Appears in 6 contracts

Samples: Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Holdings, Inc.)

Damage and Destruction. If the Premises are hereafter damaged or destroyed or rendered partially untenantable for their permitted use by fire or other casualty insured under the coverage which Landlord is obligated to carry pursuant to Section 11.1 hereof, Landlord shall promptly repair the same to substantially the condition which they were in immediately prior to the happening of such casualty (excluding stock in trade, fixtures, furniture, furnishings, carpeting, floor covering, wall covering, drapes and equipment), and from the date of such casualty until the Premises are so repaired and restored, only the Minimum Monthly Rent payments payable hereunder shall xxxxx in such proportion as the part of said Premises thus destroyed or rendered untenantable bears to the total Premises; PROVIDED, HOWEVER, that Landlord shall not be obligated to repair and restore if such casualty is not covered by the insurance which Landlord is obligated to carry pursuant to Section 11.1 hereof or is caused directly or indirectly by the negligence of Tenant, its agents, and employees and in either of such events, no portion of the Minimum Monthly Rent and other payments payable hereunder shall xxxxx, and PROVIDED, FURTHER, that Landlord shall not be obligated to expend for any repair or restoration an amount in excess of the insurance proceeds received by Landlord therefor, and provided, further, that if the Premises be damaged, destroyed or rendered untenantable for their accustomed uses by fire or other casualty to the extent of more than fifty percent (50%) of the cost to replace the Premises during the last three (3) years of the Lease Term, then Landlord shall have the right to terminate this Lease effective as of the date of such casualty by giving to Tenant, within sixty (60) days after the happening of such casualty, written notice of such termination. If such notice be given, this Lease shall terminate, and Landlord shall promptly repay to Tenant any rent theretofore paid in advance which was not earned at the date of such casualty. Any time that Landlord repairs or restores the Premises after damage or destruction, then Tenant shall promptly repair or replace its stock in trade, fixtures, furnishings, furniture, carpeting, wall covering, floor covering, drapes, equipment, and Premises to the same condition as they were in immediately prior to the casualty, and if Tenant has closed its business, Tenant shall promptly reopen for business upon the completion of such repairs. Notwithstanding anything to the contrary set forth herein, in the event all or any ~~part~~ portion of the ~~Premises~~ Center shall be damaged or destroyed by fire or other ~~casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild~~ cause (notwithstanding that the Premises may be unaffected thereby), to the ~~condition existing~~ extent the cost of restoration thereof would exceed fifteen percent (15%) of the amount it would have cost to replace the Center in its entirety at the time ~~of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence~~ such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction ~~to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained~~occurred, ~~except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option,~~ then Landlord may terminate this Lease by giving Tenant ~~notice thereof within one hundred and eighty~~ thirty (~~180~~30) days ~~from~~ prior notice of Xxxxxxxx’s election to do so, which notice shall be given, if at all, within ninety (90) days following the date of such occurrence. In the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years event of the ~~Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent~~ termination of ~~twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating~~ this Lease ~~or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated~~ as ~~of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises~~ aforesaid, this Lease shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten cease thirty (1030) days after such notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business managementis given, and ~~any obligation of Tenant under~~ the ~~Lease to apply~~ rent and other charges ~~reserved as Additional Rent shall remain in full force and nothing in the Section~~ hereunder shall be ~~construed to xxxxx Additional Rent. Except for the abatement~~ adjusted as of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtydate.

Appears in 5 contracts

Samples: Lease Agreement (Impossible Kicks Holding Company, Inc.), Lease (Impossible Kicks Holding Company, Inc.), Lease (Impossible Kicks Holding Company, Inc.)

Damage and Destruction. ~~If all or~~ In the event that any ~~part of~~ Facilities located on the Premises ~~shall be~~ are damaged or ~~destroyed by fire~~ destroyed, and the net proceeds of insurance are sufficient to cover the Company’s estimated cost of rebuilding (or ~~other casualty~~if Company failed to maintain insurance it is required to maintain under this Agreement and the proceeds of such insurance, had it been maintained, would have been sufficient to cover the Company’s estimated cost of rebuilding), Company shall repair and rebuild the said Facilities, and this ~~Lease~~ Agreement shall continue in full force and effect, ~~unless terminated as hereinafter provided,~~ and ~~Landlord~~ Company shall ~~repair, restore~~ commence and continue such repair or ~~rebuild~~ rebuilding with reasonable diligence and shall complete such repair and rebuilding within a reasonable time after the ~~Premises to the condition existing at the time of the occurrence of the loss~~same is commenced; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under that any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business delay in the ~~Premises~~ completion of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said ~~repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises~~ repairs resulting from fire or other casualty, strikes, shortages of material or labor, governmental laws, rules and regulations, the elements or matters beyond the reasonable control of Company, shall extend such reasonable time within which Company may complete said repairs or rebuilding by the period of such delay. The net proceeds of any insurance, to the extent that such proceeds are received by Lessor or any Leasehold Mortgagee, less any expenses of recovery thereof (including attorneys’ fees), shall be made available to Company to be applied to the cost and expense of repair or rebuilding the damage or destruction insured against, subject to reasonable conditions and payable on the usual architect's certificates, but Lessor or any Leasehold Mortgagee holding said insurance proceeds may withhold an amount reasonably necessary to insure completion of such repairs or rebuilding (not to exceed ten percent (10%) of such proceeds) until completion and the expiration of the period within which mechanics’ or materialmen's liens may be filed and until receipt of satisfactory evidence that no liens exist. In the event the Company maintains the insurance it is required to maintain under this Agreement and the proceeds of insurance are not sufficient to cover the Company’s estimated cost of rebuilding, or in the event the damage or destruction occurs during the last 10 years of the lease term, Company will have the option to terminate this Agreement, subject to the rights of any Leasehold Mortgagee, which option will be exercisable by written notice to Lessor within forth five (45) days after the occurrence of such event. Company will only have such option to terminate this Agreement as to the specific legal parcel or parcels upon which the Facilities are damaged or destroyed. Any such termination by Company shall require the prior written consent of any Leasehold Mortgagee. In the event the Company elects to terminate this Agreement based upon such damage, destruction, or substantial loss, the Company will be liable for and will pay for all cleanup or demolition of the Premises necessary to make the Premises ready for repair, replacement, restoration or rebuilding: (a) if the Company or its employees or agents caused such damage, destruction or substantial loss to occur, (b) to the extent of any insurance proceeds payable with respect to such damage, destruction or substantial loss, or (c) to the extent of any insurance proceeds which would have been payable with respect to such damage, destruction or substantial loss had Company maintained the insurance it is required to maintain under this Agreement. In the event Company does not exercise such option then Company will promptly repair, replace, restore or rebuild said improvements.

Appears in 4 contracts

Samples: Lease Agreement, Lease Agreement, Lease Agreement

Appears in 3 contracts

Samples: Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Holdings, Inc.), Lease Addendum (Radiation Therapy Services Holdings, Inc.)

Damage and Destruction. ~~If all~~ Upon the occurrence of any damage to or ~~any part~~ destruction of improvements on the Premises ~~shall be damaged or destroyed~~ by fire or other casualty, ~~this Lease~~ Lessee shall ~~continue in full force and effect, unless terminated as hereinafter provided~~promptly notify Lessor thereof, and ~~Landlord~~ Lessee shall ~~repair,~~ proceed to restore ~~or rebuild~~ the Premises as nearly as is possible to the condition ~~existing at~~ the ~~time~~ Premises were in immediately prior to such damage or destruction, subject to such alterations as Lessee may elect to make in conformity with the provisions of ~~the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair,~~ this Lease. Such restoration ~~or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder~~ shall be ~~limited to~~ commenced promptly and whether or not the ~~proceeds actually received by Landlord under any~~ insurance ~~policy or policies~~proceeds, if any, ~~less those amounts~~ shall be sufficient, shall be substantially completed in no event later than two hundred and ten (i210) ~~which have been required to~~ days after the date of such partial destruction or damage, or, in the event of a total destruction of the Premises, no later than three hundred and sixty five (365) days after the date of such destruction (unavoidable delays beyond Lessee’s reasonable control excepted) and all insurance proceeds received by Lessee (and any insurance proceeds that Lessor may receive) on account of such damage or destruction shall be applied ~~towards~~ to the ~~reduction~~ payment of the costs of the aforesaid restoration. This Lease shall not terminate or be affected in any ~~indebtedness secured~~ manner and Lessee shall not be relieved of its liability to pay the full Rent and additional rent and other charges payable under this Lease or from any other obligations under this Lease by ~~a mortgage covering~~ reason of damage to or total, substantial or partial destruction of the building(s), improvements or equipment on, in or appurtenant to the Premises at the commencement of the Term or thereafter erected thereon or therein, or by reason of the untenantability of the Premises or any ~~portion~~ part thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary ~~contained~~ in this Section 17, Lessee shall not be obligated to rebuild or ~~elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from~~ restore the ~~date~~ Premises if damage or destruction of more than 50% of the ~~casualty if: (a) The Premises or the building in which~~ improvements on the Premises ~~are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed~~ occurs during the last ~~two (2) years~~ year of the ~~Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof~~Term, in which event ~~Landlord will have~~ Lessee shall assign its insurance proceeds to Lessor and pay to Lessor the ~~option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as~~ amount of the ~~date~~ deductible under its policy. Lessee hereby waives the provisions of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use Section 227 of the ~~Premises is impaired during~~ Real Property Law of the ~~period~~ State of New York and of any ~~damage, repair~~ other law of like import now or ~~restoration provided for~~ hereafter in ~~this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant~~ force and agrees that the ~~Premises have been repaired. Tenant~~ provisions of this Section 17 shall ~~continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management,~~ govern and ~~any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain~~ control in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtylieu thereof.

Appears in 3 contracts

Samples: Lease Agreement, Lease Agreement (Sovran Self Storage Inc), Lease Agreement (Sovran Self Storage Inc)

Damage and Destruction. A. If ~~all~~ the Premises shall be damaged by fire, the elements, unavoidable accident or ~~any part~~ other casualty, without the fault of Lessee, but are not thereby rendered untenantable in whole or in part, Lessor shall at its own expense cause such damage, except to Lessee’s equipment and trade fixtures, to be repaired, but only to the extent of Lessor’s original obligation to construct pursuant hereto, and the Fixed Annual Rent and additional rent payable by Lessee hereunder shall not be abated. If by reason of such occurrence, the Premises shall be rendered untenantable only in part, Lessor shall at its own expense cause the damage, except to Lessee’s equipment and trade fixtures, to be repaired, to a value not less than its value just prior to said casualty and the Fixed Annual Rent meanwhile shall be abated proportionately as to the portion of the Premises rendered untenantable, until the Premises has been restored to the extent required to be restored by Lessor as required hereby. If the Premises shall be rendered wholly untenantable by reason of such occurrence, Lessor shall at its own expense cause such damage, except to Lessee’s equipment and trade fixtures, to be repaired, to a value not less than its value just prior to said casualty and the Fixed Annual Rent meanwhile shall be abated in whole, until the Premises has been restored to the extent required to be restored by Lessor as required hereby, except that Lessor shall have the right, to be exercised by notice in writing delivered to Lessee within ninety (90) days after said occurrence, to elect not to reconstruct the destroyed Premises, and in such event this Lease and the tenancy hereby created shall cease as of the date of the said occurrence. Nothing in this Section shall be construed to permit the abatement in whole or in part of additional rent, including without limitation charges for Building Operating Costs and real estate taxes attributable to any period during which the Premises shall be in untenantable condition, nor shall there be any abatement in additional rent nor the Fixed Annual Rent if such damage is caused by an act or omission of Lessee. B. In the event that twenty (20%) percent or more of the Rentable Square Feet of the Building shall be damaged or destroyed by fire or other ~~casualty~~cause, notwithstanding any other provisions contained herein and that the Premises may be unaffected by such fire or other cause, Lessor or Lessee shall have the right, to be exercised by notice in writing delivered to Lessee within sixty (60) days after said occurrence, to elect to cancel and terminate this Lease. Upon the giving of such notice to Lessee, the term of this Lease shall ~~continue in full force and effect, unless terminated as hereinafter provided~~expire by lapse of time upon the third day after such notice is given, and ~~Landlord~~ Lessee shall ~~repair, restore or rebuild~~ vacate the Premises and surrender the same to Lessor. C. If the ~~condition existing at~~ Premises are destroyed or damaged during the ~~time~~ last eighteen (18) months of the term of this Lease and the estimated cost of repair exceeds ten percent (10%) of the Fixed Annual Rent then remaining to be paid by Lessee for the balance of the term, Lessor or Lessee may at its option cancel and terminate this Lease as of the date of occurrence of ~~the loss; provided, however, Landlord shall not be obligated~~ such damage by giving written notice to ~~commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited~~ Lessee of its election to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises do so within thirty (30) days after ~~notice from Landlord that~~ the ~~Premises are ready for re-occupancy~~date of occurrence of such damage. No If the parties shall not so elect to terminate this Lease, the repair of such damage ~~or destruction to~~ shall be governed by other provisions of this Section. D. In the ~~Premises shall allow Tenant to surrender possession~~ event of any reconstruction of the Premises ~~nor affect Tenant~~under this Section, Lessor’s ~~liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything~~ obligation with regard to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located said reconstruction shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed only to the extent of ~~twenty five-percent (25%) or more of~~ Restoring the Premises to a value not less than its value just prior to said casualty. Lessee shall additionally be responsible for the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain stock in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signstrade, trade fixtures~~, equipment, display cases~~, furniture, furnishings and ~~other installations~~ equipment. Lessor shall commence any reconstruction or restoration of ~~personality of Tenant~~the Building and/or Premises promptly. ~~The proceeds of all insurance carried by Tenant on its property and improvements~~ If Lessor fails to commence reconstruction or restoration within sixty days or Lessor fails to complete such restoration within 180 days after the casualty, then Lessee shall ~~be held in trust by Tenant for~~ have the ~~purpose of said repair and replacement. Tenant shall give to Landlord prompt~~ right upon written notice ofto terminate this Lease. Lessee shall commence the installation of fixtures, ~~any damage~~ equipment, and stock in trade promptly upon redelivery to ~~or destruction~~ it of ~~any portion~~ possession of the Premises ~~resulting from fire or~~ and shall diligently prosecute such installation to completion. E. Upon any termination of this Lease under any of the provisions of this Section, each party shall be released thereby without further obligation to the other ~~casualty~~party coincident with the surrender of possession of the Premises to the Lessor except for items which have theretofore accrued and are then unpaid and for such of the other obligations of Lessee as are expressly provided herein to survive the termination of this Lease, for which Lessee shall remain liable to Lessor.

Appears in 3 contracts

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

Damage and Destruction. ~~If all or~~ 16.1 In the event that any ~~part~~ portion of the Premises shall be damaged or destroyed by fire or other casualty, but the Premises are not thereby rendered untenantable in whole or in part, Landlord shall cause such damage or destruction to be repaired at Tenant=s cost and expense (in excess of any insurance proceeds paid in connection with such damage or destruction, all of which proceeds shall be promptly paid or made available to Landlord), and the Monthly Rent and all other Payments provided for under this Lease shall ~~continue~~ not be abated during the repair period as to any portion of the Premises, including, without limitation, the portion rendered untenantable, but only to the extent that the repair period does not exceed the period for which coverage is to be provided under the business interruption insurance to be maintained by Tenant (whether or not such insurance is actually in ~~full force~~ place). Tenant shall be solely responsible for the cost of any repair to or restoration of the Premises and ~~effect, unless terminated as hereinafter provided~~shall immediately make available to Landlord any and all insurance proceeds and deliver to Landlord any and all costs and expenses in excess of any insurance proceeds. 16.2 In the event that the Premises are damaged or destroyed by fire or other casualty, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any substantial portion ~~thereof~~thereof shall be rendered untenantable, Landlord shall have the option to: (a) repair the damage at Tenant=s cost and expense (~~ii)~~ in excess of any insurance proceeds paid in connection with such damage or destruction, all of which ~~are used~~ proceeds shall be promptly paid or made available to ~~reimburse Landlord~~ Landlord), in which case the Monthly Rent and all other Payments provided under this Lease shall not be abated during the repair period as to any portion of the Premises, including, without limitation, the portion rendered untenantable, but only to the extent that the repair period does not exceed the period for ~~all costs and expenses, including but~~ which coverage is to be provided under the business interruption insurance to be maintained by Tenant (whether or not ~~limited to attorneys’ fees, incurred by Landlord to recover any~~ such insurance ~~proceeds. Tenant agrees to notify Landlord~~ is actually in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenantplace), ~~but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than~~ or (b) terminate this Lease upon thirty (30) days prior written notice to Tenant of Landlord=s election to do so. If Landlord elects to terminate this Lease, all Monthly Rent and other Payments and obligations hereunder shall be prorated as of the ~~commencement of any proposed alterations~~date upon which the coverage to be provided under the business interruption insurance to be maintained by Tenant does expire or would have expired (whether or not such insurance is actually in place). Notwithstanding the foregoing, ~~additions or improvements~~ in the event that Landlord elects not to repair such damage to the Premises~~. If~~ , Tenant ~~fails~~ shall have the option to ~~comply~~elect to not to have the Lease terminate, ~~with~~ but instead to bear the ~~foregoing provisions~~responsibility of all such repairs, ~~any loss or damage~~ subject to the following conditions: (a) Tenant shall notify Landlord ~~shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence~~ of such ~~loss, and~~ decision in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises writing within thirty (30) days after receipt of notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to ~~continue this~~ terminate the Lease; (b) all repairs to be performed by Tenant shall be performed in accordance with the provisions of Paragraph 15 above (governing Tenant=s construction of alterations and additions to the Premises); (c) all repairs and or restorations so constructed shall immediately become a part of the Premises and the property of Landlord; and (d) Tenant shall diligently pursue and cause all such repairs to be completed as soon as possible, but in no event later than six (6) months after the date upon which Tenant elects to perform such repairs. In the event that Tenant shall elect to proceed with such repairs in accordance with the immediately preceding sentence, Landlord and Tenant agree that: (i) Landlord shall ~~commence their~~ make available all insurance proceeds paid or payable to Landlord in connection with such damage or destruction, and (ii) any and all cost and expense of such repairs in excess of the foregoing insurance proceeds shall be solely Tenant's obligation. Notwithstanding any contrary provision of this Lease or the unavailability of insurance proceeds, Tenant shall be solely responsible for the cost of any repairs required as a result of the negligence or willful misconduct of Tenant or Tenant=s employees, agents or invitees. To the extent applicable, Tenant hereby waives any provisions of any California statute, rule, or ordinance or law governing the respective obligations ~~under this Article as soon as is reasonably possible~~ of landlords and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that tenants in the event ~~Landlord elects to repair any damages as herein contemplated, any abatement~~ of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of leased premises, and Landlord and Tenant agree that the respective rights and obligations of Landlord and Tenant in the case of any ~~portion~~ such damage or destruction shall be governed by the provisions of ~~the Premises resulting from fire or other casualty~~this Lease.

Appears in 3 contracts

Samples: Lease Agreement (Emeritus Corp\wa\), Lease Agreement (Emeritus Corp\wa\), Lease Agreement (Emeritus Corp\wa\)

Damage and Destruction. ~~If all or any part~~ In the event of the Premises shall be damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction of all or substantially all of the Mortgaged Property, Mortgagor will give immediate written notice to the ~~Premises~~ insurance carrier and to Mortgagee. Mortgagor hereby authorizes and empowers Mortgagee as attorney-in-fact for Mortgagor to make proof of loss, to adjust and compromise any claim under insurance policies, to appear in and prosecute any action arising from such insurance policies, to collect and receive insurance proceeds, and to deduct therefrom Mortgagee’s expenses incurred in the collection of such proceeds; provided however, that nothing contained herein shall ~~allow Tenant~~ require Mortgagee to ~~surrender possession~~ incur any expense or take any action hereunder. Mortgagor authorizes Mortgagee to hold the balance of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlordsuch proceeds and Mortgagee may, at its option, ~~may terminate this Lease~~ apply the proceeds held by ~~giving Tenant notice thereof within one hundred and eighty (180) days from~~ it to the ~~date~~ payment of the ~~casualty if: (a) The Premises~~ sums secured by this Mortgage, whether or ~~the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is~~ not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereofthen due, in ~~which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant~~ such order and ~~any prepaid Rent or Additional Rent will be prorated~~ in such amounts as ~~of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest~~Mortgagee may elect. If the ~~Premises shall be damaged or destroyed and in~~ insurance proceeds are applied to the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use payment of the ~~Premises is impaired during~~ sums secured by this Mortgage, any such application of proceeds to principal shall not extend or postpone the ~~period~~ due dates of ~~any damage, repair or restoration~~ the monthly installments provided for in the Note or change the amounts of such installments. If the Mortgaged Property is sold pursuant to this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period Mortgage or if Mortgagee acquires title to the ~~extent reasonably practicable from the standpoint~~ Mortgaged Property in lieu of ~~prudent business management~~foreclosure, ~~and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent~~ Mortgagee shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use have all of the ~~whole or any part~~ right, title and interest of ~~the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding~~ Mortgagor in and ~~appropriate reduction made~~ to unearned insurance premiums allocable to the ~~Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore~~ Mortgaged Property and ~~re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord~~ in ~~a manner~~ and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The the proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, resulting from any damage to the Mortgaged Property prior to such sale or ~~destruction of any portion of the Premises resulting from fire or other casualty~~acquisition.

Appears in 3 contracts

Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Financing Statement (One Earth Energy LLC), Mortgage, Assignment of Leases and Rents, Security Agreement and Financing Statement (One Earth Energy LLC), Mortgage, Assignment of Leases and Rents, Security Agreement and Financing Statement (One Earth Energy LLC)

Damage and Destruction. If ~~all or any part of~~ the Premises ~~shall be~~ or the Improvements are damaged or destroyed by fire or other casualty, Landlord shall have the right to terminate this Lease within one hundred twenty (120) days following the occurrence of such fire or other casualty by written notice to Tenant, in which event (i) the entire proceeds of the insurance maintained in accordance with Section 9 below shall ~~continue in full force and effect, unless terminated as hereinafter provided~~be paid by the insurance company or companies directly to Landlord, and shall belong to, and be the sole property of, Landlord; (ii) the portion of proceeds of the insurance provided for in Section 9 which is allocable to Landlord’s Property, fixtures and other items which, by the terms of this Lease, rightfully belong to Landlord upon the termination of this Lease by whatever cause, shall be paid by the insurance company or companies directly to Landlord, and shall belong to, and be the sole property of, Landlord; and (iii) Landlord and Tenant shall be relieved from any and all further liability or obligation accruing under this Lease from and after the date of such termination. In the event Landlord does not elect to terminate this Lease, then Landlord shall ~~repair,~~ restore ~~or rebuild~~ the ~~Premises~~ Improvements to the condition ~~existing at~~ it was in on the ~~time~~ Effective Date hereof. The Base Rent shall be abated in proportionate to the square footage of area of the ~~occurrence~~ Premises that is untenantable. Payment of full rent and all other charges so abated shall re-commence on the ~~loss; provided, however,~~ day following the date of substantial completion of Lxxxxxxx’s work hereunder. Landlord shall ~~not~~ be obligated to ~~commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord,~~ diligently pursue the completion of its work and ~~Landlord’s obligation hereunder~~ shall ~~be limited to~~ cause the ~~proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required~~ same to be ~~applied towards~~ completed as soon as reasonably possible under the ~~reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse~~ circumstances. In no event shall Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees required to repair or replace Tenant’s Property. If Landlord repairs or rebuilds, Tenant, at Tenant’s sole cost, shall repair or replace Tenant’s Property and all other leasehold improvements, trade fixtures, ~~furniture, furnishings, floor coverings,~~ furnishings and equipment in a manner and ~~stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord~~ to at least a condition equal to that ~~the Premises are ready for re-occupancy. No damage or destruction~~ prior to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction ~~results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use~~ thereof. Any and all proceeds of the ~~Premises is impaired during the period of any damage~~property insurance required hereunder to be maintained by Txxxxx, ~~repair or restoration provided for in~~ so long as this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease ~~to apply charges reserved as Additional Rent~~ shall remain in ~~full force and nothing in the Section~~ effect, shall be ~~construed~~ used only to ~~xxxxx Additional Rent~~repair or replace or All permits required in connection with the work to be performed by Tenant shall be obtained by Tenant at Tenant’s sole cost and expense. ~~Except for~~ Any amount expended by Tenant in excess of any insurance proceeds received by Tenant shall be the ~~abatement~~ sole obligation of ~~Minimum Rent hereinabove provided, Tenant~~ Tenant. Landlord shall not be ~~entitled~~ liable or obligated to Tenant to any ~~compensation~~ extent whatsoever by reason of any fire or other casualty damage ~~for loss in~~ to the ~~use~~ Premises, or any damages suffered by Tenant by reason thereof, or the deprivation of ~~the whole~~ Tenant’s possession of all or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyPremises.

Appears in 3 contracts

Samples: Lease Agreement (Southland Holdings, Inc.), Lease Agreement (Southland Holdings, Inc.), Lease Agreement (Southland Holdings, Inc.)

Damage and Destruction. If the Premises are hereafter damaged or destroyed or rendered partially untenantable for their accustomed use by fire or other casualty insured under the coverage which Landlord is obligated to carry pursuant to Section 11.1 hereof, Landlord shall promptly repair the same to substantially the condition which they were in immediately prior to the happening of such casualty (excluding stock in trade, fixtures, furniture, furnishings, carpeting, floor covering, wall covering, drapes, ceiling and equipment). From the date of any casualty (whether or not insured or required to be insured) until the Premises are so repaired and restored, the Minimum Monthly Rent payments and all other rent payments payable hereunder, except Real Estate Taxes, shall abatx xx such proportion as the part of said Premises thus destroyed or rendered untenantable bears to the total Premises; provided, however, that Landlord shall not be obligated to repair and restore if such casualty is not covered by the insurance which Landlord is obligated to carry pursuant to Section 11.1 hereof or is caused directly by the negligence of Tenant, its agents or employees and provided, further, that Landlord shall not be obligated to expend for any repair or restoration an amount in excess of the insurance proceeds recovered by Landlord therefor (other than applicable deductibles), and provided, further, that if the Premises be damaged, destroyed or rendered untenantable for their accustomed uses by fire or other casualty to the extent of more than fifty percent (50%) of the cost to replace the Premises during the last three (3) years of the Lease Term, then Landlord or Tenant shall have the right to terminate this Lease effective as of the date of such casualty by giving to the other party, within thirty (30) days after the happening of such casualty, written notice of such termination. If such notice be given, this Lease shall terminate and Landlord shall promptly repay to Tenant any rent theretofore paid in advance which was not earned at the date of such casualty. Any time that Landlord repairs or restores the Premises after damage or destruction, then Tenant shall promptly repair or replace its stock in trade, fixtures, furnishings, furniture, carpeting, wall covering, floor covering, drapes, ceiling and equipment to the same condition as they were in immediately prior to the casualty, and if Tenant has closed its business, Tenant shall promptly reopen for business upon the completion of such repairs. Notwithstanding anything to the contrary set forth herein, in the event all or any ~~part~~ portion of the ~~Premises~~ Center shall be damaged or destroyed by fire or other ~~casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild~~ cause (notwithstanding that the Premises may be unaffected thereby), to the ~~condition existing~~ extent the cost of restoration thereof would exceed fifteen percent (15%) of the amount it would have cost to replace the Center in its entirety at the time ~~of the occurrence of the loss; provided~~such damage or destruction occurred, ~~however,~~ then Landlord ~~shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received~~ may terminate this Lease by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. giving Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior notice of Landlord's election to do so, which notice shall be given, if at all, within sixty (60) days following the ~~commencement~~ date of ~~any proposed alterations~~such occurrence. In the event of the termination of this Lease as aforesaid, ~~additions or improvements to~~ this Lease shall cease thirty (30) days after such notice is given, and the ~~Premises~~rent and other charges hereunder shall be adjusted as of that date. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises ~~shall be deemed inapplicable,~~ are damaged and ~~in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore~~ the ~~Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees~~ reasonably estimated time to repair ~~or replace Tenant’s fixtures~~the damage will exceed one hundred eighty (180) days, ~~furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in~~ then either party shall have the ~~Premises~~ right to terminate this Lease by delivering written notice tot he other party within thirty (30) days after ~~notice from Landlord that~~ the ~~Premises are ready~~ estimated time for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which rebuilding is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtydetermined.

