DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion. (b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty during the term hereof, Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition. (c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease. (d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter. (e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 3 contracts
Samples: Lease (DSW Inc.), Lease (Retail Ventures Inc), Lease (Retail Ventures Inc)
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during In the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence event of fire or other casualty damage to the Premises during the term hereofLease Term which requires repairs to the Premises, Landlord shall repair commence to make said repairs within ninety (90) days after written notice by Tenant of the necessity therefor and restore diligently proceed therewith to completion. The Minimum Monthly Rent shall be proportionately reduced while such repairs are being made, based upon the same extent to a good tenantable condition which the making of such repairs shall interfere with reasonable dispatchthe business carried on by Tenant in the Premises. During such period of Landlord shall have no obligation to repair, restore, or replace Tenant’s trade fixtures or personal property and Tenant shall be solely responsible therefor. Notwithstanding the rent herein provided for in this above, if (a) during the last year of the Lease shall axxxx Term the Premises or the Building is damaged as a result of fire or any other insured casualty, or (ib) entirely in case all of the Premises are untenantable; damaged to the extent of twenty-five percent (25%) or more of the replacement value of the Premises, or (c) the Premises or the Building is damaged or destroyed as a result of a casualty not insured against, or (d) the Building shall be damaged or destroyed by fire or other cause to the extent of twenty percent (20%) or more of the Building’s replacement value, then Landlord shall have the right, to be exercised by notice in writing to Tenant given within ninety (90) days after said occurrence, to terminate this Lease. Tenant waives any statutory or other right Tenant may have to cancel this Lease as a result of such destruction and (ii) proportionately no such destruction shall annul or void this Lease. The provisions of this Article shall supersede the obligations of Landlord to make repairs under Article 17 of the Lease. Notwithstanding the provisions of this Article 22, if only a the Premises or any other portion of the Premises is untenantable Building are damaged by fire or other casualty resulting from the negligent act or omission or willful misconduct of Tenant or Tenant’s Permittees, Minimum Monthly Rent shall not be reduced during the repair of the damage, and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, liable to Landlord for the numerator cost and expense of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice the Premises or the Building caused thereby to the other party extent that cost and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Leaseexpense is not covered by insurance proceeds.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 3 contracts
Samples: Office Lease Agreement (Renegy Holdings, Inc.), Office Lease Agreement (Catalytica Energy Systems Inc), Office Lease Agreement (Renegy Holdings, Inc.)
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord Notwithstanding anything to the contrary contained in the Lease:
A. Lessor shall at all times during not have the term right to terminate the Lease if damage to or destruction of this Lease carry property insurance on the Premises or the building containing in which the Premises is located, or both, results from a casualty ordinarily covered by insurance required to be carried by Lessor under the Lease.
B. In the event of damaged to the Premises which is not required to be covered by insurance, and is not covered by insurance actually carried, Lessor shall not have the right to terminate the Lease (i) if the damage is relatively minor (e.g., repair or restoration would take fewer than sixty (60) days or it would cost less than ten percent (10%) of the replacement cost of the Premises) or (ii) if Lessee agrees to pay the cost of repair in excess of ten percent (10%) of the then replacement cost of the Premises.
C. If the Premises are damaged by any peril and Lessor does not elect to terminate the Lease or is not entitled to terminate the Lease pursuant to its terms, then as soon as reasonably practicable, Lessor shall furnish Lessee with a written opinion of Lessor's architect or construction consultant as to when the restoration work required of Lessor may be completed. Lessee shall have the option to terminate the Lease in the event any of the following occurs, which option may be exercised by delivery to Lessor of a written notice of election to terminate within thirty (30) days after Lessee receives from Lessor the estimate of the time needed to complete such restoration: (i) the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty during the term hereof, Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repairdiligence, cannot be fully repaired 50 by Lessor within one hundred twenty (120) days after the rent herein provided for in this Lease shall axxxx damage or destruction; or (iii) entirely in case all of if the Premises are untenantable; and damaged by any peril within twelve (ii12) proportionately if only a portion months of the Premises is untenantable last day of term, and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall cannot be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be substantially restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following after the date of such one hundred fifty (150) day period but damage.
D. If the Lease is not terminated by Lessor or Lessee as provided herein, Lessor shall restore the Premises and all tenant improvements installed by Lessor to the condition in which they existed immediately prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Leasecasualty.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 3 contracts
Samples: Assignment and Assumption of Sublease (Marimba Inc), Assignment and Assumption of Sublease (Marimba Inc), Assignment and Assumption of Sublease (Marimba Inc)
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord Notwithstanding anything to the contrary contained in the Lease:
A. Lessor shall at all times during not have the term right to terminate the Lease if damage to or destruction of this Lease carry property insurance on the Premises or the building containing in which the Premises is located, or both, results from a casualty ordinarily covered by insurance required to be carried by Lessor under the Lease.
B. In the event of damage to the Premises which is not required to be covered by insurance, and is not covered by insurance actually carried, Lessor shall not have the right to terminate the Lease (i) if the damage is relatively minor (e.g., repair or restoration would take fewer than sixty (60) days or it would cost less than ten percent (10%) of the replacement cost of the Premises) or (ii) if Lessee agrees to pay the cost of repair in excess of ten percent (10%) of the then replacement cost of the Premises.
C. If the Premises are damaged by any peril ant Lessor does not elect to terminate the Lease or is not entitled to terminate the Lease pursuant to its terms, then as soon as reasonably practicable, Lessor shall furnish Lessee with a written opinion of Lessor's architect or construction consultant as to when the restoration work required of Lessor may be completed. Lessee shall have the option to terminate the Lease in the event any of the following occurs, which option may be exercised by delivery to Lessor of a written notice of election to terminate within thirty (30) days after Lessee receives from Lessor the estimate of the time needed to 30 complete such restoration: (i) the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty during the term hereof, Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repairdiligence, cannot be fully repaired by Lessor within one hundred twenty (120) days after the rent herein provided for in this Lease shall axxxx damage or destruction; or (iii) entirely in case all of if the Premises are untenantable; and damaged by any peril within twelve (ii12) proportionately if only a portion months of the Premises is untenantable last day of term, and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall cannot be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be substantially restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following after the date of such one hundred fifty (150) day period but damage.
D. If the Lease is not terminated by Lessor or Lessee as provided herein, Lesser shall restore the Premises and all tenant improvements installed by Lessor to the condition in which they existed immediately prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Leasecasualty.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 3 contracts
Samples: Assignment and Assumption of Sublease (Marimba Inc), Assignment and Assumption of Sublease (Marimba Inc), Assignment and Assumption of Sublease (Marimba Inc)
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “"Structural Portions” " (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s 's premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s 's use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty during the term hereof, Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx xxxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s 's offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s 's offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s 's restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s 's Work or improvements.
Appears in 2 contracts
Samples: Lease (Retail Ventures Inc), Lease (DSW Inc.)
DAMAGE AND DESTRUCTION OF PREMISES. In the event of (a) Landlord shall at all times partial destruction of said premises or the building containing same during the term of this Lease carry property insurance on the building containing the Premiseslease, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up which requires repairs either to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the demised premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
said building; or (b) If the Premises demised premises or said building being declared unsafe or unfit for occupancy by any authorized public authority for any reason other than Tenant's act, use or occupation, which declaration requires to repair either the demised premises or said building, Landlord shall forthwith make the repairs, provided Tenant gives to Landlord thirty (30) days written notice of the necessity thereof. No such partial destruction (including any destruction necessary in order to make repairs required by any declaration made by any public authority) shall in any way nullify or void this lease except that Tenant shall be damagedentitled to a proportionate reduction of base rental while the repairs are being made. Such proportionate reduction to be based upon the extent to which the making of such repairs shall interfere with the business carried on by Tenant in demised premises. However, destroyedif during the term of this lease, or rendered untenantable, in whole or in part, by or the building is damaged as the a result or consequence of fire or any other insured casualty during the term hereofto an extent in excess of twentyfive (25%) per cent of its then replacement cost, (excluding foundations(s)), Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, may within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restoredoccurs, terminate this lease by written notice to Tenant. If Tenant makes Landlord, however, elects to make said offer repairs, and provided Landlord uses due diligence in making repairs, this lease shall continue in full force and effect and the base rental shall be proportionately reduced as hereinafter provided. If Landlord elects to extendterminate this lease, all rentals shall be prorated between Landlord and Tenant shall determine as of the date of such destruction. In respect to any partial destruction (including any destruction necessary in order to make repairs required by any such declaration of any authorized public authority) which Landlord is obligated to repair or may elect to repair under the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein providedArticle, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in waives any statutory right it may have to cancel this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair lease as a result of Tenant’s Work or improvementssuch destruction.
