent based upon the portion of the Premises rendered unfit for use untenantable, from the date the Premises (or said portion thereof) became untenantable until the date that the Premises (or said portion thereof) becomes tenantable. Tenant waives the protection of any law which grants a tenant the right to terminate a lease in the event of the destruction of a leased property, and occupation and agrees that the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore paragraph shall govern in the Premises, or in case event of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may destruction of the Premises and/or Building and/or Property. Landlord shall not be required to remove pursuant to Section 3.1 repair improvements or 3.3), alterations to the condition of the Premises immediately prior Property made by Tenant, except to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored extent, if any, that any insurance proceeds received by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated specifically compensate Landlord for the remainder value of the Termany such improvements or alterations.
Appears in 1 contract
Samples: Agreement of Lease (Parlex Corp)
Casualty. and Taking ------------------- In case during of damage to or destruction of the Term Building or other improvements after the Commencement Date of this Lease, by fire or other insurable casualty, Landlord shall promptly restore, repair, replace and rebuild the same as nearly as possible to the condition that the same were in immediately prior to such damage or destruction. Tenant shall forthwith give Landlord written notice of such damage or destruction upon the occurrence thereof and specify in such notice, in reasonable detail, the extent thereof. Subject to receipt by Landlord of insurance proceeds covering all Base Rent and other charges due from Tenant, the Base Rent and Operating Cost shall xxxxx ratably for the period of time that the Premises is untenantable, in whole or any substantial in part (based upon the portion of the Premises that is untenantable). Such restoration, repairs, replacements, rebuilding, changes and alterations, including the cost of temporary repairs for the protection of the Premises, or any portion thereof, ending with the completion thereof are sometimes hereinafter referred to as the "Restoration". In the event the insurance proceeds are inadequate to restore the Building or the Lot are damaged materially by fire or and other casualty or by action of public or other authority in consequence thereofimprovements, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by written notice to Tenant given to Landlord within 90 days following the damage or destruction unless Tenant agrees in writing within 30 days after receipt thereafter to pay for any shortfall and provides evidence reasonably acceptable to Landlord of Landlordthe availability of such funds. Landlord shall not be responsible for damages to Tenant's noticepersonal property or trade fixtures, which notice by and Tenant shall specify bear the effective date cost to repair or replace those items. If fire or other casualty shall render the whole or any material portion of termination. The effective date of termination specified either by Landlord or Tenant shall the Premises untenantable, and the Premises can reasonably be not less than 15 nor more than 30 expected to be made tenantable within two hundred seventy (270) days after from the date of such event, Landlord shall repair and restore the Premises to as near their condition prior to the fire or other casualty as is reasonably possible within such two hundred seventy (270) day period (subject to delays for causes beyond Landlord's reasonable control) and notify Tenant that it will be doing so, such notice to be mailed within thirty (30) days from the date of such termination. If damage or destruction, and this Lease shall remain in any case full force and effect, but the Base Rent and Operating Cost for the period during which the Premises are rendered unfit for use untenantable shall be abated pro rata (based upon the portion of the Premises which is untenantable), provided Landlord receives from Tenant proceeds from the loss of rents insurance set forth in Section 13(a)(iii)(v) sufficient to cover all Base Rent and occupation and other charges due hereunder. If the Lease is Premises cannot so terminatedreasonably be expected to be made tenantable within two hundred seventy (270) days from the date of such event, either Landlord shall use due diligence or Tenant, by notice in writing to the other, mailed within thirty (following 30) days from the expiration date of all periods in which either party such damage or destruction, may terminate this Lease pursuant to the foregoing provisions of this Section 7.1effective upon a date within thirty (30) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated days from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termnotice.
Appears in 1 contract
Samples: Lease Agreement (Telex Communications International LTD)
Casualty. and Taking ------------------- In case during the Term If all or any substantial part of the Premises shall be damaged or destroyed by casualty, Tenant shall promptly notify Landlord and Lender thereof within five (5) Business Days, and shall, with reasonable promptness and diligence, rebuild, replace and repair any damage or destruction to the Premises, at its expense, in conformity with the Building or requirements of Section 5.4(a) hereof, in such manner as to restore the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise same to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good same or better condition than as existed immediately prior to such firecasualty, other casualty or taking. In case of a taking of part using materials of the Premises, if same or better grade than that of the remainder is insufficient for use for Tenant's purposesmaterials being replaced, and Landlord receives written notice thereof signed by Tenant, there shall be no abatement of Basic Rent or in the case Additional Rent. Proceeds of casualty insurance of $100,000.00 or taking if the time needed less shall be paid to do the construction work necessary to put the Premises or such remainder Tenant. Proceeds in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date excess of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant $100,000.00 shall specify the effective date of termination. The effective date of termination specified either be held by Landlord or Tenant a proceeds trustee (which shall be Lender or Lender's designee for so long as the Note is outstanding, or an escrow or title company, or a bank or trust company designated by Landlord thereafter) and paid to Tenant, but only against certificates of Tenant and appropriate lien waivers delivered to Landlord from time to time, but not less more frequently than 15 nor more than 30 days once per calendar month, as such work or repair progresses. Each such certificate shall describe the work or repair for which Tenant is requesting payment and the cost incurred by Tenant in connection therewith and stating that Tenant has not theretofore received payment for such work and has sufficient funds remaining to complete the work free of liens or claims. Any proceeds remaining after Tenant has repaired the Premises shall be delivered to Landlord; provided, however, that if such aggregate amounts exceed One Hundred Thousand Dollars ($100,000), the excess shall, at Lender's direction and with Lender's written consent at its sole discretion, be applied in reduction of the principal amount of the Note or paid to Tenant; provided further, however, that no payment shall be made to Tenant if any material or monetary default or Event of Default shall have happened and be continuing under this Lease. If the excess is applied to the remaining principal outstanding under the Note, the Note shall be reamortized and monthly payment of Basic Rent payable on or after the date of notice of second Basic Rent Payment Date occurring after such termination. If application shall be reduced in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant an amount equal to the amount by which the monthly payment under the Note has been reduced. The foregoing provisions of this Section 7.1) references to restore "Note" shall mean the Premises, or in case of taking what may remain thereof (excluding Note and any items installed or paid for by Tenant which Tenant future promissory note that may be required to remove pursuant to Section 3.1 or 3.3), to the condition issued in connection with a refinancing of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.Mortgage
Appears in 1 contract
Samples: Lease and Agreement of Lease (Techniclone Corp/De/)
Casualty. and Taking ------------------- In case during the Term all or any substantial part (i.e. requiring greater than twelve (12) months to rebuild, as reasonably determined by Landlord's architect) of the Premises, the Building or the Lot are Premises is damaged materially by fire or any other casualty or by action of public or other authority in consequence thereof("Substantial Casualty"), or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, then this Lease shall shall, except as hereinafter provided, terminate at LandlordLandlord or Tenant's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by written notice given to Tenant the other party within 60 thirty (30) days after the occurrence of the event giving rise to the election to terminate casualty, which notice of termination shall specify the effective date of termination which shall not be more than sixty (60) days after the date of receipt of notice of such termination. In the event of any such Substantial Casualty, or if Landlord does not elect to so terminate, which notice the Fixed Rent and additional rent shall contain Landlord's nonbinding estimate be abated entirely as of the time needed date of such casualty. In the event of any fire or casualty to put the Premises, unless the Lease is so terminated, Landlord shall with reasonable diligence, repair, replace and restore the Premises or into substantially the same condition as it was prior to the casualty for use and occupation to the extent of the proceeds of insurance, less adjuster's fees, and other reasonable expenses of collection plus insurance deductibles to be paid by Tenant as hereunder provided. However, if such remainder in damage is not repaired and the Premises restored to substantially the same condition as good or better condition than existed immediately it was prior to such fire, other casualty or taking. In case damage within a period of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six twelve (612) full calendar months from the date of casualty such damage, Tenant within thirty (30) days from the expiration of such period or taking Tenant from the expiration of any extension thereof pursuant to the terms hereof may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective specifying a date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 sixty (60) days after the date of notice giving of such termination. If in any case notice on which the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration term of all periods in which either party may terminate this Lease pursuant to shall terminate. The period within which the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.repairs