Appears in 2 contracts

Samples: Lease (Silicon Entertainment Inc /Ca/), Lease (Silicon Entertainment Inc /Ca/)

Damage and Destruction. If ~~all~~ the Premises are hereafter partially damaged or ~~any part~~ destroyed or rendered partially untenantable (i.e., less than 30% of the Premises ~~shall be~~ are damaged or ~~destroyed~~ untenantable) for their accustomed use by fire or other ~~casualty~~casualty and such fire or other casualty is not caused directly or indirectly by the fault or negligence of Tenant, ~~this Lease shall continue in full force and effect~~its agents, employees, contractors or invitees, Landlord shall, unless the Lease is terminated as ~~hereinafter provided~~provided below, promptly repair the same to substantially the condition which they were in immediately prior to the happening of such casualty (excluding stock in trade, fixtures, furniture, furnishings, carpeting, floor covering, wall covering, drapes and equipment), and ~~Landlord shall repair, restore or rebuild~~ from the date of such casualty until the Premises are so repaired and restored, the monthly rent payments hereunder shall xxxxx in such proportion as the part of said Premises thus destroyed or rendered untenantable bears to the ~~condition existing at the time of the occurrence of the loss; provided~~total Premises. Provided, however, Landlord shall not be obligated to ~~commence~~ expend for such ~~repair,~~ repair or restoration ~~or rebuilding until~~ an amount in excess of the insurance proceeds ~~are~~ received by ~~Landlord, and~~ Landlord as a result of such damage. Landlord’s obligation ~~hereunder shall be limited~~ to rebuild is contingent upon its receipt of insurance proceeds sufficient to make such repairs. In the ~~proceeds actually received by Landlord under~~ event any ~~insurance policy~~ mortgagee or ~~policies, if any, less those amounts (i) which have been required~~ lender requires such sums to be applied ~~towards~~ to any debt, Landlord will not be deemed to have received the ~~reduction~~ proceeds. Notwithstanding the above, if the Premises or any material portion of the Project is wholly or substantially damaged (i.e., more than 30% of the Premises are damaged or untenantable), destroyed or rendered untenantable for their accustomed use by fire or other casualty then Landlord shall have the right to terminate this Lease effective as of the date of such casualty by giving to Tenant, within ninety (90) days after the happening of such casualty, written notice of such termination. If such notice is given, this Lease shall terminate and provided Tenant is not in default hereunder, Landlord shall promptly repay to Tenant any ~~indebtedness secured by a mortgage covering~~ rent theretofore paid in advance which was not earned at the date of such casualty. If said notice is not given and Landlord is required or elects to repair or restore the Premises as herein provided, then Tenant shall promptly repair or replace its stock in trade, fixtures, furnishings, furniture, carpeting, wall covering, floor covering, drapes and equipment to the same condition as they were in immediately prior to the casualty. If the Premises or any portion ~~thereof~~of the Project are damaged by fire or other casualty caused directly or indirectly by the fault or negligence of Tenant or its agents, employees, contractors, or invitees, the rent under this Lease will not xxxxx and ~~(ii) which are used~~ Tenant shall be liable to ~~reimburse~~ Landlord for ~~all costs~~ the cost and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises expense of the ~~actual cost of all permanent leasehold improvements~~ repair and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession restoration of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed Project caused thereby to the extent ~~of twenty five-percent (25%) or more of the replacement~~ that such cost ~~thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant~~ and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as expense is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to ~~that existing prior to its destruction~~ or ~~damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The~~ less than the deductible amount covered by the insurance proceeds ~~of all insurance carried by Tenant on its property and improvements shall be held~~ described in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtySection 14.1.

Appears in 2 contracts

Samples: Standard Industrial Lease (Wornick CO Right Away Division, L.P.), Standard Industrial Lease (TWC Holding Corp.)

Damage and Destruction. (a) If all or any part of the Leased Premises ~~shall be~~ is damaged or destroyed by fire or other casualty, ~~this Lease~~ Landlord shall ~~continue in full force and effect~~commence promptly, ~~unless terminated as hereinafter provided~~subject to the approval of governmental agencies having jurisdiction, and with reasonable dispatch continue to restore same to substantially the same condition as existed immediately preceding the damage or destruction. If the cost of the casualty is $100,000 or less, then Landlord shall restore the Premise at his sole cost and expense and then await the insurance proceeds. (b) The loss, if any, under policies pursuant to this lease shall be adjusted with the insurers by the Landlord. The loss as adjusted shall be paid to the Landlord to rebuild the property. (c) The net insurance proceeds which are payable to the Landlord in case of any casualty shall be deposited by it in an escrow account in the name of any escrowee selected by the Landlord and approved by the Tenant, or in the event there is an institutional first mortgagee, such lender shall have the right to act as escrowee. Such insurance proceeds shall be paid in escrow by such escrowee as a trust fund for the purpose of paying for the cost of repairing, replacing, restoring or rebuilding the property or equipment so damaged by fire or other risks covered by such insurance and the cost of making temporary repairs or doing such work as may be necessary to protect the Leased Premises against further injury. Such insurance proceeds shall be disbursed by such escrowee in accordance with the provisions of subparagraph (f) of this paragraph. The escrowee shall be entitled to no compensation payable out of such fund. If the net insurance proceeds held by the escrowee, as provided in this subparagraph, shall exceed such cost, such excess shall belong to and be paid over to the Landlord upon completion of and payment for such work. (d) Any repair, ~~restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair~~replacement, restoration or rebuilding required to be made under this paragraph involving an estimated cost of $100,000.00 or more, as estimated by a reputable architect selected by the Landlord and approved by Tenant shall be made under the supervision of such architect and shall not be undertaken until ~~insurance proceeds are received~~ detailed plans and specifications of such work shall have been filed with and approved by ~~Landlord~~the Tenant. The Tenant shall not unreasonably withhold or delay its approval to the plans and specifications submitted to, and ~~Landlord’s obligation hereunder~~ if Tenant fails to respond by either approving or stating its reasons for not approving within fifteen (15) business days after delivery thereof to it, they shall be ~~limited~~ deemed approved by the Tenant. If the Tenant disapproves of such plans and specifications within such period of time, such disapproval shall be in writing and shall specify the grounds therefore. Upon such disapproval, and if the parties cannot resolve their differences within twenty (20) days, the Landlord may submit to arbitration, in accordance with the provisions of this Lease, the determination of whether the Tenant has unreasonably withheld its approval. If the Tenant is held not to have unreasonably withheld its approval, the Landlord shall amend the plans and specifications to meet the problem specified as the grounds for Tenant’s disapproval and thereafter resubmit the plans and specifications, as so amended, to the ~~proceeds actually received by Landlord under~~ Tenant for the Tenant’s approval. (e) Any monies paid to the parties or to any ~~insurance policy~~ escrowee of the parties or ~~policies~~to the person hereafter described in this subparagraph, as the case may be, shall be paid as the work progresses against the certificates of the architect in charge of such repairs, replacement and restoration, or rebuilding showing that the amount stated in the particular certificate has been paid or is due in respect of such work, together with the names and addresses of the persons, if any, ~~less those~~ to whom such amounts ~~(i) which~~ are due. Until such repairs, replacement, restoration or rebuilding shall have been ~~required to~~ fully completed, the total so paid over shall in no circumstances exceed eighty-five (85%) percent thereof. (f) There shall be ~~applied towards the~~ an abatement or pro-rata reduction of Fixed Rent and other sums payable by the Tenant hereunder immediately (and Landlord shall be entitled to collect the rent insurance) by reason of any ~~indebtedness secured by a mortgage covering the Premises~~ damage or destruction to any building or equipment or any ~~portion~~ part thereof now or hereafter on the Leased Premises, or by reason of any repair, replacement, restoration or rebuilding, and the Tenant shall be entitled to terminate the Lease by reason thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the ~~Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by~~ event Landlord does not notify Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty ~~if:~~that it intends to restore the premises, or if the premises are not fully restored within ninety (90) days of the casualty. (ag) ~~The Premises~~ In the event the insurance proceeds are insufficient to repair, replace, restore or rebuild the ~~building in which~~ property and equipment on the ~~Premises are located~~ Leased Premises, the Landlord shall be ~~damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or~~responsible for and shall promptly pay any deficiency therein. (bh) ~~The Premises~~ If the damage shall ~~be damaged or destroyed during~~ occur in the last two (2) years of the ~~Term or any renewals thereof; or~~term and/or shall be so extensive that the Building is totally destroyed (the Building shall be deemed totally destroyed if the cost of restoration shall exceed fifty (50%) percent of the replacement value, exclusive of the cost of foundation and excavation) this lease and the term hereby granted shall at the option of either party cease and the rent shall be apportioned to the date of destruction. In the such event the insurance proceeds covering Landlord’s interest shall be turned over to and belong to the Landlord, if the policy permits. (ci) ~~The~~ If the Leased Premises ~~are~~ is substantially damaged or destroyed by a casualty which is not covered by the insurance that Tenant is required to maintain pursuant to this lease and Landlord is not carrying additional insurance that would cover said casualty, either party shall have the right to terminate this lease by giving notice to the ~~extent~~ other party, which notice of ~~twenty five-percent~~ termination shall be thirty (~~25%~~30) ~~or more~~ days after the date on which such notice of termination is given, and (i) upon the ~~replacement cost thereof~~date specified in such notice, ~~in which event Landlord will have~~ this lease and the ~~option of terminating this Lease or any renewal thereof by serving written notice upon Tenant~~ term hereof shall cease and ~~any prepaid~~ expire, and (ii) Fixed Rent or ~~Additional Rent will be prorated as of~~ other sums paid by the Tenant for a period after such date of ~~destruction and the unearned portion of such Rent will~~ termination shall be refunded to Tenant ~~without interest. If~~ upon demand, as well as the ~~Premises shall be damaged or destroyed~~ security deposit and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyprepaid rent paid hereunder.

Appears in 2 contracts

Samples: Lease Agreement (SunGard VeriCenter, Inc.), Lease Agreement (Sungard Capital Corp Ii)

Damage and Destruction. (a) If all or any part of the ~~Premises shall be~~ Unit is damaged ~~or destroyed~~ by fire or other ~~casualty, this Lease shall continue in full force~~ casualty occurring on or after the Effective Date and ~~effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises~~ prior to the ~~condition existing~~ Closing Date, whether or not such damage affects a material part of the Unit, then: (i) if the estimated cost of repair or restoration is less than or equal to five percent (5%) of the Purchase Price and if the estimated time to substantially complete such repair or restoration is twelve (12) months or less, then neither party shall have the right to terminate this Agreement and the parties shall nonetheless consummate this transaction in accordance with this Agreement, without any liability or obligation on the part of Seller by reason of such destruction or damage, however, Purchaser shall have the right to xxxxx the Purchase Price by the amount paid for cost of repair or restoration less the amount of any insurance proceeds assigned to Purchaser pursuant to this Section 16(a)(i) and any deductible required to be paid by Seller pursuant to Seller’s insurance policy(ies). In such event, Seller shall assign to Purchaser, by written instrument in form reasonably satisfactory to Seller and Purchaser, all of Seller’s interest in and to any casualty insurance proceeds under the casualty insurance policies in effect with respect to the Unit on account of such physical damage or destruction and shall promptly deliver to Purchaser any such proceeds or awards actually theretofore received by Seller, less any amounts reasonably and actually expended by Seller to collect any such insurance proceeds or to remedy any unsafe conditions at the ~~time of~~ Property or to repair or restore any damages, in no event to exceed the ~~occurrence~~ amount of the loss~~; provided~~. In the event such amount spent by Seller shall exceed the amount of the deductible on such casualty insurance policy, ~~however~~then Purchaser shall deliver such excess amount to Seller, ~~Landlord~~ within six (6) business days of its receipt of any casualty insurance proceeds received on account of such casualty. Seller shall not settle or compromise any claims related to damage or destruction by casualty in excess of $2,000,000 without Purchaser’s prior written consent, which consent shall not be ~~obligated to commence such repair~~unreasonably withheld, ~~restoration~~ conditioned or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and delayed. (ii) if the estimated cost of repair or restoration exceeds five percent (5%) of the Purchase Price or if the estimated time to substantially complete such repair or restoration exceeds twelve (12) months, Purchaser shall have the option, exercisable on or prior to the Casualty Election Date (as hereinafter defined), time being of the essence, to terminate this Agreement by delivering notice of such termination to Seller, whereupon the Deposit shall be returned to Purchaser and this Agreement shall be deemed canceled and of no further force or effect, and neither party shall have any further rights or liabilities against or to the other except for such provisions which are ~~used~~ expressly provided in this Agreement to ~~reimburse Landlord for~~ survive the termination hereof. If a fire or other casualty described in this clause (ii) shall occur and Purchaser shall not timely elect to terminate this Agreement, then Purchaser and Seller shall consummate this transaction in accordance with this Agreement, without any abatement of the Purchase Price or any liability or obligation on the part of Seller by reason of such destruction or damage and, in such event, Seller shall assign to Purchaser, by written instrument in form reasonably satisfactory to Seller and Purchaser, all ~~costs~~ of Seller’s interest in and ~~expenses~~to any casualty insurance proceeds under the casualty insurance policies in effect with respect to the Unit on account of such physical damage or destruction and shall promptly deliver to Purchaser any such proceeds or awards actually theretofore received by Seller, ~~including but not limited~~ less any amounts reasonably and actually expended by Seller to ~~attorneys’ fees, incurred by Landlord to recover~~ collect any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed proceeds or to ~~be installed by Tenant in~~ remedy any unsafe conditions at the ~~Premises (whether same have been paid for entirely~~ Property or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or ~~replace Tenant’s fixtures~~restore any damages, ~~furniture, furnishings, floor coverings, equipment and stock~~ in ~~trade and reopen for business in~~ no event to exceed the ~~Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession~~ amount of the ~~Premises nor affect Tenant’s liability for~~ loss. In the ~~payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to~~ event such amount spent by Seller shall exceed the ~~contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date~~ amount of the deductible on such casualty ~~if:~~ insurance policy, then Purchaser shall deliver such excess amount to Seller, within six (a6) ~~The Premises or the building in which the Premises are located shall be damaged or destroyed as a result~~ business days of ~~an occurrence which is not covered by Landlord’s insurance; or~~its receipt of any casualty insurance proceeds received on account of such casualty. (b) The ~~Premises~~ estimated cost to repair and/or restore and the estimated time to complete contemplated in Section 16(a) above shall be ~~damaged or destroyed during the last two (2) years~~ established by estimates obtained by Seller from independent contractors, subject to Purchaser’s review and reasonable approval of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction same and the ~~unearned portion~~ provisions of Section 16(e) below. The Closing Date may be extended up to a maximum extension of ninety (90) days, as reasonably required to obtain such ~~Rent will be refunded~~ estimates (including the resolution of any arbitration required pursuant to ~~Tenant without interest. If~~ Section 16(e) below), determine the ~~Premises shall be damaged or destroyed~~ availability and in amount of insurance proceeds and to give the ~~event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations~~ notices required under this ~~Article as soon as is~~ Section 16. Seller and Purchaser shall reasonably ~~possible~~ cooperate and ~~prosecute the same~~ exercise good faith efforts to ~~completion with all due diligence. Except where the~~ obtain damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, estimation and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyproceeds.

Appears in 2 contracts

Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (SouFun Holdings LTD)

Damage and Destruction. If all or any ~~part~~ portion of the Premises, the building of which the Premises ~~shall be~~ are a part, the Shopping Center or access thereto is wholly or partially damaged or destroyed by fire or other ~~casualty~~casualty Landlord shall, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within ~~thirty~~ Thirty (30) days after ~~notice from~~ such damage or destruction occurs, notify Tenant of Landlord's election to terminate this Lease or restore, or cause to be restored, the improvements on the Premises and/or such portion of the improvements in the balance of the Shopping Center as in Landlord's sole discretion is necessary to create an economically feasible commercial unit If Landlord ~~that~~ elects to repair or restore the improvements on the Premises, then Landlord shall rebuild, restore or repair such Premises (excluding any and all improvements installed by Tenant) in substantially the same condition as when furnished to Tenant In no event shall Landlord be required to repair or restore all or any part of the improvements in the balance of the Shopping Center. If any part of the Premises are ~~ready for re-occupancy. No damage~~ rendered sufficiently untenantable so as to interfere materially with Tenant's use, occupancy or ~~destruction~~ enjoyment of Premises, minimum rent shall xxxxx during the period of reconstruction in the same proportion to the ~~Premises shall allow Tenant to surrender possession~~ total minimum rent as the portion of the Premises ~~nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything~~ rendered untenantable bears to the ~~contrary contained~~ entire Premises. The minimum rent abatement for a partial month shall be prorated in ~~this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180)~~ the proportion that the number of days ~~from the date of the casualty if: (a) The Premises or the building in which~~ the Premises are ~~located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed~~ untenantable during ~~the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed~~ such partial month bears to the ~~extent~~ total number of ~~twenty five-percent (25%) or more of the replacement cost thereof~~days in that calendar month. If Landlord elects not to restore, ~~in which event Landlord will have the option of terminating~~ this Lease ~~or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated~~ shall terminate effective as of the date of ~~destruction and the unearned portion of such Rent will be refunded to~~ .such damage upon Landlord giving Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice ~~by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation~~ of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved election as ~~Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent~~provided above. ~~Except for the abatement of Minimum Rent hereinabove provided,~~ Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the ~~Premises resulting from~~ insurance proceeds in connection with any fire or other ~~casualty.~~casualty event, except for those proceeds from Tenant's own insurance policies with respect to Tenant's personal property, fixtures and equipment

Appears in 2 contracts

Samples: Shop Lease (Wasatch Food Services Inc), Shop Lease (Wasatch Food Services Inc)

Damage and Destruction. (a) If no Loan Default shall have occurred and be continuing and the Letter of Credit is in effect and the Credit Obligor has not dishonored any draws thereunder and there has not been instituted insolvency proceedings with respect to the Credit Obligor, than all Net Proceeds of insurance resulting from claims for losses in respect of damage to or ~~any part~~ destruction of the ~~Premises~~ Project (in whole or in part) shall be applied as provided in the Credit Obligor Mortgage. (b) If no Loan Default shall have occurred and be continuing and the Letter of Credit is not in effect, or if the Credit Obligor has dishonored any draw thereunder or if there has been instituted insolvency proceedings with respect to the Credit Obligor, then the following provisions shall apply in event of damage to or destruction of the Project (in whole or in part): (1) The Users shall continue to make Loan Payments and will promptly give written notice of such damage and destruction to the Trustee and the Issuer. All Net Proceeds of insurance resulting from claims for such losses shall be paid to the Trustee and deposited in the Acquisition/Construction Fund, whereupon (i) the Users shall proceed promptly to repair, rebuild or restore the property damaged or destroyed ~~by fire or other casualty, this Lease shall continue~~ to substantially the same condition in ~~full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises~~ which it existed prior to the ~~condition existing at~~ event causing such damage or destruction, which such changes, alterations and modifications (including the ~~time~~ substitution and addition of other property) as may be desired by the Users and as will not impair the operating unity or productive capacity of the ~~occurrence~~ Project or its character as a "project" under the Act or cause, in the Opinion of Bond Counsel, the ~~loss; provided, however, Landlord shall not be obligated~~ interest on the Bonds to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereofbecome Taxable, and (ii) ~~which are used~~ with the consent of the Credit Obligor, the Trustee shall permit withdrawals to ~~reimburse Landlord for~~ be made from the Acquisition/Construction Fund to pay the costs of such repair, rebuilding or restoration, either on completion thereof or as the work progresses. The balance (if any) of Net Proceeds remaining after the payment of all of the costs ~~and expenses~~of such repair, ~~including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior,~~ rebuilding or restoration shall be applied to the ~~date Tenant opens for business~~ redemption of Bonds in accordance with the ~~Premises~~ provision thereof and of the ~~actual cost~~ Indenture, or, if none of ~~all permanent leasehold improvements and betterments installed or to be installed by Tenant in~~ the ~~Premises (whether same have been paid for entirely or partially by Tenant)~~Bonds are then Outstanding, but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the ~~condition which existed prior to such loss~~Users. (2) In the event the Net Proceeds are not sufficient to, pay in full the costs of repairing, rebuilding and restoring the Project as provided in ~~either case Tenant~~ this Section, the Users shall nonetheless complete the work thereof and shall pay that portion of the ~~cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business~~ costs thereof in the ~~Premises within thirty (30) days after notice from Landlord that~~ excess of the ~~Premises are ready for re-occupancy. No damage~~ amount of said proceeds or ~~destruction~~ shall pay to the ~~Premises shall allow Tenant to surrender possession~~ Trustee for the account of the ~~Premises nor affect Tenant’s liability for~~ Issuer the moneys necessary to complete said work. The Users shall not by reason of the payment of ~~rents~~ such excess costs (whether by direct payment thereof or ~~charges~~ payment to the Trustee therefor) be entitled to any reimbursement from the Issuer or any ~~other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section~~ abatement or ~~elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date~~ diminution of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; orLoan Payments hereunder. (c) ~~The Premises are damaged~~ If a Loan Default has occurred and is continuing, and the Letter of Credit is not in effect or ~~destroyed~~ the Credit Obligor has dishonored any draw thereunder or there has been instituted insolvency proceedings with respect to the ~~extent~~ Credit Obligor, then all Net Proceeds of ~~twenty five-percent (25%) or more of the replacement cost thereof,~~ insurance resulting from claims for losses in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded respect to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of ~~any portion~~ the Project (in whole or in part) shall applied to the redemption of the ~~Premises resulting from fire or other casualty~~Bonds in accordance with the terms thereof.

Appears in 2 contracts

Samples: Loan Agreement (Color Imaging Inc), Loan Agreement (Color Imaging Inc)

Damage and Destruction. If ~~all or~~ at any ~~part of~~ time during the Lease Term the Premises ~~shall be~~ are damaged ~~or destroyed~~ by a fire or other casualty, Landlord shall notify Tenant within 30 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. (a) If the Premises are damaged by fire or other casualty covered by insurance which Landlord is required to carry hereunder (and for which there are sufficient insurance proceeds available, excluding any deductible, to repair the damage), then Landlord shall, subject to Force Majeure events and delays arising from the collection of insurance proceeds, repair such damage (excluding the improvements installed by Tenant or by Landlord and paid by Tenant) within 9 months and this Lease shall continue in full force and effect. Tenant at Tenant's expense shall promptly perform, ~~unless terminated as hereinafter provided~~subject to delays arising from the collection of insurance proceeds, ~~and Landlord shall repair~~or from Force Majeure events, ~~restore~~ all repairs or ~~rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall~~ restoration not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be ~~applied towards the reduction of any indebtedness secured~~ done by ~~a mortgage covering~~ Landlord. If the Premises are damaged by fire or other casualty and there is no insurance or insufficient insurance proceeds (excluding any ~~portion thereof~~deductible) to repair the Premises, then Landlord may, at its option, either terminate this Lease, by giving notice to Tenant within 30 days of the date of damage, or repair such damage in the same manner as if there had been sufficient insurance proceeds available, at Landlord’s expense, and if Landlord so elects to repair, then the Lease shall continue in full force and effect. Landlord’s failure to deliver a termination notice to Tenant as aforesaid, shall be deemed Landlord’s election to repair the Premises. (iib) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in If the Premises are damaged during the last 18 months of the ~~actual cost of all permanent leasehold improvements~~ Lease Term, and ~~betterments installed or~~ if the restoration time is estimated to ~~be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of~~ exceed 6 months and such damage materially interferes with Tenant’s ~~personal property~~use of the Premises, ~~movable trade fixtures and inventory. Similar notifications shall be given~~ Tenant may elect to terminate this Lease upon notice to Landlord ~~not less~~ given no later than ~~thirty (30)~~ 30 days ~~prior~~ after Tenant’s receipt of Landlord's written notice of its estimate of the amount of time it will take to ~~the commencement of any proposed alterations, additions or improvements to~~ repair the Premises. If Tenant ~~fails~~ elects not to ~~comply~~terminate this Lease or if Landlord estimates that the repair will xxxx 0 months or less, ~~with the foregoing provisions~~then, ~~any loss or damage~~ Landlord shall ~~sustain~~ promptly repair the Premises excluding the improvements installed by ~~reason thereof~~ Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. (c) Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last 9 months of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be ~~borne~~ abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Unless Tenant has terminated the Lease pursuant to this Section 15, such abatement shall be the sole remedy of Tenant. (d) If Landlord shall be obligated to repair or restore the Premises under the provisions of this Section 15 and shall ~~be paid immediately by~~ not complete the restoration within the estimated or required time as provided above, Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, ~~either restore~~ give written notice to Landlord and to any Lenders of which Tenant has actual notice of Tenant's election to use the proceeds of such insurance to perform the necessary repairs or ~~require~~ restorations of the Premises. If Tenant gives such notice to ~~restore the Premises to the condition which existed prior to~~ Landlord and such ~~loss~~Lenders and such repair or restoration is not commenced within 60 days after receipt of such notice, ~~and in either case~~ then Tenant shall ~~pay~~ be entitled to take over the ~~cost of~~ repairs or restoration and to use all available insurance proceeds for such ~~restoration~~purposes. ~~Tenant covenants and agrees to~~ If Landlord or a lender completes the repair or ~~replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in~~ restoration of the Premises within ~~thirty (30)~~ 60 days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion receipt of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove providednotice, Tenant shall not ~~be entitled to any compensation or damage for loss~~ have such right. “Commence” as used in this Paragraph shall mean either the ~~use~~ unconditional authorization of the ~~whole or any part~~ preparation of the ~~Premises and/or any inconvenience~~ required plans, or ~~annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to~~ the ~~Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts~~ beginning of the ~~Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage~~actual work on the Premises, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtywhichever first occurs.

Appears in 2 contracts

Samples: Lease Agreement (Skechers Usa Inc), Limited Liability Company Agreement (Skechers Usa Inc)

Damage and Destruction. If ~~all~~ the Building is totally destroyed by fire, tornado or ~~any part~~ other casualty or if the Premises or the Building are so damaged that rebuilding or repairs cannot be completed within ninety (90) days after the date of such damage, Sublandlord may at their option terminate this Lease, and Rent will axxxx for the unexpired portion of the Lease Term effective as of the date of such damage. If the Building or the Premises ~~shall be~~ are damaged ~~or destroyed~~ by ~~fire~~ fire, tornado or other ~~casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided~~casualty covered by Sublandlord’s insurance, and ~~Landlord shall repair~~rebuilding or repairs can be completed within ninety (90) days after the date of such damage, ~~restore~~ or if the damage is more serious and Sublandlord do not elect to terminate this Lease, within sixty (60) days after the date of such damage, Sublandlord will commence to rebuild or repair the Building and the Premises and will proceed with reasonable diligence to restore the Building and Premises to substantially the same condition that existed immediately prior to the ~~condition existing at the time of the occurrence of the loss~~casualty; provided, however, ~~Landlord shall~~ Sublandlord will not ~~be obligated~~ rebuild, repair or replace Tenant’s furniture, fixtures, equipment or the improvements where Sublandlord is not entitled to ~~commence such repair, restoration or rebuilding until~~ receipt of insurance proceeds ~~are received by Landlord~~allocated for such furniture, fixtures, equipment or improvements. Sublandlord will allow Tenant a fair diminution of Base Rent during the time and ~~Landlord’s obligation hereunder shall be limited~~ to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering extent that the Premises ~~or any portion thereof~~are unfit for Tenant’s use in the ordinary conduct of Tenant’s business, ~~and~~ which abatement will continue only until the earlier of (iia) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days ~~prior, to~~ following the ~~date Tenant opens~~ completion of Sublandlord’s restoration of the Building and Premises as herein provided and receipt of a certificate of occupancy for ~~business in~~ the Premises of or (b) the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive completion of Tenant’s ~~personal property, movable trade fixtures and inventory~~repairs. ~~Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions~~ Any insurance carried by Sublandlord or ~~improvements to the Premises. If~~ Tenant ~~fails to comply, with the foregoing provisions, any~~ against loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the ~~condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair~~ Building or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises ~~shall allow Tenant to surrender possession~~ is for the sole benefit of the ~~Premises nor affect Tenant~~party carrying such insurance and under its sole control, and Sublandlord’s ~~liability for the payment of rents~~ obligation to rebuild or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which restore hereunder is ~~not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed~~ limited to the extent of ~~twenty five-percent (25%)~~ recoverable insurance proceeds available therefor. If any mortgagee under a deed of trust, security agreement or ~~more of~~ mortgage on the ~~replacement cost thereof~~Building requires the insurance proceeds to be used to retire debt, ~~in which event Landlord~~ Sublandlord will have ~~the option of terminating~~ no obligation to rebuild, and this Lease ~~or any renewal thereof by serving written~~ will terminate upon notice ~~upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded~~ to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.

Appears in 2 contracts

Samples: Sublease Agreement (Franklin Covey Co), Sublease Agreement (Franklin Covey Co)

Appears in 2 contracts

Samples: Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Holdings, Inc.)