Appears in 2 contracts
Samples: Lease (Landacorp Inc), Lease (Landa Management Systems Corp)
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times A. If, during the term of this Lease carry property insurance on Term, the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord Premises or any part thereof shall be under no obligation to maintain insurance on any improvements installed by destroyed or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, damaged in whole or in part, part by or as the result or consequence of fire or any other casualty during cause, except condemnation, Tenant shall give to Landlord immediate written notice thereof and, so long as such destruction or damage is or should be covered by insurance required to be maintained by Tenant under this Lease ("Insured Damage"), Tenant shall promptly repair, replace and rebuild such damaged or destroyed Premises, at least to the term hereof, extent of the value of such Premises existing immediately prior to such damage. Landlord shall repair not be required to perform any repair, replacement or rebuilding of Insured Damage. Landlord shall make available the proceeds of any property hazard insurance payable on occurrence of such Insured Damage, subject to the terms of any Mortgage and subject to the following terms and conditions:
(1) Landlord shall be entitled to require that any and all insurance proceeds payable as a result of such damage or destruction be held in trust by the First Mortgagee or a bank or trust company appointed for such purpose by First Mortgagee or Landlord ("Insurance Trustee"). Within 30 days after receipt of the insurance proceeds by Insurance Trustee, Tenant shall submit to Landlord complete plans and specifications which shall be designed to restore the same Hotel or other damaged or destroyed improvements to a good tenantable at least the condition existing immediately prior to such damage or destruction and as completely in character as is practicable and reasonable and in compliance with reasonable dispatch. During such period of repair, the rent herein provided for any and all restrictions contained in this Lease shall axxxx (i) entirely in case all of any Mortgage then encumbering the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of or any deed or use restrictions enforceable against the Premises. The abatement plans and specifications shall be based subject to the approval of Landlord, which approval shall not be unreasonably withheld. Within 30 days after submission of such plans and specifications, Landlord shall either approve the same or serve written notice upon a fractionTenant of disapproval thereof and its objections thereto, but if no disapproval is given by Landlord within such 30-day period, then such plans and specifications shall be deemed to be approved by Landlord.
(2) Following approval by Landlord of plans and specifications for the repair and/or rebuilding of the Hotel or other improvement in the Premises, Tenant shall furnish to the Insurance Trustee copies of any contracts which Tenant shall enter into for the making of repairs and/or restoration of the Hotel or other improvement in the Premises. During the course of such repair and/or restoration work, the numerator Insurance Trustee shall pay to Tenant or to the contractors and subcontractors of which shall be Tenant for the square footage account of Tenant, out of the damaged insurance proceeds, 90% of the amounts owing for labor and unusable area materials furnished and supplied, with ten percent of such amounts being held as retainage, to be paid following 35 days after completion of the work, provided that no mechanics' or materialmen's liens have been filed against the Premises and/or the Premises as a result of such work. During such repair and/or restoration, Landlord, First Mortgagee and any architect, engineer or other representative whom either may select to act for it, may inspect the Hotel and other improvements in the Premises and all work and materials as rendered and installed during the denominator course of such repair and/or restoration and upon completion. In the event that during repair and/or restoration, Landlord shall reasonably determine that the materials do not substantially conform to the approved specifications or that the damaged improvements in the Premises are not being restored substantially in accordance with the approved plans, Landlord shall give prompt written notice to Tenant specifying in detail the particular deficiency or omission. Upon receipt of any such notice, Tenant shall take such steps as shall be necessary to cause corrections to be made as to any deficiency or omission, and if necessary shall remove, replace and repair all items so that such work substantially complies with the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable conditionapproved plans and specifications.
(c3) In If Tenant shall fail to commence repair and/or restoration, or cause such repair and/or restoration to be commenced, to the event the Premisesextent required under this Section 15.A, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) 120 days from the date of receipt of insurance proceeds for such damage and destruction in accordance with the provisions of the Lease, or destructionhaving commenced such repair or restoration, Tenant or shall fail to complete it with reasonable diligence (subject to extension for acts of God and other events of force majeure), and such failure shall continue for a period of 30 days after written notice by Landlord, Landlord may, at their optionits option and upon giving Tenant written notice that it elects so to do, terminate make and complete such repair and restoration. In such event, and whether or not this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration may have theretofore been terminated by reason of same any default by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this LeaseTenant, Landlord shall have the right right, as such repair and restoration progresses, to use and apply any and all remaining insurance proceeds to the cost of completing such restoration. No occurrence of Insured Damage, or of any damage or destruction to Intangible Personal Property, shall give or grant to Tenant an option to terminate this Lease or entitle Tenant to any abatement of rental hereunder, except the Basic Rent shall be abated to the extent, if any, of the amount received by Landlord under any rent loss or business interruption insurance.
(4) Notwithstanding any provisions in this Section 15.A to the contrary, if the Insured Damage shall be such that at least 30% of the Hotel (by floor area) requires rebuilding or restoration, and such damage or destruction occurs in the last two years of the Term, then Landlord shall have the option, in lieu of requiring the rebuilding and restoring the Hotel, to apply all insurance proceeds to the satisfaction of any Mortgage indebtedness encumbering the Premises. Such election shall be made within 60 days after the occurrence of the damage or destruction by written notice to Tenant within sixty (60) days following Tenant. In such damage or destructionevent, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period shall terminate and be of five (5) years from no further force and effect, and neither Landlord nor Tenant shall have any further rights, responsibilities or obligations hereunder.
B. In the date such event of any damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine of the terms and conditions of said extension within thirty Premises other than Insured Damage (30"Uninsured Damage") days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by which results in the partiesPremises being rendered unusable as a hotel, then this Lease shall terminate as of the date of such Uninsured Damage, unless either Landlord or Tenant provides the other party with written notice, within 30 days after such Uninsured Damage, that it will pay for and promptly and diligently perform repair of any and all such Uninsured Damage. In the event of any Uninsured Damage which does not result in the Premises being rendered unusable as a hotel, then Basic Rent shall xxxxx in direct proportion to the proportion that the floor area of the Hotel subject to Uninsured Damage bears to the floor area of the Hotel not subject to Uninsured Damage, effective as of the date of such the Uninsured Damage and until such time (if ever) as the same has been substantially repaired. Any repairs undertaken by Tenant under this Section 15.B shall be conducted pursuant to the provisions of Section 15.A above, except that Landlord shall accept Tenant’s offer be afforded all notice and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 approval rights otherwise provided to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvementsInsurance Trustee.
Appears in 2 contracts
Samples: Lease (KBS Strategic Opportunity REIT II, Inc.), Lease (KBS Strategic Opportunity REIT II, Inc.)
DAMAGE AND DESTRUCTION OF PREMISES. 21.1 In the event of (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty damage to the Premises or the Building during the term hereofLease Term which requires repairs to either the Premises or the Building, or (b) the Premises or Building being declared unsafe or unfit for occupancy by any authorized public authority for any reason other than Tenant's act, use or occupation, which declaration requires repairs to either the Premises or the Building, Landlord shall repair and restore the same commence to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease make said repairs within sixty (60) days following of written notice by Tenant of the necessity therefor. The Minimum Monthly Rent shall be proportionately reduced from the date of such one hundred fifty (150) day period but prior damage or declaration, based upon the extent to which such damage or declaration and the making of such repairs shall interfere with the business carried on by Tenant in the Premises.
21.2 Landlord's obligation to repair the Premises shall, however, be subject to the repair and restoration following. If:
(a) during the last year of same by giving prior written notice the Lease Term any portion of the Premises or the Building is damaged as a result of fire or any other insured casualty; or,
(b) at any time the Premises is damaged to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.extent of twenty-five percent (25%) or more of replacement value; or,
(c) the Premises or the Building are damaged or destroyed as a result of a casualty not insured against; or,
(d) If one-third (1/3) the Building shall be damaged or destroyed by fire or other cause to the extent of twenty percent of more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this LeaseBuilding's replacement value, Landlord shall have the right right, to be exercised by notice in writing to Tenant given within ninety (90) days from said occurrence, to cancel and terminate this Lease. Upon notice to Tenant, the Lease Term shall expire automatically upon the third (3rd) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Landlord elects to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destructionunder this Section, unless Tenant shall, within thirty (30) days following receipt all rents shall be prorated as of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such of damage or destruction is repaired and restoredLandlord shall be released from liability or obligation to Tenant. If Tenant makes Landlord, however, elects to make said offer repairs, and provided Landlord uses due diligence in making said repairs, this Lease shall continue in full force and effect and the Minimum Monthly Rent shall be proportionately reduced as provided in Section 21.1.