Appears in 1 contract
Samples: Lease and Termination Agreement (Netscout Systems Inc)
Casualty. Prior to the Closing and Taking ------------------- In case during notwithstanding the Term all or any substantial part pendency of the Premisesthis Agreement, the Building entire risk of loss or the Lot are damaged materially damage by fire earthquake, hurricane, tornado, flood, landslide, fire, acts of war, terrorism, terrorist activities or other casualty or shall be borne and assumed by action Sellers. If, prior to the Closing any "Material Damage" (as hereinafter defined) occurs to any portion of public any Property as a result of earthquake, hurricane, tornado, flood, landslide, fire, acts of war, terrorism, terrorist activities or other authority in consequence thereofcasualty, Sellers shall immediately notify Buyer of such fact. In the event that there is Material Damage that is uninsured, Buyer shall have the option to terminate this Agreement upon written notice to Sellers given not later than ten (10) days after Buyer's receipt of such notice from Sellers. Upon such termination, Escrow Agent shall return the Deposit to Buyer, the parties shall equally share the cancellation charges, if any, of Escrow Agent and Title Company, and neither party shall have any further rights or are taken by eminent domain obligations hereunder, other than pursuant to any provision hereof which expressly survives the termination of this Agreement. Buyer shall have no right to terminate this Agreement as a result of any damage or Landlord receives compensable destruction of any portion of any Property that does not constitute Material Damage (or that does constitute Material Damage but is insured). If Buyer does not elect or has no right to terminate this Agreement, Sellers shall assign and turn over, and Buyer shall be entitled to receive and keep, all insurance proceeds payable with respect to such damage or destruction (which shall then be repaired or not at Buyer's option and cost) and Buyer shall receive, as a credit against the Purchase Price, an amount equal to the deductible amount with respect to the insurance and the parties shall proceed to the Closing pursuant to the terms hereof without modification of the terms of this Agreement. If Buyer does not elect or has no right to terminate this Agreement by reason of anything lawfully done on pursuance of public or other lawful authorityany casualty, this Lease Buyer shall terminate at Landlord's election, provided Landlord terminates all other leases in have the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given right to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If participate in any case adjustment of any insurance claim. As used herein, the Premises are rendered unfit for use and occupation and term "Material Damage" shall mean damage or destruction to any Property, the Lease is not so terminated, Landlord shall use due diligence (following the expiration cost of all periods in repair of which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termexceeds $500,000.00.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Apartment Investment & Management Co)
Casualty. and Taking ------------------- In case during If the Term all or any substantial part of the Premises, the Building Premises or the Lot are Project is damaged materially 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 action written notice to the other within thirty (30) days following such notice by Landlord terminate this Lease. Unless such damage or destruction is the result of public the negligence or other authority in consequence thereofwillful misconduct of Tenant or its employees, agents, contractors, or are taken customers, 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 leasehold improvements to the Premises required to be insured by eminent domain Tenant hereunder; and this Lease shall continue in full force and effect in accordance with the terms hereof. Landlord shall restore or replace the damaged or destroyed portions of the Premises or Project that Landlord receives compensable damage by reason is required to restore or replace hereunder within a reasonable time, subject to Force Majeure Events and the availability of anything lawfully done on pursuance of public or other lawful authorityinsurance proceeds. If either party elects to terminate this Lease as provided in this Section, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in on the Building, date which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 is thirty (30) days after following the occurrence date of the event giving rise 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 election other party as a result of such termination. Landlord shall not be obligated to terminate repair any damage to Above Standard improvements or fixtures, Tenant’s inventory, trade fixtures or other personal property. Notwithstanding anything in this Section to the contrary, Landlord shall have no obligation to repair or restore the Premises or the Project on account of damage resulting from any casualty which notice shall specify occurs during the effective date last twelve (12) months of terminationthe Term, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate the estimated cost of such repair or restoration would exceed fifty NY\53603744.6 percent (50%) of the time needed to put reasonable value of the Premises or such remainder in as good or better condition than existed immediately Building prior to such fire, other the casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case net amount of casualty or taking if the time needed insurance proceeds will not be adequate to do the construction work necessary to put the Premises or complete such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six monthsrestoration, or if Landlord's ’s mortgagee requires that insurance proceeds be delivered to such mortgagee and will not be made available for restoration. To the extent Landlord is obligated to restore or elects to restore the Premises Landlord agrees to provide Tenant with written notice of the estimated time to complete such restoration work is not actually completed within six sixty (660) days following the occurrence of such casualty event. In addition to Tenant’s termination option set forth above, Tenant shall have the right to terminate this Lease if the casualty occurs during the last twelve (12) months of the Term (and the Term has not been previously extended) and the restoration would take longer than ninety (90) days from the date of casualty or taking Tenant may terminate to complete. The abatement of Rent, if applicable hereunder, and termination of this Lease by notice given Tenant, if applicable hereunder, are the sole remedies available to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify in the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until event the Premises or such remainder shall have been restored the Project is damaged or destroyed, in whole or in part, by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termfire or other casualty.
Appears in 1 contract
Samples: Commercial Lease Agreement (Moleculin Biotech, Inc.)
Casualty. and Taking ------------------- In case during the Term all event that the improvements located upon the demised premises should be damaged or any substantial part of the Premises, the Building or the Lot are damaged materially destroyed by fire or other casualty casualty, Tenant shall give written notice thereof to Landlord within a reasonable time. If the improvements located upon the demised premises are substantially destroyed (50% or more) by action of public fire, tornado or other authority in consequence thereofcasualty, or if said improvements are taken by eminent domain so damaged that it reasonably appears the rebuilding or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence repair of the event giving rise same cannot be completed within one hundred twenty (120) days then this lease shall cease and come to an end at the election to terminate which notice shall specify the effective date option of either Landlord or Tenant. To exercise said option of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall give written notice to the other party within twenty (20) days after said damage occurs. Upon notice of termination, this lease shall terminate and the rent for the unexpired term of this lease shall be abated effective as of the date the damage occurs. In the event that the option to terminate is not less than 15 nor more than 30 so exercised within the time specified therefore, this lease shall remain in full force and effect and Landlord shall proceed with due diligence to repair and restore said premises to substantially the same condition as prior to such damage or destruction. Until said premises are repaired and restored to such condition, rent shall xxxxx. In the event that the improvements located upon the leased premises should be damaged by fire, tornado or other casualty but not to such extent as to be substantially destroyed (Sot or more), or to such extent that rebuilding or repairs can be completed within ninety (90) days after the date upon which said damage occurs this lease shall not terminate. In such event, Landlord shall proceed with reasonable diligence to rebuild and repair said improvements to substantially the condition in which they existed prior to said damage. Until said premises are so repaired and restored the rent payable hereunder shall be abated. In the event that Landlord should fail to complete said repairs and rebuilding within ninety (90) days after the date of said damage, Tenant may at its option terminate this lease by delivering written notice of such termination. If in any case the Premises are rendered unfit for use termination to Landlord whereupon all rights and occupation obligations hereunder shall cease and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termterminate.