Damage and Destruction. ~~If all or any part~~ Notwithstanding the provisions of ~~the Premises~~ Section 9.1 hereof, if MOB B shall be damaged ~~or destroyed~~ by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time casualty (any of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by foregoing being hereinafter called a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds“Casualty”). Tenant ~~agrees to notify Landlord in writing not less than thirty (30) days prior~~shall, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days ~~after notice from~~ of the date of such Casualty, cause an architect licensed in the State of Tennessee to deliver to both Landlord ~~that~~ and Tenant in writing, such architect’s good faith opinion (hereinafter, the “Architect’s Opinion”) as to) (i) the length of time required to cause the Premises ~~are ready for re-occupancy. No damage or destruction~~ to be repaired and restored substantially to the ~~Premises~~ same condition existing prior to the Casualty and (ii) the estimated cost of such repairs and restorations. If said Architect’s Opinion indicates that such repairs and restoration shall ~~allow Tenant to surrender possession~~ take in excess of twelve (12) months from the expiration of the ~~Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained~~Notice Period (as hereinafter defined), ~~except as may be specifically provided in this Lease. Notwithstanding anything~~ then, subject to the ~~contrary contained~~ rights of any Leasehold Mortgagee (as defined in ~~this~~ Section 11.3), either Landlord or ~~elsewhere in this Lease, Landlord, at its option, may~~ Tenant shall have the right to terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of ~~destruction and~~ such Casualty upon giving written notice to the ~~unearned portion of~~ other party to such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired effect at any time during the period ending fifteen (15) days after such party’s receipt of ~~any damage~~the Architect’s Opinion (the “Notice Period”); provided, ~~repair or restoration provided for in this Article; provided further~~however, that in the event ~~Landlord~~ that Tenant elects to ~~repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord~~ restore MOB B and proceeds to ~~Tenant that~~ diligently restore the Premises ~~have been repaired.~~ (regardless of whether such restoration extends beyond twelve (12) months), then Landlord may not terminate this Lease; provided, further, however, that Tenant shall ~~continue the operation~~ thereafter diligently pursue restoration of ~~its business on~~ the Premises ~~during any such period~~ to a condition substantially the same or better than existed prior to the ~~extent reasonably practicable from~~ Casualty. In the ~~standpoint~~ event that this Lease is so terminated by either Landlord or Tenant, the net proceeds of ~~prudent business management, and any obligation~~ insurance carried pursuant to the provisions of ~~Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section~~ Subsection 6.1(a) above shall be ~~construed~~ paid to ~~xxxxx Additional Rent~~Tenant. ~~Except for~~ In the ~~abatement of Minimum Rent hereinabove provided~~event that Tenant elects to terminate this Lease within the Notice Period, Tenant shall ~~not be entitled to any compensation or damage for loss in~~ pay the ~~use~~ reasonable costs of demolition of MOB B, including removal of all casualty debris. In the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless event this Lease is ~~terminated by Landlord~~not terminated, as aforesaid, Rent hereunder shall not xxxxx and Tenant shall ~~repair, restore and re-fixture~~ remain liable for the payment of all ~~parts~~ Impositions payable by Tenant pursuant to Article V above during the period of Tenant’s restoration of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyPremises.

Appears in 2 contracts

Samples: Ground Lease Agreement, Ground Lease Agreement (CNL Healthcare Properties, Inc.)

Damage and Destruction. (a) If ~~all~~ the Leased Premises or ~~any part of~~ the ~~Premises shall be~~ building are damaged ~~or destroyed~~ by fire or other insured casualty, LANDLORD will give TENANT written notice of the time which will be needed to repair such damage, as determined by LANDLORD in its reasonable discretion, and the election (if any) which LANDLORD has made according to this ~~Lease shall~~ Article 17. Such notice will be given before the 30th day (the “notice date’) after the fire or other insured casualty. (b) If the Leased Premises or the building are damaged by fire or other insured casualty to an extent which may be repaired within 120 days after the notice date, as reasonably determined by LANDLORD, LANDLORD will promptly begin to repair the damage after the notice date and will diligently pursue the completion of such repair. In that event this LEASE will continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not effect except that monthly rent will be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by abated on a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days pro rata basis from the date of the ~~casualty if:~~damage until the date of the completion of such repairs (the “repair period”) based on the proportion of the rentable area of the Leased Premises TENANT is unable to use during the repair period. (ac) ~~The~~ If the Leased Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged by fire or ~~destroyed~~ other insured casualty to an extent that may not be repaired within 120 days after the ~~extent of twenty five-percent~~ notice date, as reasonably determined by LANDLORD, then (~~25%~~1) ~~or more of the replacement cost thereof, in which event Landlord will have the option of terminating~~ LANDLORD may cancel this ~~Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated~~ LEASE as of the date of ~~destruction and~~ such damage by written notice given to TENANT on or before the ~~unearned portion~~ notice date or (2) TENANT may cancel this LEASE as of the date of such ~~Rent~~ damage by written notice given to LANDLORD within 10 days after LANDLORD’s delivery of a written notice that the repairs cannot be made within such 120-day period. If neither LANDLORD nor TENANT so elects to cancel this LEASE, LANDLORD will diligently proceed to repair the building and Leased Premises and monthly rent will be ~~refunded~~ abated on a pro rata basis during the repair period based on the proportion of the rentable area of the Leased Premises TENANT is unable to ~~Tenant without interest. If~~ use during the repair period. (d) Notwithstanding the provisions of subparagraphs (a), (b), and (c) above, if the Leased Premises ~~shall be~~ or the building are damaged by uninsured casualty, or ~~destroyed and in~~ if the ~~event that Landlord has elected~~ proceeds of insurance are insufficient to ~~continue this Lease~~pay for the repair of any damage to the Leased Premises or the building, ~~Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute~~ LANDLORD will have the ~~same~~ option to ~~completion with all due diligence. Except where the~~ repair such damage or ~~destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use~~ cancel this LEASE as of the ~~Premises~~ date of such casualty by written notice to TENANT on or before the notice date. (e) If any such damage by fire or other casualty is ~~impaired during~~ the ~~period~~ result of ~~any damage~~the willful conduct or negligence or failure to act of TENANT, ~~repair~~ its agents, contractors, employees, or ~~restoration~~ invitees, there will be no abatement of monthly rent as otherwise provided for in this ~~Article; provided further, that in the event Landlord elects~~ Article 17. TENANT will have no rights to ~~repair any damages as herein contemplated, any abatement~~ terminate this LEASE on account of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to the Leased Premises, the building, or ~~destruction~~ the project, except as set forth in this LEASE, and TENANT hereby waives the terms of any ~~portion~~ inconsistent statute or regulation of the ~~Premises resulting from fire or other casualty.~~State of California

Appears in 2 contracts

Samples: Standard Business Park Lease (GLAUKOS Corp), Standard Business Park Lease (GLAUKOS Corp)

Damage and Destruction. If ~~all or any part of~~ the Demised Premises ~~shall be~~ are damaged ~~or destroyed~~ by fire or other insured casualty, ~~this Lease shall continue~~ Landlord will give Tenant notice of the time which will be needed to repair such damage, as determined by Landlord in ~~full force and effect, unless terminated as hereinafter provided~~its sole discretion, and ~~Landlord shall repair, restore or rebuild~~ the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, election (if any~~, less those amounts (i~~) which ~~have been required~~ Landlord has made according to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceedsthis Article 18.00. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall Such notice will be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days ~~after notice~~ of Landlord’s receipt from ~~Landlord~~ its insurance company of an appraisal report. The date that the notice is sent by Landlord to Tenant shall be known as the “Notice Date”. (a) If the Demised Premises are ~~ready for re-occupancy. No damage~~ damaged by fire or ~~destruction~~ other insured casualty to ~~the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as~~ an extent which may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof repaired within one hundred ~~and~~ eighty (180) days as determined by Landlord, Landlord will repair the damage within one hundred eighty (180) days after the Notice Date. In that event this Lease will continue in full force and effect except that Rent will be abated on a pro rata basis from the date of the fire or other insured casualty ~~if:~~ until the date of the completion of such repairs (athe “Repair Period”) ~~The~~ based on the portion of the Demised Premises or of whose use Tenant is deprived during the ~~building~~ Repair Period, provided that Landlord receives the proceeds of any rent insurance carried by Tenant, as required in ~~which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or~~Article 6.00. (b) ~~The Premises shall be damaged or destroyed during~~ If the ~~last two (2) years of the Term or any renewals thereof; or (c) The~~ Demised Premises are damaged by fire or ~~destroyed~~ other insured casualty to an extent which may not be repaired within one hundred eighty (180) days after the ~~extent~~ commencement of ~~twenty five-percent~~ repair then (~~25%~~i) ~~or more of the replacement cost thereof, in which event~~ Landlord ~~will have the option of terminating~~ may cancel this Lease ~~or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated~~ as of the date of ~~destruction and~~ such damage by written notice given to Tenant on or before the ~~unearned portion~~ Notice Date, or (ii) Tenant may cancel this Lease as of the date of such ~~Rent will be refunded~~ damage by written notice given to ~~Tenant without interest. If the Premises shall be damaged or destroyed and in the event that~~ Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end within ten (10) days after Landlord’s delivery of a notice ~~by Landlord to Tenant~~ that the repairs cannot be made within such two hundred seventy (270) day period. If neither Landlord nor Tenant so elects to cancel this Lease, Landlord will repair the Demised Premises ~~have been repaired. Tenant shall continue~~ and Rent will be abated on a pro rata basis during the ~~operation of its business~~ Repair Period based on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use portion of the ~~whole or any part~~ Demised Premises of whose use Tenant is deprived during the ~~Premises and/or any inconvenience or annoyance occasioned by any damage~~Repair Period, ~~destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to~~ provided that Landlord receives the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of ~~all~~ any rent insurance carried by ~~Tenant on its property and improvements shall be held~~ Tenant, as required in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyArticle 6.00.

Appears in 2 contracts

Samples: Office Lease Agreement, Office Lease Agreement (Acacia Communications, Inc.)

Damage and Destruction. ~~If all~~ Borrowers shall provide a complete written report to Collateral Agent and Lender immediately upon any loss, theft, damage or destruction of any ~~part~~ Collateral and of any accident involving any Real Estate Collateral resulting in a loss of at least $350,000. With respect to any Damaged Collateral, Borrowers shall as soon as practicable after such event either: (a) replace the ~~Premises shall be damaged~~ same at Borrowers’ sole cost and expense with property having substantially similar specifications and of equal or ~~destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises~~ greater value to the ~~condition existing at~~ Damaged Collateral immediately prior to the time of the ~~occurrence~~ loss occurrence, such replacement property to be subject to Collateral Agent’s and Lender’s approval, whereupon such replacement property shall be substituted in this Agreement and the other related documents by appropriate endorsement or amendment; or (b) with respect to Damaged Collateral involving a loss of at least $350,000, pay the applicable Damaged Collateral Amount. With respect to Damaged Collateral involving a loss of at least $350,000, Borrowers shall notify Collateral Agent and Lender of which course of action it will take within 30 calendar days after the loss occurrence. If, within 90 calendar days of the ~~loss; provided~~loss occurrence, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (ia) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees Borrowers fail to notify ~~Landlord in writing not less than thirty~~ Collateral Agent and Lender; (30b) ~~days prior~~Borrowers, Collateral Agent and Lender fail to execute an amendment to this Agreement and any related document to delete the ~~date Tenant opens for business in~~ Damaged Collateral and add the ~~Premises of~~ replacement property or (c) Borrowers fail to pay the ~~actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant)~~applicable Damaged Collateral Amount, but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord then Lender may, at its ~~election~~sole discretion, ~~either restore or require Tenant~~ declare the applicable Damaged Collateral Amount to ~~restore~~ be immediately due and payable, and Borrowers are required to pay the ~~Premises~~ same. The Net Proceeds of insurance with respect to the ~~condition which existed prior~~ Damaged Collateral shall be made available by Collateral Agent to ~~such loss~~be applied to discharge Borrowers’ obligation under this Section. The payment of the Damaged Collateral Amount and the termination of Collateral Agent’s interest in the Damaged Collateral is subject to the terms of Section 2.07 hereof. For purposes of this Section, ~~and~~ the term “Net Proceeds” shall mean the amount remaining from the gross proceeds of any insurance claim after deducting all expenses (including reasonable attorneys’ fees) incurred in ~~either case Tenant shall pay~~ the ~~cost~~ collection of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyclaim.

Appears in 2 contracts

Samples: Loan Agreement (Landec Corp \Ca\), Loan Agreement (Landec Corp \Ca\)

Damage and Destruction. If ~~all or any part of~~ the Premises ~~shall be~~ or the Facility is damaged ~~or destroyed~~ by fire or other casualty, then Port shall repair the same provided that funds for such repairs are appropriated by Port, in its sole discretion, for such purpose and that such repairs can be made within the Repair Period. In the event such conditions are satisfied, this Lease shall remain in full force and effect except that so long as such damage or casualty is not attributable to Tenant, its Agents or Invitees, Tenant shall be entitled to a proportionate reduction of Base Rent during the Repair Period based upon the extent to which such damage and the making of such repairs materially interferes with Tenant's use or occupancy of the Premises less any insurance proceeds Tenant receives, or would have received if Tenant complied with the requirements set forth in Section 16 above, which proceeds are to be applied against the payment of Rent during any Repair Period. Port shall use its commercially reasonable efforts to notify Tenant within ninety (90) days after the date of such damage whether or not such repairs can be made within the Repair Period, and Port's determination thereof shall be binding on Tenant. If such repairs cannot be made within the Repair Period, Port shall have the option to notify Tenant of: (a) Port's intention to repair such damage and diligently prosecute such repairs to completion within a reasonable period after the Repair Period, subject to appropriation of funds, in which event this Lease shall continue in full force and ~~effect, unless terminated~~ effect and the monthly Base Rent shall be reduced as ~~hereinafter provided, and Landlord shall repair, restore~~ provided herein; or ~~rebuild the Premises~~ (b) Port's election to ~~the condition existing at the time~~ terminate this Lease as of the ~~occurrence of the loss; provided~~date specified in such notice, ~~however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder~~ which date shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) nor more than sixty (60) days ~~prior~~after notice is given by Port. In case of termination, the monthly Base Rent shall be reduced as provided above, and Tenant shall pay such reduced monthly Base Rent up to the date of termination. If Port elects not to appropriate funds for such repair, Port shall give written notice to Tenant ~~opens for business in~~ within sixty (60) days after the ~~Premises~~ date Port elects not to appropriate funds of its election to terminate this Lease as of the ~~actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant~~ date specified in ~~the Premises (whether same have been paid for entirely or partially by Tenant)~~such notice, ~~but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications~~ which date shall be ~~given to Landlord~~ not less than thirty (30) nor more than sixty (60) days ~~prior to~~ after notice is given by Port. In case of termination, the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof monthly Base Rent shall be ~~borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss~~reduced as provided above, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay such reduced monthly Base Rent up to the ~~cost~~ date of ~~such restoration~~termination. ~~Tenant covenants and agrees to repair or replace Tenant’s fixtures~~If at any time during the last six (6) months of the Term, ~~furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in~~ the Premises or the Facility is damaged or destroyed, then either Port or Tenant may terminate this Lease by giving written notice to the other party of its election to do so within thirty (30) days after ~~notice from Landlord that~~ the ~~Premises are ready for re-occupancy. No~~ date of the occurrence of such damage; provided, however, Tenant may terminate only if such damage or destruction ~~to the Premises shall allow Tenant to surrender possession~~ substantially impairs its use or occupancy of the Premises ~~nor affect Tenant’s liability~~ for the ~~payment~~ Permitted Use. The effective date of ~~rents or charges or any other covenant herein contained~~termination shall be specified in the notice of termination, ~~except as may~~ which date shall not be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty more than thirty (~~180~~30) days from the date of the ~~casualty if:~~ notice. Notwithstanding anything to the contrary in this Lease, (ai) ~~The~~ Port shall have no obligation to repair the Premises or the ~~building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or~~ Facility, (bii) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any ~~compensation or damage for loss~~ abatement of Rent, and (iii) Tenant shall not be entitled to terminate this Lease, in the ~~use~~ event the damage or destruction is attributable to any act or omission of ~~the whole~~ Tenant, its Agents, or Invitees. In no event shall Port be required to repair any damage to Tenant's Property or any ~~part of~~ paneling, decorations, railings, floor coverings, or any Improvements or other Alterations installed or made on the Premises ~~and/or any inconvenience~~ by or ~~annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to~~ at the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality expense of Tenant. ~~The proceeds~~ Notwithstanding any other provision of ~~all insurance carried by Tenant on its property~~ this Lease, in the event the Premises or the Facility is substantially damaged or destroyed and ~~improvements shall be held in trust by Tenant~~ Port intends to rebuild for ~~the purpose of said repair and replacement. Tenant shall give to Landlord prompt~~ a Port program or project that is inconsistent with this Lease, Port may terminate this Lease upon written notice ~~of, any damage~~ to ~~or destruction of any portion of the Premises resulting from fire or other casualty~~Tenant.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Damage and Destruction. ~~If all~~ Unless the Borrowers shall have exercised their option to prepay the Loan in full pursuant to Article 11 hereof, if the Collateral Property is destroyed or ~~any part of the Premises shall be~~ damaged (in whole or ~~destroyed~~ in part) by fire or other casualty, ~~this Lease~~ the Borrower Representative shall ~~continue~~ promptly give written notice thereof to the Trustee. All Net Proceeds of insurance shall, as determined by the Trustee if directed by the Majority Bondholder, either be used to redeem Bonds or be held by the Borrowers in ~~full force and effect~~a separate trust account, ~~unless terminated as hereinafter provided, and Landlord shall~~ whereupon: (a) the Borrowers will promptly repair, ~~restore~~ rebuild or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the ~~Premises~~ property damaged or destroyed to substantially the same condition ~~which~~ as it existed prior to such ~~loss~~damage or destruction, with such changes, alterations and modifications (including the substitution and addition of other property) as may be desired by the Borrowers and as will not impair the Borrowers’ ability to operate the Collateral Property in ~~either case Tenant shall pay~~ an efficient manner; and (b) the ~~cost~~ Borrowers will apply so much as may be necessary of the Net Proceeds of such ~~restoration~~insurance to payment of the costs of such repair, rebuilding or restoration as the work progresses. ~~Tenant covenants~~ Any balance of such Net Proceeds remaining after payment of all the costs of such repair, rebuilding or restoration shall be applied on a pro rata basis to redeem Bonds and ~~agrees~~ pay Additional Parity Indebtedness. The portion of any such balance to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction be used to redeem Bonds shall be transferred to the ~~Premises shall allow Tenant~~ Bond Principal Fund and applied to ~~surrender possession of the Premises nor affect Tenant’s liability for~~ the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date principal of the ~~casualty if: (a) The Premises~~ Bonds. In the event such Net Proceeds are not sufficient to pay in full the costs of such repair, rebuilding or restoration, the ~~building~~ Borrower will nonetheless complete the work thereof and will pay any costs thereof in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years excess of the ~~Term or any renewals thereof; or (c)~~ amount of such Net Proceeds. The ~~Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more~~ Borrowers shall not by reason of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion payment of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not excess costs be entitled to any ~~compensation~~ reimbursement from the County, the Trustee or ~~damage for loss in~~ the ~~use~~ owners of the ~~whole~~ Bonds or any ~~part~~ postponement, abatement or diminution of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings Loan Payments and other ~~installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall~~ payments required to be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtymade under this Agreement.

Appears in 2 contracts

Samples: Loan Agreement (Wildfire New PubCo, Inc.), Loan Agreement (Wildfire New PubCo, Inc.)

Damage and Destruction. 13.1 If ~~all or any part of~~ the Premises ~~shall be~~ or the Building is damaged ~~or destroyed~~ by fire or other casualty, Landlord shall forthwith repair such damage, subject to the provisions of this Section 13.1, if, in Landlord’s judgment, such repairs can be made within one hundred eighty (180) days after the date of such damage; provided, however the repairs to be made hereunder by Landlord shall not include, and Landlord shall not be required to repair or replace (i) any damage by fire or other cause to Tenant’s Property, paneling, decorations, railings or floor coverings, or to any Alterations, additions, fixtures or improvements installed on the Premises by or at the expense of Tenant or (ii) any damage caused by the negligence of Tenant, its contractors, agents, licensees or employees. During the making of such repairs by Landlord this Lease shall ~~continue~~ remain in full force and effect, ~~unless terminated as hereinafter provided~~except that if the damage is not the result of any act, neglect, default or omission of Tenant, its agents, employees or invitees, Tenant shall be entitled to a reduction of Base Rent and ~~Landlord shall repair, restore or rebuild~~ Additional Charges while such repair is being made in the proportion that the rentable area of the Premises rendered untenantable by such damage bears to the ~~condition existing at the time~~ total rentable area of the ~~occurrence~~ Premises. Within forty five (45) days after the date of ~~the loss; provided, however~~such damage, Landlord shall notify Tenant whether or not such repairs can be ~~obligated to commence~~ made within one hundred eighty (180) days after the date of such ~~repair, restoration or rebuilding until insurance proceeds are received by Landlord,~~ damage (“Damage Notice”) and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason determination thereof shall be ~~borne by Tenant and shall~~ binding on Tenant. If such repairs cannot be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof made within one hundred ~~and~~ eighty (180) days from the date of such damage, Landlord shall have the ~~casualty if:~~ option within sixty (60) days after the date of such damage either to: (a) ~~The Premises or the building~~ notify Tenant of Landlord’s intention to repair such damage and diligently prosecute such repairs, in which event this Lease shall continue in full force and effect and the ~~Premises are located~~ Base Rent and Additional Charges shall be ~~damaged~~ reduced as provided herein; or ~~destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or~~ (b) ~~The Premises~~ notify Tenant of Landlord’s election to terminate this Lease as of the date specified in the notice, which date shall be not less than thirty (30) nor more than sixty (60) days after notice is given. If the Damage Notice states that such repairs cannot be made within one hundred eighty (180) days from the date of such damage and the damage is such that it substantially handicaps, impedes or impairs Tenant’s ability to conduct its business in the Premises, Tenant shall have the option within thirty (30) days after the date of such damage to terminate this Lease. If the repairs are not substantially completed within the later of (x) one hundred eighty (180) days or (y) the estimated restoration period originally given by Landlord, and the condition of the Premises is such that it substantially handicaps, impedes or impairs Tenant’s ability to conduct its business in the Premises, Tenant shall have the option to terminate this Lease and must provide notice of the same to Landlord within fourteen (14) business days of the expiration of such restoration period, or such termination right is waived. In the event that such notice to terminate is given as provided above, this Lease shall terminate on the date specified in such notice. In case of termination, the Base Rent and Additional Charges shall be reduced by a proportionate amount based upon the extent to which such damage interfered with the business carried on by Tenant in the Premises as reasonably determined by Landlord, and Tenant shall pay such reduced Base Rent and Additional Charges up to the date of termination. Landlord agrees to refund to Tenant any Base Rent and Additional Charges previously paid for any period of time subsequent to such date of termination. Landlord shall also have the right to terminate this Lease if; (1) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (2) the Premises have been materially damaged ~~or destroyed during the last~~ and there is less than two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of remaining on the date of ~~destruction~~ the casualty; (3) any mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (4) a material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within sixty (60) days after the date of the casualty. Tenant hereby waives the provisions of Section 1932, subdivision 2, and Section 1933, subdivision 4, of the ~~unearned portion~~ Civil Code of ~~such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease,~~ California. 13.2 Landlord and Tenant hereby waive any right that each may have against the other on account of any loss or damage arising in any manner which is covered by policies of insurance (or which policies are required to be maintained) for fire and extended coverage, public liability, workmen’s compensation and other insurance existing during the Term of this Lease. Landlord and Tenant agree that neither party’s insurers shall ~~commence~~ hold any right of subrogation against the other party, and Landlord and Tenant agree to have their respective ~~obligations under this Article as soon as is reasonably possible and prosecute~~ insurers include such waiver in any policy of insurance that applies to the ~~same to completion with all due diligence. Except where~~ Building or the ~~damage or destruction results from the wrongful or negligent act or omission of Tenant~~Premises, the ~~Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair~~ contents therein or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use ~~of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding~~ and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyoccupancy thereof.

Appears in 2 contracts

Samples: Office Lease (Twilio Inc), Office Lease (Twilio Inc)

Damage and Destruction. If the Premises are hereafter damaged or destroyed or rendered partially untenantable for their permitted use by fire or other casualty insured under the coverage which Landlord is obligated to carry pursuant to Section 11.1 hereof, Landlord shall promptly repair the same to substantially the condition which they were in immediately prior to the happening of such casualty (excluding stock in trade, fixtures, furniture, furnishings, carpeting, floor covering, wall covering, drapes and equipment), and from the date of such casualty until the Premises are so repaired and restored, only the Minimum Monthly Rent payments payable hereunder shall xxxxx in such proportion as the part of said Premises thus destroyed or rendered untenantable bears to the total Premises; PROVIDED, HOWEVER, that Landlord shall not be obligated to repair and restore if such casualty is not covered by the insurance which Landlord is obligated to carry pursuant to Section 11.1 hereof or is caused directly or indirectly by the negligence of Tenant, its agents, and employees and in either of such events, no portion of the Minimum Monthly Rent and other payments payable hereunder shall xxxxx, and PROVIDED, FURTHER, that Landlord shall not be obligated to expend for any repair or restoration an amount in excess of the insurance proceeds received by Landlord therefor, and provided, further, that if the Premises be damaged, destroyed or rendered untenantable for their accustomed uses by fire or other casualty to the extent of more than fifty percent (50%) of the cost to replace the Premises during the last three (3) years of the Lease Term, then Landlord shall have the right to terminate this Lease effective as of the date of such casualty by giving to Tenant, within sixty (60) days after the happening of such casualty, written notice of such termination. If such notice be given, this Lease shall terminate and Landlord shall promptly repay to Tenant any rent theretofore paid in advance which was not earned at the date of such casualty. Any time that Landlord repairs or restores the Premises after damage or destruction, then Tenant shall promptly repair or replace its stock in trade, fixtures, furnishings, furniture, carpeting, wall covering, floor covering, drapes, equipment and Premises to the same condition as they were in immediately prior to the casualty, and if Tenant has closed its business, Tenant shall promptly reopen for business upon the completion of such repairs. Notwithstanding anything to the contrary set forth herein, in the event all or any ~~part~~ portion of the ~~Premises~~ Center shall be damaged or destroyed by fire or other ~~casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild~~ cause (notwithstanding that the Premises may be unaffected thereby), to the ~~condition existing~~ extent the cost of restoration thereof would exceed fifteen percent (15%) of the amount it would have cost to replace the Center in its entirety at the time ~~of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence~~ such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction ~~to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained~~occurred, ~~except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option,~~ then Landlord may terminate this Lease by giving Tenant ~~notice thereof within one hundred and eighty~~ thirty (~~180~~30) days ~~from~~ prior notice of Xxxxxxxx’s election to do so, which notice shall be given, if at all, within ninety (90) days following the date of such occurrence. In the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years event of the ~~Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent~~ termination of ~~twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating~~ this Lease ~~or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated~~ as ~~of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises~~ aforesaid, this Lease shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten cease thirty (1030) days after such notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business managementis given, and ~~any obligation of Tenant under~~ the ~~Lease to apply~~ rent and other charges ~~reserved as Additional Rent shall remain in full force and nothing in the Section~~ hereunder shall be ~~construed to xxxxx Additional Rent. Except for the abatement~~ adjusted as of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtydate.

Appears in 2 contracts

Samples: Lease Agreement (Impossible Kicks Holding Company, Inc.), Lease (Impossible Kicks Holding Company, Inc.)