21.3 With respect to extend, any destruction (including any destruction necessary in order to make repairs) which Landlord and Tenant shall determine is obligated to repair or may elect to repair under the terms of this Article, Tenant waives any statutory or other right Tenant may have to terminate this Lease as a result of such destruction and conditions of said extension within thirty (30) days thereafter no such destruction shall annul or Tenant’s offer shall not be deemed to prevent Landlord from canceling void this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If 21.4 The provisions of this Article shall supersede the obligations of Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations make repairs under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.16.1
Appears in 2 contracts
Samples: Lease Agreement (Globalnet Financial Com Inc), Lease Agreement (Globalnet Financial Com Inc)
DAMAGE AND DESTRUCTION OF PREMISES. In the event of (a) partial or total destruction of said building containing same during said term which requires repairs to said building, or (b) said building being declared unsafe or unfit for occupancy by any authorized public authority for any reason other than Tenant’s act, use or occupation, which declaration requires repairs to said building, Landlord shall at all times forthwith make said repairs provided Tenant gives to landlord thirty (30) days written notice of the necessity therefor. No such partial destruction (including any destruction necessary in order to make repairs required by any declaration made by any public authority) shall in any wise annul or void this lease except that Tenant shall be entitled to a proportionate reduction of minimum guaranteed rental while such repairs are being made, such proportionate reduction to be based upon the extent to which the making of such repairs shall interfere with the business carried on by Tenant in said premises. However, if during the last four (4) years of the term of this Lease carry property insurance on lease the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles is damaged as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the a result or consequence of fire or any other insured casualty during the term hereofto an extent in excess of twenty-five (25%) percent of its then replacement cost, (excluding foundation(s)), Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, may within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restoredoccurs terminate this lease by written notice to Tenant. If Tenant makes Landlord, however, elects to make said offer repairs, and provided Landlord uses due diligence in making said repairs to extendbuilding, this lease shall continue in full force and effect, and the minimum guaranteed rental shall be proportionately reduced as hereinabove provided. If Landlord elects to terminate this lease, all rentals shall be prorated between Landlord and Tenant shall determine as of the terms and conditions date of said extension such destruction. The foregoing to the contrary notwithstanding, if the building is damaged or destroyed at any time during the term hereof to an extent of more than twenty-five (25%) percent of its then replacement cost (excluding foundation(s)) as a result of a casualty not insured against, Landlord may within thirty (30) days thereafter or following the date of such destruction terminate this lease upon written notice to tenant. If Landlord does not elect to so terminate because of said uninsured casualty, Landlord shall promptly rebuild and repair said building and Tenant’s offer rental obligation shall not be deemed proportionately reduced as hereinabove provided. In respect to prevent Landlord from canceling this Lease. If any partial or total destruction (including any destruction necessary in order to make repairs required by any such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(edeclaration of any authorized public authority) If which Landlord is required or elects obligated to repair and restore or may elect to repair under the Premises as herein providedterms of this Article 20, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in waives any statutory right it may have to cancel this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair lease as a result of Tenant’s Work or improvementssuch destruction.
Appears in 2 contracts
Samples: Lease Agreement (Liquidity Services Inc), Lease Agreement (Liquidity Services Inc)
DAMAGE AND DESTRUCTION OF PREMISES. 22.1 In the event of (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty damage to the Premises or the Building during the term hereofLease Term which requires repairs to either the Premises or the Building, or (b) the Premises or Building being declared unsafe or unfit for occupancy by any authorized public authority for any reason other than Tenant's act, use or occupation, which declaration requires repairs to either the Premises or the Building, Landlord shall repair and restore the same commence to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease make said repairs within sixty (60) days following of written notice by Tenant of the necessity therefor and diligently proceed therewith to completion, except as provided in Section 22.2. The Minimum Monthly Rent shall be proportionately reduced while such one hundred fifty (150) day period but prior repairs are being made, based upon the extent to which the making of such repairs shall interfere with the business carried on by Tenant in the Premises. Landlord shall have no obligation to repair, restore, or replace Tenant's trade fixtures or other personal property and Tenant shall be solely responsible therefor. Further, so long as Landlord has maintained in force the insurance required to be maintained by it hereunder, Landlord shall not be obligated to make repairs to the extent that the cost thereof exceeds the insurance proceeds available to the Landlord (exclusive of any amounts with respect to which Landlord has elected to self-insure or otherwise retain the risk).
22.2 Landlord's obligation to repair the Premises shall, however, be subject to the following provisions of this Section 22.2. If (a) during the last year of the Lease Term (subject to Tenant's exercise of its option to extend the Lease Term) the Premises or the Building is damaged as a result of fire or any other insured casualty, or (b) the Premises are damaged to the extent of 25% or more of replacement value, or (c) the Premises or the Building is damaged or destroyed as a result of a casualty not insured against, or (d) the Building shall be damaged or destroyed by fire or other cause to the extent of 20% or more of the Building's replacement value, then Landlord shall have the right, to be exercised by notice in writing to Tenant given within ninety (90) days from said occurrence, to cancel and restoration of same by giving prior written terminate this Lease. Upon notice to Tenant, the other party and thereupon Landlord Lease Term shall expire by lapse of time upon the third day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord within ten (10) days thereafter. If Landlord elects to terminate this Lease under this Section, all Rents shall be prorated as of the date of damage or destruction and Landlord thereupon shall be released from all future further liability or obligation to Tenant. If Landlord, however, elects to make said repairs, and obligations under provided Landlord uses due diligence in making said repairs, this LeaseLease shall continue in full force and effect and the Minimum Monthly Rent shall be proportionately reduced as provided in Section 22.1.
22.3 With respect to any destruction (dincluding any destruction necessary in order to make repairs) If one-third (1/3) which Landlord is obligated to repair or more of may elect to repair under the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term terms of this LeaseArticle, Landlord shall Tenant waives any statutory or other right Tenant may have the right to terminate cancel this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt as a result of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date destruction and no such damage destruction shall annul or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling void this Lease. If such terms and conditions have been mutually agreed The provisions of this Article shall supersede the obligations of Landlord to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations make repairs under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.17.1
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during In the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence event of fire or other casualty damage to the Premises during the term hereofLease Term which requires repairs to the Premises, Landlord shall repair and restore the same commence to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease make said repairs within sixty (60) days following after written notice by Tenant of the necessity therefor and diligently proceed therewith to completion. The Minimum Monthly Rent shall be proportionately reduced while such one hundred fifty repairs are being made, based upon the extent to which the making of such repairs shall interfere with the business carried on by Tenant in the Premises. Landlord shall have no obligation to repair, restore, or replace Tenant's trade fixtures or personal property and Tenant shall be solely responsible therefor. Notwithstanding the above, if (150a) day period but prior during the last year of the Lease Term the Premises or the Building is damaged as a result of fire or any other insured casualty, or (b) the Premises are damaged to the extent of twenty-five percent (25%) or more of the replacement value of the Premises, or (c) the Premises or the Building is damaged or destroyed as a result of a casualty not insured against, or (d) the Building shall be damaged or destroyed by fire or other cause to the extent of twenty percent (20%) or more of the Building's replacement value, then Landlord shall have the right, to be exercised by notice in writing to Tenant given within ninety (90) days after said occurrence, to terminate this Lease. Tenant waives any statutory or other right Tenant may have to cancel this Lease as a result of such destruction and no such destruction shall annul or void this Lease. The provisions of this Article shall supersede the obligations of Landlord to make repairs under Article 16 of this Lease. Notwithstanding the provisions of this Article 21, if the Premises or any other portion of the Building are damaged by fire or other casualty resulting from the negligent act or emission or willful misconduct of Tenant or Tenant's Permittees, Minimum Monthly Rent shall not be reduced during the repair of the damage, and Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of same by giving prior written notice the Premises or the Building caused thereby to the other party extent that cost and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Leaseexpense is not covered by insurance proceeds.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times In the event of a total or partial destruction of the improvements constructed on the leased premises during the term of the Lease, from any cause covered by the insurance described in Paragraph 9 of the Lease, Tenant shall promptly repair the same, but such destruction shall not annul or void the Lease; provided that the holder of any encumbrance makes the insurance proceeds available to Tenant or in lieu thereof, the lender may hold said proceeds in trust to be distributed to Tenant, or Tenant's subcontractors as the work progresses and Tenant delivers certification of the same. The proceeds received from the rental value insurance described in said Paragraph 9 shall be paid to Landlord during the six (6) month period covered by said insurance but, subsequent to said date, the rent reserved to be paid hereunder shall be equitably adjusted according to the amount and value of the undamaged space. Notwithstanding the provisions of this Paragraph 11, in the event there is total destruction, or partial destruction to the extent of fifty percent cent (50%) or more of the improvements constructed on the leased premises during the last one hundred twenty (120) days of the initial term, or during the last one hundred twenty (120) days of the extended term under any option to extend this Lease, Tenant can elect to terminate this Lease carry property by written notice delivered to Landlord not more than thirty (30) days after the destruction or damage, provided that in the event Tenant elects to so terminate, the insurance on proceeds payable under the building containing the Premises, including the “Structural Portions” (defined insurance described in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord Paragraph 9 shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use property of the Landlord. In the event of damage or destruction by any casualty other than a casualty insured under the insurance referred to hereinabove, Landlord may restore the premises or otherwise owned by Tenant. Landlord or, at Landlord's option, may elect to self-insure its obligations hereunder and/or use whatever deductibles as terminate the Lease and thereupon be released from further obligation under the Lease by giving written notice thereof to Tenant within twenty (20) days after the occurrence of such casualty, unless Tenant elects to restore the premises, by written notice of such election to Landlord, delivered to Landlord deems appropriatewithin twenty (20) days after the receipt of Landlord's written election to terminate the Lease, in its sole discretion.