Appears in 1 contract
Casualty. and Taking ------------------- (a) Borrower shall promptly notify Lender of any loss in excess of ONE HUNDRED THOUSAND DOLLARS ($100,000.00), whether covered by insurance or not. In case during the Term all of loss or any substantial part of the Premises, the Building or the Lot are damaged materially damage by fire or other casualty or by action of public or other authority in consequence thereofcasualty, Lender, or are taken by eminent domain after foreclosure, the holder of the certificate or Landlord receives compensable damage by reason certificates of anything lawfully done purchase, is authorized (i) to settle and adjust any claim under insurance policies which insure against such risks (with the duty of Lender to meet and confer with Borrower), or (ii) to allow Borrower to agree with the insurance company or companies on pursuance the amount to be paid in regard to such loss; provided, however, so long as no Event of public Default then exists, Borrower shall have the right to settle all insurance claims involving amounts up to ONE HUNDRED THOUSAND DOLLARS ($100,000.00) without Lender's involvement or other lawful authorityconsent and to receive the proceeds directly for application to the costs of restoration. In either case, this Lease shall terminate at Landlord's electionLender is authorized to collect and receipt for insurance proceeds in excess of ONE HUNDRED THOUSAND DOLLARS ($100,000.00). Subject to the preceding Section 1.6(a), provided Landlord terminates no Event of Default then exists and Borrower certifies as to same, the net insurance proceeds (after deduction of Lender's out of pocket costs and expenses, if any, in collecting the same) shall be made available for the restoration or repair of the Property if, in Lender's sole and absolute discretion: (i) restoration or repair and the continued operation of the Property is economically feasible; (ii) no lease has terminated as a result of the loss or damage and all other leases remain enforceable under their terms, without modification; (iii) the loss does not occur in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from month period preceding the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlordstated Maturity Date and Lender's notice, which notice by Tenant shall specify independent consultant certifies that the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition restoration of the Premises immediately Property can be completed at least ninety (90) days prior to the casualty Maturity Date; and (iv) the insurance proceeds are sufficient to complete the restoration or taking and a just proportion repair or Borrower has deposited with Lender an amount, in cash, which Lender, in its sole discretion, determines is necessary, in addition to the net insurance proceeds, to pay in full the cost of the fixed rent and additional rent according restoration or repair (Borrower's deposit shall be disbursed prior to any disbursement of insurance proceeds held by Lender). Any excess proceeds remaining after completion of such repair shall be distributed first to Borrower to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.Borrower has
Appears in 1 contract
Samples: Mission West Properties Inc
Casualty. and Taking ------------------- In case during If the Term all premises or any substantial part of the Premises, the Building or the Lot are thereof shall be damaged materially ------------ -------- by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminatedcasualty, Landlord shall use due diligence (following proceed with reasonable diligence, and at the expiration expense of all periods in which either party may terminate this Lease pursuant Landlord, to the foregoing provisions of this Section 7.1) repair or cause to be repaired such damage. Landlord's responsibility to restore the Premises, or premises shall be limited to Landlord's obligations as set forth on the attached Build-Out Drawings and shall be subject to all zoning and building codes then applicable; Tenant shall at Tenant's expense restore and repair the premises to the extent of Tenant's obligations as set forth in case the Build-Out Drawings and shall be subject to all zoning and building codes then applicable. All repairs to and replacement of taking what may remain thereof (excluding any items installed or paid for by Tenant Tenant's property and property which Tenant may be required to remove pursuant to Section 3.1 as provided in Sections XII and XIV shall be made by and at the expense of Tenant. If the premises or 3.3)any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, to the condition of the Premises immediately prior to the casualty yearly rent and Additional Rent, or taking and a just proportion of the fixed rent and additional rent proportionate part thereof, according to the nature and extent to which the premises shall have been so rendered unfit, shall be suspended or abated until the premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicably may be to the condition in which they are immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to government regulations, casualties, and strikes, unavailability of labor and materials, and other causes beyond the control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. In case the Building is so damaged by such fire or other casualty that substantial alteration or reconstruction of the injury Building shall be abated required, then, whether or not the premises shall have been damaged by such fire or other casualty, this Lease and the term hereof may be terminated at the election of Landlord or Tenant by a notice in writing of its election so to terminate which shall be given to the 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. In the event of any such termination, 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; and if the premises or any part thereof shall have been rendered unfit for use and occupation by reason of such damage, the yearly rent and Additional Rent for the period from the date of the fire or other casualty to the effective termination date, or taking until a just and proportionate part thereof, according to the Premises or such remainder nature and extent to which the premises shall have been restored by Landlord rendered unfit, shall be abated. In the event neither party having the right to so terminate this lease does so, and in case of a taking the further event that Landlord fails to repair or cause to be repaired the damage caused to the premises on or before the date which permanently reduces is 180 days subsequent to the area date of the Premisesfire or other casualty, a just proportion then Tenant shall have the right to terminate this lease by written notice given to Landlord within ten (10) days following the expiration of said 180 day period, said termination to be effective not less than forty-five (45) days after the date of such notice; provided however, in the event Landlord shall thereafter substantially complete the repair of the fixed rent and additional rent damage caused to the premises on or before the date which is 210 days subsequent to the date of the fire or other casualty, Tenant's termination notice shall be abated for the remainder of the Termnullified, and this lease shall remain in full force and effect as if such notice had not been sent.
Appears in 1 contract
Samples: MMC Networks Inc
Casualty. and Taking ------------------- In case during (a) If the Term all Premises or any substantial part of the Premises, the Building or the Lot are Premises shall be damaged materially by fire or other casualty and if such damage does not render all or a substantial portion of the Premises untenantable, then Landlord shall use the insurance proceeds and diligently proceed to repair and restore the Premises to its prior existing condition, subject to reasonable delays for insurance adjustments, Tenant Delays and Unavoidable Delays and also subject to zoning laws and building codes then in effect, but in all events shall commence such repair and restoration within sixty (60) days after receipt of insurance proceeds. Landlord shall not be obligated to expend any amount for repair or restoration in excess of insurance proceeds received by action Landlord. Any repair or restoration beyond the amount of public insurance proceeds received by Landlord shall be at Tenant’s option and Tenant’s sole cost and expense; provided Tenant shall not be entitled to any rent abatement for any portion of the Premises not repaired or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases reconstructed due to a shortfall in the Buildinginsurance proceeds. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, which may be made notwithstanding Landlord's entire interest may be divestedLandlord shall, by notice given to Tenant within 60 sixty (60) days after the occurrence of such damage, estimate the event giving rise length of time that will be required to substantially complete the election repair and restoration of such damage and shall by notice advise Tenant of such estimate. Tenant, at Tenant’s sole cost and expense, shall have the right to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding obtain an estimate of the length of time needed that will be required to put substantially complete the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part repair and restoration of the Premises, if damage. If it is so estimated that the remainder is insufficient for use for Tenant's purposes, amount of time required to substantially complete such repair and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to restoration will exceed six months, or if Landlord's restoration work is not actually completed within six two hundred seventy (6270) months days from the date of casualty such damage occurred, then Landlord or taking Tenant may shall have the right to terminate this Lease by as of the date of such damage upon giving notice given to the other party at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the notice containing said estimate). Unless this Lease is terminated as provided in the preceding sentence, Landlord shall use the insurance proceeds and diligently proceed to repair and restore the Premises to its prior condition, subject to reasonable delays for insurance adjustments, Tenant Delay and Unavoidable Delays, and also subject to zoning laws and building codes then in effect, but in all events shall commence such repair and restoration within 30 sixty (60) days after receipt of insurance proceeds. Landlord shall not be obligated to expend any amount for repair or restoration in excess of insurance proceeds received by Landlord's notice, which notice . Any repair or restoration beyond the amount of insurance proceeds received by Landlord shall be at Tenant’s option and at Tenant’s sole cost and expense; provided Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall not be not less than 15 nor more than 30 days after the date of notice of such termination. If in entitled to any case the Premises are rendered unfit rent abatement for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition portion of the Premises immediately prior not repaired or reconstructed due to a shortfall in the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Terminsurance proceeds.
Appears in 1 contract
Casualty. and Taking ------------------- In case during the Term all event of a fire or any substantial part of other casualty in the Leased Premises, Tenant shall immediately give notice thereof to Landlord. If the Building or the Lot are damaged materially Leased Premises shall be partially destroyed by fire or other casualty so as to render the Leased Premises untenantable in whole or by action in part, the rental provided for herein shall abatx xxxreafter as to the portion of public or other authority in consequence thereofthe Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence. Notwithstanding the foregoing, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may event such destruction results in the Leased Premises being untenantable in whole or in substantial part for a period reasonably estimated by a responsible contractor selected by Landlord to be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days one year or longer after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenantcasualty, or in the case event of casualty total or taking if substantial damage or destruction of the Building from any cause (which shall mean any damage of greater than fifty (50%) of the insurable value of the Building and/or any damage which requires more than one year to repair), then Landlord shall have the right to terminate this Lease and all rent owed up to the time needed of such destruction or termination shall be paid by Tenant (it being understood that Tenant shall pay rent on all tenantable space until termination of this Lease). Landlord shall give Tenant written notice of its decisions, estimates or elections under this Section 5.6 within sixty (60) days after any such damage or destruction. In the event of destruction to do the construction work necessary to put Leased Premises resulting in the Premises same being untenantable in whole or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is substantial part for a period reasonably estimated by the a responsible contractor selected by Landlord to exceed six months, be one year or if Landlord's restoration work is not actually completed within six (6) months from longer after the date of the casualty or taking and Landlord has not terminated this Lease as herein provided, then Tenant may shall have the right, within thirty (30) days after Landlord delivers the estimate to Tenant of time to restore, to terminate this Lease by written notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If Notwithstanding anything contained in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminatedthis Section 5.6, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) be obligated to restore or rebuild only the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition portion of the Leased Premises immediately prior to the casualty or taking which consists of building standard improvements, and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury nothing herein shall be abated from the date of casualty construed to obligate Landlord under any circumstances to repair or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termrestore any other tenant finish work.