Damage and Destruction. If all or any part of the Premises shall be damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to reasonable attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. . 15.1.1 Tenant agrees to notify Landlord in writing not less than thirty (30) days ~~prior,~~ prior to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade ~~fixtures~~ fixtures, equipment, furniture, apparatus and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to ~~comply,~~ comply with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. . 15.1.2 Tenant covenants and agrees to ~~repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment~~ (i) equip and ~~stock in trade~~ furnish the Premises as Tenant reasonably deems necessary to operate the business from the Premises and (ii) reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. . 15.1.3 No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. . 15.1.4 Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, either Tenant or Landlord, at ~~its~~ their respective option, may terminate this Lease by giving ~~Tenant~~ written notice thereof ~~within one hundred and eighty~~ to the other as follows: (~~180~~a) Within ninety (90) days from the date of the casualty ~~if: (a) The Premises or the building in which~~ if the Premises are ~~located shall be~~ damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) ~~The~~ Within ninety (90) days from the date of the casualty if the Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) ~~The~~ Within one hundred eighty (180) days from the date of the casualty if the Premises are damaged or destroyed to the extent of ~~twenty five~~twenty-five percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. ; or (d) Within one hundred eighty (180) days from the date of the casualty if, in Tenant’s or Landlord’s reasonable determination, the reconstruction of the Premises shall take in excess of four hundred ten (410) days from the date of the casualty, in which event Tenant and Landlord will each have the option of terminating this Lease or any renewal thereof by serving written notice upon the other and any prepaid Rent or Additional Rent will be prorated as of the date Tenant or Landlord delivers such written notice of its election to terminate this Lease and the unearned portion of such Rent will be refunded to Tenant without interest. 15.1.5 If the Premises shall be damaged or destroyed and in the event that ~~Landlord~~ neither party has elected to ~~continue~~ terminate this ~~Lease~~Lease as aforesaid, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. . 15.1.6 Except where the damage or destruction results from the wrongful or grossly negligent act or omission of Tenant, the ~~Minimum~~ Base Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of ~~Minimum~~ Base Rent shall end ~~ten~~ thirty (1030) days after written notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of ~~Minimum~~ Base Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.

Appears in 2 contracts

Samples: Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Holdings, Inc.)

Damage and Destruction. ~~If all or any part of~~ In the event the Premises shall be destroyed or so damaged or ~~destroyed~~ injured by fire or other ~~casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild~~ casualty during the ~~Premises to~~ Term whereby the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder same shall be ~~limited to~~ rendered untenantable, then LANDLORD shall have the ~~proceeds actually received by Landlord under any insurance policy or policies~~right, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not ~~limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior~~the obligation, to ~~the date Tenant opens for business in the~~ render such Premises ~~of the actual cost of all permanent leasehold improvements and betterments installed or to be installed~~ tenantable by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof making repairs thereto within one hundred ~~and~~ eighty (180) days from receipt of insurance proceeds in the event of an insured loss or from the date of the casualty ~~if:~~ in the event of an uninsured loss. If said premises are not rendered tenantable by LANDLORD within said one hundred twenty (a120) ~~The Premises or the building in which the Premises are located~~ day period, it shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed optional with either party hereto to ~~the extent of twenty five-percent (25%) or more of the replacement cost thereof~~cancel this Lease, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event of such cancellation, the Rent shall be paid only to the date of such fire or casualty. The cancellation herein mentioned shall be evidenced in writing. During any time that ~~Landlord has elected~~ the Demised Premises are untenantable due to ~~continue~~ causes set forth in the Section, a just and fair proportion of Base Rent and Additional Rent shall be abated. Notwithstanding the foregoing, should the cause of such damage, destruction or injury to the Premises originate from the Premises or occur by reason of the misfeasance or negligence of TENANT or any employee, agent, licensee, patron or invitee of TENANT ("TENANT Damage"), TENANT shall not have the right to cancel this Lease, ~~Landlord~~ and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission no abatement of ~~Tenant, the Minimum~~ Base Rent shall ~~be abated proportionately with~~ occur. In the ~~degree~~ event of said TENANT Damage, LANDLORD shall have the right, but not the obligation, to ~~which Tenant’s use of~~ render the Premises ~~is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord~~ tenantable. If LANDLORD elects to repair ~~any damages as herein contemplated~~said TENANT Damage and render the Premises tenantable, ~~any abatement~~ all insurance proceeds available pursuant to this Lease shall be paid to LANDLORD, and the balance of ~~Minimum Rent~~ the cost of such repairs shall ~~end ten~~ be paid by TENANT within five (105) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved following demand therefor as ~~Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx~~ Additional Rent. ~~Except for the abatement of Minimum Rent hereinabove provided~~If LANDLORD elects not to repair such TENANT Damage, ~~Tenant~~ TENANT shall ~~not~~ make such repairs and shall be entitled to any ~~compensation or damage for loss~~ insurance proceeds received in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made respect to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtycost thereof.

Appears in 2 contracts

Samples: Lease Agreement (Kos Pharmaceuticals Inc), Lease Agreement (Kos Pharmaceuticals Inc)

Appears in 2 contracts

Samples: Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Inc)

Damage and Destruction. (a) If all or any part of the ~~Premises shall be~~ building is damaged ~~or destroyed~~ by fire or other ~~casualty~~casualty thereby rendering all or a portion of the premises unusable by the tenant, ~~this Lease~~ then the annual basic rent shall ~~continue~~ xxxxx, in ~~full force~~ the proportion that part of the premises which is rendered unusable bears to the whole of the premises, but only to the extent that the annual basic rent is covered by insurance and ~~effect~~paid to the landlord. (b) Except as provided in subsection 7.3(c) hereof, ~~unless terminated~~ if the premises are damaged by fire or other casualty insured against by the landlord hereunder, then the damage to the premises shall be repaired by the landlord at its expense except that repairs to installations, alterations, additions, partitions, improvements and fixture made by or on behalf of the tenant or any previous tenant or occupant of the premises or any part thereof shall be performed by the tenant or, at the option of the landlord, shall be performed by the landlord at the expense of the tenant. All repairs which the landlord is required to make hereunder shall be made with due diligence, provided that the landlord shall not be liable to the tenant for any loss or damage suffered by the tenant as ~~hereinafter provided~~a result of any delay which may arise by reason of adjustment of insurance on the part of the landlord or on account of labour troubles or any other cause beyond the landlord’s control. The tenant shall, ~~and Landlord shall~~ out of its own money, make up any deficiency necessary to repair, ~~restore~~ rebuild or ~~rebuild~~ make fit the ~~Premises~~ premises for the purposes of the tenant, as follows: (1) To the extent to which insurance coverage required to be placed under this lease is unobtainable by the landlord or is only obtainable at a cost which the landlord considers unreasonable; and (2) To the extent of the amount of any deductible contained in any insurance policy affected by the landlord pursuant to its covenant to insure herein contained. (c) If, in the landlord’s opinion, the building is damage by fire or other casualty to the ~~condition existing at~~ extent that it cannot reasonably be repaired or rebuilt within 120 days after the occurrence of such damage and if the landlord shall decide not to restore the same then the landlord shall within 90 days after the happening of such fire or other casualty give to the tenant a notice in writing of such decision and thereupon the term and any renewal of this lease shall expire forthwith and the tenant shall vacate the premises and surrender the same to the landlord. If the building is damaged as aforesaid and the landlord does not give notice as aforesaid, then the landlord shall diligently proceed to repair the building, excluding installations, additions, partitions, improvements and fixture made by or on behalf of the tenant or any previous tenant or occupant of the premises, subject to any reasonable delay which may arise by reason of adjustment of insurance on the part of the landlord or on account of labour troubles or any other cause beyond the landlord’s control. If the building, excluding installations, additions, partitions, improvements and fixtures made by or on behalf of the tenant or any previous tenant or occupant of the premises, is not repaired within nine months from the time of the ~~occurrence~~ fire or other casualty causing the damage (subject to such time period being extended by the length of any reasonable delay which may arise by reason of adjustment of insurance on the part of the ~~loss; provided~~landlord or on account of labour troubles or any other cause beyond the landlord’s control), ~~however~~then the tenant mat at its option, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) exercised within ten days ~~prior, to the date Tenant opens for business in the Premises~~ of the ~~actual cost~~ termination of ~~all permanent leasehold improvements and betterments installed~~ the said period of nine months (or ~~to be installed by Tenant in~~ the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence termination of such ~~loss~~later period as extended hereby) by notice in writing, ~~and~~ terminate this lease. Upon the termination of this lease by the landlord as provided in ~~addition to any other rights or remedies reserved by Landlord under~~ this ~~Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild~~ subsection 7.3(c) the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenanttenant’s liability for the ~~payment~~ rent shall cease as of ~~rents~~ the day following the fire or ~~charges or any other covenant herein contained~~casualty, ~~except~~ but in the event of the termination of this lease by the tenant as ~~may be specifically~~ provided in this ~~Lease. Notwithstanding anything~~ subsection 7.3(c) the rent shall be due and payable for the period of time up to ~~the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from~~ the date of the ~~casualty if: (a) The Premises or~~ termination of this lease by the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtytenant.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (Bi-Optic Ventures Inc)

Damage and Destruction. 8.01 If ~~all or any part of~~ the Demised Premises shall be partially or totally damaged or destroyed by fire or other casualty, ~~this Lease shall continue in full force~~ Landlord shall, subject to Section 8.03 hereof and ~~effect~~any requirements of any mortgagee(s) and such mortgagee(s)' right to control, ~~unless terminated as hereinafter provided~~apply or withhold the applicable insurance proceeds, if any, repair the damage and ~~Landlord shall repair,~~ restore or and rebuild the Demised Premises as nearly as may be reasonably practicable to ~~the~~ its condition ~~existing at the time~~ and character immediately prior to such damage or destruction, with reasonable diligence, after notice to it of the ~~occurrence of the loss~~damage or destruction; ~~provided, however,~~ provided that Landlord shall not be obligated to ~~commence~~ expend upon such ~~repair,~~ repair or restoration ~~or rebuilding until~~ any amount in excess of the net insurance proceeds ~~are~~ received by Landlord pursuant to insurance maintained under Article 3 and provided that Landlord's obligations shall be subject to then applicable zoning and planning regulations and no part of such proceeds shall be applied to restore or repair Tenant's property. Landlord shall not be liable in any way for any inconvenience or annoyance to Tenant or its visitors, ~~and Landlord’s obligation~~ or injury to Tenant's business or property resulting in any way from such casualty, damage or the repair thereof. 8.02 If the Demised Premises and/or access thereto shall be partially or totally damaged or destroyed by fire or other casualty, the rents payable hereunder shall be ~~limited~~ abated to the ~~proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which~~ extent that the Demised Premises shall have been ~~required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof~~rendered untenantable, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to from the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the ~~Premises~~ date the damage shall ~~allow~~ be substantially repaired or restored. Should Tenant ~~to surrender possession~~ reoccupy a portion of the Demised Premises ~~nor affect Tenant’s liability for~~ during the ~~payment of rents~~ period that the repair or ~~charges or any other covenant herein contained, except as may be specifically provided~~ restoration is in ~~this Lease. Notwithstanding anything~~ progress and prior to the ~~contrary contained in this Section or elsewhere in this Lease~~date that the same are made completely tenantable, ~~Landlord, at its option, may terminate this Lease~~ rents allocable to such portion shall be payable by ~~giving~~ Tenant ~~notice thereof within one hundred and eighty (180) days~~ from the date of such occupancy to the ~~casualty if: (a) The Premises or~~ date the ~~building in which the~~ Demised Premises are ~~located~~ made tenantable. 8.03 Landlord and Tenant shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will each have the option of terminating this Lease and the term and estate hereby granted upon the occurrence of either of the following events: (1) if Landlord estimates that renovation of the Demised Premises shall exceed the shorter of (a) 180 days (60 days in the event of a casualty within the last six months of the term) from the date of the damage, or (b) the unexpired term of this Lease, or (2) the Building is rendered untenantable by fire or other casualty and Landlord elects not to repair or restore the same. Either party shall exercise such termination option by notifying the other party in writing of such termination within 45 days of the date of the damage. Tenant agrees that Landlord's obligation to restore, and the abatement of rent provided for hereunder, shall be Tenant's sole recourse in the event of such damage, and waives any ~~renewal thereof~~ other rights Tenant may have under any applicable law to terminate this Lease by ~~serving written~~ reason of such damage except as provided herein. 8.04 In the event that a notice ~~upon Tenant~~ of termination shall be given pursuant to Section 8.03, this Lease and ~~any prepaid Rent or Additional Rent will be prorated~~ the term and estate hereby granted shall expire as of the date of ~~destruction and~~ such termination with the ~~unearned portion~~ same effect as if that were the date hereinbefore set for the expiration of ~~such Rent will be refunded to Tenant without interest. If~~ the ~~Premises shall be damaged or destroyed and in the event that Landlord has elected to continue~~ term of this Lease, ~~Landlord~~ and ~~Tenant shall commence their respective obligations under this Article as soon as is reasonably possible~~ the rent due and ~~prosecute the same~~ to ~~completion with all~~ become due ~~diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent~~ hereunder shall be apportioned as of such date if not earlier abated ~~proportionately with the degree~~ pursuant to ~~which Tenant’s use~~ Section 8.01. 8.05 No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of ~~the Premises is impaired during the period of~~ business or annoyance arising from any ~~damage,~~ repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Demised Premises ~~resulting from~~ pursuant to this Article Landlord shall use diligent efforts to effect any required repair or restoration promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy. 8.06 Landlord shall not carry insurance of any kind on Tenant's property, and shall not be obligated to repair any damage thereto or replace the same. 8.07 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other casualty, and any law to the contrary, now or hereafter in force, shall have no application in such case. 8.08 Notwithstanding any of the foregoing provisions of this Article, if Landlord or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises by fire or other cause, by reason of some action or inaction on the part of the Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedies which may be available against Tenant, the abatement of Tenant's rents provided for in this Article shall not be effective to the extent of the uncollected insurance proceeds.

Appears in 2 contracts

Samples: Agreement and Plan of Merger (TBM Holdings Inc), Merger Agreement (TBM Holdings Inc)

Damage and Destruction. If all or any part of ~~the Premises shall be~~ any Acquired Property is damaged ~~or destroyed~~ by fire or other ~~casualty, this Lease shall continue in full force~~ casualty (a “Casualty”) occurring on or after the date hereof and ~~effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises~~ prior to the ~~condition existing~~ Closing Date the following shall apply: (a) Subject to the provisions of Section 12.1(b) below with respect to a Significant Casualty, the Parties shall proceed to consummate this transaction in accordance with this Agreement, without any abatement of the Closing Cash Consideration or any liability or obligation on the part of the Seller by reason of such destruction or damage. If the Casualty is covered by insurance, the Seller (or the applicable Selling Subsidiary) shall assign to the Buyer (or its permitted designee) and the Buyer (or its permitted designee) shall have the right to make a claim for and to retain any casualty insurance proceeds received under the casualty insurance policies in effect with respect to such Acquired Property on account of such Casualty and the Buyer shall receive a credit (the “Casualty Credit”) against the Closing Cash Consideration due at Closing for the amount of the deductible on such casualty insurance policy less any amounts reasonably and actually expended by the applicable Seller to collect any such insurance proceeds or to remedy any unsafe conditions at the ~~time of~~ applicable Acquired Property or to repair or restore any damages, in no event to exceed the ~~occurrence~~ amount of the loss~~; provided, however, Landlord shall~~ . If the Casualty is not ~~be obligated to commence such repair, restoration~~ covered by insurance or ~~rebuilding until~~ the insurance proceeds are ~~received~~ applied by ~~Landlord~~the Lender for such Acquired Property to reduce the principal balance of the Existing Loan secured by the Acquired Property, ~~and Landlord’s obligation hereunder~~ Buyer shall be ~~limited~~ entitled to a reduction (the “Restoration Credit”) in the Closing Cash Consideration equal to the ~~proceeds actually received by Landlord~~ full estimated cost of repairing or restoring the applicable Acquired Property (as determined pursuant to Section 12.1(c) below). (b) If as a result of any such Casualty the tenant(s) under ~~any insurance policy~~ the Space Leases demising seventy-five percent (75%) or ~~policies~~greater of gross leasable area of the applicable Acquired Property have the right to terminate such Space Leases pursuant to the terms thereof (a “Significant Casualty”), then the Parties shall proceed to consummate this transaction in accordance with this Agreement, provided that Buyer shall receive at Closing (or on the Deferred Closing Date, as the case may be), a credit against the Closing Cash Consideration in an amount equal to the sum of the Casualty Credit, the Restoration Credit (if any) and the Reletting Costs, ~~less those amounts (i) which have been required to be applied towards~~ but without any other liability or obligation on the ~~reduction~~ part of any ~~indebtedness secured~~ Seller by ~~a mortgage covering~~ reason of such destruction or damage. The Seller (or the ~~Premises or any portion thereof, and (ii~~applicable Selling Subsidiary) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, shall assign to the Buyer (or its permitted designee) and the Buyer (or its permitted designee) shall have the right to make a claim for and to retain any casualty insurance proceeds received under the casualty insurance policies in effect with respect to such Acquired Property on account of such Significant Casualty. If the Reletting Costs have not been determined by the date ~~Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises~~ that is two (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (302) days prior to the ~~commencement of any proposed alterations~~Scheduled Closing Date, ~~additions or improvements to~~ then the ~~Premises. If Tenant fails to comply, with~~ Acquired Property that suffered the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises Significant Casualty shall be deemed ~~inapplicable~~to be a Deferred Property subject to Section 13.1 below and the applicable Deferred Closing Date shall be the date that is five (5) Business Days after the date that the Reletting Cost has been determined. “Reletting Costs” means the costs and expenses associated with re-tenanting the applicable Acquired Property, assuming each tenant with a right to terminate its Space Lease actually terminates such Space Lease in accordance with the terms thereof, taking into account any Leasing Costs, expected time on the market to lease the space subject to termination, business interruption proceeds available during such period, and ~~in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore~~ all other relevant xxxxxxx.xx reasonably estimated by a leasing brokerage firm familiar with the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building market in which the ~~Premises are located shall be damaged or destroyed as a result of an occurrence which~~ Acquired Property is ~~not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed~~ located, that is mutually acceptable to the ~~extent of twenty five-percent (25%) or more of~~ Parties. If any tenant under the ~~replacement cost thereof, in which event Landlord will have~~ Space Lease that has the ~~option of terminating this~~ right to terminate the Space Lease waives its right to terminate its Space Lease or otherwise fails to terminate the Space Lease within any ~~renewal thereof~~ time period required by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten its Space Lease (10x) ~~days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period~~ prior to the ~~extent reasonably practicable from the standpoint of prudent business management~~Closing or Deferred Closing Date, ~~and any obligation of Tenant under the Lease to apply charges reserved~~ as ~~Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided~~applicable, ~~Tenant~~ Buyer shall not be entitled to any ~~compensation~~ Reletting Costs with respect to such Space Lease and (y) after the Closing Date (or ~~damage for loss~~ Deferred Closing Date, as applicable), Buyer shall repay to Seller any Reletting Costs paid to Buyer in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding connection with such tenant and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtySpace Lease.

Appears in 2 contracts

Samples: Asset Purchase Agreement (Colony Financial, Inc.), Asset Purchase Agreement (Colony Financial, Inc.)

Damage and Destruction. If ~~all or any part of~~ the Premises ~~shall be~~ is damaged or destroyed by reason of fire or any other ~~casualty~~cause to such extent that the cost of restoration, ~~this Lease shall continue in full force and effect~~as reasonably estimated by the Landlord on the basis of a report by an architect or engineer designated by the Landlord, ~~unless terminated as hereinafter provided, and Landlord shall repair, restore~~ will equal or ~~rebuild~~ exceed twenty-five percent (25%) of the replacement value of the Premises (exclusive of foundations) just prior to ~~the condition existing at the time of~~ the occurrence of the ~~loss; provided~~damage, ~~however~~then either party may, no later than the ninetieth (90th) day following such damage or destruction, give the other party a notice of election to terminate this Lease. In the event of such election, Tenant shall immediately initiate ISRA compliance consistent with this Lease, including for any Hazardous Discharge resulting from such casualty, and this Lease shall be deemed to terminate on the sixtieth (60th) day after the giving of said notice, and the Tenant shall surrender possession of the Premises upon such termination, and the Net Rent, and any Additional Rent, shall be apportioned as of the date of said surrender, and any Net Rent or Additional Rent already paid by the Tenant for any period beyond said date shall be returned to the Tenant. Absent such an election to terminate this Lease, the Tenant shall remediate any Hazardous Discharge to the extent such casualty caused such Hazardous Discharge and otherwise Landlord shall ~~not be obligated~~ restore the damage with reasonable promptness, subject to ~~commence~~ Force Majeure (as such ~~repair, restoration or rebuilding until~~ term is defined herein) and subject to the Landlord receiving sufficient insurance proceeds ~~are received~~ to accomplish the restoration. The Landlord need not restore any Personal Property, fixture or improvement owned by ~~Landlord,~~ the Tenant and ~~Landlord’s obligation hereunder shall be limited to~~ the ~~proceeds actually received by~~ Landlord ~~under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering~~ need not restore the Premises or Building unless it has adequate insurance proceeds available to do so after any mortgagee deducts therefrom any amount due to it. In case of any damage that renders the Premises unusable in whole or in part, there shall be an appropriate abatement in Net Rent and Additional Rent payable hereunder, for the period for which the Premises or portion thereof are unusable to the extent Landlord receives any rent interruption insurance in lieu thereof. All Additional Rent obligations of the Tenant shall likewise continue except to the extent Landlord receives any rent interruption insurance in lieu thereof. Notwithstanding anything contained herein to the contrary, since this is a short term Lease and ~~(ii)~~ Landlord plans to substantially renovate the Premises at the end of the term, Landlord may elect not to repair or restore the Premises in which ~~are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds.~~ event Tenant ~~agrees to notify Landlord in writing not less than~~ may give thirty (30) days ~~prior,~~ written notice of termination (or such termination notice may be effective earlier if the Premises cannot be used by Tenant for its business due to the need for such repair or restoration or Tenant may pay for a temporary repair to such damaged), whereupon this Lease shall terminate as if such date were the Expiration Date hereunder and thereafter neither party shall have any further obligation or liability to the other except to the extent such obligation or liability would survive the Expiration Date originally set forth herein, including, but not limited to, those obligations and liabilities of Tenant ~~opens~~ set forth in Article 12. Provided however, if the Tenant advises the Landlord in writing that such repair or restoration is not essential for ~~business in~~ its continued use and occupancy, then Tenant may continue to occupy the Premises and the Net Rent, Real Estate Taxes and other financial obligations of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and ~~shall~~ Landlord will be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild equitably adjusted as if the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession portion of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected not to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and ~~re-fixture all parts of~~ as a result thereof is no longer usable by the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant ~~on its property and improvements shall be held in trust by Tenant for~~ were the ~~purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty~~Surrender Space.

Appears in 2 contracts

Samples: Net Lease Agreement (Breeze-Eastern Corp), Net Lease Agreement (Breeze-Eastern Corp)

Damage and Destruction. If ~~all~~ the Premises, Facility or ~~any part of the Premises shall be~~ Port’s Equipment is damaged ~~or destroyed~~ by fire or other casualty, then Port shall repair the same provided that funds for such repairs are appropriated by Port, in its sole discretion, for such purpose and that such repairs can be made within the Repair Period. In the event such conditions are satisfied, this Lease shall remain in full force and effect except that so long as such damage or casualty is not attributable to Tenant, its Agents or Invitees, Tenant shall be entitled to a proportionate reduction of Rent during the Repair Period based upon the extent to which such damage and the making of such repairs materially interferes with Tenant's use or occupancy of the Premises less any insurance proceeds Tenant receives, or would have received if Tenant complied with the requirements set forth in Section 18 above, which proceeds are to be applied against the payment of Rent during any Repair Period. Port shall use its commercially reasonable efforts to notify Tenant within ninety (90) days after the date of such damage whether or not such repairs can be made within the Repair Period, and Port's determination thereof shall be binding on Tenant. If such repairs cannot be made within the Repair Period, Port shall have the option to notify Tenant of: (a) Port's intention to repair such damage and diligently prosecute such repairs to completion within a reasonable period after the Repair Period, subject to appropriation of funds, in which event this Lease shall continue in full force and ~~effect, unless terminated~~ effect and the Rent shall be reduced as ~~hereinafter provided, and Landlord shall repair, restore~~ provided herein; or ~~rebuild the Premises~~ (b) Port's election to ~~the condition existing at the time~~ terminate this Lease as of the ~~occurrence of the loss; provided~~date specified in such notice, ~~however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder~~ which date shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) nor more than sixty (60) days ~~prior~~after notice is given by Port. In case of termination, the Rent shall be reduced as provided above, and Tenant shall pay such reduced Rent up to the date of termination. If Port elects not to appropriate funds for such repair, Port shall give written notice to Tenant ~~opens for business in~~ within sixty (60) days after the ~~Premises~~ date Port elects not to appropriate funds of its election to terminate this Lease as of the ~~actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant~~ date specified in ~~the Premises (whether same have been paid for entirely or partially by Tenant)~~such notice, ~~but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications~~ which date shall be ~~given to Landlord~~ not less than thirty (30) nor more than sixty (60) days ~~prior to~~ after notice is given by Port. In case of termination, the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof Rent shall be ~~borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss~~reduced as provided above, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay such reduced Rent up to the ~~cost~~ date of ~~such restoration~~termination. If at any time during the last six (6) months of the Term, the Premises, the Facility or Port’s Equipment is damaged or destroyed, then either Port or Tenant ~~covenants and agrees~~ may terminate this Lease by giving written notice to ~~repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in~~ the ~~Premises~~ other party of its election to do so within thirty (30) days after ~~notice from Landlord that~~ the ~~Premises are ready for re-occupancy. No~~ date of the occurrence of such damage; provided, however, Tenant may terminate only if such damage or destruction ~~to the Premises shall allow Tenant to surrender possession~~ substantially impairs its use or occupancy of the Premises ~~nor affect Tenant’s liability~~ for the ~~payment~~ Permitted Use. The effective date of ~~rents or charges or any other covenant herein contained~~termination shall be specified in the notice of termination, ~~except as may~~ which date shall not be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty more than thirty (~~180~~30) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed notice. Notwithstanding anything to the ~~extent of twenty five-percent (25%) or more of the replacement cost thereof,~~ contrary in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, ~~Landlord and Tenant~~ (i) Port shall ~~commence their respective obligations under this Article as soon as is reasonably possible and prosecute~~ have no obligation to repair the ~~same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant~~Premises, the ~~Minimum Rent shall be abated proportionately with the degree to which Tenant~~Facility or Port’s ~~use of the Premises is impaired during the period of any damage~~Equipment, ~~repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten~~ (10ii) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any ~~compensation or damage for loss~~ abatement of Rent, and (iii) Tenant shall not be entitled to terminate this Lease, in the ~~use of~~ event the ~~whole~~ damage or destruction is attributable to any ~~part of the Premises and/or any inconvenience~~ act or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality omission of Tenant, its Agents, or Invitees. ~~The proceeds of all insurance carried by Tenant on its property and improvements~~ In no event shall Port be ~~held in trust by Tenant for the purpose of said~~ required to repair ~~and replacement. Tenant shall give to Landlord prompt written notice of,~~ any damage to Tenant's Property or ~~destruction of~~ any ~~portion of~~ paneling, decorations, railings, floor coverings, or any Improvements or other Alterations installed or made on the Premises ~~resulting from fire~~ by or ~~other casualty~~at the expense of Tenant.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Damage and Destruction. 22.1 If ~~all~~ the Premises or ~~any part~~ the Project is damaged by an insured casualty, occurring more than six (6) months prior to the expiration of the Premises shall be damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, howeverterm hereof, Landlord shall ~~not~~ forthwith repair same, or cause same to be ~~obligated~~ repaired, to ~~commence such repair, restoration or rebuilding until~~ the extent that insurance proceeds are ~~received by~~ made available to Landlord therefor and provided that such repairs can, in Landlord's reasonable opinion, be made within ninety (90) from the date of such damage (without payment of overtime or other premiums) under the laws and ~~Landlord’s obligation hereunder shall be limited to~~ regulations of the ~~proceeds actually received by Landlord under any insurance policy or policies~~federal, ~~if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering~~ state and local governmental authorities having jurisdiction thereof. If the Premises or ~~any portion thereof, and (ii)~~ the Project is damaged by an uninsured casualty which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less shall cost more than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article $100,000 to repair, ~~replace and/or rebuild~~ or if with respect to an insured casualty the repairs shall require more than ninety (90) days to complete without payment of overtime or other premium, or if the Premises ~~shall be deemed inapplicable,~~ or the Project is damaged by casualty within the last six (6) months of the term and cost in ~~lieu thereof~~excess of $ I00,000 to repair, Landlord ~~may, at its election, either restore or require Tenant to restore~~ shall have the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises option within ~~thirty~~ forty-five (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (18045) days from the date of ~~the casualty if:~~ such damage either to (ai) ~~The Premises or the building in which the Premises are located shall be damaged or destroyed as a result~~ notify Tenant of ~~an occurrence which is not covered by~~ Landlord~~’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed~~ 's election to ~~the extent of twenty five-percent (25%) or more of the replacement cost thereof~~repair such damage, in which event Landlord ~~will have the option~~ shall thereafter repair same, or (ii) notify Tenant of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded Landlord's election to ~~Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue~~ immediately terminate this Lease, in which event the Lease shall be so terminated. Landlord shall refund to Tenant any rent previously paid for any period of time subsequent to such termination. Notwithstanding any contrary provision herein, and regardless of whether caused by casualty, (a) Landlord shall not be required to repair any damage to the property of Tenant ~~shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute~~ or to repair or replace any paneling, decorations, railings, floor coverings, alterations, additions, fixtures or improvements installed on the ~~same to completion with all due diligence. Except where~~ Premises by or at the ~~damage or destruction results from the wrongful or negligent act or omission~~ expense of Tenant, and (b) any damage caused by the ~~Minimum~~ negligence or willful misconduct of Tenant or any of its agents, contractors, employees or invitees shall be promptly repaired by Tenant, at its sole cost and expense, to the reasonable satisfaction of Landlord; provided, however, that Landlord shall bear such cost and expense to the extent it receives proceeds covering such damage from insurance obtained by Landlord as part of Building Operating Costs. 22.2 If Landlord repairs damage to the Premises pursuant to the provisions of Section 22. l above, Base Rent and Additional Rent payable hereunder until such repairs are completed shall be abated ~~proportionately with~~ in the ~~degree~~ proportion that the rentable area of the portion, if any, of the Premises rendered unusable by Tenant (and therefore not used) bears to ~~which Tenant’s use~~ the rentable area of the Premises; provided, however, that there shall be such rent abatement only if (i) the damage so repaired is not caused by the negligence or willful misconduct of Tenant or any of its agents, contractors, employees, guests or invitees, and (ii) a material portion of the Premises is ~~impaired during the period of any damage, repair or restoration provided~~ so rendered unusable for ~~in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten~~ more than five (105) ~~days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its~~ consecutive business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rentdays. Except for ~~the~~ abatement of ~~Minimum Rent hereinabove provided~~rent, if any, Tenant shall ~~not be entitled to~~ have no claim against Landlord for any ~~compensation or~~ damage ~~for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned~~ suffered by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, reason o(Pounds) (1) any damage to the Premises, (2) such repairs or ~~destruction~~ (3) any inconvenience, interruption, annoyance, loss of ~~any portion~~ business, or continued expense of ~~the Premises resulting from fire~~ operation caused by such damage or ~~other casualty~~repair.