(b) If the Premises shall be damagedwhich event Tenant shall, destroyedas soon as reasonably possible, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty during the term hereof, Landlord shall repair commence and proceed diligently to restore the same premises substantially to a good tenantable the condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able thereof immediately prior to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction. If neither party elects to restore the improvements, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party shall be terminated and thereupon the Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Leasefurther obligation thereunder, except that Landlord shall have the right be obligated to terminate this Lease by written notice repay Tenant any unused prepaid rent paid to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafterLandlord.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times In the event of a total or partial destruction of the improvements constructed on the leased premises during the term of the Lease, from any cause covered by the insurance described in Paragraph 9 of the Lease, Tenant shall promptly repair the same, but such destruction shall not annul or void the Lease; provided that the holder of any encumbrance makes the insurance proceeds available to Tenant or in lieu thereof, the lender may hold said proceeds in trust to be distributed to Tenant, or Tenant's subcontractors as the work progresses and Tenant delivers certification of the same. The proceeds received from the rental value insurance described in said Paragraph 9 shall be paid to Landlord during the six (6) month period covered by said insurance but, subsequent to said date, the rent reserved to be paid hereunder shall be equitably adjusted according to the amount and value of the undamaged space. Notwithstanding the provisions of this Paragraph 11, in the event there is total destruction, or partial destruction of the extent of fifty percent cent (50%) or more of the improvements constructed on the leased premises during the last one hundred twenty (120) days of the initial term, or during the last one hundred twenty (120) days of the extended term under any option to extend this Lease, Tenant can elect to terminate this Lease carry property by written notice delivered to Landlord not more than thirty (30) days after the destruction or damage, provided that in the event Tenant elects to so terminate, the insurance on proceeds payable under the building containing the Premises, including the “Structural Portions” (defined insurance described in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord Paragraph 9 shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use property of the Landlord. In the event of damage or destruction by any casualty other than a casualty insured under the insurance referred to hereinabove, Landlord may restore the premises or otherwise owned by Tenant. Landlord or, at Landlord's option, may elect to self-insure its obligations hereunder and/or use whatever deductibles as terminate the Lease and thereupon be released from further obligation under the Lease by giving written notice thereof to Tenant within twenty (20) days after the occurrence of such casualty, unless Tenant elects to restore the premises, by written notice of such election to Landlord, delivered to Landlord deems appropriatewithin twenty (20) days after the receipt of Landlord's written election to terminate the Lease, in its sole discretion.
(b) If the Premises shall be damagedwhich event Tenant shall, destroyedas soon as reasonably possible, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty during the term hereof, Landlord shall repair commence and proceed diligently to restore the same premises substantially to a good tenantable the condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able thereof immediately prior to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction. If neither party elects to restore the improvements, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party shall be terminated and thereupon the Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Leasefurther obligation thereunder, except that Landlord shall have the right be obligated to terminate this Lease by written notice repay Tenant any unused prepaid rent paid to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafterLandlord.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. In the event of (a) Landlord a total or partial destruction of said premises resulting from a casuality insured against, during the lease term or extensions which requires repairs to or the rebuilding of the demised premises, or (b) said premises being declared unsafe or unfit for occupancy by any authorized public authority for any reason other than Lessee’s act, use or occupation, which declaration requires repairs to either said premises or said building, Lessor shall at all times forthwith make said repairs provided Lessee gives to Lessor thirty (30) days written notice of the necessity therefor. No partial destruction (including any destruction necessary in order to make repairs required by any declaration made by any public authority) shall in any wise annul or void this Lease except that Lessee shall be entitled to a proportionate reduction of the then existing rent while such repairs are being made, such proportionate reduction to be based upon the extent to which the making of such repairs shall interfere with the business carried on by Lessee in said premises. However, if during the last year of the term of this Lease carry property insurance on lease the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles is damaged as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the a result or consequence of fire or any other insured casualty during the term hereofto an extent in excess of fifty percent (50%) of its then replacement cost, Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair(including foundation(s), the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, Lessor may within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restoredoccurs terminate this lease by written notice to Lessee. If Tenant makes Lessor, however, elects to make said offer repairs, and provided Lessor uses due diligence in making said repairs, this lease shall continue in full force and effect and the minimum guaranteed rental shall be proportionately reduced as hereinabove provided. If Lessor elects to extendterminate this lease all rentals shall be prorated between Lessor and Lessee as of the date of such destruction. The foregoing to the contrary notwithstanding, Landlord and Tenant shall determine if the terms and conditions building is damaged or destroyed at any time during the term hereof to an extent of said extension more than fifty percent (50%) of its then replacement cost (excluding foundation(s) as a result of a casualty not insured against, Lessor may within thirty (30) days thereafter or Tenant’s offer shall not be deemed following the date of such destruction terminate this lease upon written notice to prevent Landlord from canceling this LeaseLessee. If such terms and conditions have been mutually agreed Lessor does not elect to by the partiesso terminate because of said uninsured casualty, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant Lessor shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration rebuild and repair obligations under Section 22 said premises and Lessee’s rental obligation shall in no event include restoration or repair of Tenant’s Work or improvementsbe proportionately reduced as hereinabove provided.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during In the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence event of fire or other casualty damage to the Premises during the term hereofLease Term which requires repairs to the Premises, Landlord shall repair commence to make said repairs within ninety (90) days after written notice by Tenant of the necessity therefore and restore diligently proceed therewith to completion. The Minimum Monthly Rent shall be proportionately reduced while such repairs are being made, based upon the same extent to a good tenantable condition which the making of such repairs shall interfere with reasonable dispatchthe business carried on by Tenant in the Premises. During such period of Landlord shall have no obligation to repair, restore, or replace Tenant’s trade fixtures or personal property and Tenant shall be solely responsible therefore. Notwithstanding the rent herein provided for in this above, if (a) during the last year of the Lease shall axxxx Term the Premises or the Building is damaged as a result of fire or any other insured casualty, or (ib) entirely in case all of the Premises are untenantable; and damaged to the extent of twenty-five percent (ii25%) proportionately or more of the replacement value of the Premises, or (c) the Premises or the Building is damaged or destroyed as a result of a casualty not insured against, or (d) the Building shall be damaged or destroyed by fire or other cause to the extent of twenty percent (20%) or more of the Building’s replacement value, then Landlord or Tenant shall have the right, to be exercised by notice in writing to Tenant given within ninety (90) days after said occurrence, to terminate this Lease. The provisions of this Article shall supersede the obligations of Landlord to make repairs under Article 17 of the Lease. Notwithstanding the provisions of this Article 22, if only a the Premises or any other portion of the Premises is untenantable Building are damaged by fire or other casualty resulting from the negligent act or omission or willful misconduct of Tenant or Tenant’s Permittees, Minimum Monthly Rent shall not be reduced during the repair of the damage, and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, liable to Landlord for the numerator cost and expense of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice the Premises or the Building caused thereby to the other party extent that cost and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Leaseexpense is not covered by insurance proceeds.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 1 contract
Samples: Office Lease Agreement (Global Water Resources, Inc.)
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) 22.1 If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, the Building are damaged by or as the result or consequence of fire or other casualty during the term hereof(a “Casualty”), Landlord shall repair and restore the same use good faith efforts to deliver to Tenant within thirty (30) days after such Casualty a good tenantable condition with reasonable dispatch. During such period of repair, faith estimate (the rent herein provided for in this Lease shall axxxx (i“Damage Notice”) entirely in case all of the Premises are untenantable; and (ii) proportionately if only time needed to repair the damage caused by such Casualty.
22.2 If a material portion of the Premises is untenantable and damaged by Casualty such that Tenant is able to economically conduct prevented from conducting its business from in the undamaged Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby cannot be repaired within one hundred eighty (180) days after the commencement of repairs (the “Repair Period”), then Tenant may terminate this Lease by delivering written notice to Landlord of its election to terminate within thirty (30) days after the Damage Notice has been delivered to Tenant.
22.3 If a Casualty damages the Premises or a material portion of the Premises. The abatement shall Building and: (1) Landlord estimates that the damage to the Premises cannot be based upon a fraction, repaired within the numerator of which shall be Repair Period; (2) the square footage damage to the Premises exceeds fifty percent (50%) of the damaged replacement cost thereof (excluding foundations and unusable area of the Premises footings), as estimated by Landlord, and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed occurs during the last two (2) years of the original Term; (3) regardless of the extent of damage to the Premises, Landlord makes a good faith determination that restoring the Building would be uneconomical; or (4) Landlord is required to pay any insurance proceeds arising out of the Casualty to a Landlord’s Mortgagee, then Landlord may terminate this Lease by giving written notice of its election to terminate within thirty (30) days after the Damage Notice has been delivered to Tenant.
22.4 If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, other than building standard leasehold improvements Landlord shall not be required to repair or replace any Alterations within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any extended term furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Article 22, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises (and, if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease).
22.5 If the Premises are damaged by Casualty, Rent for the portion of the Premises rendered untenantable by the damage shall be abated on a reasonable basis from the date of damage until the completion of Landlord’s repairs (or until the date of termination of this Lease by Landlord or Tenant as provided above, as the case may be), unless Tenant or a Tenant Permitee caused such damage, in which case, Tenant shall continue to pay Minimum Monthly Rent and all other rent without abatement and Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of the Premises or the Building caused thereby to the extent that costs and expense is not covered by insurance proceeds.