Appears in 1 contract
Casualty. and Taking ------------------- In case the event the Leased Premises shall be damaged or destroyed during the Term all or any substantial part of the PremisesTerm, the Building or the Lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereofLandlord shall promptly proceed to repair, restore, replace, or are taken rebuild the Leased Premises (excluding restoration of any alterations made by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election Leased Premises) to terminate substantially the same condition in which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed same were immediately prior to such firedamage or destruction, other casualty and Landlord thereafter shall diligently prosecute said work to completion without delay or takinginterruption. In case of a taking of part of Notwithstanding the Premisesforgoing, if the remainder damage to the Leased Premises is insufficient for use for Tenant's purposesso substantial that (a) the repair, and Landlord receives written notice thereof signed by Tenant, restoration or in the case rehabilitation of casualty or taking if the time needed such damage cannot reasonably be expected to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually be substantially completed within six (6) months 180 days from the date of casualty such damage, (b) the damage to the Leased Premises is so substantial that the estimated repair costs exceed $100,000, (c) the damage occurs within the last twelve (12) weeks of the Term, or taking Tenant (d) the Building is damaged to the extent of fifty percent (50%) or more of the monetary value thereof and Landlord elects not to rebuild the Building, then either party may elect to terminate this Lease by giving written notice given to the other party within thirty (30) days of the date of such casualty. Furthermore, notwithstanding the foregoing, in no event shall Landlord's obligation to repair, restore, replace, or rebuild the Leased Premises exceed the amount of the insurance proceeds received by Landlord within 30 in connection with such casualty. In the event the Leased Premises, or any part thereof, are destroyed or damaged to the extent the Leased Premises cannot be occupied due to such casualty ("Untenantable Premises"), there shall be an abatement of Base Rent due Landlord by Tenant for the period of time commencing on the date of such casualty and continuing until the earlier of (a) the day that Tenant re-occupies the Untenantable Premises, or (b) thirty (30) days after receipt following the completion of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termrepair obligation as above stated.
Appears in 1 contract
Samples: Lease Agreement
Casualty. and Taking ------------------- In case during If the Term all Building Premises, Office Premises or any substantial part of future improvements on the PremisesBuilding Premises or the Ground Premises (collectively, the Building “Improvements”) shall be damaged or the Lot are damaged materially rendered wholly or partially untenatable by fire or other casualty during the Term of this Lease, Lessee shall be entitled to a fair diminution of the Rent until such time as the Leased Premises are made tenantable, subject, however, to Lessee’s right to terminate this Lease as provided in this Section 7.1 (provided, there shall be no diminution of the Rent for the Ground Premises. Unless this Lease is so terminated, Lessee shall promptly rebuild or by action of public or other authority in consequence thereofrepair the Improvements to substantially their former condition, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or to such other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Buildingcondition reflecting current market conditions as Lessor may approve, which may approval shall not be made notwithstanding Landlord's entire interest may unreasonably withheld. Lessee’s obligation to rebuild shall not be divestedlimited by the amount of insurance proceeds available for rebuilding. In case of any damage or destruction to the Improvements, to the extent the projected cost of rebuilding or repairing the Improvements exceeds [***]) of the replacement cost of the Improvements, Lessee may, at Lessee’s option, by notice in writing given to Tenant Lessor within 60 thirty (30) days after the occurrence of the event giving rise to the election such damage or destruction, elect to terminate which notice this Lease. This Lease shall specify then terminate on the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or specified in the case notice, except as provided below and except with respect to obligations and liabilities of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate Lessor and Lessee under this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective that have arisen on or before such date of termination. The effective date In the event of termination specified either by Landlord termination, the insurance proceeds payable in connection with the damage or Tenant destruction of the Improvements shall be not less than 15 nor more than 30 days after payable to Lessee for the cost of restoring the Leased Premises to a safe and proper condition as provided below; and the balance to Lessor as compensation for the loss of Lessor’s reversionary interest in the Improvements. Upon this termination, regardless of the amount of proceeds available, Lessee shall satisfy and cause to be released any or other encumbrances placed or suffered to be placed on the Leased Premises by Lessee. In addition, Lessee shall do any work (e.g., demolition) necessary that the Leased Premises will be surrendered to Lessor in safe and proper condition. Lessor shall reasonably cooperate (at no cost or expense to Lessor) with Lessee in Xxxxxx’s seeking of any incentives or grants available to complete such demolition. Rent shall be prorated as of the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.
Appears in 1 contract
Casualty. If, at any time after the Effective Date and Taking ------------------- In case during the Term all prior to Closing or any substantial part earlier termination of the Premisesthis Agreement, the Building a Property is damaged or the Lot are damaged materially destroyed by fire or any other casualty or by action (a “Casualty”), the Seller shall give written Notice of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in each such Casualty to the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days Purchaser promptly after the occurrence of such Casualty, and then the event giving rise Purchaser shall have the right to elect, by providing written Notice to the Seller within thirty (30) Calendar Days after the Purchaser’s receipt of the Seller’s written Notice of such Casualty, to (a) terminate this Agreement in its entirety, (b) terminate this Agreement with respect to the Property that is the subject of the Casualty and receive a corresponding reduction in the Purchase Price based on the Talega Allocated Purchase Price or the Valencia Allocated Purchase Price, as applicable (the “Allocated Purchase Price”) or (c) proceed to Closing, without terminating this Agreement, in which case the Seller shall transfer and assign to the Company and its Subsidiaries all of Seller’s right, title and interest in and to all proceeds from all casualty, business interruption, lost profits, and other applicable insurance policies maintained by Seller with respect to the Property, except those proceeds specifically payable in connection with and allocable to business interruption and lost profits and costs incurred by the Seller for the period prior to the Closing. If the Purchaser fails to provide written Notice of its election to terminate which notice the Seller within such 30 Calendar Day time period, then the Purchaser shall specify be deemed to have elected to proceed to Closing pursuant to clause (b) of this preceding sentence. If the effective date of terminationClosing is scheduled to occur within the Purchaser’s thirty (30) Calendar Day election period, or if Landlord does not elect to so terminate, which notice the Closing Date shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from be postponed until the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days which is five (5) Business Days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1such thirty (30) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermCalendar Day election period.
Appears in 1 contract
Samples: Stock Purchase Agreement (CNL Income Properties Inc)
Casualty. and Taking ------------------- In case during the Term all If any Property is damaged or any substantial part of the Premises, the Building or the Lot are damaged materially destroyed by fire or other casualty prior to the Closing then promptly after the applicable Seller becomes aware of the damage or by action destruction Sellers will notify Purchaser thereof (the “Damage Notice”). If (i) the cost of public or other authority in consequence thereofrepair, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases as determined in the Buildingparties’ reasonable estimation, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence is less than seven percent (7%) of the event giving rise to applicable Property’s Allocated Purchase Price (the election to terminate which notice shall specify “Damage Threshold”), (ii) the effective date of terminationrepairs will, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition parties’ reasonable estimation, take less than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months to substantially complete, and (iii) as a result of the casualty the cumulative effect of the reduction in the base rent for the Property, that is not reimbursable by proceeds of business interruption insurance, is not more than five percent (5.0%) of the applicable Property’s Allocated Purchase Price (subclauses (ii) and (iii) collectively, “Casualty Closing Requirements”), Closing will proceed in accordance with the terms of this Agreement for the full Purchase Price, notwithstanding the damage or destruction; provided, however, that Sellers will, pursuant to the applicable insurance policy, pay or assign to Purchaser at Closing all insurance proceeds for the period on and after the Closing Date, if any (including property and casualty insurance proceeds that have not been spent by Sellers as of the Closing Date and business interruption insurance proceeds for the period on and after the Closing Date, if any), resulting from such casualty damage and credit to Purchaser any applicable deductible amounts under the date insurance policies pursuant to which the insurance proceeds are paid or assigned. If the uninsured cost of casualty repair is equal to or taking Tenant greater than the Damage Threshold and/or if the Casualty Closing Requirements are not able to be met, Sellers or Purchaser may elect to terminate this Lease Agreement by delivering written notice given to Landlord the other within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 ten (10) days after the date of notice of the Damage Notice (and Closing will be extended as needed to provide for such termination10-day period), in which event the Deposit will be refunded. If neither party terminates this Agreement within the 10-day period, Closing will proceed in any case accordance with the Premises are rendered unfit terms of this Agreement for use the full Purchase Price, notwithstanding the damage or destruction and occupation and the Lease is not so terminatedSellers will, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions applicable insurance policy, pay or assign to Purchaser at Closing all insurance proceeds for the period on and after the Closing Date, if any (including any property and casualty insurance proceeds that have not been spent by Sellers as of this Section 7.1) the Closing Date and business interruption insurance proceeds for the period on and after the Closing Date, if any), resulting from the casualty and credit to restore Purchaser any applicable deductible amounts under the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove insurance policies pursuant to Section 3.1 which the insurance proceeds are paid or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termassigned.
Appears in 1 contract
Samples: Assignment and Assumption Agreement (Armada Hoffler Properties, Inc.)