Appears in 2 contracts

Samples: Lease (Digital Island Inc), Lease (Digital Island Inc)

Damage and Destruction. (a) If all or any part of the ~~Premises shall be~~ Building is damaged ~~or destroyed~~ by fire or other ~~casualty~~casualty occurring following the date hereof and prior to the Closing Date, then: (i) if there is not Material Damage, neither party shall have the right to terminate this ~~Lease~~ Agreement and the parties shall ~~continue~~ nonetheless consummate this transaction in ~~full force~~ accordance with this Agreement, without any abatement of the Purchase Price or any liability or obligation on the part of Owner by reason of said destruction or damage. In such event, Owner, upon receipt of the insurance proceeds referred to in Section 11(a)(ii) below, shall commence and ~~effect~~proceed with any repair or restoration work necessary to perform repairs and/or rebuild the Building to substantially the same condition as it existed prior to the occurrence of any fire or other casualty to the Property. (ii) Owner has the right to make a claim for, ~~unless terminated~~ settle and retain any casualty insurance proceeds received under the casualty insurance policies in effect with respect to the Property, in connection with the work contemplated under the preceding sentence, subject to Purchaser's reasonable approval of any such settlement. Any contracts entered into by Owner in accordance with the work contemplated hereunder pursuant to the terms hereof shall be deemed to be "Contracts" for purposes of this Agreement. If any such casualty occurs prior to the Closing and the insurance claim with respect thereto has not been settled or if settled the work has not been completed as ~~hereinafter provided~~of the Closing, ~~and Landlord~~ Owner shall be relieved of the obligation to repair, restore or and/or rebuild the ~~Premises~~ Building and the Closing Statement shall reflect the following credits in favor of Owner and Purchaser: (x) in favor of Purchaser, the amount of the deductible on any casualty insurance policy in effect with respect to the ~~condition existing at the time~~ Property (but in no event in excess of the ~~occurrence~~ amount of the loss~~; provided~~), ~~however, Landlord~~ (y) if Owner shall ~~not be obligated~~ have actually received on or prior to ~~commence such repair, restoration or rebuilding until~~ the Closing Date any insurance proceeds ~~are received by Landlord~~in connection with such casualty, ~~and Landlord’s obligation hereunder shall be limited to~~ in favor of Purchaser the amount of any such insurance proceeds actually received by ~~Landlord~~ Owner in connection with such casualty under any such casualty insurance policy less the reasonable expenses incurred by Owner in collecting such proceeds and performing the repair or ~~policies~~restoration work and (z) in favor of Owner, an amount equal to the reasonable expenses incurred by Owner prior to the Closing Date in collecting the insurance proceeds and performing the repair or restoration work in connection with such casualty, to the extent not previously reimbursed to Owner from insurance proceeds. Any insurance proceeds not received by Owner and not expended for repairs or restoration work will be assigned to Purchaser at Closing. (iii) if ~~any~~there is Material Damage, ~~less those amounts~~ Purchaser shall have the option, exercisable within ten (10) business days after the determination of the cost of repair or restoration pursuant to subsections (c) and (d) below, to terminate this Agreement by delivering notice thereof to Owner, whereupon the Deposit shall be returned to Purchaser and this Agreement shall be deemed canceled and of no further force or effect, and neither party shall have any further rights or liabilities against or to the other except for such provisions which are expressly provided in this Agreement to survive the termination hereof. If a fire or other casualty described in this clause (iii) shall occur and Purchaser shall not timely elect to terminate this Agreement, then Purchaser and Owner shall consummate this transaction in accordance with this Agreement, without any abatement of the Purchase Price or any liability or obligation on the part of Owner by reason of said destruction or damage and, in such event, the casualty shall be deemed not to have caused Material Damage and the provisions of paragraphs (i) ~~which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof,~~ and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications above shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; orgovern. (b) ~~The Premises~~ As used herein the term "Material Damage" shall ~~be damaged or destroyed during~~ mean damage the ~~last two (2) years~~ estimated cost of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration ~~provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement~~ of ~~Minimum Rent shall end ten~~ which exceeds Fifteen Million Dollars (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty$15,000,000).

Appears in 2 contracts

Samples: Purchase Agreement (Metropolis Realty Trust Inc), Purchase Agreement (Metropolis Realty Holdings LLC)

Damage and Destruction. (a) If all or any part of the ~~Premises shall be~~ Building is damaged ~~or destroyed~~ by fire or other ~~casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore~~ casualty occurring on or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to after the date ~~Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements~~ hereof and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the ~~commencement~~ Closing Date, whether or not such damage affects a material part of such building, then neither party shall have the right to terminate this Agreement, Seller shall assign and remit to Purchaser all insurance proceeds resulting therefrom, less all amounts reasonably and actually expended by Seller to collect such proceeds and/or remedy any ~~proposed alterations~~unsafe or unlawful conditions at the Premises as a result of such fire or casualty, ~~additions~~ and the parties shall nonetheless consummate this transaction in accordance with this Agreement, without any abatement of the Purchase Price or ~~improvements to~~ any liability or obligation on the ~~Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain~~ part of Seller by reason ~~thereof~~ of such destruction or damage, except that Seller shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant required to restore the Premises to the ~~condition~~ extent (and only to the extent) required by applicable Laws and Regulations to address unsafe conditions at the Premises; provided, that Seller shall, on the Closing Date, (i) assign and remit to Purchaser all insurance proceeds which ~~existed prior~~ may have been collected by Seller with respect to such ~~loss~~casualty, less all amounts reasonably and ~~in either case Tenant shall pay the cost of~~ actually expended by Seller to collect such ~~restoration. Tenant covenants and agrees~~ proceeds or to remedy any such unsafe conditions at, or repair ~~or replace Tenant’s fixtures~~any damage to, ~~furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in~~ the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of such casualty, or (ii) if no insurance proceeds shall have been collected, deliver to Purchaser an ~~occurrence~~ assignment of Seller’s right to all proceeds which ~~is not covered~~ may be payable to Seller as a result of such casualty, and Purchaser shall reimburse Seller for all amounts reasonably and actually expended by ~~Landlord’s insurance; or~~Seller in furtherance of collecting such proceeds. (b) The ~~Premises shall be damaged or destroyed during the last two (2) years~~ provisions of ~~the Term or~~ this Section 12 supersede any ~~renewals thereof; or (c) The Premises are damaged or destroyed~~ law applicable to the ~~extent~~ Premises governing the effect of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other ~~casualty~~casualty in contracts for real property.

Appears in 2 contracts

Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Coach Inc)

Damage and Destruction. (a) If all or any part of the Leased Premises ~~shall be~~ is damaged or destroyed by fire or other casualty, ~~this Lease~~ Landlord shall ~~continue in full force and effect~~commence promptly, ~~unless terminated as hereinafter provided~~subject to the approval of governmental agencies having jurisdiction, and with reasonable dispatch continue to restore same to substantially the same condition as existed immediately preceding the damage or destruction. If the cost of the casualty is $100,000 or less, then Landlord shall restore the Premise at his sole cost and expense and then await the insurance proceeds. (b) The loss, if any, under policies pursuant to this lease shall be adjusted with the insurers by the Landlord. The loss as adjusted shall be paid to the Landlord to rebuild the property. (c) The net insurance proceeds which are payable to the Landlord in case of any casualty shall be deposited by it in an escrow account in the name of any escrowee selected by the Landlord and approved by the Tenant, or in the event there is an institutional first mortgagee, such lender shall have the right to act as escrowee. Such insurance proceeds shall be paid in escrow by such escrowee as a trust fund for the purpose of paying for the cost of repairing, replacing, restoring or rebuilding the property or equipment so damaged by fire or other risks covered by such insurance and the cost of making temporary repairs or doing such work as may be necessary to protect the Leased Premises against further injury. Such insurance proceeds shall be disbursed by such escrowee in accordance with the provisions of subparagraph (f) of this paragraph. The escrowee shall be entitled to no compensation payable out of such fund. If the net insurance proceeds held by the escrowee, as provided in this subparagraph, shall exceed such cost, such excess shall belong to and be paid over to the Landlord upon completion of and payment for such work. (d) Any repair, ~~restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair~~replacement, restoration or rebuilding required to be made under this paragraph involving an estimated cost of $100,000.00 or more, as estimated by a reputable architect selected by the Landlord and approved by Tenant shall be made under the supervision of such architect and shall not be undertaken until ~~insurance proceeds are received~~ detailed plans and specifications of such work shall have been filed with and approved by ~~Landlord~~the Tenant. The Tenant shall not unreasonably withhold or delay its approval to the plans and specifications submitted to, and ~~Landlord’s obligation hereunder~~ if Tenant fails to respond by either approving or stating its reasons for not approving within fifteen (15) business days after delivery thereof to it, they shall be ~~limited~~ deemed approved by the Tenant. If the Tenant disapproves of such plans and specifications within such period of time, such disapproval shall be in writing and shall specify the grounds therefore. Upon such disapproval, and if the parties cannot resolve their differences within twenty (20) days, the Landlord may submit to arbitration, in accordance with the provisions of this Lease, the determination of whether the Tenant has unreasonably withheld its approval. If the Tenant is held not to have unreasonably withheld its approval, the Landlord shall amend the plans and specifications to meet the problem specified as the grounds for Tenant’s disapproval and thereafter resubmit the plans and specifications, as so amended, to the ~~proceeds actually received by Landlord under~~ Tenant for the Tenant’s approval. (e) Any monies paid to the parties or to any ~~insurance policy~~ escrowee of the parties or ~~policies~~to the person hereafter described in this subparagraph, as the case may be, shall be paid as the work progresses against the certificates of the architect in charge of such repairs, replacement and restoration, or rebuilding showing that the amount stated in the particular certificate has been paid or is due in respect of such work, together with the names and addresses of the persons, if any, ~~less those~~ to whom such amounts ~~(i) which~~ are due. Until such repairs, replacement, restoration or rebuilding shall have been ~~required to~~ fully completed, the total so paid over shall in no circumstances exceed eighty-five (85%) percent thereof. (f) There shall be ~~applied towards the~~ an abatement or pro-rata reduction of Fixed Rent and other sums payable by the Tenant hereunder immediately (and Landlord shall be entitled to collect the rent insurance) by reason of any ~~indebtedness secured by a mortgage covering the Premises~~ damage or destruction to any building or equipment or any ~~portion~~ part thereof now or hereafter on the Leased Premises, or by reason of any repair, replacement, restoration or rebuilding, and the Tenant shall be entitled to terminate the Lease by reason thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the ~~Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by~~ event Landlord does not notify Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty ~~if:~~that it intends to restore the premises, or if the premises are not fully restored within ninety (90) days of the casualty. (ag) ~~The Premises~~ In the event the insurance proceeds are insufficient to repair, replace, restore or rebuild the ~~building in which~~ property and equipment on the ~~Premises are located~~ Leased Premises, the Landlord shall be ~~damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or~~responsible for and shall promptly pay any deficiency therein. (bh) ~~The Premises~~ If the damage shall ~~be damaged or destroyed during~~ occur in the last two (2) years of the ~~Term or any renewals thereof; or~~term and/or shall be so extensive that the Building is totally destroyed (the Building shall be deemed totally destroyed if the cost of restoration shall exceed fifty (50%) percent of the replacement value, exclusive of the cost of foundation and excavation) this lease and the term hereby granted shall at the option of either party cease and the rent shall be apportioned to the date of destruction. In the such event the insurance proceeds coveting Landlord’s interest shall be turned over to and belong to the Landlord, if the policy permits. (ci) ~~The~~ If the Leased Premises ~~are~~ is substantially damaged or destroyed by a casualty which is not covered by the insurance that Tenant is required to maintain pursuant to this lease and Landlord is not carrying additional insurance that would cover said casualty, either party shall have the right to terminate this lease by giving notice to the ~~extent~~ other party, which notice of ~~twenty five-percent~~ termination shall be thirty (~~25%~~30) ~~or more~~ days after the date on which such notice of termination is given, and (i) upon the ~~replacement cost thereof~~date specified in such notice, ~~in which event Landlord will have~~ this lease and the ~~option of terminating this Lease or any renewal thereof by serving written notice upon Tenant~~ term hereof shall cease and ~~any prepaid~~ expire, and (ii) Fixed Rent or ~~Additional Rent will be prorated as of~~ other sums paid by the Tenant for a period after such date of ~~destruction and the unearned portion of such Rent will~~ termination shall be refunded to Tenant ~~without interest. If~~ upon demand, as well as the ~~Premises shall be damaged or destroyed~~ security deposit and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyprepaid rent paid hereunder.

Appears in 2 contracts

Samples: Lease Agreement (SunGard Availability Inc.), Lease Agreement (Sungard Data Systems Inc)

Damage and Destruction. If ~~all~~ during the Term the Leased Premises or any part thereof shall be damaged by fire, lightning, tempest, structural defects or acts of God or by any additional perils from time to time defined and covered in the standard broad-coverage fire insurance policy carried by the Tenant on the Leased Premises, the following provisions shall apply: (a) If as a result of such damage the Leased Premises are rendered partially unfit for occupancy by the Tenant, the Rent shall xxxxx in the proportion that the part of the Leased Premises rendered unfit for occupancy by the Tenant is of the whole of the Leased Premises. If the Leased Premises are rendered wholly unfit for occupancy by the Tenant, the Rent shall be suspended until the Leased Premises have been rebuilt and repaired or restored. (b) Notwithstanding subsection (a) above, if in the opinion of the Landlord's architect or engineer given within 60 business days of the happening of damage, the Leased Premises shall be ~~damaged~~ incapable of being rebuilt, repaired, or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of restored with reasonable diligence within 180 days after the occurrence of the ~~loss; provided, however,~~ damage then either the Landlord ~~shall not be obligated to commence such repair, restoration~~ or ~~rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to~~ the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, ~~may~~ terminate this Leased by notice in writing to the other given within 15 days of the giving of the opinion of the Landlord's architect or engineer. If notice is given by the Landlord or Tenant under this Section, then this Lease ~~by giving Tenant notice thereof within one hundred and eighty (180) days~~ shall terminate from the date of such damage and the ~~casualty if: (a) The~~ Tenant shall immediately surrender the Leased Premises or and all interest therein to the ~~building in which~~ Landlord and the ~~Premises are located~~ Rent shall be ~~damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises~~ apportioned and shall be ~~damaged or destroyed during~~ payable by the ~~last two (2) years~~ Tenant only to the date of the ~~Term or any renewals thereof; or~~damage and the Landlord may thereafter re-enter and repossess the Leased Premises. (c) ~~The~~ If the Leased Premises are ~~damaged~~ capable with reasonable diligence of being rebuilt, repaired or ~~destroyed to the extent of twenty five-percent (25%) or more~~ restored within 180 days of the ~~replacement cost thereof~~occurrence of such damage, in then the Landlord shall proceed to rebuild, restore or repair the Leased Premises with reasonable promptness within 180 days plus any additional period due to delay caused by strikes, lock-outs, slow-downs, shortages of material or labor, acts of God, acts of war, inclement weather or other occurrences which ~~event Landlord will have~~ are beyond the ~~option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as~~ reasonable control of the ~~date of destruction~~ Landlord, and the ~~unearned portion of such~~ Rent ~~will be refunded to Tenant without interest. If the Premises~~ shall ~~be damaged or destroyed and~~ xxxxx in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration manner provided for in ~~this Article; provided further, that in~~ subsection (a) above until the ~~event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the~~ Leased Premises have been ~~repaired. Tenant~~ rebuilt, repaired or restored; provided that nothing in this Section shall ~~continue~~ in any way be deemed to affect the ~~operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any~~ obligation of the Tenant ~~under the Lease~~ to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, ~~restore and re-fixture all parts~~ maintain, replace or rebuild the Leased premises as otherwise provided by the terms of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtythis Lease.

Appears in 2 contracts

Samples: Commercial Lease (Emtec Inc/Nj), Commercial Lease (Emtec Inc/Nj)

Damage and Destruction. 20.1 If ~~all~~ the Project (whether or not including the Premises) is damaged by an insured casualty (or a casualty for which Landlord is required to insure under the terms of this Lease) occurring more than six (6) months prior to the expiration of this Lease and any ~~part~~ extensions thereof, Landlord shall forthwith repair same, or cause same to be repaired, to the extent that insurance proceeds are made available to Landlord therefor and provided that such repairs can, in Landlord’s reasonable opinion, be made within one hundred eighty (180) days from the date of such damage under the laws and regulations of the federal, state and local governmental authorities having jurisdiction thereof. Landlord agrees to repair any casualty damage as long as the uninsured portion of such casualty damage does not exceed $15.00 per rentable square foot. 20.2 If (a) the Premises or the Project is damaged by an uninsured casualty which costs more than $15.00 per rentable square foot to repair, (b) the casualty repair requires more than one hundred eighty (180) days to complete without payment of overtime or other premium or (c) if the Premises, or the Project is damaged by a casualty as described in Article 20.1 above within the last six (6) months of this Lease and any extensions thereof, then Landlord shall have the option within thirty (30) days from the date of such damage either to (1) notify the Tenant of its election to continue the Lease, in which event Landlord shall thereafter repair such damage; or (2) notify the Tenant of its election to immediately terminate this Lease, in which event this Lease shall be so terminated. Landlord shall refund to Tenant any Rent previously paid for any period of time subsequent to the earlier of such termination or untenantability of the Premises. Notwithstanding any contrary provision herein, Landlord shall not be required to repair any casualty damage to the property of Tenant or to repair or replace any paneling, decorations, railings, floor coverings, alterations, additions, fixtures or improvements installed on the Premises by or at the expense of Tenant. To the extent permitted by law, Tenant hereby waives the provisions of Section 1932, subdivision 2, and Section 1933, subdivision 4, of the Civil Code of California, and any similar law, statute or ordinance now or hereafter in effect. 20.3 Until the Premises are restored, Rent shall be abated in the proportion that the area of the Premises rendered unusable by Tenant bears to the total area of the Premises. Except for abatement of Rent, Tenant shall have no claim against the Landlord for any damage suffered by reason of (a) any damage to the Premises, (b) such repairs, or (c) any inconvenience, interruption, annoyance, loss of business, or continued expense of operation caused by such damage or repair, except to the extent resulting from the negligence, recklessness or willful misconduct of Landlord, its employees agents, representatives, contractors or invitees. 20.4 Should the Premises be damaged or destroyed by fire or other ~~casualty, this Lease shall continue in full force~~ casualty insured under a standard fire and ~~effect, unless terminated as hereinafter provided,~~ casualty insurance policy (or which could be insured under a standard fire and ~~Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however~~casualty insurance policy), Landlord shall ~~not be obligated~~ within forty-five (45) days of the date of the casualty, notify Tenant in writing of Landlord’s good faith estimate of the time necessary to ~~commence~~ repair and rebuild the Premises. If such ~~repair~~estimate sets forth a period of one hundred eighty (180) days or less, ~~restoration or rebuilding until insurance proceeds are received by Landlord~~Landlord shall, ~~and~~ except as otherwise provided herein this Article, repair and/or rebuild the same with reasonable diligence. Landlord’s obligation hereunder shall be limited to the ~~proceeds actually received~~ Building and Tenant Improvements originally provided by Landlord ~~under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards~~ at the ~~reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof~~Commencement Date, and ~~(ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred~~ any alterations provided by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has ~~elected~~ not requested Tenant to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use remove upon expiration of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyTerm.

Appears in 2 contracts

Samples: Lease (National Mercantile Bancorp), Lease (National Mercantile Bancorp)

Damage and Destruction. If ~~all or any part~~ prior to payment in full of the ~~Premises shall be~~ Bonds the Project is damaged ~~or destroyed~~ by fire or other casualty, ~~this Lease~~ the Company at its option shall ~~continue~~ have the right to use the Net Proceeds of insurance resulting from such claims for losses to either (a) redeem the Bonds, or (b) replace, repair, rebuild or restore the Project as hereinafter set forth. The Company shall make such election within ninety (90) days following any such loss by giving written notice to the issuer and the City. In the event the Company elects to redeem the Bonds, the Net Proceeds of insurance attributable to (x) the contents of the Project exclusive of the Leased Equipment described in Exhibit "B" hereto and (y) the improvements on the Leased Land belonging to the Company present on the Leased Land as of May 1, 1993 shall promptly be paid to the Company, and all other Net Proceeds of insurance shall promptly upon receipt thereof be applied (without any investment thereof) to the redemption of the Bonds, and any remainder of Net Proceeds after providing for the redemption of the Bonds in full ~~force and effect~~shall be paid, ~~unless terminated as hereinafter provided~~in the event the Company does not elect to replace, ~~and Landlord shall~~ repair, rebuild or restore ~~or rebuild~~ the ~~Premises~~ property, to restoring the site of the Project to developable condition and the balance shall be paid to the ~~condition existing at~~ Company, the ~~time of~~ Issuer and the ~~occurrence of~~ City as their respective interests may appear. In the ~~loss; provided~~event the Company elects to replace, ~~however, Landlord shall not be obligated to commence such~~ repair, ~~restoration~~ rebuild or ~~rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to~~ restore the ~~proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts~~ property, (i) ~~which have been required~~ the Net Proceeds of insurance attributable to (x) the contents of the Project exclusive of the Leased Equipment described in Exhibit "B" hereto and (y) the improvements on the Leased Land belonging to the Company present on the Leased Land as of May 1, 1993 shall promptly be ~~applied towards~~ paid to the ~~reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof~~Company, ~~and~~ (ii) all other Net Proceeds of insurance shall promptly upon receipt thereof be deposited in a special trust account with the issuer and made available to the Company to replace, repair, rebuild or restore, (ii) the Company, or the Issuer at the Company's direction, shall proceed promptly to replace, repair, rebuild or restore the property damaged or destroyed to substantially the same condition as existed prior to the event causing such damage or destruction, with such changes, alterations and modifications (including the substitution and addition of other property) as may be desired by the Company and as will not impair the operating unity or productive capacity of the Project or change its character to such an extent that its ownership by the issuer would not be permitted under the laws pursuant to which ~~are used to reimburse Landlord for all costs and expenses~~the Issuer then exists, ~~including but not limited to attorneys’ fees, incurred by Landlord to recover any~~ and (iii) the issuer shall apply so much as may be necessary of the Net Proceeds of such insurance ~~proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior,~~ to the ~~date Tenant opens for business~~ payment of the costs of such replacement, repair, rebuilding or restoration, either on completion thereof or as the work progresses, as directed by the Company. Each such direction of the Company shall be accompanied by a certificate of an architect or engineer (or, in the ~~Premises~~ case of a loss of $25,000 or less, the Company), which architect or engineer shall be selected by the Company and satisfactory to the City, in charge of the ~~actual cost of all permanent leasehold improvements and betterments installed~~ replacement, repair, rebuilding or ~~to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant)~~restoration, ~~but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord~~ dated not ~~less~~ more than thirty (30) days prior to such direction, setting forth in substance that (A) the ~~commencement of any proposed alterations~~sum then directed to be applied either has been paid by the Company, ~~additions~~ or is justly due, to contractors, subcontractors, materialmen, engineers, architects or other persons who shall have rendered services or furnished materials or improvements for the replacement, repair, rebuilding or restoration therein specified; the names of such persons; a brief description of such services or materials or improvements and the several amounts so paid or due to each of such persons; and, a statement that none of the costs of the services or materials or improvements described in such certificate has been or is being made the basis, in any previous or then pending direction, for payment under this Section and that the sum then directed to be applied does not exceed the value of the services or materials or improvements described in the certificate, and (B) except for the amount, if any, stated (pursuant to (A) preceding) in such certificate to be due for services or materials or improvements, there is not outstanding any indebtedness known to the ~~Premises~~persons signing such certificate which is then due for labor, services, material, supplies and/or equipment in connection with the replacement, repair rebuilding or restoration which, if unpaid, might become the basis of mechanics', materialmen's, suppliers' and vendors, liens or other similar liens (other than those being contested in good faith as permitted herein upon the Project or any part thereof). The Issuer may conclusively rely upon such direction and shall have no liability or responsibility for payments made pursuant to this Section in reliance thereon. If ~~Tenant fails~~ said Net Proceeds are not sufficient to ~~comply~~pay in full the costs of such replacement, ~~with~~ repair, rebuilding or restoration, the ~~foregoing provisions~~Company shall nonetheless complete the same and shall pay that portion of the costs thereof in excess of the amount of said Net Proceeds or shall advance to the Issuer the moneys necessary to complete said work, ~~any loss or damage Landlord~~ in which case the Issuer shall ~~sustain~~ proceed so to complete the work. The Company shall not, by reason ~~thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt~~ of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of ~~rents~~ such excess costs (whether by direct payment thereof or ~~charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything~~ advances to the ~~contrary contained in this Section or elsewhere in this Lease~~Issuer), Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any ~~compensation~~ reimbursement from the Issuer or ~~damage for loss~~ the City or any diminution in ~~the use~~ or postponement or abatement of the ~~whole~~ Rents payable under Section 5.2. Any balance of said Net Proceeds remaining after payment of all the costs of such replacement, repair, rebuilding or ~~any part~~ restoration shall be paid into the Bond Fund. If payment in full of the ~~Premises and/or any inconvenience or annoyance occasioned by any damage~~Bonds has been made, ~~destruction, repair or restoration. If Minimum Rent is abated there~~ all Net Proceeds shall be ~~all corresponding and appropriate reduction made~~ paid to the ~~Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts~~ Issuer for the benefit of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyCompany.