22.6 Notwithstanding anything contained in this Lease: (a) if Tenant’s use of the Premises is substantially impaired for a period of more than 120 consecutive days after the date of a casualty, and provided that neither Tenant nor its employees, customers, agents, contractors or representatives has caused or contributed to such casualty, then Tenant shall have the right to terminate this Lease by written notice to Tenant within sixty Landlord at any time thereafter until Tenant’s use of the Premises is substantially restored, and (60b) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of if this Lease for an additional period of five (5) years from the date such damage is terminated by either Landlord or destruction is repaired and restored. If Tenant makes said offer due to extenda casualty, Landlord and then Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed required to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises pay for any insurance deductibles as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, part of Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration insurance cost or repair of Tenant’s Work or improvementsotherwise.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) 21.1 If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, the Building are damaged by or as the result or consequence of fire or other casualty during the term hereof(a "Casualty"), Landlord shall repair and restore the same use good faith efforts to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and deliver to Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following after such Casualty a good faith estimate (the "Damage Notice") of the time needed to repair the damage caused by such Casualty.
21.2 If a material portion of the Premises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby cannot be repaired within one hundred fifty twenty (150120) day period but prior to days after the repair and restoration date of same the Casualty (the "Repair Period"), then Tenant may terminate this Lease by giving prior delivering written notice to Landlord of its election to terminate within thirty (30) days after the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this LeaseDamage Notice has been delivered to Tenant.
(d) 21.3 If one-third (1/3) a Casualty damages the Premises or more a material portion of the ground floor area Building and: (1) Landlord estimates that the damage to the Premises cannot be repaired within the Repair Period; (2) the damage to the Premises exceeds fifty percent (50%) of the Premises are damaged or destroyed replacement cost thereof (excluding foundations and footings), as estimated by Landlord, and such damage occurs during the last two (2) years of the original or any extended term Lease Term; (3) regardless of this Leasethe extent of damage to the Premises, Landlord shall have makes a good faith determination that restoring the right Building would be uneconomical; or (4) Landlord is required to pay any insurance proceeds arising out of the Casualty to a Landlord's Mortgagee, then Landlord may terminate this Lease by giving written notice of its election to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, terminate within thirty (30) days after the Damage Notice has been delivered to Tenant.
21.4 If neither party elects to terminate this Lease following receipt a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, other than building standard leasehold improvements Landlord shall not be required to repair or replace any Alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant's sole cost and expense) or any furniture, equipment, trade fixtures or personal property of such noticeTenant or others in the Premises or the Building, offer and Landlord's obligation to extend repair or restore the term Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Article 22, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises.
21.5 If the Premises are damaged by Casualty, Rent for the portion of the Premises rendered un-tenantable by the damage shall be abated on a reasonable basis from the date of damage until the completion of Landlord's repairs (or until the date of termination of this Lease for an additional period of five (5) years from by Landlord or Tenant as provided above, as the date case may be), unless Tenant or a Tenant Permittee caused such damage or destruction is repaired damage, in which case, Tenant shall continue to pay Minimum Monthly Rent and restored. If Tenant makes said offer to extend, Landlord all other rent without abatement and Tenant shall determine be liable to Landlord for the terms cost and conditions expense of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore restoration of the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 Building caused thereby to the contrary notwithstanding, Landlord’s restoration extent that costs and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvementsexpense are not covered by insurance proceeds.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. In the event of (a) Landlord shall at all times partial destruction of said premises or the building containing same during the term of this Lease carry property insurance on the building containing the Premiseslease or any extensions thereof, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up which requires repairs to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the either said premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriatesaid building, in its sole discretion.
or (b) If said premises or said building being declared unsafe, or unfit for occupancy by any authorized public authority for any reason other than Tenant’s act, use or occupation, which declaration requires repairs to either said premises or said building, Landlord shall forthwith make said repairs provided Tenant gives to Landlord thirty (30) days written notice of the Premises necessity therefor. No such partial destruction (including any destruction necessary in order to make repairs required by any declaration made by any public authority) shall in any way annul or void this lease except that Tenant shall be damagedentitled to a proportionate reduction of minimum guaranteed rent while such repairs are being made, destroyedsuch proportionate reduction to be based upon the extent to which the making of such repairs shall interfere with the business carried on by Tenant in said premises. However, or rendered untenantable, in whole or in part, by or if during the last four years of the term of this lease the building is damaged as the a result or consequence of fire or any other insured casualty during the term hereofto an extent in excess of twenty-five (25%) percent of its then replacement cost (excluding foundation(s)), Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restoredoccurs, terminate this lease by written notice to Tenant. If Tenant makes Landlord, however, elects to make said offer repairs, and provided Landlord uses due diligence in making said repairs, this lease shall continue in full force and effect and the minimum guaranteed rent shall be proportionately reduced as provided above. If Landlord elects to extend, terminate this lease all rents shall be prorated between Landlord and Tenant shall determine as of the terms and conditions date of said extension such destruction. The foregoing to the contrary notwithstanding, if building is damaged or destroyed at any time during the term hereof to an extent of more, than twenty-five (25%) percent of its then replacement cost (excluding foundation(s)) as a result of a casualty not insured against, Landlord may within thirty (30) days thereafter or following the date of such destruction terminate this lease upon written notice to Tenant. If Landlord does not elect to so terminate because of said uninsured casualty, Landlord shall promptly rebuild and repair said premises and Tenant’s offer rental obligation shall not be deemed proportionately reduced as provided above. In respect to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed any partial destruction (including any destruction necessary in order to make repairs required by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(eany authorized public authority) If which Landlord is required or elects obligated to repair and restore may elect to repair under the Premises as herein providedterms of this Article, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in waives any statutory right it may have to cancel this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair lease as a result of Tenant’s Work or improvementssuch destruction.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance A. If improvements on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use a portion of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be are damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty during casualty, and there is not substantial damage to the term hereof, Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During Rental Car Counter Facility in which such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable located, or material damage to such Rental Car Counter Facility as described in Subsection (B), Operator may use insurance proceeds from insurance it carried to pay for the work as it progresses, and Tenant the City shall permit any such proceeds to be made available.
B. If there is able material damage to economically conduct its business from the undamaged a portion of the Premises. The abatement shall be based upon Rental Car Counter Facility or damage to a fraction, the numerator of which shall be the square footage material access point or building system(s) serving such portion of the damaged and unusable area Rental Car Counter Facility, by a fire or casualty, rendering such portion of the Rental Car Counter Facility not usable , whether or not improvements on the Premises are damaged, then where operations in the Premises are severely curtailed or such portions of the Premises and the denominator shall be the total square footage are unusable, such portion of the Premises. Said abatement shall cease at such time as the Premises shall be restored deleted from the Premises unless and until the City repairs and restores the damage to a tenantable conditionthe Rental Car Counter Facility within the Term of this Agreement so that the affected portion of the Rental Car Counter Facility is again usable. Operator shall repair and restore any damaged improvements to the Premises at its expense (but it may use insurance proceeds from insurance it carried for the work as the work progresses, and the City shall permit any such proceeds to be made available) if the City repairs and restores the damage to the Rental Car Counter Facility during the Term. Notwithstanding the foregoing, the City shall not be obligated to repair or restore the Rental Car Counter Facility, and the space deleted shall not be re-included in the Premises if the City determines not to include space for car rental counters in the portion of the Rental Car Counter Facility previously rendered unusable.
(c) C. In the event the PremisesTerminal is substantially damaged or destroyed, because whether or not improvements to the Premises are substantially damaged or destroyed, and as a result of such damage or destruction, flight operations with respect to the Terminal are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty terminated or substantially curtailed for ninety (15090) days from or more, then either the date of receipt of insurance proceeds for such damage City or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to Operator may delete the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area portion of the Premises are located in the Terminal from the Premises or terminate this Agreement.
D. During any period in which Operator is unable to use the portion of the Premises in the Rental Car Counter Facility because of damage or destruction to the improvements on the Premises or the Rental Car Counter Facility, the rent payable for that portion of the Premises in the damaged or destroyed Rental Car Counter Facility shall be abated for the period during which such damage to the last two (2) years Rental Car Counter Facility renders the Premises unusable or operations are so curtailed or terminated. Except for such abatement of rents due, the Operator shall have no claim against the City for any damage suffered by reason of any such damage, destruction, repair or restoration. There shall be no abatement of Concession Fees. Upon any deletion of a portion of the original or Premises from this Agreement Operator shall surrender such portion of the Premises to the City.
E. If any extended term of this Lease, Landlord shall have improvements to the right to terminate this Lease Premises are not diligently repaired by written notice to Tenant Operator where required within sixty forty-five (6045) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years if any space is deleted from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the partiesPremises, then Landlord the City shall accept Tenant’s offer and shall repair and restore be entitled to all insurance proceeds payable on account of improvements in such space. Where the Premises with reasonable dispatch thereafter.
(e) If Landlord Operator is required or elects obligated to repair and or restore the Premises as herein providedimprovements, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvementsOperator must do so notwithstanding that insurance proceeds may be insufficient.
Appears in 1 contract
Samples: Non Exclusive Rental Car Concession and Lease Agreement
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) 22.1 If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, the Building are damaged by or as the result or consequence of fire or other casualty during the term hereof(a “Casualty”), Landlord shall repair and restore the same use good faith efforts to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and deliver to Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following after such Casualty a good faith estimate (the “Damage Notice”) of the time needed to repair the damage caused by such Casualty.
22.2 If a material portion of the Premises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby cannot be repaired within one hundred fifty eighty (150180) day period but prior to days after the repair and restoration commencement of same repairs (the “Repair Period”), then Tenant may terminate this Lease by giving prior delivering written notice to Landlord of its election to terminate within thirty (30) days after the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this LeaseDamage Notice has been delivered to Tenant.