Casualty. Prior to the Closing, and Taking ------------------- In case during notwithstanding the Term all or any substantial part pendency -------- of the Premisesthis Agreement, the Building entire risk of loss or the Lot are damaged materially damage by earthquake, flood, landslide, fire or other casualty shall be borne and assumed by Seller, except as otherwise provided in this Section 13.1. If, prior to the Closing, any part of the Real Property is damaged or destroyed by action of public earthquake, flood, landslide, fire or other authority in consequence thereofcasualty, Seller shall immediately notify Buyer of such fact whether or not such loss is material, and provide to Buyer all relevant insurance information. If such damage or destruction is "material", Buyer shall have the option to terminate this Agreement upon notice to Seller given not later than ten (10) days after receipt of Seller's notice. For purposes of this Section 13.1, "material" shall be deemed to be (i) any uninsured damage or destruction to the Property; (ii) any insured damage or destruction where the costs of repair or replacement is estimated to be Two Hundred Thousand Dollars ($200,000) or more or shall take more than sixty (60) days to repair, or are taken (iii) any insured damage or destruction where the insurance proceeds available (plus deductible to be paid by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in Seller) is insufficient to repair the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given Property so as to Tenant within 60 days after return the Property to its condition prior to the occurrence of the event giving rise damage or destruction; provided, however, in the case of uninsured or underinsured damage or destruction, Seller may, at Seller's option elect to repair such damage and destruction and keep this Agreement in full force and effect so long as such repair can be and is completed by Seller prior to the election scheduled Closing Date. If Buyer does not exercise this option to terminate which notice shall specify the effective date of terminationthis Agreement, or if Landlord the casualty is not material, neither party shall have the right to terminate this Agreement, but Seller shall assign and turn over to Buyer, and Buyer shall be entitled to receive and keep all insurance proceeds payable to it with respect to such destruction plus Seller shall pay over to Buyer an amount equal to the deductible amount with respect to the insurance and the parties shall proceed to the Closing pursuant to the terms hereof without modification of the terms of this Agreement and without any reduction in the Purchase Price. If Buyer does not elect to so terminate this Agreement by reason of any casualty, Buyer shall have the right to participate in any adjustment in the insurance claim. If Buyer does terminate this Agreement pursuant to this Section 13.1, this Agreement shall terminate, all rights and obligations hereunder of each party shall be at an end and the Title Company is hereby instructed to return promptly to the party which notice shall contain Landlord's nonbinding estimate of placed such items into Escrow all funds (including the time needed Deposit together with interest accrued thereon to put the Premises or such remainder in as good or better condition than existed immediately prior be promptly returned to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, Buyer) and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated documents which are held by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from Title Company on the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American General Hospitality Corp)
Casualty. If the Premises or the Building are destroyed or damaged by fire, earthquake or other casualty to the extent that they are untenantable in whole or in part, then Landlord shall, to the extent of the available insurance proceeds plus (except in the case of flood or earthquake) the deductible, proceed with reasonable diligence to rebuild and Taking ------------------- In case during restore the Term all Premises and the Building or any substantial such part thereof as may be damaged as aforesaid, provided that within twenty (20) days after such destruction or damage Landlord will notify Tenant of Landlord's intention to do so and the time period within which such work will be accomplished. If Landlord is to rebuild and/or repair the Premises and/or the Building as provided in the preceding sentence, Tenant agrees to release such insurance proceeds received by Tenant from its insurance carrier with respect to insurance carried by Tenant on the Tenant's Work pursuant to Section 22.c. above. Landlord shall restore and/or repair the Premises and/or the Building (with improvements substantially comparable in quality to the improvements to the Premises existing prior to the casualty) as rapidly as possible, subject to delays beyond Landlord's control. During the period of such rebuilding and restoration the Rent shall be abated in the same ratio as that portion of the Premises rendered untenantable by the damage bears to the whole of the Premises. If Landlord shall fail to notify Tenant, the Building or the Lot are damaged materially as required by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authoritythis Section, this Lease shall, at Tenant's option, at the expiration of the time for the giving of the notice required above, terminate. If Tenant is deprived of elevator access to the Premises as a result of a casualty, Rent shall terminate at Landlord's election, provided Landlord terminates all other leases be abated in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence same ratio as that portion of the event Premises which Tenant reasonably determines is not usable for Tenant's business purposes shall bear to the whole of the Premises during the duration of the period during which such access is unavailable. If the casualty giving rise to the election to terminate which notice shall specify the effective date of terminationdamage is uninsured, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate substantial completion of the time needed to put the Premises or such remainder in as good or better condition restoration of any damage will take longer than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six three hundred sixty (6360) months days from the date of casualty the damage or taking Tenant may destruction, either party shall have the right to terminate this Lease by giving the other party written notice given to Landlord thereof within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 sixty (60) days after the date of notice of such terminationcasualty causing the damage. If in any case In the Premises are rendered unfit for use and occupation and event that the Lease is not so terminatedterminated as provided in this paragraph, Tenant and Landlord shall use due diligence (following agree that each party will make every effort to release the expiration of all periods in which either party may terminate this Lease pursuant insurance proceeds to the foregoing provisions of this Section 7.1) to restore party entitled thereto under the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), Lease to the condition of the Premises immediately prior other party as its respective interest may appear from time to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termtime.
Appears in 1 contract
Samples: Lease (Starbucks Corp)
Casualty. Except as provided in Section 3.1 of this -------- ----------- Agreement, Seller assumes all risks and Taking ------------------- In case during liability for damage to or injury occurring to the Term all Properties by fire, storm, accident, or any substantial part of the Premises, the Building or the Lot are damaged materially by fire or other casualty or by action cause until the Closing has been consummated. If any of public the Kalamazoo Improvements or other authority in consequence thereofthe Farmington Improvements shall be destroyed or damaged prior to the Closing, and if either the estimated cost of repair or are taken by eminent domain replacement exceeds One Million Dollars ($1,000,000.00) or Landlord receives compensable the damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases results in the Buildingtermination of either of the Leases, which may be made notwithstanding Landlord's entire interest may be divestedBuyer may, by written notice given to Tenant Seller within 60 twenty (20) days after receipt of written notice from Seller of such damage or destruction, elect to terminate this Agreement, in which event the occurrence Deposit shall immediately be returned to Buyer and the rights, duties, obligations, and liabilities of all Parties hereunder shall immediately terminate and be of no further force or effect, except for the indemnity obligations of the event giving rise to Parties that expressly survive the election to terminate which notice shall specify the effective date termination of termination, or if Landlord this Agreement. If Buyer does not elect to so terminateterminate this Agreement pursuant to this Section 7.2, which notice shall contain Landlord's nonbinding estimate or has no right to terminate this ----------- Agreement (because the damage or destruction does not exceed $1,000,000.00 and has not resulted in the termination of either of the time needed Leases), and the sale of the Property is consummated, Buyer shall be entitled to put receive all insurance proceeds (subject to any rights of Lessee under the Premises or such remainder in as good or better condition than existed immediately prior Leases to such fire, other casualty proceeds) paid or takingpayable to Seller or the Companies by reason of such destruction or damage under the insurance (less amounts of insurance theretofore received and applied by Seller or the Companies to costs actually incurred for restoration). In case of a taking of part of Neither Seller nor the Premises, if Companies shall settle or release any damage or destruction claims without obtaining Buyer's prior written consent in each case. All said insurance proceeds received by Seller or the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed Companies by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant Closing shall be paid by Seller to Buyer at Closing, together with the amount necessary to cover any difference between the amount of such proceeds and the estimated cost of repair or replacement to the extent such amount is not less than 15 nor more than 30 days after paid or obligated to be paid by Lessee under the applicable Lease. In addition, at Closing, Seller shall pay over to Buyer, and assign to Buyer, all proceeds of any rent loss insurance for the period of time commencing on the date of notice of such terminationClosing. If in any case the Premises are rendered unfit for use and occupation and the Lease amount of said casualty or rent loss insurance proceeds is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for settled by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty Closing, Seller shall cooperate with Buyer in order that Buyer shall receive all of Seller's or taking until the Premises or Companies' right, title, and interest in and under such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Terminsurance proceeds.
Appears in 1 contract
Samples: Membership Interests Purchase Agreement (Wells Real Estate Investment Trust Inc)
Casualty. and Taking ------------------- In case during the Term If all or any substantial part portion of the Premises, the Building Premises becomes untenantable or the Lot are damaged materially inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by action Landlord to provide Landlord with a written estimate of public 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 the Premises or other authority in consequence thereofany Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is started, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after Tenant’s receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate at this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 90 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and Casualty, shall have the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may right to terminate this Lease pursuant to if: (1) the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition Premises have been materially damaged and there is less than 2 years of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from Term remaining on the date of casualty the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or taking until (3) a material uninsured loss to the Building or Premises or such remainder occurs. Tenant shall have been restored by Landlord and the right to terminate this Lease in case the event of a taking which permanently reduces the area Casualty and less than twelve (12) months of the Premises, a just proportion Term remain after the date of the fixed rent and additional rent shall be abated for the remainder of the TermCasualty.
Appears in 1 contract
Samples: Office Lease Agreement (Atea Pharmaceuticals, Inc.)