Appears in 1 contract

Samples: Lease Agreement (Whitehall Corp)

Damage and Destruction. If ~~all~~ the Sublease Premises are damaged or ~~any part~~ destroyed, but the Prime Lease is not terminated, then this Sublease shall continue, and Subtenant’s right to an abatement of the Base Rent due under this Sublease and/or repairs to the Sublease Premises from Prime Landlord under the Prime Lease shall be ~~damaged or destroyed by fire or other casualty~~dependent upon whether Sublandlord, ~~this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises~~ with respect to the ~~condition existing at~~ Sublease Premises, receives an abatement of Base Rent or such repairs under the ~~time of the occurrence of the loss~~Prime Lease; provided, however, ~~Landlord shall~~ Subtenant may cancel this Sublease by reason of a casualty only in those instances where Sublandlord is entitled to terminate the Prime Lease pursuant to Article 11 of the Prime Lease. In order to enable Sublandlord to make a more informed decision with respect to whether to cancel the Prime Lease in the circumstances described in the preceding sentence, Subtenant shall, by written notice to Sublandlord, make an irrevocable election to cancel or not ~~be obligated~~ cancel this Sublease no later than five (5) business days after the date Subtenant is first notified by Sublandlord of Sublandlord’s right to ~~commence~~ so terminate the Prime Lease. If Subtenant fails to make such ~~repair~~election, ~~restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder~~ Subtenant shall be ~~limited~~ deemed to have elected not to cancel this Sublease. If Subtenant has elected not to cancel this Sublease, but either Sublandlord or Prime Landlord nevertheless elects to cancel the Prime Lease, then this Sublease shall terminate as otherwise provided herein. To the extent that Sublandlord receives such an abatement of Base Rent under the Prime Lease with respect to the ~~proceeds actually received~~ Sublease Premises, such abatement of Base Rent shall be passed on to Subtenant (which shall in no event exceed the amount of Base Rent Subtenant shall have paid or as shall be payable under this Sublease for such period), after retention by ~~Landlord under any insurance policy or policies~~Sublandlord of the actual out of pocket costs and expense, if any, ~~less those amounts (i) which have been required~~ in obtaining such abatement. All other Base Rent and other sums due under this Sublease shall continue to be ~~applied towards~~ due and payable as provided under this Sublease, unaffected by such damage or destruction or reduction in Base Rent. Prime Landlord or Sublandlord may exercise any and all rights described in the ~~reduction~~ Prime Lease to terminate the Prime Lease in the event of ~~any indebtedness secured by a mortgage covering~~ damage or destruction, without regard to the ~~Premises~~ effect of such termination on this Sublease. If Prime Landlord is required, or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days priorelects, to ~~the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed~~ rebuild or ~~to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant)~~restore improvements, but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions ~~or improvements~~ and the like under the Prime Lease, then Prime Landlord and its respective employees, agents and contractors may have access to the ~~Premises~~Sublease Premises and may store materials in or about the Sublease Premises as reasonably necessary for Prime Landlord to complete such rebuilding or repair, without the same constituting a constructive eviction or giving Subtenant any right to terminate this Sublease or offset or axxxx rent, except to the limited extent Base Rent may be reduced under the conditions expressly set forth above. Subtenant hereby waives all claims for damages for injury, inconvenience, or interference with quiet enjoyment or Subtenant’s business, or any other loss occasioned by Prime Landlord’s work or entry under any provision of this Sublease. If ~~Tenant fails~~ the Sublease is not otherwise terminated by either Sublandlord or Subtenant as provided in this Section 9, Sublandlord agrees to ~~comply,~~ provide Subtenant all insurance proceeds actually received with respect to the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition Subtenant Improvements (along with Sublandlord’s deductible applicable thereto) so as to ~~any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article~~ allow Subtenant to ~~repair, replace~~ repair and/or rebuild such Subtenant Improvements as the ~~Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which~~ same existed immediately prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyevent.

Appears in 1 contract

Samples: Sublease (Accuride Corp)

Damage and Destruction. If a fire or other casualty in the ---------------------- Leased Premises occurs, Tenant shall immediately give notice thereof to Landlord. The following provision shall then apply: (a) If the damage is limited solely to the Leased Premises and the Leased Premises can, in the reasonable opinion of Landlord, be made tenantable with all damage repaired within six (6) months from the date of damage or destruction, then Landlord shall diligently rebuild the same. If Landlord rebuilds the Leased Premises, Tenant shall repair and restore Tenant Extra Improvements or any ~~part~~ Alterations, or, at Tenant's election, Landlord may repair and rebuild the Tenant Extra Improvements or Alterations, at Tenant's expense. (b) If portions of the Project outside the boundaries of the Leased Premises ~~shall be~~ are damaged or destroyed ~~by fire~~ (whether or ~~other casualty~~not the Leased Premises are also damaged or destroyed) and the Leased Premises and the Project can, ~~this Lease shall continue~~ in ~~full force and effect~~the reasonable opinion of Landlord, ~~unless terminated as hereinafter provided~~both be made tenantable with all damage repaired within six (6) months from the date of damage or destruction, and provided that Landlord determines that such reconstruction is economically feasible, then Landlord shall ~~repair, restore or rebuild the Premises~~ be obligated to ~~the condition existing at the time of the occurrence of the loss~~do so; provided, however, that Landlord shall ~~not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s~~ have no obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or ~~replace~~ restore Tenant Extra Improvements or Alterations unless Tenant elects to have Landlord do so at Tenant~~’s fixtures~~'s expense as provided in Section 7.07.(a). (c) If neither Section 7.07.(a) nor 7.07.(b) above applies, ~~furniture, furnishings, floor coverings, equipment~~ Landlord shall notify Tenant within sixty (60) days after the date of such damage and ~~stock in trade~~ destruction and ~~reopen for business in the Premises~~ either Tenant or Landlord may terminate this Lease within thirty (30) days after ~~notice from~~ the date of such notice; provided, however, that Landlord ~~that~~ shall have the ~~Premises are ready for re-occupancy. No damage or destruction~~ right to elect to reconstruct the ~~Premises~~ Project and the Leased Premises, in which event Landlord shall ~~allow~~ notify Tenant within said sixty (60) day period and Tenant shall thereupon have no right to ~~surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in~~ terminate this Lease. Notwithstanding ~~anything~~ the foregoing, if the Project and the Leased Premises have not be reconstructed within twelve (12) months following the date of such damage and destruction, Tenant shall have the right to terminate this Lease by providing written notice to Landlord within ten (10) days following the expiration of such twelve (12) month period. If Tenant fails to terminate this Lease as provided above, time being of the essence, this Lease shall remain in full force and effect in accordance with the terms set forth herein. (d) During any period when Tenant's use of the Leased Premises is significantly affected by damage or destruction, Gross Rent shall xxxxx proportionately until such time as the Leased Premises are made tenantable as reasonably determined by Landlord, and no portion of the Rent so abated shall be subject to subsequent recapture; provided, however, that there shall be no such abatement except to the ~~contrary contained in this Section~~ extent that the amount thereof is compensated for and recoverable from the proceeds of rental abatement or ~~elsewhere in~~ business interruption insurance maintained by Landlord with respect to this Lease, ~~Landlord~~the Leased Premises or the Project which Landlord agrees to maintain with respect to this Lease, the Leased Premises or the Project, so long as such insurance is available on commercially reasonable terms, and, if such insurance is not available on commercially reasonable terms, Landlord agrees to notify Tenant of its decision to cancel such insurance so that Tenant, at its ~~option~~sole discretion, may obtain business interruption insurance, if it so desires. (e) The proceeds from any insurance paid by reason of damage to or destruction of the Building or any part thereof, the Building Standard Improvements or any other element, component or property insured by Landlord shall belong to and be paid to Landlord subject to the rights of any mortgagee of Landlord's interest in the Project or the beneficiary of any deed of trust that constitutes an encumbrance thereon. If this Lease is terminated by either party as a consequence of a casualty in accordance with any of the provisions of this Section 7.07.(e), all proceeds of insurance required to be maintained either by Landlord or Tenant shall be paid to Landlord subject to the rights of any mortgagee of Landlord's interest in the Project or the beneficiary of any deed of trust that constitutes an encumbrance thereon; provided, however, that Tenant shall be paid all proceeds of insurance payable in connection with Tenant's trade fixtures, furnishings, equipment and all other items of personal property of Tenant and any Tenant Extra Improvements and Alterations required to be removed from the Leased Premises upon termination of this Lease. (f) If the Leased Premises, or any part thereof, or any portion of the Building necessary for Tenant's use of the Leased Premises, are damaged or destroyed during the last twelve (12) months of the Term, or any extension thereof, Landlord or Tenant may terminate this Lease by giving ~~Tenant~~ written notice thereof to the other party within ~~one hundred and eighty~~ thirty (~~180~~30) days ~~from~~ after the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereofcasualty, in which ~~event Landlord will have the option of terminating~~ case this Lease ~~or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated~~ shall terminate as of the date of ~~destruction and~~ the ~~unearned portion of such Rent will be refunded~~ casualty. (g) Except to ~~Tenant without interest. If~~ the ~~Premises shall be damaged or destroyed and~~ extent expressly provided in ~~the event that Landlord has elected to continue~~ this Lease, ~~Landlord and~~ nothing contained in this Lease shall relieve Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any ~~damage, repair~~ liability to Landlord or ~~restoration provided for in this Article; provided further,~~ to Landlord's insurance carriers that ~~in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to~~ Tenant ~~that the Premises~~ may have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under law or under the ~~Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement~~ provisions of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease ~~is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord~~ in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, connection with any damage to the Leased Premises or ~~destruction of any portion of~~ the ~~Premises resulting from~~ Building by fire or other casualty.

Appears in 1 contract

Samples: Office Building Lease (Actuate Corp)

Damage and Destruction. (a) If ~~all or any part of~~ the ~~Premises shall~~ Building should be ~~damaged or destroyed by fire or other casualty~~damaged, ~~this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises~~ to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts extent that: (i) ~~which have been required to~~ in Landlord’s reasonable judgment, repair would not be ~~applied towards the reduction of any indebtedness secured by a mortgage covering the Premises~~ economically feasible; or ~~any portion thereof, and~~ (ii) ~~which are used to reimburse Landlord for all costs and expenses~~that rebuilding or repairs cannot, ~~including but not limited to attorneys’ fees~~in Landlord’s estimation, ~~incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty~~ be completed within one hundred eighty (30180) days ~~prior~~after the date of such damage; or (iii) if the insurance proceeds remaining after any required payments to mortgagees are insufficient to repair such damage or destruction. Landlord shall have the right, at Landlord’s option, to terminate this Lease by giving Tenant written notice of such termination within sixty (60) days after the date of such casualty, and the Rent shall be apportioned and paid to the date on which possession is relinquished or the date of such damage, whichever last occurs, and Tenant ~~opens for business in~~ shall immediately vacate the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior according to such ~~loss, and in either case Tenant shall pay the cost~~ notice of ~~such restoration~~termination. Tenant covenants and agrees to cooperate with Landlord and any lessor or mortgagee in their efforts to collect insurance proceeds (including rent insurance proceeds) payable to such parties. Landlord shall not be liable for any delay which may arise by reason of adjustment of insurance on the part of Landlord or Tenant, or any cause beyond the reasonable control of Landlord and its contractors. (b) If the Building should be damaged by any peril covered by the insurance to be provided by Landlord under Paragraph 12(a) above but only to such extent that rebuilding or repairs are, in Landlord’s estimation, economically feasible and can be completed within one hundred eighty (180) days after the date of such damage and the proceeds of such insurance, after deducting any required payments to mortgagee or lessor, are sufficient for such rebuilding or repairs, this Lease shall not terminate, and Landlord shall at its sole cost and expense thereupon proceed with reasonable diligence to rebuild and repair the Building to substantially the condition in which it existed prior to such damage, except that: (i) Landlord shall not be required to rebuild, repair or replace ~~Tenant’s~~ any part of the partitions, fixtures, ~~furniture~~additions and other improvements which may have been placed in, ~~furnishings, floor coverings, equipment and stock in trade and reopen for business in~~ on or about the Premises by Tenant; and (ii) Landlord may elect not to rebuild if such damage occurs during the last year of the Term, exclusive of any option to extend the Term which is unexercised at the time of such damage. If the Premises are untenantable in whole or in part following such damage, the Rent payable hereunder during the period in which the Premises are untenantable shall be reduced to such extent as may be fair and reasonable under all of the circumstances. In the event that Landlord should fail to complete such repairs and rebuilding within one hundred eighty (180) days after the date of such damage. Tenant may, at its option, terminate this Lease by delivering written notice of termination to Landlord within thirty (30) days after ~~notice from Landlord that~~ the ~~Premises are ready for re-occupancy~~expiration of such one hundred eighty (180) day period. ~~No damage or destruction to the Premises~~ Such termination shall ~~allow Tenant to surrender possession of the Premises nor affect~~ be Tenant’s ~~liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease~~exclusive remedy. ~~Notwithstanding anything~~ If Tenant fails to ~~the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may~~ terminate this Lease within such 30-day period, Tenant shall be deemed to have waived its rights to terminate by ~~giving Tenant notice thereof~~ reason of the failure of Landlord to complete such repairs and rebuilding within one hundred ~~and~~ eighty (180) days ~~from~~ after the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; orsuch damage. (c) ~~The Premises are damaged or destroyed~~ Notwithstanding anything herein to the ~~extent of twenty five-percent (25%) or more of the replacement cost thereof~~contrary, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event any mortgagee or lessor requires that the insurance proceeds be applied to the indebtedness due such mortgagee or lessor, then Landlord ~~has elected~~ shall have the right to ~~continue~~ terminate this ~~Lease, Landlord and~~ Lease by delivering written notice of termination to Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten within fifteen (1015) days after ~~notice~~ such requirement is made by ~~Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during~~ any such ~~period to the extent reasonably practicable from the standpoint of prudent business management~~mortgagee, whereupon all rights and ~~any obligation of Tenant under the Lease to apply charges reserved as Additional Rent~~ obligations hereunder shall ~~remain in full force~~ cease and ~~nothing in the Section shall be construed to xxxxx Additional Rent~~terminate. ~~Except for the abatement of Minimum Rent hereinabove provided, Tenant~~ Landlord shall not be ~~entitled to any compensation or damage~~ liable for ~~loss in the use of the whole or any part of the Premises and/or~~ any inconvenience or annoyance ~~occasioned by any damage, destruction, repair~~ to Tenant or ~~restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made~~ injury to the ~~Minimum Annual Volume. Unless this Lease is terminated by Landlord,~~ business of Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, resulting from any damage ~~to or destruction of any portion of the Premises resulting~~ from fire or other ~~casualty~~casualty or the repair thereof.

Appears in 1 contract

Samples: Lease Agreement (Cross Country Healthcare Inc)

Damage and Destruction. If ~~all or any part of~~ the Premises ~~shall be~~ are hereafter damaged or ---------------------- destroyed or rendered partially untenantable for their accustomed use by fire or other casualty insured under the coverage which Landlord is obligated to carry hereunder, Landlord shall promptly repair the same to substantially the condition which they were in immediately prior to the happenings or such casualty (excluding stock in trade, fixtures furniture, furnishings, carpeting, floor covering, wall covering, drapes and equipment). From the date of such casualty, ~~this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild~~ until the Premises to are so repaired and restored, the ~~condition existing at~~ monthly rent payments hereunder shall xxxxx in such proportion as the ~~time~~ part of said Premises thus destroyed or rendered untenantable bears in the ~~occurrence of the loss~~total Premises; ~~provided,~~ provided however, that Landlord shall not be obligated to ~~commence~~ repair and restore if such ~~repair~~casualty is caused directly or indirectly by the negligence of Tenant, its agents or employees; and provided further, that Landlord shall not be obligated to expend for such repair or restoration ~~or rebuilding until~~ an amount in excess of the insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed recovered as a result of ~~an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during~~ such damage. Notwithstanding that above, if the ~~last two (2) years of the Term or any renewals thereof; or (c) The~~ Premises are ~~damaged~~ wholly or partially damaged, destroyed ~~to the extent of twenty five-percent (25%)~~ or ~~more of the replacement cost thereof, in which event~~ rendered untenantable for their accustomed use by fire or other casualty then Landlord ~~will~~ shall have the ~~option of terminating~~ right to terminate this Lease ~~or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated~~ effective as of the date of ~~destruction and~~ such casualty by giving Tenant, within sixty (60) days after the ~~unearned portion~~ happening of such ~~Rent will be refunded~~ casualty, written notice of such a termination if such notice is given, this Lease shall terminate and Landlord shall promptly repay to Tenant ~~without interest~~any rent paid in advance which was not earned at the date of such a casualty. If ~~the Premises shall be damaged~~ said notice is not given and Landlord is required or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair ~~any damages~~ or restore the Premises as herein ~~contemplated~~provided, ~~any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired.~~ then Tenant shall ~~continue the operation of~~ promptly repair or replace its ~~business on the Premises during any such period~~ stock in trade fixtures, furnishings, furniture, carpeting, wall covering, floor covering, drapes and equipment to the ~~extent reasonably practicable from~~ same condition as they were in immediately prior to the ~~standpoint of prudent business management~~casualty and, ~~and any obligation of~~ if Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove providedhas closed its business, Tenant shall ~~not be entitled to any compensation or damage~~ promptly reopen for ~~loss in~~ business upon the ~~use~~ completion of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtysuch repairs.

Appears in 1 contract

Samples: Standard Shopping Center Lease (Intellisys Group Inc)

Damage and Destruction. (a) If ~~all~~ the Leased Premises are destroyed or ~~any part~~ damaged to the extent of ten percent (10%) or more of the ~~Premises shall be damaged~~ then full replacement cost from a cause not insured against under either Landlord’s or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, howeverTenant’s casualty insurance policy, Landlord shall ~~not be obligated~~ have the right to ~~commence such repair, restoration or rebuilding until insurance proceeds are received~~ terminate this Lease by ~~Landlord, and Landlord’s obligation hereunder shall be limited~~ giving written notice of termination to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the ~~casualty if: (a) The Premises~~ damage or ~~the building~~ destruction, in which case this Lease shall terminate as of the ~~Premises are located shall be damaged or destroyed as a result~~ receipt by Tenant of ~~an occurrence which~~ Landlord’s notice. If the Lease is not ~~covered by Landlord’s insurance; or~~so terminated, then Landlord shall diligently proceed to repair and restore the Leased Premises. (b) ~~The Premises shall be~~ If the Leased Premises, the Building, or the Project are destroyed or damaged ~~or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed~~ to the extent of ~~twenty five-~~ten percent (2510%) or more of the then full replacement cost ~~thereof~~from a cause covered by either Tenant’s or Landlord’s casualty insurance, ~~in which event~~ and that damage or destruction may be repaired or restored within ninety (90) days after commencement of repair or restoration, then Landlord ~~will~~ shall diligently proceed to repair and restore the Leased Premises. If Landlord determines that the Leased Premises cannot be repaired or restored within that period, then Landlord shall have the ~~option of terminating~~ right to terminate this Lease ~~or any renewal thereof~~ by ~~serving~~ written notice ~~upon~~ to Tenant given within sixty (60) days after the date of damage or destruction; Tenant’s obligation to pay rent and ~~any prepaid Rent or Additional Rent will be prorated~~ other charges under this Lease shall terminate as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction ~~results from~~ or as of the ~~wrongful~~ date Tenant ceases to do business at the Leased Premises, whichever date is later. (c) If the Building or ~~negligent act~~ the Project is damaged to the extent of fifty percent (50%) or ~~omission~~ more of ~~Tenant~~its replacement cost, Landlord may elect to terminate this Lease by written notice to Tenant given within sixty (60) days after the date of damage or destruction, whether the Leased Premises are affected or not; in that case, this Lease shall terminate as of the receipt by Tenant of Landlord’s notice. (d) If, in any case that is the subject of Section 15, the ~~Minimum Rent~~ Leased Premises or any portion of the Leased Premises is rendered unfit for use and occupancy and this Lease is not terminated as provided above, a just proportion of the Base Rent, in light of the nature and extent of the damage, shall be abated ~~proportionately with~~ until the ~~degree~~ Leased Premises are restored by Landlord as provided above, excluding any fixtures or items installed or paid for by Tenant that Tenant is entitled or required to ~~which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration~~ remove under this Lease. (e) Except as expressly provided ~~for~~ in this ~~Article; provided further~~Lease, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of the Leased Premises, the Building, or the Project shall not terminate this Lease or result in any ~~portion~~ abatement of rentals. Tenant waives any right of offset against Tenant’s rental obligations that may be provided by any statute or rule of law in connection with Landlord’s duties of repair and restoration under the ~~Premises resulting from fire or other casualty~~provisions of this Lease.

Appears in 1 contract

Samples: Industrial Lease

Damage and Destruction. If ~~all~~ the Project is destroyed or ~~any part of the Premises shall be~~ damaged ~~or destroyed~~ by fire or other casualty, ~~this Lease~~ the Sublessee shall ~~continue~~ promptly give written notice thereof to the Sublessor. Unless the Sublessee shall exercise its option to purchase the Project pursuant to the provisions of Section 10.2 hereof, all Net Proceeds of insurance resulting from such claims together with the amount of the deductible (the "Deductible") shall be paid to and held by the Trustee in ~~full force and effect, unless terminated as hereinafter provided~~a separate trust account, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) ~~which have been required~~ the Sublessee shall promptly repair, build or restore the property damaged or destroyed to substantially the same condition as it existed prior to such damage or destruction, with such changes, alterations and modifications (including the substitution and addition of other property) as may be ~~applied towards~~ desired by the ~~reduction~~ Sublessee and as will not impair the value, operating utility or productive capacity or the character of ~~any indebtedness secured by a mortgage covering~~ the ~~Premises or any portion thereof,~~ Project as an Industrial Development Facility; and (ii) ~~which are used to reimburse Landlord for all costs~~ the Trustee shall apply so much as may be necessary of the Net Proceeds and ~~expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any~~ Deductible of such insurance ~~proceeds. Tenant agrees~~ to ~~notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises~~ payment of the ~~actual cost~~ costs of ~~all permanent leasehold improvements and betterments installed~~ such repair, rebuilding or ~~to be installed by Tenant in~~ restoration as the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premiseswork progresses. If ~~Tenant fails~~ the Net Proceeds plus the Deductible are not sufficient to ~~comply~~pay in full the estimated costs of such repair, rebuilding or restoration, and provided that Sublessee has maintained the insurance required by Section 5.4(a) hereof, the Sublessor shall promptly deposit with the ~~foregoing provisions, any loss or damage Landlord shall sustain by reason~~ Sublessee in escrow that portion of the cost thereof ~~shall be borne by Tenant~~ in excess of the amount of the Net Proceeds and ~~shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss~~Deductible, and ~~in addition~~ the Sublessee shall use the same to ~~any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to~~ complete such repair, ~~replace and/or rebuild~~ rebuilding or restoration. If the ~~Premises shall be deemed inapplicable,~~ Net Proceeds and the Deductible are not sufficient to pay in ~~lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay~~ full the cost of such repair, rebuilding or restoration as a result of a failure of Sublessee to maintain the insurance required by Section 5.4(a) hereunder, the Sublessee shall nevertheless complete the work thereof and pay that portion of the costs thereof in excess of the amount of the Net Proceeds and Deductible. Neither the Sublessee nor the Sublessor shall, by reason of the payment of such excess costs, be entitled to any reimbursement from the Municipality, the Trustee or the holders or owners of the Bonds or any abatement or diminution in Basic Rent hereunder (except as expressly provided in this Section 6.1 or Section 9.6 hereof) or rent under the Lease. The balance of the Net Proceeds and the Deductible remaining after payment of all the costs of such repair, rebuilding or restoration shall be paid into the Bond Fund. Until Substantial Completion of such repair, rebuilding or restoration, all Basic Rent and other charges payable by Sublessee hereunder shall be abated as follows: all proceeds of any rent interruption insurance shall be applied to the payment of Sublessee's obligations hereunder, first to the payment of all Basic Rent and other amounts due to the Municipality pursuant to the Lease and thereafter any amounts remaining shall be allocated to the payment of the remaining Basic Rent and other charges payable hereunder. ~~Tenant covenants~~ Provided that all amounts due under the Lease have been paid in full, all other amounts due under this Sublease shall be abated in proportion to the extent of the damage. If a dispute arises between Sublessor and ~~agrees to repair~~ Sublessee concerning the amount of damage or ~~replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment~~ destruction and ~~stock in trade~~ costs associated therewith and ~~reopen for business in the Premises~~ Sublessor and Sublessee cannot agree within ~~thirty~~ fifteen (3015) days after notice ~~from Landlord that~~ to Sublessor to resolve said dispute, Sublessor and Sublessee shall jointly submit their dispute to binding arbitration before the ~~Premises are ready for re-occupancy~~American Arbitration Association under the Commercial Rules of Arbitration. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located This arbitration shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and submitted to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtysingle arbitrator.

Appears in 1 contract

Samples: Sublease (Friendly Ice Cream Corp)

Damage and Destruction. a) If ~~all~~ the Building or Premises are damaged or destroyed by fire, tornado or other casualty, Tenant will give immediate written notice of such damage or destruction to Landlord. b) If the Premises are totally destroyed by fire, tornado or other casualty, or if they are so damaged that rebuilding or repairs cannot in Landlord's estimation be completed within one hundred twenty (120) days after the date upon which Landlord is notified by Tenant or otherwise obtains actual knowledge of such damage, this Lease may be terminated by Landlord or Tenant upon written notice within thirty (30) days of such determination by Landlord and the unaccrued Rent (other than in the event such damage or destruction was caused by Tenant or its employees or agents) will be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage. c) If the Premises are damaged by any peril covered by the insurance to be provided by Landlord under Section 13, such insurance proceeds are made available to Landlord and this Lease has not been terminated under Section 14(b), Landlord will proceed with reasonable diligence to rebuild and repair the Premises to substantially the condition in which it existed prior to such damage, except that Landlord will not be required to rebuild, repair or replace any part of the partitions, fixtures, additions, other improvements and/or personal property which may have been placed in, on or about the Premises by Tenant. Unless this Lease is terminated under Section 14(b) there shall be ~~damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild~~ no abatement of Rent. d) In the ~~Premises to~~ event the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction holder of any indebtedness secured by a mortgage or deed of trust covering the Building or Premises ~~or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such~~ requires that the insurance proceeds~~. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior~~, ~~to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to~~ if any, be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior applied to such ~~loss~~indebtedness, ~~and in either case Tenant shall pay~~ then Landlord will have the ~~cost of such restoration. Tenant covenants and agrees~~ right to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by ~~giving~~ delivering written notice of termination to Tenant ~~notice thereof~~ within ~~one hundred and eighty~~ fifteen (~~180~~15) days ~~from the date~~ after such requirement is made by any such holder, whereupon all rights and obligations of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant ~~shall commence their respective obligations~~ under this ~~Article~~ Lease will cease and terminate except as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any ~~compensation~~ previously accrued rent or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyadditional rent.

Appears in 1 contract

Samples: Office Lease (MaryJane Group, Inc.)

Damage and Destruction. If ~~all or any part of~~ the ~~Premises shall be~~ Building is damaged or destroyed by ~~fire~~ fire, smoke, tornado, ice, wind, lightning, flood, water, explosion, riot, or other casualty, Tenant shall notify Landlord immediately and the following provisions shall determine the effect of the damage or destruction on this Lease. (a) If the Building is completely destroyed, the term of this Lease shall ~~continue in full force and effect~~expire on the date of destruction, ~~unless terminated~~ with the same effect as ~~hereinafter provided~~if the date of destruction were stated as the time for termination of the Lease term, and Landlord and Tenant shall ~~repair~~account for Basic Rent, Additional Rent and other amounts payable by Tenant as of that date. (b) If any part, but less than all, of the Building is damaged or destroyed, Landlord, within sixty (60) days after such damage or destruction, at Landlord’s election, shall either (i) agree to restore or rebuild ~~the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration~~ or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice ~~thereof~~ of termination. If Landlord agrees to restore or rebuild, Landlord shall complete the restoration or rebuilding within one hundred ~~and~~ eighty (180) days after Landlord’s election is made, and the Basic Rent shall be abated in the same proportion as usable space in the Building has been rendered unusable by reason of such damage or destruction. The abatement of Basic Rent shall be effective from the date of the ~~casualty if: (a) The Premises~~ damage or destruction until completion of the ~~building in which the Premises are located shall be damaged~~ restoration or ~~destroyed as a result of an occurrence which is not covered~~ rebuilding by Landlord~~’s insurance; or (b) The Premises~~ , at which time the Basic Rent shall automatically be ~~damaged or destroyed during~~ reinstated at the ~~last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof,~~ amount specified in ~~which event Landlord will have the option of terminating~~ this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interestLease. If ~~the Premises shall be damaged or destroyed and in the event that~~ Landlord ~~has elected to continue~~ terminates this Lease, ~~Landlord and Tenant~~ the term of this Lease shall ~~commence their respective obligations under this Article as soon as is reasonably possible and prosecute~~ expire on the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end date ten (10) days after the date Landlord gives notice by of termination to Tenant, with the same effect as if such date were stated as the time for termination of the Lease term, and Landlord ~~to Tenant that the Premises have been repaired.~~ and Tenant shall ~~continue the operation~~ account for Basic Rent, Additional Rent and other amounts payable by Tenant as of ~~its business on the Premises during any such period~~ that date. (c) Notwithstanding anything above to the ~~extent reasonably practicable from~~ contrary, Landlord shall have no obligation to restore or rebuild. (d) Also notwithstanding anything above to the ~~standpoint of prudent business management~~contrary, ~~and~~ the time within which Landlord shall complete any ~~obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section~~ restoration or rebuilding shall be ~~construed to xxxxx Additional Rent. Except~~ extended one day for each day restoration or rebuilding is delayed by strikes, lockouts, embargoes, acts of God, governmental restrictions or directives, shortages in power or fuel or causes beyond the ~~abatement~~ reasonable control of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.