(d) 22.3 If one-third (1/3) a Casualty damages the Premises or more a material portion of the ground floor area Building and: (1) Landlord estimates that the damage to the Premises cannot be repaired within the Repair Period; (2) the damage to the Premises exceeds fifty percent (50%) of the Premises are damaged or destroyed replacement cost thereof (excluding foundations and footings), as estimated by Landlord, and such damage occurs during the last two (2) years of the original or any extended term Term; (3) regardless of this Leasethe extent of damage to the Premises, Landlord shall have makes a good faith determination that restoring the right Building would be uneconomical; or (4) Landlord is required to pay any insurance proceeds arising out of the Casualty to a deed of trust holder, mortgagee or ground lessor under, then Landlord may terminate this Lease by giving written notice of its election to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, terminate within thirty (30) days after the Damage Notice has been delivered to Tenant.
22.4 If neither party elects to terminate this Lease following receipt a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, other than building standard leasehold improvements Landlord shall not be required to repair or replace any Alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Article 22, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises (and, if Tenant has failed to maintain insurance on such noticeitems as required by this Lease, offer Tenant shall pay Landlord an amount equal to extend the term proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease).
22.5 If the Premises are damaged by Casualty, Rent for the portion of the Premises rendered untenantable by the damage shall be abated on a reasonable basis from the date of damage until the completion of Landlord’s repairs (or until the date of termination of this Lease for an additional period of five (5) years from by Landlord or Tenant as provided above, as the date case may be), unless Tenant or a Tenant Permittee caused such damage or destruction is repaired damage, in which case, Tenant shall continue to pay Minimum Monthly Rent and restored. If Tenant makes said offer to extend, Landlord all other rent without abatement and Tenant shall determine be liable to Landlord for the terms cost and conditions expense of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore restoration of the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 Building caused thereby to the contrary notwithstanding, Landlord’s restoration extent that costs and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvementsexpense is not covered by insurance proceeds.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. In case of any material damage to or destruction of any portion of the Premises, Tenant shall give prompt written notice thereof to Landlord. If the Premises should be totally destroyed by fire or other casualty, or if the Premises should be so damaged that rebuilding cannot reasonably be completed within one hundred eighty (a180) days after the date of written notification by Tenant to Landlord of the destruction, Tenant shall be entitled to terminate this Lease and the rent shall be abated for the unexpired portion of the Lease, effective as of the date of the written notification thereof. If any portion of the Premises shall be partially damaged by fire or other casualty and this Lease is not terminated by Tenant pursuant to the preceding provisions of this Lease then Landlord shall at all times proceed promptly and with due diligence to repair and restore the damaged portion to substantially the same condition and quality as prior to such damage, provided that if such damage or destruction shall occur during the last twelve (12) months of the term of this Lease carry property insurance on the building containing the PremisesLease, including the “Structural Portions” (defined in unless Tenant shall have properly exercised its right to renew under Section 24(a) below) and common utility lines up 3.02 or its right to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If purchase the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty during the term hereof, Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this LeaseSection 25.01, Landlord shall have the right to terminate this Lease by written giving Tenant notice of its election to Tenant do so within sixty (60) days following after the date of such damage or destruction, unless Tenant shall, within thirty (30) days following receipt and upon the giving of such notice, offer to extend the term of this Lease shall terminate and neither party shall have any further rights or obligations under this Lease, except that Landlord shall have the right to all insurance proceeds on the Building. If the Premises are rebuilt or replaced and are untenantable in whole or in part following the damage, the rent and all other sums payable by Tenant under this Lease during the period for an additional period which the Premises are untenantable shall be abated in proportion to that part of five (5) years the Premises that is unfit for use in Tenant's business. The abatement shall consider the nature and extent of interference to Tenant's ability to conduct business in the Premises and the need for access and essential services. The abatement shall continue from the date such the damage occurred until ten (10) business days after Landlord completes the repairs and restorations and notice to Tenant that the repairs and restoration are completed, or destruction until Tenant again uses the Premises or the part rendered unusable, whichever is repaired and restoredfirst. If Tenant makes said offer Landlord fails to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
within one hundred eighty (e180) If Landlord is required or elects to repair and restore the Premises as herein provideddays after such damage occurs, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, be entitled to terminate this Lease by delivering written notice thereof to Landlord. Tenant shall promptly reopen make the insurance proceeds available to Landlord for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration such repairs and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvementsrestorations.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) 21.1 If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, the Building are damaged by or as the result or consequence of fire or other casualty during the term hereof(a “Casualty”), Landlord shall repair and restore the same use good faith efforts to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and deliver to Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following after such Casualty a good faith estimate (the “Damage Notice”) of the time needed to repair the damage caused by such Casualty.
21.2 If a material portion of the Premises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby cannot be repaired within one hundred fifty eighty (150180) day period but prior to days after the repair and restoration commencement of same repairs (the “Repair Period”), then Tenant may terminate this Lease by giving prior delivering written notice to Landlord of its election to terminate within thirty (30) days after the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this LeaseDamage Notice has been delivered to Tenant.
(d) 21.3 If one-third (1/3) a Casualty damages the Premises or more a material portion of the ground floor area Building and: (1) Landlord estimates that the damage to the Premises cannot be repaired within the Repair Period; (2) the damage to the Premises exceeds fifty percent (50%) of the Premises are damaged or destroyed replacement cost thereof (excluding foundations and footings), as estimated by Landlord, and such damage occurs during the last two (2) years of the original or any extended term Term; (3) regardless of this Leasethe extent of damage to the Premises, Landlord shall have makes a good faith determination that restoring the right Building would be uneconomical; or (4) Landlord is required to pay any insurance proceeds arising out of the Casualty to a Landlord’s mortgagee, then Landlord may terminate this Lease by giving written notice of its election to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, terminate within thirty (30) days after the Damage Notice has been delivered to Tenant.
21.4 If neither party elects to terminate this Lease following receipt a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, other than building standard leasehold improvements Landlord shall not be required to repair or replace any Alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Article 21, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises (and, if Tenant has failed to maintain insurance on such noticeitems as required by this Lease, offer Tenant shall pay Landlord an amount equal to extend the term proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease).
21.5 If the Premises are damaged by Casualty, Rent for the portion of the Premises rendered untenantable by the damage shall be abated on a reasonable basis from the date of damage until the substantial completion of Landlord’s repairs (or until the date of termination of this Lease for an additional period of five (5) years from by Landlord or Tenant as provided above, as the date case may be), unless Tenant or a Tenant Permittee caused such damage or destruction is repaired damage, in which case, Tenant shall continue to pay Minimum Monthly Rent and restored. If Tenant makes said offer to extend, Landlord all other rent without abatement and Tenant shall determine be liable to Landlord for the terms cost and conditions expense of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore restoration of the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 Building caused thereby to the contrary notwithstanding, Landlord’s restoration extent that costs and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvementsexpense is not covered by insurance proceeds.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) 21.1 If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, the Building are damaged by or as the result or consequence of fire or other casualty during the term hereof(a “Casualty”), Landlord shall repair and restore the same use good faith efforts to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and deliver to Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following after such Casualty a good faith estimate (the “Damage Notice”) of the time needed to repair the damage caused by such Casualty.
21.2 If a material portion of the Premises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby cannot be repaired within one hundred fifty eighty (150180) day period but prior to days after the repair and restoration commencement of same repairs (the “Repair Period”), then Tenant may terminate this Lease by giving prior delivering written notice to Landlord of its election to terminate within thirty (30) days after the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this LeaseDamage Notice has been delivered to Tenant.
(d) 21.3 If one-third (1/3) a Casualty damages the Premises or more a material portion of the ground floor area Building and: (1) Landlord estimates that the damage to the Premises cannot be repaired within the Repair Period; (2) the damage to the Premises exceeds fifty percent (50%) of the Premises are damaged or destroyed replacement cost thereof (excluding foundations and footings), as estimated by Landlord, and such damage occurs during the last two (2) years of the original Term; (3) regardless of the extent of damage to the Premises, Landlord makes a good faith determination that restoring the Building would be uneconomical; or (4) Landlord is required to pay any insurance proceeds arising out of the Casualty to a Landlord’s mortgagee, then Landlord may terminate this Lease by giving written notice of its election to terminate within thirty (30) days after the Damage Notice has been delivered to Tenant.
21.4 If neither xxxxx elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, other than building standard leasehold improvements Landlord shall not be required to repair or replace any Alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant’s sole cost and expense) or any extended term furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Article 21, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises (and, if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease).
21.5 If the Premises are damaged by Casualty, Rent for the portion of the Premises rendered untenantable by the damage shall have be abated on a reasonable basis from the right date of damage until the substantial completion of Landlord’s repairs (or until the date of termination of this Lease by Landlord or Tenant as provided above, as the case may be).