Casualty. and Taking ------------------- In case during If the Term all Premises or Project, or any substantial part portion of the Premiseseither, the Building or the Lot are shall be damaged materially by fire or other casualty or covered by action the insurance carried by Landlord hereunder and the cost of public or other authority in consequence repairing such damage shall not be greater than eighty percent (80%) of the then full replacement cost thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authoritythen, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise subject to the election following provisions of this Article 8, Landlord shall proceed with due diligence to terminate which notice shall specify repair the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put Premises and/or Project. If the Premises or such remainder in Project shall be damaged (a) by fire or other casualty not covered by insurance carried by Landlord hereunder, or (b) to an extent greater than eighty percent (80%) of the then full replacement cost thereof, then Landlord shall have the option (i) to repair or reconstruct the same to substantially the same condition as good or better condition than existed immediately prior to such firefire or other casualty, other casualty or taking. In case (ii) terminate this Lease by so notifying Tenant within one louvered, twenty (10) thirty (30) days after the date of a taking of part such fire or others casualty, such termination to be effective as of the Premisesdate of such fire or other casualty. Failure to give notice of Landlord's decision within such thirty (30): one hundred twenty (1~0) day period, notwithstanding the foregoing, if such destruction results in the remainder is insufficient premises being untenable in whole, or insubstantial part, for use for Tenant's purposes, and a period reasonably estimated by the responsible contractor selected by Landlord receives written notice thereof signed by Tenant, to be six (6) months or longer after the date of casualty or in the case event of casualty total or taking if substantial damage or destruction of the time needed building from any cause of which the period to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or restore is reasonably estimated by the Landlord aforesaid contractor to exceed six months, or if Landlord's restoration work is not actually completed within be six (6) months from or longer after the date of casualty (and irrespective whether or taking not the Premises are damaged), then Tenant or Landlord may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 thirty (30) days after the date of Landlord's notice described below and all rentals owed up to the time of such destruction or termination must be paid by Tenant (it being understood that Tenant must pay rentals on all tenable space until termination of this Lease). Landlord will give Tenant written notice thirty (30) days after any such damage or destruction. Any such termination, either by Landlord or Tenant, will not relieve Tenant of its obligations and liability (whether under this Section 8.01 or elsewhere in this Lease) which are expressly provided to survive the expiration or earlier termination of this Lease. If Landlord elects not to rebuild, then Landlord will be entitled to retain all of the insurance proceeds of the fire, and casualty insurance maintained by it and its interest in any case Tenant's insurance which Tenant is required to maintain pursuant to Section 7.02 above. Notwithstanding anything contained in this Section 8.01, Landlord will be obligated to restore or rebuild only the damaged and/or affected portions of the Premises are rendered unfit for use to the same condition, excepting reasonable wear and occupation and tear installed by Landlord at the Lease is not so terminated, Landlord shall use due diligence (following commencement of the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termapproved Plans attached as Exhibit "-".
Appears in 1 contract
Samples: Lease Agreement (Spacehab Inc \Wa\)
Casualty. and Taking ------------------- In case during the Term all or any substantial part If more than 20% of the Premises, the Building or the Lot are damaged materially is rendered untenantable by fire or other casualty and Landlord reasonably determines (based on the determination of an architect or engineer named by action of public or other authority in consequence thereof, or are taken Landlord and reasonably approved by eminent domain or Landlord receives compensable Tenant) that the damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may cannot be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant repaired within 60 one hundred eighty (180) days after the occurrence Landlord is notified of the event giving rise casualty, then either Landlord or Tenant may, within thirty (30) days after such determination (which shall be provided to Tenant), give the election to terminate which other notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate termination of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposesthis Lease, and Landlord receives written the Term and Guaranty shall expire thirty (30) days after such notice thereof signed by Tenantis given, or in the case with rent being apportioned and as of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified If either by Landlord or Tenant have not elected to terminate as herein provided, Landlord shall repair the Building and Premises to the same condition as existed as of the Commencement Date, reasonable wear and tear excepted with reasonable dispatch and in compliance with all Laws at the time of such repair. During any period Tenant is not able to occupy the Premises on account of any repair or restoration, Tenant will have no obligation to pay rent or other amounts due hereunder. Tenant shall give Landlord prompt written notice of any damage to the Building by fire or other casualty. Landlord's obligations to restore are strictly limited to the replacement of the Building and Common Areas. Landlord shall not be obligated to restore any Alterations, personal property, furniture, fixtures or equipment. In the event Landlord fails to perform its restoration obligations by the date which shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case time estimate provided by the Premises are rendered unfit for use and occupation and architect's or engineer's determination noted above, Tenant shall have the Lease is right, but not so terminatedthe obligation, Landlord shall use due diligence (following the expiration of all periods in which either party may to terminate this Lease pursuant and the Guaranty upon ten (10) days' prior notice without any further obligation to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermLandlord.
Appears in 1 contract
Casualty. and Taking ------------------- In case during If the Term all Premises or any substantial part of the Premises, the Building are totally or partially damaged or destroyed thereby rendering the Lot are damaged materially by fire Premises totally or other casualty partially inaccessible or by action of public unusable, then Landlord shall diligently repair and restore the Premises and the Building to substantially the same condition they were in prior to such damage or other authority destruction; provided, however, that if in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may reasonable judgment such repair and restoration cannot be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant completed within 60 one hundred and eighty (180) days after the occurrence of such damage or destruction and Landlord notifies Tenant of same within thirty (30) days after the event occurrence of such damage or destruction, then Landlord and Tenant shall each have the right to terminate this Lease by giving rise written notice of termination within sixty (60) days after the occurrence of such damage or destruction. If this Lease is terminated pursuant to this Article, then rent shall be apportioned (based on the portion of the Premises which is usable after such damage or destruction) and paid to the election to terminate which notice shall specify the effective date of termination. Notwithstanding the forgoing Landlord shall be under no obligation to repair or restore the EG or the Antenna in the event of any fire or other casualty, same being the sole responsibility of Tenant. If this Lease is not terminated as a result of such damage or destruction, then until such repair and restoration of the Premises are substantially complete, Tenant shall be required to pay rent only for the portion of the Premises that is used and usable while such repair and restoration are being made. Landlord shall proceed with and bear the expenses of such repair and restoration of the Premises and the Building; provided, however, that Landlord shall not be required to repair or restore any of contents of the Premises (including, without limitation, Tenant's trade fixtures, furnishings, equipment or personal property). Notwithstanding anything herein to the contrary, Landlord shall have the right to terminate this Lease if: (1) insurance proceeds are insufficient to pay the full cost of such repair and restoration; (2) the holder of any Mortgage fails or refuses to make such insurance proceeds available for such repair and restoration; (3) zoning or other applicable Laws or regulations do not permit such repair and restoration; or (4) the Building is damaged by fire or casualty (whether or not the Premises has been damaged) to such an extent that Landlord decides, in its sole and absolute discretion, not to rebuild or reconstruct the Building. Notwithstanding anything herein to the contrary, Tenant shall have the right to terminate this Lease by written notice to Landlord if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or complete any such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, repair and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six two hundred fifty (6250) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice occurrence of such termination. If in any case the Premises are rendered unfit for use damage and occupation and the Lease is not so terminateddestruction, Landlord shall use due diligence such notice to be given within ten (following 10) days after the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1said two hundred fifty (250) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termdays.