Appears in 1 contract

Samples: Lease (Knology Inc)

Damage and Destruction. ~~If all or~~ (a) If, prior to the Closing, any ~~part~~ of the ~~Premises~~ Properties shall be damaged ~~or destroyed~~ by fire or other ~~casualty~~casualty (collectively “Casualty”), ~~this Lease~~ Seller shall ~~continue~~ promptly deliver to Purchaser a Notice (“Casualty Notice”) of such event. Upon Purchaser’s receipt of a Casualty Notice, Seller and Purchaser shall meet promptly to estimate the cost to repair and restore the Improvements to good condition and to replace the damaged Personalty (“Casualty Renovation Cost”). If the parties are unable to agree on the cost of restoration, the matter will be submitted to an engineer designated by Seller, licensed to practice in ~~full force and effect, unless terminated as hereinafter provided~~the state in which the applicable Property is located, and ~~Landlord~~ the engineer shall ~~repair, restore or rebuild~~ resolve the ~~Premises to~~ dispute. (b) If the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts Casualty Renovation Cost exceeds either (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises [***] of the ~~actual cost~~ Purchase Price or [***] of ~~all permanent leasehold improvements and betterments installed or to be installed by Tenant in~~ the ~~Premises~~ allocated Purchase Price for the affected Property (~~whether same have been paid for entirely or partially by Tenant~~a “Material Casualty”), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord then Purchaser may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, ~~may~~ elect to terminate this ~~Lease~~ Agreement, by ~~giving Tenant notice thereof~~ Notice to Seller within ~~one hundred and eighty~~ ten (~~180~~10) business days ~~from~~ after the date that the Casualty Renovation Cost is determined (and if necessary the Scheduled Closing Date will be extended to accommodate such ten (10) business day period), in which case the Deposit shall be returned to Purchaser. If Purchaser does not elect to terminate this Agreement, then the Closing shall take place as provided herein without reduction of the ~~casualty if: (a) The Premises or~~ Purchase Price and the ~~building in which~~ applicable Seller shall assign the ~~Premises are located~~ insurance proceeds to Purchaser and shall ~~be damaged or destroyed as a result~~ credit Purchaser with amount of ~~an occurrence which is~~ any deductible not ~~covered~~ already otherwise paid by ~~Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or~~Seller under applicable insurance policies. (c) ~~The Premises are damaged or destroyed~~ If the Casualty is not a Material Casualty, then neither party hereto shall have any right to terminate this Agreement, the ~~extent of twenty five-percent (25%) or more~~ Closing shall take place as provided herein without reduction of the ~~replacement cost thereof~~Purchase Price, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the ~~unearned portion of such Rent will be refunded~~ applicable Seller shall assign the insurance proceeds to ~~Tenant without interest. If the Premises~~ Purchaser and shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately credit Purchaser with the ~~degree to which Tenant’s use of the Premises is impaired during the period~~ amount of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant deductible under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any applicable insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtypolicies.

Appears in 1 contract

Samples: Portfolio Acquisition Agreement (NorthStar Healthcare Income, Inc.)

Damage and Destruction. If ~~all~~ during the Lease Term, the Leased Premises or ~~any part of~~ the ~~Premises shall be~~ Building becomes damaged or destroyed in whole or in part by ~~fire~~ fire, other casualty or any other ~~casualty~~cause (except condemnation), ~~this~~ Tenant will immediately notify Landlord of such event. This Lease ~~shall continue~~ will remain in full force and effect, ~~unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild~~ except that the ~~Premises~~ Rent will be abated proportionately to the ~~condition existing at~~ extent and for the ~~time~~ period that all or a portion of the ~~occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds~~ Leased Premises are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premisesrendered untenantable. If ~~Tenant fails to comply~~Landlord determines, ~~with the foregoing provisions~~in its sole discretion, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the ~~Premises are ready for re-occupancy. No~~ damage or destruction to the Leased Premises ~~shall allow~~ and/or to the Building is so extensive that repair or restoration is uneconomical, or if Landlord otherwise decides not to repair or restore the Building, then this Lease will terminate on the first day after Landlord gives Tenant written notice of such termination. The Rent then will be adjusted and paid to ~~surrender possession~~ the date of the damage or destruction. Tenant will immediately vacate and surrender the Leased Premises ~~nor affect~~ upon such termination. Tenant’s , however, will not be released from liability for any damage caused by Tenant or its agents or employees, or released from responsibility for any of its obligations under this Lease for the ~~payment of rents~~ period before such termination. If Landlord decides to repair or ~~charges~~ restore the Leased Premises and/or the Building, it will do so with reasonable speed, subject to reasonable delays for: (a) adjusting losses under insurance policies; (b) labor troubles; or (c) any other ~~covenant herein contained, except as may be specifically provided in this Lease~~cause beyond Landlord's reasonable control. Notwithstanding ~~anything~~ the provisions of this Paragraph VI, within sixty (60) days after the date of material destruction of the Leased Premises, Landlord shall obtain from Landlord's architect or contractor an estimate of the time which will be required to repair the ~~contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within~~ Leased Premises. Landlord shall promptly communicate said estimate to Tenant. In the event that said estimate of time exceeds one hundred ~~and~~ eighty (180) days from the date of ~~the casualty if: (a) The Premises or the building in which the Premises are located~~ such destruction, then Tenant shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Leaseright, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end within ten (10) days after ~~notice by Landlord~~ receipt of said estimate, to ~~Tenant~~ terminate this Lease without any further liability or obligation on the part of the parties hereto for obligations thereafter accruing, provided that ~~the Premises have been repaired.~~ Tenant shall ~~continue the operation of its business on the Premises during any such period~~ give written notice to ~~the extent reasonably practicable from the standpoint of prudent business management,~~ Landlord within said ten (10) days and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be ~~entitled to any compensation~~ in breach or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction default of any ~~portion of the Premises resulting from fire~~ covenant or ~~other casualty~~condition by which Tenant is obligated under this Lease.

Appears in 1 contract

Samples: Lease Agreement (Medimmune Inc /De)

Damage and Destruction. (a) If ~~all~~ the Premises or ~~any part~~ the portion of the ~~Premises shall be~~ Business Center necessary for Tenant's occupancy is damaged or destroyed ~~by fire or other casualty,~~ during the Term of this Lease ~~shall continue in full force~~ by any casualty insurable under standard fire and ~~effect~~extended coverage insurance policies, ~~unless terminated as hereinafter provided, and~~ Landlord ~~shall repair, restore~~ will repair or rebuild the Premises to substantially the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises ~~are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or~~were immediately prior to such destruction. (b) ~~The Premises shall be damaged or destroyed during~~ Landlord's obligation under this Article 18.00 will not exceed the ~~last two~~ lesser of: (2i) ~~years~~ with respect to the Premises, the scope of building-standard improvements installed by Landlord in the original construction of the ~~Term~~ Premises, or (ii) the extent of proceeds received by Landlord of any ~~renewals thereof; or~~insurance policy maintained by Landlord. (c) The Monthly Base Rent will be abated proportionately during any period in which, by reason of any damage or destruction not occasioned by the negligence or willful misconduct of Tenant or Tenant's employees or invitees, there is a substantial interference with the operation of the business of Tenant. Such abatement will be proportional to the measure of business in the Premises ~~are~~ which Tenant may be required to discontinue. The abatement will continue for the period commencing with such destruction or damage and ending with the completion by the Landlord of such work, repair, or reconstruction as Landlord is obligated to do. (d) If the Premises, or the portion of the Business Center necessary for Tenant's occupancy, is damaged or destroyed (i) to the extent of ~~twenty five-~~ten percent (2510%) or more of the then-replacement ~~cost thereof~~value of either, (ii) in the last three (3) years of the Term of this Lease, (iii) by a cause or casualty other than those covered by fire and extended coverage insurance, or (iv) to the extent that it would take, in ~~which event~~ Landlord's opinion, in excess of ninety (90) days to complete the requisite repairs, then Landlord ~~will have the option of terminating~~ may either terminate this Lease or ~~any renewal thereof by serving written notice upon Tenant and any prepaid Rent~~ elect to repair or ~~Additional Rent will be prorated as of~~ restore the ~~date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest~~damage or destruction. If this Lease is not terminated pursuant to the ~~Premises shall be damaged~~ preceding sentence, this Lease will remain in full force and effect. Landlord and Tenant waive the provisions of any law that would dictate automatic termination or ~~destroyed and~~ grant either of them an option to terminate in the event ~~that Landlord has elected~~ of damage or destruction. Landlord's election to ~~continue this Lease, Landlord and Tenant shall commence their respective obligations~~ terminate under this ~~Article as soon as is reasonably possible and prosecute the same~~ paragraph will be exercised by written notice to ~~completion with all due diligence. Except where~~ Tenant given within sixty (60) days after the damage or ~~destruction results from~~ destruction. Such notice will set forth the ~~wrongful~~ effective date of the termination of this Lease. (e) Upon the completion of any such work, repair, or ~~negligent act or omission of Tenant~~restoration by Landlord, ~~the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use~~ Tenant will repair and restore all other parts of the Premises ~~is impaired during~~ including without limitation nonbuilding-standard leasehold improvements and all trade fixtures, equipment, furnishings, signs, and other improvements originally installed by Tenant. Tenant's work will be subject to the requirements of Article 14.00. (f) During any period of ~~any damage~~reconstruction or repair of the Premises, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant ~~that the Premises have been repaired. Tenant shall~~ will continue the operation of its business on in the Premises ~~during any such period~~ to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtypracticable.

Appears in 1 contract

Samples: Business Center Lease (Ion Networks Inc)

Damage and Destruction. ~~If all~~ In the event of damage or ~~any part~~ destruction of the Leased Premises ~~shall be~~ of the Building by fire, lightning, earthquake, tempest or other casualty so that: (a) the same is damaged or destroyed ~~by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises~~ to the ~~condition existing at~~ extent that the ~~time~~ same cannot with reasonable diligence be rebuilt, repaired or restored within one hundred and twenty (120) days of the date of damage or destruction (as determined in the opinion in writing of the Landlord's Architect, which written opinion shall be delivered to the Tenant within thirty (30) days of the occurrence of such damage or destruction) or the ~~loss; provided~~estimated cost of rebuilding, ~~however~~repairing or restoring such damage or destruction will exceed by $250,000 or more, the anticipated proceeds of insurance available to the Landlord for that purpose, then, notwithstanding any other term or condition of this Lease to the contrary, the Landlord or the Tenant may terminate this Lease by notice in writing to the Tenant or the Landlord, as the case may be, given within sixty (60) days of the occurrence of such damage or destruction, such notice to be effective as at the date of the damage or destruction if the Leased Premises are not capable of being utilized by the Tenant as determined by the Landlord's Architect and otherwise to be effective at the date specified in such notice of termination which shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days ~~prior~~following receipt of such notice by the Tenant and in either of such events, the Rent hereby reserved shall be forthwith payable by the Tenant to the effective date ~~Tenant opens for business in the Premises~~ of the ~~actual cost~~ termination, the Term hereby granted shall terminate as at that date and the Landlord may as at the effective date of ~~all permanent leasehold improvements~~ termination re-enter and ~~betterments installed or to be installed by Tenant in~~ take possession of the Leased Premises ~~(whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures~~ and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, deal with the ~~foregoing provisions~~same as fully and effectively as if these presents had not been entered into. But if within the said period of sixty (60) days, ~~any loss or damage~~ the Landlord and the Tenant shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under not give notice terminating this Lease, then as soon as reasonably practicable thereafter, the Landlord shall undertake or continue the rebuilding, repair or restoration with all reasonable diligence and the Basic Rent hereby reserved, or a proportionate part thereof depending upon the proportion of the Leased Premises that are not fit for use by the Tenant for the intended purpose of this Lease, shall xxxxx until the Leased Premises have been rebuilt and made fit for the intended purposes of this Lease; (b) the same is damaged or destroyed to the extent that the same can with reasonable diligence be rebuilt, repaired or restored within one hundred and twenty (120) days of the date of such damage or destruction (as determined in the opinion in writing of the Landlord~~’s obligations under this Article to repair~~'s Architect, ~~replace and/or rebuild the Premises~~ which written opinion shall be ~~deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises~~ delivered to the ~~condition which existed prior to such loss, and in either case~~ Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days ~~after notice from Landlord that~~ of the ~~Premises are ready for re-occupancy. No~~ occurrence of such damage or ~~destruction~~ destruction) and the Landlord is not otherwise entitled to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease ~~by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if:~~pursuant to Article 5.08 (a) ~~The Premises~~ the Landlord shall as soon as reasonably practicable after such determination, undertake or continue the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years repair of the ~~Term~~ same with all reasonable diligence provided, however, that nothing herein contained shall impose any obligation upon the Landlord to complete such repair within the said period of one hundred and twenty (120) days and the Basic Rent hereby reserved, or ~~any renewals thereof; or (c) The Premises are damaged or destroyed to~~ a proportionate part thereof depending upon the ~~extent of twenty five-percent (25%) or more~~ proportion of the ~~replacement cost thereof, in which event Landlord will have~~ Leased Premises that are not fit for use by the ~~option~~ Tenant for the intended purposes of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, ~~Landlord and Tenant~~ shall ~~commence their respective obligations under this Article as soon as is reasonably possible and prosecute~~ xxxxx until the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Leased Premises have been ~~repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management,~~ rebuilt and ~~any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except~~ made fit for the ~~abatement~~ intended purposes of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyLease.

Appears in 1 contract

Samples: Lease Agreement (Brooks Automation Inc)

Damage and Destruction. ~~If all~~ (a) In the event during the Lease Term the Tenant's Building shall be partially damaged (as distinguished from "substantially damaged", as that term is hereinafter defined) by fire or ~~any part~~ other casualty insured under the insurance required to be carried by Tenant pursuant to this Lease, Tenant shall proceed with reasonable dispatch to repair such damage and restore the Tenant's Building to substantially its condition at the time immediately prior to damage and Tenant shall similarly restore and/or replace Tenant's Personal Property. Notwithstanding the foregoing, if such partial damage to the Tenant's Building is caused by a casualty not insured or required to be insured by Tenant pursuant to the provisions of this Lease, Tenant may elect to repair or rebuild the Tenant's Building or terminate this Lease upon giving notice of such election to Landlord within ninety (90) days of the ~~Premises~~ date of such damage or destruction. If said right of termination is exercised (and Landlord does not negate such termination as hereunder provided), this Lease to the extent provided hereinabove shall terminate effective (i) as of the date of such casualty, if Tenant has been unable to conduct business in the Tenant's Building as a result of such partial casualty or (ii) if Tenant has been able to conduct business, then not later than thirty (30) days after such notice. If Tenant elects not to so terminate this Lease, Tenant shall proceed as required in the first sentence hereinabove. If Tenant elects to terminate this Lease as provided, Landlord may nullify Tenant's termination by written notice to Tenant, within sixty (60) days of receipt of Tenant's notice to terminate, in which event Landlord shall become obligated to proceed and perform in the manner required of Tenant in the first sentence hereinabove at Landlord's cost and expense, provided, if Landlord does not so proceed as required to repair and restore Tenant's Building, as provided above Tenant may again elect to terminate this lease as provided above without Landlord having the right to nullify such termination. (b) In the event during the Lease Term Tenant's Building shall be substantially damaged or destroyed by fire or other casualty, insured under the insurance carried by Landlord pursuant to Section 14.01 of this Lease, Tenant may elect to repair or rebuild the Tenant's Building or terminate this Lease ~~shall continue in~~ upon giving notice of such election to Landlord within sixty (60) days of the date of such damage or destruction. If Tenant elects not to so terminate this Lease, this Lease shall, except as hereinafter provided, remain if full force and effect, ~~unless terminated as hereinafter provided~~and Tenant shall, proceeding with reasonable dispatch, repair such damage and ~~Landlord shall repair,~~ restore ~~or rebuild~~ the ~~Premises~~ Tenant's Building to ~~the~~ substantially their condition ~~existing~~ at the time of immediately preceding the occurrence of ~~the loss; provided, however, Landlord shall not be obligated to commence~~ such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.

Appears in 1 contract

Samples: Lease Agreement (Chicago Pizza & Brewery Inc)

Damage and Destruction. ~~If all or any part of~~ a. Subject to the options to terminate provided below in this section, if the Premises ~~shall be damaged~~ suffer an Insurable Loss or ~~destroyed by fire or~~ a loss other ~~casualty~~than an Insurable Loss that is not substantial, ~~this Lease shall continue in full force~~ Landlord, at its cost, will (i) repair and ~~effect, unless terminated as hereinafter provided, and Landlord shall repair,~~ restore ~~or rebuild~~ the Premises to a condition substantially equivalent to their condition immediately prior to the ~~condition existing~~ loss, subject to zoning and building laws applicable at the time of the ~~occurrence of the loss; provided~~work, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) ~~which are used~~ commence the work with reasonable promptness and (iii) diligently pursue the work to ~~reimburse Landlord~~ completion in accordance with Laws, in a workmanlike manner, according to and using applicable industry standards, methods and procedures, with good quality materials and, when required, after obtaining a permit for ~~all costs and expenses~~such work from the City (collectively, ~~including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to~~ the ~~date Tenant opens for business in~~ "Work Standards"). b. If the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord suffer substantial damage that is not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereofan Insurable Loss, Landlord ~~may, at its election, either restore or require~~ may terminate this Lease by notice to Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises given within thirty (30) days after ~~notice from~~ the date of the loss. If Landlord ~~that~~ does not exercise its option to terminate, Landlord will repair or restore the Premises ~~are ready for re-occupancy~~in accordance with the provisions of the immediately preceding subsection. No For purposes of this section, "substantial damage" will mean damage to or loss or destruction ~~to the Premises shall allow Tenant to surrender possession~~ of the Premises ~~nor affect Tenant’s liability for~~ to such an extent that the ~~payment~~ estimated cost of ~~rents~~ fully repairing and restoring the affected portions thereof to a condition substantially equivalent to their condition immediately prior to the damage, loss or ~~charges~~ destruction in accordance with the Work Standards, subject to zoning and building laws applicable at the time of the work, is greater than fifty percent (50%) of the replacement cost of the Building. c. If the Premises suffer a loss, Landlord, after consulting with its All-Risk Policy carrier, architect and contractors and within thirty (30) days after the date of the loss, will give Tenant notice of the length of time Landlord reasonably believes it will take to complete the repairs or ~~any other covenant herein contained, except~~ restoration as ~~may be specifically~~ provided in this ~~Lease~~section. ~~Notwithstanding anything~~ If such period of time is expected to be greater than one hundred eighty (180) days after the ~~contrary contained in this Section~~ date of the loss (the "Repair Period"), or ~~elsewhere in this Lease~~if Landlord fails to give Tenant such notice, ~~Landlord, at its option,~~ Tenant may terminate this Lease by giving ~~Tenant~~ notice ~~thereof~~ to Landlord within ~~one hundred and eighty~~ thirty (~~180~~30) days ~~from~~ after receipt of or failure to receive Landlord's notice of the time it will take to complete the repairs or restoration. If, after commencement of repair or restoration as provided in this section, such work cannot reasonably be expected to be substantially complete by the end of thirty (30) days after the end of the Repair Period, Tenant may terminate this Lease by giving notice to Landlord. d. If this Lease is terminated under any option given in this section, this Lease will terminate on the date of the ~~casualty if: (a) The Premises~~ loss or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant damage occurred. Base Rent and ~~any prepaid Rent or~~ Additional Rent will be ~~prorated~~ apportioned as of the date of ~~destruction~~ termination, and any Base Rent or Additional Rent paid in advance for any period beyond the ~~unearned portion~~ date of termination will be refunded promptly to Tenant. e. Following any loss or damage that Landlord is obligated or has elected to repair or restore, Tenant will cooperate fully with Landlord to facilitate Landlord's repair or restoration. Landlord will not be responsible to Tenant for any inconvenience arising from such work, but Base Rent and Additional Rent will be ~~refunded~~ equitably prorated and abated during the period for which and to ~~Tenant without interest. If~~ the extent which the Tenant's then use of the Premises ~~shall be damaged~~ is adversely affected, unless the loss or ~~destroyed and in~~ damage is caused by the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent deliberate act or omission of Tenant, . Any Base Rent or Additional Rent paid in advance for any period during which the ~~Minimum Rent shall~~ same is to be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period will be credited to the ~~extent reasonably practicable from the standpoint of prudent business management~~next ensuing payments, if any, and ~~any obligation of Tenant under the Lease~~ if no further payments are to ~~apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall~~ be ~~construed~~ made, such rent will be refunded promptly to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.

Appears in 1 contract

Samples: Lease Agreement (Sauer Danfoss Inc)

Damage and Destruction. If ~~all~~ either the Building or ~~any part~~ the Premises should be substantially destroyed or damaged (which, as used herein, means destruction or material damage to at least 50% of the ~~Premises shall be damaged~~ Building or ~~destroyed~~ the Premises) by fire or other casualty, then either party hereto may, at its option, terminate this ~~Lease~~ Use Agreement by giving written notice thereof to the other party within thirty (30) days after the date of such casualty. In such event, Periodic Use Compensation shall ~~continue in full force~~ be apportioned to and ~~effect~~shall cease as of the date of such casualty. If neither party exercises this option, ~~unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild~~ then the Premises shall be reconstructed and restored, at City's expense, to substantially the same condition as they were prior to the ~~condition existing at the time of the occurrence of the loss~~casualty; provided, however, ~~Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s~~ that City's obligation hereunder shall be limited to the ~~proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been~~ reconstruction of such of the COTC interior improvements as were originally required to be ~~applied towards~~ provided by City in accordance with this Use Agreement and further provided that, if COTC has made any additional improvements pursuant to Section 3.02 of this Use Agreement, COTC shall reimburse City for the ~~reduction~~ cost of reconstructing the same on terms satisfactory to City in its sole discretion. In the event of such reconstruction, Periodic Use Compensation shall be abated for any ~~indebtedness secured~~ period between the date of the casualty and substantial completion of the reconstruction repairs by ~~a mortgage covering~~ City during which the Premises are unusable (or ~~any~~ abated on a pro rata basis if only a portion ~~thereof,~~ of the Premises is unusable) and ~~(ii) which are used to reimburse Landlord~~ this Use Agreement shall continue in full force and effect for ~~all costs~~ the balance of the term hereof. If the Building and ~~expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not~~ the Premises should be less than ~~thirty (30) days prior, to the date Tenant opens for business~~ substantially destroyed or damaged by fire or other casualty that does not result in ~~the Premises~~ a termination of the ~~actual cost~~ Use Agreement as provided for above, then such damaged part of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be ~~deemed inapplicable~~reconstructed and restored at City's expense, to substantially the same condition as they were prior to the casualty; provided, however, that City's obligation hereunder shall be limited to the reconstruction of such of the COTC interior improvements as were originally required to be provided by City in accordance with this Use Agreement, and further provided that, if COTC has made any additional improvements pursuant to Section 3.02 of this Use Agreement, COTC shall reimburse City for the cost of reconstructing the same on terms satisfactory to City in ~~lieu thereof~~its sole discretion. Periodic Use Compensation shall be abated to the extent the Premises are unusable (or abated on a pro rata basis if only a portion of the Premises is unusable) from the date of the casualty until substantial completion of the reconstruction repairs by City; and this Use Agreement shall continue in full force and effect for the balance of the term hereof. City shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding anything else to the contrary contained in this Section 6.01, ~~Landlord may~~except for COTC's reimbursement for the cost of reconstructing those improvements made by COTC pursuant to Section 3.02 of this Use Agreement, ~~at its election~~City shall have no obligation to pay for restoration of the Premises more than the net amount of the insurance proceeds payable for the benefit of City by reason of such damage or destruction after deduction of City's cost of obtaining such proceeds and any amount any lender to City requires to be applied to such loan, ~~either restore or require Tenant~~ provided that if because such proceeds plus any amount City voluntarily contributes are insufficient to restore the Premises substantially to the condition ~~which existed~~ they were in prior to such ~~loss~~casualty, ~~and in either case Tenant~~ subject to the limitations with regard to COTC's additional improvements as set forth above, COTC shall ~~pay~~ have the ~~cost of such restoration. Tenant covenants and agrees~~ right to ~~repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises~~ terminate this Use Agreement by written notice to City which is delivered within thirty (30) days after ~~notice from Landlord~~ COTC first becomes aware that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyinsufficiency exists.

Appears in 1 contract

Samples: Use Agreement

Damage and Destruction. A. If ~~all~~ the Premises shall be damaged by fire, the elements, unavoidable accident or ~~any part~~ other casualty, without the fault of Tenant, but are not thereby rendered untenantable (including as a result of a loss of necessary access or essential service from the remainder of the Project) in whole or in part, Landlord shall at its own expense cause such damage to be repaired and the Fixed Annual Rent and Additional Rent payable by Tenant hereunder shall not be abated. If by reason of such occurrence, the Premises shall be rendered untenantable only in part, Landlord shall cause the damage to be repaired, and the Fixed Annual Rent meanwhile shall be abated proportionately as to the portion of the Premises rendered untenantable, until the Premises has been restored to the extent required to be restored by Landlord as required hereby. Landlord shall use commercially reasonable efforts to commence restoration and to complete restoration as soon as possible after receipt of insurance proceeds, if applicable. If the Premises shall be rendered wholly untenantable by reason of such occurrence, Landlord shall cause such damage to be repaired, and the Fixed Annual Rent meanwhile shall be abated in whole, until the Premises has been restored to the extent required to be restored by Landlord as required hereby, except that Landlord shall have the right, to be exercised by notice in writing delivered to Tenant within ninety (90) days after said occurrence, to elect not to reconstruct the destroyed Premises, and in such event this Lease and the tenancy hereby created shall cease as of the date of the said occurrence. Nothing in this Section shall be construed to permit the abatement in whole or in part of Additional Rent, including without limitation charges for Operating Costs and Taxes and Assessments attributable to any period during which the Premises shall be in untenantable condition, nor shall there be any abatement in Additional Rent nor the Fixed Annual Rent if such damage is caused by an act or omission of Tenant. In the event Landlord elects not to repair the destroyed Premises but fails to provide notice of its election not to reconstruct the Premises as prescribed herein, Tenant may at its option cancel and terminate this Lease, as its sole and exclusive remedy against Landlord. B. In the event that eighty percent (80%) or more of the total rentable square feet of the Building shall be damaged or destroyed by fire or other ~~casualty~~cause, notwithstanding any other provisions contained herein and that the Premises may be unaffected by such fire or other cause, Landlord shall have the right, to be exercised by notice in writing delivered to Tenant within one hundred eighty (180) days after said occurrence, to elect to cancel and terminate this Lease, provided that Landlord terminates all other similarly affected leases of the Project. Upon the giving of such notice to Tenant, the term of this Lease shall ~~continue in full force and effect, unless terminated as hereinafter provided~~expire by lapse of time upon the third day after such notice is given, and ~~Landlord~~ Tenant shall ~~repair, restore or rebuild~~ vacate the Premises and surrender the same to Landlord. C. If the ~~condition existing at~~ Premises are destroyed or damaged during the ~~time~~ last eighteen (18) months of the term of this Lease and the estimated cost of repair exceeds fifty percent (50%) of the Fixed Annual Rent then remaining to be paid by Tenant for the balance of the term and Landlord does not intend to reconstruct the Building, Landlord may at its option cancel and terminate this Lease as of the date of occurrence of ~~the loss; provided, however, Landlord shall not be obligated~~ such damage by giving written notice to ~~commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited~~ Tenant of its election to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises do so within thirty (30) days after the date of occurrence of such damage. In the event Landlord provides such notice ~~from~~ to terminate the Lease, Tenant shall have thirty (30) days to provide notice of its intent to extend the lease pursuant to other provisions of this Lease whereupon such Landlord ~~that~~ notice to terminate shall be deemed rescinded. If Landlord shall not so elect to terminate this Lease, the ~~Premises are ready for re-occupancy. No~~ repair of such damage shall be governed by other provisions of this Section D. If the Premises, or ~~destruction~~ portions of the Building providing access or essential services to the ~~Premises~~ Premises, are destroyed or damaged by fire or other casualty, and the expected time to restore the same will exceed two hundred forty (240) days, or Landlord fails to complete restoration of the Premises, or such portions of the Building within three hundred sixty (360) days after the occurrence of the fire or other casualty. Tenant shall ~~allow Tenant~~ have the right by written notice to ~~surrender possession~~ Landlord received by Landlord within thirty (30) days of such event, to either (i) cancel and terminate this Lease or (ii) at its sole expense, expedite repairs or reconstruction of the Premises, as its sole and exclusive remedies against Landlord. In the event of any reconstruction of the Premises ~~nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in~~ under this ~~Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease~~Section, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located ’s obligation with regard to said reconstruction shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed only to the extent of ~~twenty five-percent (25%) or more~~ Landlord’s original obligation to construct and deliver the Premises pursuant to this Lease. Tenant, at its sole cost and expense, shall be responsible for all repairs and restorations in excess of ~~the replacement cost thereof~~that required of Landlord, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such ~~Rent will be refunded to Tenant without interest. If~~ that the Premises shall be ~~damaged or destroyed and in the event that Landlord has elected~~ restored to ~~continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same~~ its improved condition prior to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repairedsuch destruction. Tenant shall ~~continue~~ additionally be responsible for the ~~operation~~ replacement of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain stock in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signstrade, trade fixtures~~, equipment, display cases~~, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacementequipment. Tenant shall ~~give~~ commence the installation of fixtures, equipment, and stock in trade promptly upon redelivery to ~~Landlord prompt written notice of, any damage to or destruction~~ it of ~~any portion~~ possession of the Premises ~~resulting from fire or~~ and shall diligently prosecute such installation to completion. E. Upon any termination of this Lease under any of the provisions of this Section, each party shall be released thereby without further obligation to the other ~~casualty~~party coincident with the surrender of possession of the Premises to the Landlord except for items which have theretofore accrued and are then unpaid and for such of the other obligations of Tenant and/or Landlord as are expressly provided herein to survive the termination of this Lease, for which each party shall remain liable to the other.