21.6 Notwithstanding anything to the contrary contained herein, if Landlord’s repair/restoration of the Premises and/or Building is not completed within two hundred and seventy (270) days from the commencement of repairs, Tenant may terminate this Lease by written notice to Tenant within sixty Landlord at any time after the two hundred and seventieth (60270th) days following such damage or destructionday, unless Tenant shall, within thirty (30) days following receipt which termination shall be effective upon delivery of such notice, offer to extend the term notice of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereaftertermination.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty during the term hereof, Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(cA) In the event of:
(I) Partial or total destruction of the PremisesPremises or the Building which requires repairs to either the Premises or the Building; or
(II) The Premises or the Building being declared unsafe or unfit for occupancy by any authorized public authority for any reason other than Tenant’s act, because of use or occupation, which declaration requires repairs to either the Premises or the Building, Landlord shall promptly make such damage repairs to either the Premises or destructionthe Building, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty provided that Tenant gives Landlord thirty (15030) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice of the necessity therefor. No such partial destruction (including any destruction necessary in order to the other party and thereupon Landlord and make repairs required by any declaration made by any public authority) shall in any way annul or void this Lease, except that Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more entitled to a proportionate reduction of the ground floor area GMMR while such repairs are being made, such proportionate reduction to be based upon the extent to which the making of such repairs shall interfere with the business carried on by Tenant in the Premises. However, if the Premises or the Building are damaged or destroyed during the last two (2) years as a result of the original fire or any extended term other insured casualty to an extent in excess of this Leasetwenty-five percent (25%) of its then replacement cost (excluding foundations), Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shallmay, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restoredoccurs, terminate this Lease by written notice to Tenant. If Tenant makes said offer Landlord, however, elects to extendmake such repairs, this Lease shall continue in full force and effect, and the GMMR shall be proportionately reduced as provided above. If Landlord elects to terminate this Lease, all rentals shall be prorated between Landlord and Tenant shall determine as of the terms and conditions date of said extension such destruction.
(B) Notwithstanding the above, if the Premises or the Building are damaged or destroyed at any time during the Lease Term to an extent of more than twenty-five percent (25%) of its then replacement cost (excluding foundations) as a result of a casualty not insured against, Landlord may within thirty (30) days thereafter following the date of such destruction terminate this Lease upon written notice to Tenant. If Landlord does not elect to so terminate this Lease, Landlord shall promptly rebuild and repair the Premises or the Building, as applicable, and Tenant’s offer rental obligations shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafterproportionately reduced as provided above.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 1 contract
Samples: Shop Lease (Body & Mind Inc.)
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) 22.1 If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, the Building are damaged by or as the result or consequence of fire or other casualty during the term hereof(a "CASUALTY"), Landlord shall repair and restore the same use good faith efforts to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and deliver to Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following after such Casualty a good faith estimate (the "DAMAGE NOTICE") of the time needed to repair the damage caused by such Casualty.
22.2 If a material portion of the Premises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby cannot be repaired within one hundred fifty eighty (150180) day period but prior to days after the repair and restoration commencement of same repairs (the "REPAIR PERIOD"), then Tenant may terminate this Lease by giving prior delivering written notice to Landlord of its election to terminate within thirty (30) days after the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this LeaseDamage Notice has been delivered to Tenant.
(d) 22.3 If one-third (1/3) a Casualty damages the Premises or more a material portion of the ground floor area Building and:
(1) Landlord estimates that the damage to the Premises cannot be repaired within the Repair Period; (2) the damage to the Premises exceeds fifty percent (50%) of the Premises are damaged or destroyed replacement cost thereof (excluding foundations and footings), as estimated by Landlord, and such damage occurs during the last two (2) years of the original or any extended term Term; (3) regardless of this Leasethe extent of damage to the Premises, Landlord shall have makes a good faith determination that restoring the right Building would be uneconomical; or (4) Landlord is required to pay any insurance proceeds arising out of the Casualty to a Landlord's Mortgagee, then Landlord may terminate this Lease by giving written notice of its election to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, terminate within thirty (30) days after the Damage Notice has been delivered to Tenant.
22.4 If neither party elects to terminate this Lease following receipt a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, other than building standard leasehold improvements Landlord shall not be required to repair or replace any Alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant's sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord's obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this ARTICLE 22, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises (and, if Tenant has failed to maintain insurance on such noticeitems as required by this Lease, offer Tenant shall pay Landlord an amount equal to extend the term proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease).
22.5 If the Premises are damaged by Casualty, Rent for the portion of the Premises rendered untenantable by the damage shall be abated on a reasonable basis from the date of damage until the completion of Landlord's repairs (or until the date of termination of this Lease for an additional period of five (5) years from by Landlord or Tenant as provided above, as the date case may be), unless Tenant or a Tenant Permitee caused such damage or destruction is repaired damage, in which case, Tenant shall continue to pay Minimum Monthly Rent and restored. If Tenant makes said offer to extend, Landlord all other rent without abatement and Tenant shall determine be liable to Landlord for the terms cost and conditions expense of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore restoration of the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 Building caused thereby to the contrary notwithstanding, Landlord’s restoration extent that costs and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvementsexpense is not covered by insurance proceeds.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. 22.1 In the event of (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence of fire or other casualty damage to the Premises or the Building during the term hereofLease Term which requires repairs to either the Premises or the Building, or (b) the Premises or Building being declared unsafe or unfit for occupancy by an authorized public authority for any reason other than Tenant's act, use or occupation, which declaration requires repairs to either the Premises or the Building, Landlord shall repair and restore the same commence to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx make said repairs within sixty (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (15060) days from the date of receipt the casualty. No such destruction (including any destruction necessary in order to make repairs) shall annul or void this Lease. The Minimum Monthly Rent shall be Proportionately reduced while such repairs are being made, based upon the extent to which the making of insurance proceeds for such damage repairs shall interfere with the business carried on by Tenant in the Premises or destructioninterfere with Tenant's use and enjoyment of the Premises.
22.2 Landlord's obligation to repair the Premises shall, Tenant or Landlord mayhowever, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior be subject to the repair and restoration following. If:
(a) during the last three (3) years of same by giving prior written notice the Lease Term the Premises or the Building is damaged as a result of fire or any other insured casualty; or,
(b) the Premises are damaged to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.extent of twenty-five percent (25%) of replacement value; or,
(c) the Premises or the Building are damaged or destroyed as a result of a casualty not insured against; or,
(d) If one-third fifty percent (1/350%) or more of the ground gross leasable floor area of the Premises are Building shall be damaged or destroyed during the last two (2) years of the original by fire or any extended term of this Leaseother cause, Landlord shall have the right right, to be exercised by notice in writing to Tenant given within forty-five (45) days from said occurrence, to cancel and terminate this Lease. Upon notice to Tenant, the Lease Term shall expire by lapse of time upon the thirtieth day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Landlord elects to terminate this Lease by written notice under this Section, all rents shall be prorated as of the date of damage or destruction and Landlord shall be released from liability or obligation to Tenant. If Landlord, however, elects to make said repairs, and provided Landlord uses due diligence in making said repairs, this Lease shall continue in full force and effect and the Minimum Monthly Rent shall be proportionately reduced as provided in Section 22.1.
22.3 With respect to any destruction (including any destruction necessary in order to make repairs) which Landlord is obligated to repair or may elect to repair under the terms of this Article, Tenant within sixty (60) days following waives any statutory or other right Tenant may have to cancel this Lease as a result of such destruction and no such destruction shall annul or void this Lease.
22.4 The provisions of this Article shall supersede the obligations of Landlord to make repairs under Section 17.1 of the Lease. Landlord shall not be obligated to make repairs to the extent that the cost thereof exceeds the insurance proceeds or to the extent such repairs would exceed Building Standard as defined in Exhibit "B".
22.5 Unless the Lease is terminated under this Article, upon substantial completion of Landlord's restoration obligations, the Minimum Monthly Rent shall be restored to the amounts which would have been in effect but for the damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. 22.2 Landlord's obligation to repair the Premises shall, however, be subject to the following provisions of this Section 22.2. If (a) during the ------------ last year of the Lease Term the Premises or the Building is damaged as a result of fire or any other insured casualty, or (b) the Premises are damaged to the extent of twenty~five percent (25%) or more of replacement value, or (c) the Premises or the Building is damaged or destroyed as a result of a casualty not insured against, or (d) the Building shall be damaged or destroyed by fire or other cause to the extent of twenty percent (20%) or more of the Building's replacement value, then Landlord shall at all times during have the term right, to be exercised by notice in writing to Tenant Landlord ________ Tenant __________ given within ninety (90) days from said occurrence, to cancel and terminate this Lease. Upon notice to Tenant the Lease Term shall expire by lapse of time upon the third day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Landlord elects to terminate this Lease carry property insurance on under this Section, all rents shall be prorated as of the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) date of damage or destruction and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no released from liability or obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. If Landlord, however, elects to make said repairs, and provided Landlord uses due diligence in making said repairs, this Lease shall continue in full force and effect and the Minimum Monthly Rent shall be proportionately reduced as provided in Section 22.1. ------------
22.3 with respect to any destruction (including any destruction necessary in order to make repairs) which Landlord is obligated to repair or may elect to self-insure its repair under the terms of this Article, Tenant waives any statutory or other right Tenant may have to cancel this Lease as a result of such destruction and no such destruction shall annul or void this Lease. The provisions of this Article shall supersede the obligations hereunder and/or use whatever deductibles as of Landlord deems appropriateto make repairs under Section 17.1 of the Lease. ------------
22.4 Unless the Lease is terminated under this Article, upon substantial completion of Landlord's restoration obligations, the Minimum Monthly Rent shall be restored to the amounts which would have been in its sole discretioneffect but for the damage or destruction.