Appears in 1 contract
Samples: Lease Agreement (Praxair Inc)
Casualty. and Taking ------------------- In case during the Term all or any substantial part of the Premises, event that the Building or the Lot are damaged materially should be totally destroyed by fire or other casualty or by action of public in the event the Building (or other authority any portion thereof) should be so damaged that rebuilding or repairs cannot be completed, in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's electionreasonable opinion, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six one hundred eighty (6180) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of the casualty, Landlord may, at its option, terminate this Lease, in which event Base Rent and Tenant's Proportionate Share of Operating Expenses shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord shall exercise the termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Tenant within (10) days after determining that the repairs cannot be completed within such one hundred eighty (180) day period. In the event that the Premises should be so damaged by fire or other casualty that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within one hundred eighty (180) days after the commencement of repairs to the Premises, Tenant may, at its option terminate this Lease, in which event Base Rent and Tenant's Proportionate Share of Operating Expenses shall be abated during the unexpired portion of this Lease, effective the date of termination. If in any case Tenant shall exercise the termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Landlord within ten (10) days after being advised by Landlord that the repairs cannot be completed within such one hundred eighty (180) day period. In the event the Building or the Premises are rendered unfit for use and occupation and should be damaged by fire or other casualty and, in Landlord's reasonable opinion, the Lease is not so terminatedrebuilding or repairs can be completed within one hundred eighty (180) days after the date of the casualty, or if the damage should be more serious but neither Landlord shall use due diligence (following the expiration of all periods in which either party may nor Tenant elect to terminate this Lease pursuant to this Paragraph, in either such event Landlord shall, within sixty (60) days after the foregoing provisions date of this Section 7.1such damage, commence (and thereafter pursue with reasonable diligence) to restore repairing the Building and the Premises, or in case but only to the extent of taking what may remain thereof (excluding any items installed or paid insurance proceeds actually received by Landlord for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3)such repairs, to substantially the same condition of the Premises which existed immediately prior to the casualty or taking and a just proportion happening of the fixed rent and additional rent according casualty. In no event shall Landlord be required to the nature and extent rebuild, repair or replace any part of the injury furniture, equipment, fixtures, inventory, supplies or any other personalty or any other improvements which may have been placed by Tenant within the Building or at the Premises. Landlord shall allow Tenant a fair abatement of Base Rent and Tenant's Proportionate Share of Operating Expenses during the time the Premises are unfit for occupancy; provided, that if such casualty was caused by Tenant, its agents, employees, licensees or invitees, Base Rent and Tenant's Proportionate Share of Operating Expenses shall be abated from only to the date extent Landlord is compensated for the same by loss of rents insurance, if any. Notwithstanding Landlord's restoration obligation, in the event any mortgagee under a deed of trust, security agreement or mortgage on the Building should require that the insurance proceeds be used to retire or reduce the mortgage debt or if the insurance company issuing Landlord's fire and casualty insurance policy fails or taking until refuses to pay Landlord the proceeds under such policy, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice by Landlord to Tenant. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces be for the area sole benefit of the Premises, a just proportion of the fixed rent party carrying such insurance and additional rent shall be abated for the remainder of the Termunder its sole control.
Appears in 1 contract
Samples: Lease Agreement (Pods Inc)
Casualty. Prior to the Closing and Taking ------------------- In case during notwithstanding the Term all or any substantial part pendency of the Premisesthis Agreement, the Building entire risk of loss or the Lot are damaged materially damage by earthquake, hurricane, tornado, flood, landslide, fire or other casualty or shall be borne and assumed by action IWRA. If, prior to the Closing any "Material Damage" (as hereinafter defined) occurs to any portion of public the Property as a result of earthquake, hurricane, tornado, flood, landslide, fire or other authority in consequence thereofcasualty, IWRA shall immediately notify HBR of such fact. In such event, HBR shall have the option to terminate this Agreement upon written notice to IWRA given not later than thirty (30) days after HBR's receipt of such notice from IWRA. Upon such termination, the parties shall equally share the cancellation charges, if any, of Escrow Agent and Title Company, and neither party shall have any further rights or are taken by eminent domain obligations hereunder, other than pursuant to Sections 4.1.2 and 8.7 and Article 15 hereof. HBR shall have no right to terminate this Agreement as a result of any damage or Landlord receives compensable destruction of any portion of the Property that does not constitute Material Damage. If HBR does not elect or has no right to terminate this Agreement, IWRA shall assign and turn over, and HBR shall be entitled to receive and keep, insurance proceeds relating to damage to the Property (other than any insurance proceeds with respect to the Gaming Equipment) payable with respect to such damage or destruction (which shall then be repaired or not at HBR's option and cost) and HBR shall receive, as a credit against the Consideration, an amount equal to the deductible amount with respect to the insurance and the parties shall proceed to the Closing pursuant to the terms hereof without modification of the terms of this Agreement. If HBR does not elect or has no right to terminate this Agreement by reason of anything lawfully done on pursuance of public or other lawful authorityany casualty, this Lease HBR shall terminate at Landlord's election, provided Landlord terminates all other leases in have the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given right to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If participate in any case adjustment of any insurance claim. As used herein, the Premises are rendered unfit for use and occupation and term "MATERIAL DAMAGE" shall mean damage or destruction, the Lease is not so terminated, Landlord shall use due diligence (following the expiration cost of all periods in repair of which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termexceeds $100,000.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Harveys Casino Resorts)
Casualty. With respect to each Property, prior to the applicable Closing and Taking ------------------- In case during notwithstanding the Term all or any substantial part pendency of the Premisesthis Agreement, the Building entire risk of loss or the Lot are damaged materially damage by fire earthquake, hurricane, tornado, flood, landslide, fire, acts of war, terrorism, terrorist activities or other casualty shall be borne by and be the responsibility of the applicable Transferor that owns or by action leases such Property. If, prior to the applicable Closing of public a Property, any “Material Damage” (as hereinafter defined) occurs to any portion of such Property as a result of earthquake, hurricane, tornado, flood, landslide, fire, acts of war, terrorism, terrorist activities or other authority casualty, the Transferor that owns or leases such Property shall immediately notify Transferee of such fact. In such event, NHP shall have the option to terminate this Agreement with respect to such Property upon written notice to the applicable Transferor, given not later than thirty (30) days after such Transferor provides such notice to Transferee (in consequence thereofwhich case this Agreement shall automatically terminate and be of no further force or effect with respect to such Property, the parties shall equally share the cancellation charges, if any, of Escrow Agent and Title Company with respect to such Property, no party or are taken its affiliates shall have any further rights or obligations hereunder with respect to such Property (including, without limitation, rights of first offer, rights of first refusal or other similar rights), other than pursuant to any provision hereof which expressly survives the termination of this Agreement, and the remainder of this Agreement shall remain in full force and effect). NHP shall have no right to terminate its rights and obligations under this Agreement with respect to any Property as a result of any damage or destruction of such Property that does not constitute a Material Damage. If NHP does not elect or has no right to terminate this Agreement with respect to such Property affected by eminent domain such damage or Landlord receives compensable destruction, the applicable Transferor shall assign and turn over to the applicable Property Owning Entity, and such Property Owning Entity shall be entitled to receive and keep, all insurance proceeds payable with respect to such damage or destruction (which shall then be repaired or not at such Property Owning Entity’s option and cost) and Transferee shall receive, as a credit against the Contribution Value for such Property, an amount equal to the deductible amount with respect to the insurance, to the extent covered by insurance, and the parties shall proceed to the applicable Closing pursuant to the terms hereof without modification of the terms of this Agreement. If NHP does not elect or has no right to terminate such affected portion of this Agreement by reason of anything lawfully done on pursuance any casualty, NHP shall have the right to participate in any adjustment of public any insurance claim. As used herein, the term “Material Damage” shall mean, with respect to a particular Property, any damage or casualty loss to such Property or any portion thereof (a) such that the cost of repairing or restoring such Property to substantially the same condition which existed prior to the event of such damage or casualty would be, in the reasonable opinion of an architect or other lawful authorityqualified expert mutually selected by such Transferor and NHP, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given equal to Tenant within 60 days after the occurrence or greater than five percent (5%) of the event giving rise to Total Property Value for such Property or (b) that results in any Tenants having the election right to terminate which notice shall specify the effective date of termination, their or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6its Lease(s) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to the foregoing provisions terms thereof or having the right to an abatement of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove rent pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored terms thereof that is not covered by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termrental insurance.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Nationwide Health Properties Inc)
Casualty. and Taking ------------------- In case during the Term all of damage to or any substantial part destruction of the Premises, whether or not by a risk required to be covered by insurance as set forth in Paragraph 19 of this Lease, this Lease shall not terminate and Tenant shall promptly restore, rebuild, replace or repair (hereinafter referred to as “Restore” or “Restoration”) the Building Premises to substantially the same condition as existed immediately prior to such damage or destruction. Tenant shall pay all costs of such Restoration whether or not such costs are covered by insurance. Such Restoration shall be commenced promptly but in no event later than ninety (90) days after the Lot are damaged materially casualty and shall thereafter be prosecuted with due diligence. Notwithstanding the foregoing, however, in the case of damage to or destruction of the Premises during the last twelve (12) months of the Term that will render the Premises inaccessible or unusable for purposes of conducting Tenant’s business for a period of ninety (90) days or more, Tenant may elect to terminate this Lease by fire or other casualty or by action giving Landlord written notice of public or other authority such election within thirty (30) days following the casualty, in consequence thereofwhich event Tenant shall have no obligation to Restore the Premises; provided, or are taken by eminent domain or however, Tenant shall, at its cost, clear the Premises of debris and return the same to a safe and clean condition, and deliver any insurance proceeds to Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authorityin accordance with Subparagraph 20(e) below. If Tenant elects to terminate this Lease in accordance with this paragraph, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in thirty (30) days following the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives Tenant’s written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case election (the Premises are rendered unfit for use and occupation and “Termination Date”) upon the Lease is not so terminated, Landlord shall use due diligence (following the expiration payment by Tenant of all periods in which either party may terminate rent and all other sums then due and payable under this Lease pursuant to and including the foregoing provisions Termination Date. Said termination shall not release Tenant from the obligations and liabilities of Tenant under this Section 7.1) to restore the PremisesLease, actual or in case of taking what may remain thereof (excluding any items installed contingent, which have accrued on or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the TermTermination Date.
Appears in 1 contract
Samples: Commercial Lease (Hei Inc)
Casualty. and Taking ------------------- In case Section 10.01. If the Building is damaged or destroyed by fire, explosion, the elements or otherwise during the Term all so as to render the Building unfit for Tenant to conduct its business, or any substantial part should the Demised Premises be so badly injured that the same cannot be reasonably repaired within two hundred seventy (270) days from the happening of such injury, then, and in such case, the Term hereby created shall, at the option of Tenant, exercised within thirty (30) days of the Premisescasualty, terminate upon the giving of a written notice of termination. Additionally, if the Demised Premises are not in fact repaired within three hundred sixty five (365) days of the casualty, through no fault of the Tenant, Tenant may, upon ninety five (95) days’ written notice (the “Notice/Cure Period”) to Landlord, given on or after the two hundred seventieth (270th) day following the casualty, terminate this Lease unless the repairs to the Demised Premises are completed within the Notice/Cure Period. In either of the aforesaid cases, Landlord shall have a similar right to cancel this Lease if at the time of the casualty (A) there is not at least three (3) years remaining to the Lease Term (as the same may be extended by Tenant exercising any available renewal); or if (B) Landlord’s mortgagee will not make insurance proceeds available to Landlord to restore the Demised Premises and/or Building, and said proceeds are not adequate to restore the Demised Premises and/or Building. If a notice of termination is given, the Building or the Lot are damaged materially by fire or other casualty or by action Term of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 days after the occurrence effective as of the event giving rise date of such damage or destruction, and Tenant shall immediately surrender the Demised Premises and all Tenant’s interest therein to Landlord, and pay Basic Rent to the election to terminate which notice shall specify the effective date time of termination, such damage or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of the time needed to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposesdestruction, and Landlord receives written notice thereof signed by Tenant, or in may re-enter and repossess the case of casualty or taking if the time needed to do the construction work necessary to put the Demised Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months discharged from the date of casualty or taking Tenant may terminate this Lease by notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such termination. If in any case the Premises are rendered unfit for use and occupation and the Lease is not so terminated, Landlord shall use due diligence (following the expiration of may remove all periods in which either party may terminate this Lease pursuant to the foregoing provisions of this Section 7.1) to restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termparties therefrom.
Appears in 1 contract
Samples: Lease Agreement (Merisel Inc /De/)
Casualty. and Taking ------------------- In case during the Term all event the leased Premises or any substantial part of the Premises, the Building is destroyed or the Lot are damaged materially injured by fire fire, earthquake or other casualty to the extent that they are no longer satisfactory for the conduct of Tenant's business, in whole or by action of public or other authority in consequence thereofpart, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given then Xxxxxxxx will engage a registered architect to Tenant certify within 60 sixty (60) days after such destruction or injury to Landlord and Tenant the occurrence amount of time needed to restore the event giving rise Building and the Premises to substantially the same condition as existed immediately prior to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate of casualty. If the time needed to put so restore the Building and Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six exceeds twelve (612) months from the date of casualty the casualty, then either the Landlord or taking Tenant may terminate this Lease by giving the other party such notice given to Landlord within 30 days after receipt of Landlord's notice, which notice by Tenant shall specify the effective date of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 within thirty (30) days after the date notifying party's receipt of notice of such terminationthe architect's certificate. If in any case a casualty causes damages to the Premises are rendered unfit for use Building and occupation and the this Lease is not terminated by either party under the provisions of this section, then Landlord shall diligently rebuild and restore the Building and the Premises. Upon a casualty event, the rent shall be abated equitably on a per diem basis for the portion of the Premises that is unfit for occupancy commencing upon the date of the casualty and ending on the completion of the repair and restoration so as to permit Xxxxxx's full and regular occupancy thereof or the earlier termination of this Lease. During any period of abatement of rent due to casualty or destruction of the Premises, unless this Lease has been terminated, Landlord shall use due diligence its best efforts to locate comparable space for Tenant at the fair market rate not to exceed Xxxxxx's rental rate hereunder. Landlord 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 Premises. Notwithstanding anything to the contrary in this -14- <PAGE> Section 17(a). if the casualty occurs in the last eighteen (following 18) months of the expiration then current term of all periods in which the Lease, either party Landlord or Tenant may terminate this Lease pursuant to the foregoing provisions of this Section 7.1upon thirty (30) to restore the Premises, or in case of taking what may remain thereof days written notice. (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3B), to the condition of the Premises immediately prior to the casualty or taking and a just proportion of the fixed rent and additional rent according to the nature and extent of the injury shall be abated from the date of casualty or taking until the Premises or such remainder shall have been restored by Landlord and in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Term.
Appears in 1 contract
Samples: Office Lease Agreement
Casualty. and Taking ------------------- In case during If Tenant causes material damage to or the Term all destruction of facilities or any substantial part of improvements located within the Premises, or if facilities or improvements located with the Building Premises are declared unsafe or unfit for use or occupancy by a public entity with jurisdiction directly as a result the Lot are damaged materially by fire acts or other casualty omissions of Tenant, then Tenant shall commence repair or by action replacement of public the improvements as required or other authority in consequence thereofpermitted under this section as soon as practical, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other lawful authority, this Lease shall terminate at Landlord's election, provided Landlord terminates all other leases in the Building, which may be made notwithstanding Landlord's entire interest may be divested, by notice given to Tenant within 60 but no later than 90 days after the occurrence event that caused the damage or destruction. Tenant shall diligently perform such repairs to completion. If Tenant does not commence the repairs within 90 days, the District may undertake the repairs. Tenant shall reimburse the District for the actual and documented cost of any such repair costs undertaken by the District (subject to application of insurance proceeds actually received by the District). If Tenant does not reimburse the District for repair costs, the District will deliver a notice of nonpayment requiring Tenant to pay within ten days. Upon the passage of the event giving rise ten days, the District will be authorized to withdraw this cost from the Security Deposit; provided, however, the District’s withdrawal of such cost from the Security Deposit will not be deemed to constitute a waiver of any default or breach under this Lease on the part of Tenant for Xxxxxx’s failure to reimburse District for the repair costs as referred to above. Tenant shall perform the repairs required by this Section 19.1 in accordance with the provisions of this Lease and to the election to terminate which notice shall specify the effective date of termination, or if Landlord does not elect to so terminate, which notice shall contain Landlord's nonbinding estimate reasonable satisfaction of the time needed to put District. If the Site is damaged or destroyed through no negligence, act or omission of Tenant and, as a result of such damage or destruction, the Premises or such remainder in as good or better condition than existed immediately prior are not suitable for the Business Objective, Tenant shall have the option to such fire, other casualty or taking. In case of a taking of part of the Premises, if the remainder is insufficient for use for Tenant's purposes, and Landlord receives written notice thereof signed by Tenant, or in the case of casualty or taking if the time needed to do the construction work necessary to put the Premises or such remainder in as good or better condition than existed immediately prior to such fire, other casualty or is reasonably estimated by the Landlord to exceed six months, or if Landlord's restoration work is not actually completed within six (6) months from the date of casualty or taking Tenant may terminate this Lease by delivering written notice given to Landlord District within 30 60 days after receipt following the occurrence of Landlord's noticesuch damage or destruction, in which event this Lease will terminate as of the date specified in Tenant’s notice by whereupon neither the District nor Tenant shall specify have any further liability hereunder, excluding those provisions which are expressly intended to survive the effective date termination or expiration of termination. The effective date of termination specified either by Landlord or Tenant shall be not less than 15 nor more than 30 days after the date of notice of such terminationthis Lease. If in any case the Premises are rendered unfit for use and occupation and the Lease is Tenant does not so terminated, Landlord shall use due diligence (following the expiration of all periods in which either party may terminate this Lease pursuant as provided above in strict accordance with the time period set forth in the immediately preceding sentence, this Lease will continue in full force and effect, and District will proceed to the foregoing provisions of this Section 7.1) to promptly repair such damage and destruction and restore the Premises, or in case of taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or 3.3), Site to the condition existing prior to such damage and destruction. Rent will xxxxx during restoration and repair of the Premises immediately prior in direct proportion to the casualty or taking and a just proportion percentage of the fixed rent and additional rent according Premises which is unusable by Xxxxxx, as determined by the District. District has no obligation to the nature and extent of the injury shall be abated from the date of casualty restore or taking until repair the Premises or such remainder shall have been restored by Landlord and following a casualty except only as otherwise set forth in case of a taking which permanently reduces the area of the Premises, a just proportion of the fixed rent and additional rent shall be abated for the remainder of the Termthis Lease.
Appears in 1 contract
Samples: Lease Agreement