(b) If 22.5 Notwithstanding the provisions of this Article 22, if the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, ---------- any other portion of the Building are damaged by or as the result or consequence of fire or other casualty resulting from the negligent act or omission or willful misconduct of Tenant or any of Tenant's Permittees, Minimum Monthly Rent shall not be reduced during the term hereof, Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable damage, and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, liable to Landlord for the numerator cost and expense of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice the Premises or the Building caused thereby to the other party extent that cost and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Leaseexpense is not covered by insurance proceeds.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 1 contract
Samples: Office Lease Agreement (United Panam Financial Corp)
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during In the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence event of fire or other casualty damage to the Premises during the term hereofLease Term which requires repairs to the Premises, Landlord shall repair and restore the same commence to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease make said repairs within sixty (60) days following after written notice by Tenant of the necessity therefor and diligently proceed therewith to completion. The Minimum Monthly Rent shall be proportionately reduced while such one hundred fifty repairs are being made, based upon the extent to which the making of such repairs shall interfere with the business carried on by Tenant in the Premises. Landlord shall have no obligation to repair, restore, or replace Tenant's trade fixtures or personal property and Tenant shall be solely responsible therefor. Notwithstanding the above, if (150a) day period but prior during the last year of the Lease Term the Premises or the Building is damaged as a result of fire or any other insured casualty, or (b) the Premises are damaged to the extent of twenty-five percent (25%) or more of the replacement value of the Premises, or (c) the Premises or the Building is damaged or destroyed as a result of a casualty not insured against, or (d) the Building shall be damaged or destroyed by fire or other cause to the extent of twenty percent (20%) or more of the Building's replacement value, then Landlord shall have the right, to be exercised by notice in writing to Tenant given within ninety (90) days after said occurrence, to terminate this Lease. Tenant waives any statutory or other right Tenant may have to cancel this Lease as a result of such destruction and no such destruction shall annul or void this Lease. The provisions of this Article shall supersede the obligations of Landlord to make repairs under Article 17 of the Lease. Notwithstanding the provisions of this Article 22, if the Premises or any other portion of the Building are damaged by fire or other casualty resulting from the negligent act or omission or willful misconduct of Tenant or Tenant's Permittees, Minimum Monthly Rent shall not be reduced during the repair of the damage, and Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of same by giving prior written notice the Premises or the Building caused thereby to the other party extent that cost and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Leaseexpense is not covered by insurance proceeds.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 1 contract
DAMAGE AND DESTRUCTION OF PREMISES. (a) Landlord shall at all times during the term of this Lease carry property insurance on the building containing the Premises, including the “Structural Portions” (defined in Section 24(a) below) and common utility lines up to the point they serve individual tenant’s premises. Landlord shall be under no obligation to maintain insurance on any improvements installed by or for the benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) 22.1 If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, the Building are damaged by or as the result or consequence of fire or other casualty during the term hereof(a "Casualty"), Landlord shall repair and restore the same use good faith efforts to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in this Lease shall axxxx (i) entirely in case all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease by written notice deliver to Tenant within sixty (60) days following after such Casualty a good faith estimate (the "Damage Notice") of the time needed to repair the damage or destructioncaused by such Casualty.
22.2 If a material portion of the Premises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby cannot be repaired within one hundred eighty (180) days after the commencement of repairs (the "Repair Period"), unless then Tenant shall, may terminate this Lease by delivering written notice to Landlord of its election to terminate within thirty (30) days following receipt after the Damage Notice has been delivered to Tenant.
22.3 If a Casualty damages the Premises or a material portion of the Building and: (1) Landlord estimates that the damage to the Premises cannot be repaired within the Repair Period; (2) the damage to the Premises exceeds fifty percent (50%) of the replacement cost thereof (excluding foundations and footings), as estimated by Landlord, and such noticedamage occurs during the final one (1) year period of the SUMMIT RIDGE BUSINESS PARK/INOVIO PHARMACEUTICALS, offer INC. – PAGE 15 Lease Term; (3) regardless of the extent of damage to extend the term Premises, Landlord makes a good faith determination that restoring the Building would be uneconomical; or (4) Landlord is required to pay any insurance proceeds arising out of the Casualty to a Landlord's Mortgagee, then Landlord may terminate this Lease for an additional period by giving written notice of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer its election to extend, Landlord and Tenant shall determine the terms and conditions of said extension terminate within thirty (30) days thereafter or after the Damage Notice has been delivered to Tenant’s offer .
22.4 If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, other than building standard leasehold improvements Landlord shall not be deemed required to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept repair or replace Tenant’s offer Work, any Alterations or betterments within the Premises (which shall be promptly and shall with due diligence repaired and restored by Tenant at Tenant's sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord's obligation to repair and or restore the Premises with reasonable dispatch thereafter.
(e) shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of this Article 22, Landlord is required or elects shall be entitled to repair the full proceeds of the insurance policies providing coverage for all alterations, improvements and restore betterments in the Premises (and, if Tenant has failed to maintain insurance on such items as herein providedrequired by this Lease, Tenant shall repair pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease).
22.5 If the Premises are damaged by Casualty but Tenant is reasonably able to conduct its business operations upon the Premises despite such damage, Rent for the portion of the Premises rendered untenantable by the damage shall be abated on a reasonable basis from the date of damage until the completion of Landlord's repairs (or replace its stock until the date of termination of this Lease by Landlord or Tenant as provided above, as the case may be), unless Tenant or a Tenant Permittee caused such damage, in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closedwhich case, Tenant shall promptly reopen continue to pay Minimum Monthly Rent and all other rent without abatement and Tenant shall be liable to Landlord for business. Anything the cost and expense of the repair and restoration of the Premises or the Building caused thereby to the extent that costs and expense are not covered by insurance proceeds.
22.6 The rights contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section Article 22 shall in no event include restoration or repair of be Tenant’s Work sole and exclusive remedy in the event of a casualty. Tenant hereby waives the provisions of Sections 1932(2) and 1933(4) of the California Civil Code and the provisions of any successor or improvementsother law of like import.
Appears in 1 contract
Samples: Office Lease Agreement (Inovio Pharmaceuticals, Inc.)
DAMAGE AND DESTRUCTION OF PREMISES. In the event of (ai) Landlord shall at all times partial destruction of the premises or the building containing the same during the term of this Lease carry or any extensions hereof, which requires repairs to either the premises or said building; or (ii) the premises or any building being condemned by a public authority having jurisdiction over the property for any reason other than Tenant’s act, use or occupation, which declaration requires repairs to either the premises or said building, Landlord shall forthwith make said repairs, provided Tenant gives to Landlord thirty (30) days written notice of the necessity therefor. No such partial destruction (including any destruction necessary in order to make repairs required by any declaration made by any public authority) shall in any way annul or void this Lease, except that Tenant shall be entitled to a proportionate reduction of rental while such repairs are being made, such proportionate reduction to be based upon the extent to which the making of such repairs shall interfere with the business carried on by Tenant in the premises. In the event the premises are damaged to such an extent as to render the same untenantable in whole or in a substantial part thereof, or are destroyed, Landlord may either cancel this Lease or repair or rebuild the premises. If Landlord elects to repair or rebuild the premises, Landlord shall use all insurance on proceeds available for such purposes and shall have not more than thirty (30) days from such happening to notify the building containing the Premises, including the “Structural Portions” (defined Tenant in Section 24(a) below) and common utility lines up writing of Landlord’s intentions to the point they serve individual tenant’s repair or rebuild said premises. Landlord shall be under no obligation required to maintain insurance on repair only those improvements originally made by Landlord at Landlord’s expense and Tenant shall make any and all repairs as to improvements installed or paid for by or for the benefit of Tenant, at Tenant’s use expense. If Landlord elects to make said repairs, this Lease shall continue in full force and effect and the rental shall be proportionately reduced as hereinabove provided. If Landlord elects to terminate this Lease, all rentals shall be prorated between Landlord and Tenant as of the premises date of such destruction. In respect to any partial destruction which Landlord is obligated to repair or otherwise owned by Tenant. Landlord may elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion.
(b) If repair under the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the result or consequence terms of fire or other casualty during the term hereof, Landlord shall repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repairthis Article 19, the rent herein provided for in this Lease shall axxxx (i) entirely in case all provisions of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is untenantable and Tenant is able to economically conduct its business from the undamaged portion of the Premises. The abatement shall be based upon a fractionSection 1932, the numerator of which shall be the square footage of the damaged and unusable area of the Premises and the denominator shall be the total square footage of the Premises. Said abatement shall cease at such time as the Premises shall be restored to a tenantable condition.
(c) In the event the Premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease within sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or destroyed during the last two Subdivision (2) years and Section 1933, Subdivision (4) of the original or any extended term of this Lease, Landlord shall have the right to terminate this Lease California Civil Code are hereby waived by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Premises as herein provided, Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for business. Anything contained in this Section 22 to the contrary notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event include restoration or repair of Tenant’s Work or improvements.
Appears in 1 contract
Samples: Lease Agreement (Canyon Bancorp)