Appears in 1 contract

Samples: Lease Agreement (Applied Genetic Technologies Corp)

Appears in 1 contract

Samples: Lease (Radiation Therapy Services Inc)

Damage and Destruction. a. Tenant shall notify Landlord in writing immediately upon the occurrence of any damage to the Premises. If ~~all or any part of~~ the Premises ~~shall~~ are only partially damaged and if the proceeds received by Landlord from the insurance policies described in Paragraph 15b (including the deductible amounts to be ~~damaged or destroyed~~ paid by ~~fire or other casualty~~Tenant, if any) are sufficient to pay for the necessary repairs, this Lease shall ~~continue~~ remain in effect and Landlord shall repair the damage as soon as reasonably possible. Landlord may elect to repair any damage to Tenant's fixtures, equipment, or improvements. If the insurance proceeds received by Landlord (including the deductible amounts to be paid by Tenant, if any) are insufficient to pay the entire cost of repair, or if the damage is not covered by Landlord's insurance policies, Landlord may elect either (a)to repair the damage as soon as reasonably possible, in which case this Lease shall remain in full force and effect, ~~unless terminated~~ or (b) to terminate this Lease as ~~hereinafter provided, and~~ of the date the damage occurred. Landlord shall ~~repair, restore or rebuild the Premises to the condition existing at the time~~ notify Tenant within 30 days after receipt of notice of the occurrence of the ~~loss; provided~~damage whether Landlord elects to repair the damage or terminate the Lease. If Landlord elects to repair the damage, ~~however~~Tenant shall pay Landlord the "deductible amount' (if any) under Landlord's insurance policies and, if the damage was due to an act or omission of Tenant, the difference between the actual cost of repair and any insurance proceeds received by Landlord. If Landlord elects to terminate this Lease, Tenant may elect to continue this Lease in full force and effect, in which case Tenant shall repair any damage to the Premises and any building in which the Premises are located. Tenant shall pay the cost of such repairs, except that, upon satisfactory completion of such repairs, Landlord shall reimburse Tenant for any such repair costs from any insurance proceeds received by Landlord for the damage repaired by Tenant. Any excess proceeds shall be retained by Landlord, Tenant shall give Landlord written notice of such election within 10 days after receiving Landlord's termination notice. If the damage to the Premises occurs during the last 6 months of the Term, Landlord may elect to terminate this Lease as of the date the damage occurred, regardless of the sufficiency of any insurance proceeds. In such event, Landlord shall not be obligated to ~~commence such repair, restoration~~ repair or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises ~~to the condition which existed prior to such loss,~~ and ~~in either case~~ Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected no right to continue this Lease, Landlord shall notify Tenant of its election within 30 days after receipt of notice of the occurrence of the damage. b. If the Premises are totally or substantially destroyed by any cause, or if the Premises are in a building which is substantially destroyed (even though the Premises are not totally or substantially destroyed), this Lease shall terminate as of the date of the destruction occurred regardless of whether Landlord receives any insurance proceeds, However, if the Premises can be rebuilt within one (1) year after the date of destruction, Landlord may elect to rebuild the Premises at Landlord's own expense, in which case, this Lease shall remain in full force and effect, Landlord shall notify Tenant ~~shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute~~ of such election within 30 days after the ~~same to completion with all due diligence~~occurrence of such destruction. ~~Except where~~ If the ~~damage or~~ destruction ~~results from the wrongful or negligent~~ was caused by an act or omission of Tenant, Tenant shall pay Landlord the ~~Minimum Rent~~ difference between the actual cost of rebuilding and any insurance proceeds received by Landlord. c. If the Premises are damaged and Landlord or Tenant restores the Premises pursuant to the provisions of this Article 137 any rent payable during the period of such damage and restoration shall be ~~abated proportionately with~~ reduced according to the degree to which Tenant’s 's use of the Premises ~~is impaired during~~ are impaired. The reduction shall not exceed the ~~period~~ sum of ~~any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement~~ one year's payment of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business managementRent, insurance premiums and ~~any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent~~real property taxes. Except for the ~~abatement of Minimum Rent hereinabove provided~~foregoing reduction, Tenant shall not be entitled to any ~~compensation~~ compensation, reduction, or ~~damage for loss in the use~~ reimbursement from Landlord as a result of ~~the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by~~ any damage, destruction, repair or ~~restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made~~ restoration of or to the ~~Minimum Annual Volume. Unless this Lease is terminated by Landlord,~~ Premises. d. Tenant ~~shall repair, restore and re-fixture all parts~~ waives the protection of any statute or code of judicial decision which grants a tenant the right to terminate a lease in the event of the ~~Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its~~ substantial destruction ~~or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations~~ of ~~personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for~~ the ~~purpose of said repair and replacement~~leased property. Tenant agrees that the provisions of Paragraph 13b above shall ~~give to~~ govern the rights and obligations of Landlord ~~prompt written notice of, any damage to or destruction~~ and Tenant in the event of any ~~portion of~~ substantial or total destruction to the ~~Premises resulting from fire or other casualty~~Premises.

Appears in 1 contract

Samples: Standard Industrial Lease (Sterigenics International Inc)

Damage and Destruction. 8.01 If ~~all or any part of~~ the Demised Premises shall be partially or totally damaged or destroyed by fire or other casualty, ~~this Lease shall continue in full force~~ Landlord shall, subject to Section 8.03 hereof, repair the damage and ~~effect, unless terminated as hereinafter provided,~~ restore and ~~Landlord shall repair, restore or~~ rebuild the Demised Premises as nearly as may be reasonably practicable to ~~the~~ its condition ~~existing at the time~~ and character immediately prior to such damage or destruction, with reasonable diligence, after notice to it of the ~~occurrence of the loss~~damage or destruction; ~~provided, however,~~ provided that Landlord shall not be obligated to ~~commence~~ expend upon such ~~repair,~~ repair or restoration ~~or rebuilding until~~ any amount in excess of the net insurance proceeds ~~are~~ received by Landlord pursuant to insurance maintained by Landlord and provided that Landlord's obligations shall be subject to then applicable zoning and planning regulations. 8.02 If the Demised Premises and/or access thereto shall be partially or totally damaged or destroyed by fire or other casualty, ~~and Landlord’s obligation~~ the rents payable hereunder shall be ~~limited~~ abated to the ~~proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which~~ extent that the Demised Premises shall have been ~~required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof~~rendered untenantable, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to from the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the ~~Premises~~ date the damage shall ~~allow~~ be substantially repaired or restored. Should Tenant ~~to surrender possession~~ reoccupy a portion of the Demised Premises ~~nor affect Tenant’s liability for~~ during the ~~payment of rents~~ period that the repair or ~~charges~~ restoration or ~~any other covenant herein contained, except as may be specifically provided~~ is in ~~this Lease. Notwithstanding anything~~ progress and prior to the ~~contrary contained in this Section or elsewhere in this Lease~~date that the same are made completely tenantable, ~~Landlord, at its option, may terminate this Lease~~ rents allocable to such portion shall be payable by ~~giving~~ Tenant ~~notice thereof within one hundred and eighty (180) days~~ from the date of such occupancy to the ~~casualty if: (a) The Premises or~~ date the ~~building in which the~~ Demised Premises are ~~located~~ made tenantable. 8.03 Landlord shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease and the term and estate hereby granted if Landlord estimates that renovation of the Demised Premises shall exceed the shorter of (a) 180 days from the date of the damage, or (b) the unexpired term of this Lease. Landlord shall exercise such termination option by notifying Tenant in writing of such termination within 30 days of the date of the damage. If at any ~~renewal thereof by serving written~~ time prior to Landlord giving Tenant the aforesaid notice ~~upon Tenant~~ of termination or commencing the repair 8.04 In the event that a notice of termination shall be given pursuant to Section 8.03, this Lease and ~~any prepaid Rent or Additional Rent will be prorated~~ the term and estate hereby granted shall expire as of the date of ~~destruction and~~ such termination with the ~~unearned portion~~ same effect as if that were the date hereinbefore set for the expiration of ~~such Rent will be refunded to Tenant without interest. If~~ the ~~Premises shall be damaged or destroyed and in the event that Landlord has elected to continue~~ term of this Lease, ~~Landlord~~ and ~~Tenant shall commence their respective obligations under this Article as soon as is reasonably possible~~ the rent due and ~~prosecute the same~~ to ~~completion with all~~ become due ~~diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent~~ hereunder shall be apportioned as of such date if not earlier abated ~~proportionately with the degree~~ pursuant to ~~which Tenant’s use~~ Section 8.01. 8.05 No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of ~~the Premises is impaired during the period of~~ business or annoyance arising from any ~~damage,~~ repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Demised Premises ~~resulting from~~ pursuant to this Article Landlord shall use diligent efforts to effect any required repair or restoration promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy. 8.06 Landlord shall not carry insurance of any kind on Tenant's property, and shall not be obligated to repair any damage thereto or replace the same. 8.07 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other casualty, and any law to the contrary, now or hereafter in force, shall have no application in such case. 8.08 Notwithstanding any of the foregoing provisions of this Article, if Landlord or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises by fire or other cause, by reason of some action or inaction on the part of the Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedies which may be available against Tenant, the abatement of Tenant's rents provided for in this Article shall not be effective to the extent of the uncollected insurance proceeds.

Appears in 1 contract

Samples: Lease Agreement (Cannondale Corp /)

Damage and Destruction. If all or any part of ~~the Premises shall be~~ any CIR III Property is damaged ~~or destroyed~~ by fire or other ~~casualty, this Lease shall continue in full force~~ casualty (a “Casualty”) occurring on or after the date hereof and ~~effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises~~ prior to the ~~condition existing~~ Closing Date the following shall apply: (a) Subject to the provisions of Section 12.1(b) below with respect to a Significant Casualty, the Parties shall proceed to consummate this transaction in accordance with this Agreement, without any abatement of the Closing Cash Consideration or any liability or obligation on the part of the Sellers by reason of such destruction or damage. If the Casualty is covered by insurance, the Sellers (or the applicable Subsidiary) shall assign to the Buyer (or its permitted designee) and the Buyer (or its permitted designee) shall have the right to make a claim for and to retain any casualty insurance proceeds received under the casualty insurance policies in effect with respect to such CIR III Property on account of such Casualty and the Buyer shall receive a credit (the “Casualty Credit”) against the Closing Cash Consideration due at Closing for the amount of the deductible on such casualty insurance policy less any amounts reasonably and actually expended by the applicable Seller to collect any such insurance proceeds or to remedy any unsafe conditions at the ~~time of~~ applicable CIR III Property or to repair or restore any damages, in no event to exceed the ~~occurrence~~ amount of the loss~~; provided, however, Landlord shall~~ . If the Casualty is not ~~be obligated to commence such repair, restoration~~ covered by insurance or ~~rebuilding until~~ the insurance proceeds are ~~received~~ applied by ~~Landlord~~the Lender for such CIR III Property to reduce the principal balance of the Existing Loan secured by the CIR III Property, ~~and Landlord’s obligation hereunder~~ the Buyer shall be ~~limited~~ entitled to a reduction (the “Restoration Credit”) in the Closing Cash Consideration equal to the ~~proceeds actually received by Landlord~~ full estimated cost of repairing or restoring the applicable CIR III Property (as determined pursuant to Section 12.1(c) below). (b) If as a result of any such Casualty the tenant(s) under ~~any insurance policy~~ the Space Leases demising seventy-five percent (75%) or ~~policies~~greater of gross leasable area of the applicable CIR III Property have the right to terminate such Space Leases pursuant to the terms thereof (a “Significant Casualty”), then the Parties shall proceed to consummate this transaction in accordance with this Agreement, provided that the Buyer shall receive at Closing (or on the Deferred Closing Date, as the case may be), a credit against the Closing Cash Consideration in an amount equal to the sum of the Casualty Credit, the Restoration Credit (if any) and the Reletting Costs, ~~less those amounts (i) which have been required to be applied towards~~ but without any other liability or obligation on the ~~reduction~~ part of any ~~indebtedness secured~~ Seller by ~~a mortgage covering~~ reason of such destruction or damage. The Sellers (or the ~~Premises or any portion thereof, and (ii~~applicable Subsidiary) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, shall assign to the Buyer (or its permitted designee) and the Buyer (or its permitted designee) shall have the right to make a claim for and to retain any casualty insurance proceeds received under the casualty insurance policies in effect with respect to such CIR III Property on account of such Significant Casualty. If the Reletting Costs have not been determined by the date ~~Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises~~ that is two (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (302) days prior to the ~~commencement of any proposed alterations~~Scheduled Closing Date, ~~additions or improvements to~~ then the ~~Premises. If Tenant fails to comply, with~~ CIR III Property that suffered the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises Significant Casualty shall be deemed ~~inapplicable~~to be a Deferred Property subject to Section 13.1 below and the applicable Deferred Closing Date shall be the date that is five (5) Business Days after the date that the Reletting Cost has been determined. “Reletting Costs” means the costs and expenses associated with re-tenanting the applicable CIR III Property, assuming each tenant with a right to terminate its Space Lease actually terminates such Space Lease in accordance with the terms thereof, taking into account any Leasing Costs, expected time on the market to lease the space subject to termination, business interruption proceeds available during such period, and ~~in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore~~ all other relevant xxxxxxx.xx reasonably estimated by a leasing brokerage firm familiar with the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building market in which the ~~Premises are located shall be damaged or destroyed as a result of an occurrence which~~ CIR III Property is ~~not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed~~ located, that is mutually acceptable to the ~~extent of twenty five-percent (25%) or more of~~ Parties. If any tenant under the ~~replacement cost thereof, in which event Landlord will have~~ Space Lease that has the ~~option of terminating this~~ right to terminate the Space Lease waives its right to terminate its Space Lease or otherwise fails to terminate the Space Lease within any ~~renewal thereof~~ time period required by ~~serving written notice upon Tenant and any prepaid Rent~~ its Space Lease (x) prior to the Closing or ~~Additional Rent will be prorated~~ Deferred Closing Date, as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenantapplicable, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant Buyer shall not be entitled to any ~~compensation~~ Reletting Costs with respect to such Space Lease and (y) after the Closing Date (or ~~damage for loss in~~ Deferred Closing Date, as applicable), the ~~use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there~~ Buyer shall ~~be all corresponding and appropriate reduction made~~ repay to the ~~Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore~~ Sellers any Reletting Costs paid to Buyer in connection with such tenant and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtySpace Lease.

Appears in 1 contract

Samples: Share Purchase Agreement (Colony Financial, Inc.)

Damage and Destruction. If ~~all~~ during the Lease Term, the Leased Premises or ~~any part of~~ the ~~Premises shall be~~ Building becomes damaged or destroyed in whole or in part by ~~fire~~ fire, other casualty or any other ~~casualty~~cause (except condemnation), ~~this~~ Tenant will immediately notify Landlord of such event. This Lease ~~shall continue~~ will remain in full force and effect, ~~unless terminated as hereinafter provided~~except that the Rent will be abated proportionately to the extent and for the period that all or a portion of the Leased Premises are rendered untenantable until the first to occur of (a) resumption by Tenant of its business use in the Leased Premises or (b) expiration of thirty (30) days following completion by Landlord of the required repairs or restoration. If Landlord determines, in its sole discretion, that the damage or destruction to the Leased Premises and/or to the Building is so extensive that repair or restoration is uneconomical, or if Landlord otherwise decides not to repair or restore the Building, and Landlord ~~shall repair~~concurrently terminates all other leases in the Building, ~~restore or rebuild~~ then this Lease will terminate on the ~~Premises~~ first day after Landlord gives Tenant written notice of such termination. The Rent then will be adjusted and paid to the ~~condition existing at the time~~ date of the ~~occurrence of~~ damage or destruction. Tenant will immediately vacate and surrender the ~~loss; provided~~Leased Premises upon such termination. Tenant, however, will not be released from liability for the amount of any insurance deductible (up to $25,000.00) arising from any damage caused by Tenant or its agents or employees, or released from responsibility for any of its obligations under this Lease for the period before such termination. If Landlord decides to repair or restore the Leased Premises and/or the Building, it will do so with reasonable speed, subject to reasonable delays for: (a) adjusting losses under insurance policies; (b) labor troubles; or (c) any other cause beyond Landlord's reasonable control. Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. notify Tenant ~~agrees to notify Landlord in writing not less~~ no later than thirty (30) days ~~prior~~following the fire or casualty, as to the ~~date Tenant opens~~ time period reasonably estimated for ~~business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed~~ such repairs or restoration to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Leasecompleted. Notwithstanding anything in this Lease to the ~~contrary contained~~ contrary, if the estimated time for the repairs or restoration is in ~~this Section~~ excess of 180 days from the date of the fire or ~~elsewhere in this Lease~~casualty, ~~Landlord, at its option, may~~ Tenant shall have the right to terminate this Lease by ~~giving~~ written notice to Landlord of Tenant's exercise of such termination right, such notice to be delivered no later than ten (10) days following receipt by Tenant ~~notice thereof~~ of Landlord's notice. Further, if Landlord does not complete the restoration of Cue Leased Premises within ~~one~~ two hundred ~~and eighty~~ ten (~~180~~210) days from the date of the fire or other casualty ~~if:~~ (~~a) The Premises or the building in~~ which ~~the Premises are located shall~~ period may be ~~damaged or destroyed as a result of~~ extended for an ~~occurrence which is not covered~~ additional 30 days by ~~Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed~~ written notice from Landlord to Tenant prior to the ~~extent~~ expiration of ~~twenty five~~said 210-~~percent (25%)~~ day period if the impairs or ~~more~~ restoration are substantially complete and Landlord is diligently pursuing completion of ~~the replacement cost thereof~~same), ~~in which event Landlord will~~ Tenant shall have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded another right to ~~Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue~~ terminate this Lease, ~~Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same~~ by written notice to ~~completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant~~Landlord, ~~the Minimum Rent~~ which notice shall be ~~abated proportionately with~~ effective in the ~~degree to which Tenant’s use~~ absence of the ~~Premises is impaired during~~ completion by Landlord of the ~~period of any damage, repair~~ required repairs or restoration ~~provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end~~ within ten (10) days ~~after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation~~ following Landlord's receipt of ~~its business on the Premises during any~~ such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtytermination notice.

Appears in 1 contract

Samples: Lease Agreement (Immersion Corp)

Damage and Destruction. (a) If ~~all or any part of~~ the Premises ~~shall be~~ or the Building are damaged ~~or destroyed~~ by fire or other casualty, Landlord will give Tenant written notice of the time which will be needed to repair such damage, as determined by Landlord in its reasonable discretion, and the election (if any) which Landlord has made according to this Article 18. Such notice will be given before the 30th day (the "notice date") after the fire or other insured casualty. (b) If the Premises or the Building are damaged by fire or other casualty to an extent which may be repaired within one hundred twenty (120) days after the notice date, as reasonably determined by Landlord, Landlord will promptly begin to repair the damage after the notice date and will diligently pursue the completion of such repair. In that event this Lease ~~shall~~ will continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not effect except that Monthly Rent will be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by abated on a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days pro rata basis from the date of the ~~casualty if:~~ damage until the date of the completion of such repairs (athe "repair period") ~~The Premises or~~ based on the ~~building in which~~ proportion of the rentable area of the Premises ~~are located shall be damaged or destroyed as a result of an occurrence which~~ Tenant is ~~not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed~~ unable to use during the ~~last two (2) years of the Term or any renewals thereof; or~~repair period. (c) ~~The~~ If the Premises or the Building are damaged by fire or ~~destroyed~~ other casualty to an extent that may not be repaired within one hundred twenty (120) days after the ~~extent of twenty five-percent~~ notice date, as reasonably determined by Landlord, then (~~25%~~1) ~~or more of the replacement cost thereof, in which event~~ Landlord ~~will have the option of terminating~~ may cancel this Lease ~~or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated~~ as of the date of ~~destruction and~~ such damage by written notice given to Tenant on or before the ~~unearned portion~~ notice date or (2) Tenant may cancel this Lease as of the date of such ~~Rent will be refunded~~ damage by written notice given to ~~Tenant without interest. If the Premises shall be damaged or destroyed and in the event that~~ Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end within ten (10) days after Landlord's delivery of a written notice ~~by Landlord to Tenant~~ that the repairs cannot be made within such one hundred twenty (120) day period. If neither Landlord nor Tenant so elects to cancel this Lease, Landlord will diligently proceed to repair the Building and Premises ~~have been repaired. Tenant shall continue~~ and Monthly Rent will be abated on a pro rata basis during the ~~operation of its business~~ repair period based on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use proportion of the ~~whole or any part~~ rentable area of the Premises ~~and/or any inconvenience or annoyance occasioned by any damage~~Tenant is unable to use during the repair period. (d) Notwithstanding the provisions of subparagraphs (a), ~~destruction~~(b), ~~repair or restoration. If Minimum Rent is abated there~~ and (c) above, Landlord shall ~~be all corresponding and appropriate reduction made~~ have no obligation whatsoever to ~~the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall~~ repair, reconstruct, or restore ~~and re-fixture all parts~~ the Premises and/or the Building if any of the ~~Premises~~ following occurs: (1) The holder of the first deed of trust, security agreement, or mortgage encumbering the Building elects not ~~insured under any~~ to permit the insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any payable upon damage to or destruction of ~~any portion~~ the Building or Premises to be used for such repair, reconstruction, or restoration; (2) The damage or destruction is not fully covered by insurance maintained by Landlord for Landlord's benefit; (3) The damage or destruction occurs during the last 24 months of the ~~Premises resulting from~~ Lease Term or any renewal or extension thereof; (4) Tenant is in default of the Lease as described in Article 25. In such event, Landlord or Tenant (unless Tenant is in default of the Lease) may terminate this Lease by written notice to the other party given within 30 days after the damage or destruction (e) If any such damage by fire or other ~~casualty~~casualty is the result of the willful conduct or sole negligence or intentional failure to act of Tenant, its agents, contractors, employees, or invitees, there will be no abatement of Monthly Rent as otherwise provided for in this Article 18. Tenant will have no rights to terminate this Lease on account of any damage to the Premises or the Building, except as set forth in this Lease.

Appears in 1 contract

Samples: Office Lease (Vanguard Airlines Inc \De\)

Damage and Destruction. 14.1 If ~~all or any part of~~ the Leased Premises shall be partially or totally damaged or destroyed by fire or other ~~casualty,~~ casualty (and if this Lease shall ~~continue in full force and effect, unless~~ not be terminated as in this Article 14 hereinafter provided), Tenant shall, at its sole cost and ~~Landlord shall repair~~expense, promptly repair the damage and restore or and rebuild the Leased Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expensesits prior condition, including but not limited to ~~attorneys’ fees~~Tenant's personal property and any permanent alterations or improvements performed by Tenant, ~~incurred by~~ with reasonable dispatch. Landlord shall make available to ~~recover any~~ Tenant from time to time upon request therefore such proceeds of insurance ~~proceeds. Tenant agrees to notify~~ as Landlord ~~in writing not less than thirty (30) days prior,~~ actually receives pursuant to the ~~date~~ insurance policy which Tenant ~~opens~~ is required to purchase and maintain for ~~business in~~ the ~~Premises~~ benefit of Landlord pursuant to Section 9.1 above, which proceeds shall be used exclusively for the restoration and repair of the ~~actual cost of all permanent leasehold improvements~~ Leased Premises (including but not limited to those items identified in Exhibit G attached hereto and ~~betterments installed or to be installed~~ made a part hereof) as reasonably substantiated by Tenant in simultaneously with such request. If the Building of which the Leased Premises ~~(whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications~~ are a part shall be ~~given to Landlord~~ partially or totally damaged or fire or other casualty (and if this Lease shall not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be ~~borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and~~ terminated as in ~~addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under~~ this Article ~~to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof~~14 hereinafter provided), Landlord may, at its ~~election~~sole cost and expense, ~~either~~ promptly repair the damage and restore ~~or require Tenant~~ and rebuild the Building to ~~restore the Premises to the condition which existed~~ its prior ~~to such loss~~condition; provided, ~~and~~ that in ~~either case Tenant~~ no circumstance shall ~~pay the cost of such restoration. Tenant covenants and agrees~~ Landlord have any obligation to repair all or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession any portion of the ~~Premises nor affect Tenant’s liability for the payment of rents~~ Leased Premises. 14.2 If all or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date part of the ~~casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The~~ Leased Premises shall be damaged or destroyed ~~during~~ or rendered completely or partially untenantable on account of fire or other casualty then, subject to the last two (2) ~~years~~ sentences of this Section 14.2, the rent shall be abated or reduced, as the case may be, in the proportion that the untenantable area bears to the total area of the ~~Term~~ Leased Premises, for the period from the date of the damage or ~~any renewals thereof; or~~ destruction to (ca) ~~The~~ the date the damage to the Leased Premises ~~are~~ shall be substantially repaired, or (b) if the Building and not the Leased Premises is so damaged or ~~destroyed~~ destroyed, the date of which the Leased Premises shall be made tenantable; provided, however, should Tenant reoccupy a portion of the Leased Premises during the period of repair or restoration, Tenant shall pay rent on the reoccupied portion on a pro-rata basis from the date of occupancy; provided, however, and notwithstanding the foregoing, in determining the amount of any such abatement or reduction in rent in the event of a fire or other casualty which damages less than the entire Leased Premises, due consideration shall be given to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, ~~repair~~ and to what extent Tenant can reasonably (and, in any event, prior to the time specified in any notice of violation) comply with such (i) regulations or ~~restoration provided~~ requests of the fire or liability insurance carriers providing insurance for the Leased Premises and/or the Land and Building and (ii) the requests of any mortgagee or proposed mortgagee of Landlord and will further comply with such other requirements that may be promulgated by the Board of Fire Underwriters, in ~~this Article; provided further, that in~~ connection with the ~~event Landlord elects to repair any damages as herein contemplated, any abatement~~ use and occupancy by the Tenant of ~~Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that~~ the Leased Premises ~~have been repaired. Tenant shall continue~~ and the ~~operation~~ conduct of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove therein; provided, ~~Tenant~~ that such requests shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of materially diminish Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty's rights hereunder nor materially increase Tenant's obligations hereunder.

Appears in 1 contract

Samples: Lease Agreement (Converted Organics Inc.)

Appears in 1 contract

Samples: Lease (Radiation Therapy Services Inc)

Damage and Destruction. (a) If ~~all~~ the Building is destroyed or ~~any part~~ materially damaged (i.e., to the extent of five percent (5%) or more of the ~~Premises shall be damaged or destroyed by fire or other casualty~~then full replacement cost) from a cause not insured against under Landlord's casualty insurance policy, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, howeverwith extended coverage, Landlord shall ~~not be obligated~~ have the right to ~~commence such repair, restoration or rebuilding until insurance proceeds are received~~ terminate this Lease by ~~Landlord, and Landlord’s obligation hereunder shall be limited~~ giving written notice of termination to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after ~~notice~~ the date of such damage or destruction. If the Lease is not so terminated, then Landlord shall diligently proceed to repair and restore the Building. (b) If the Building is materially damaged or destroyed from a cause covered by Landlord's casualty insurance referred to above, and they may be repaired or restored within one hundred fifty (150) days after commencement of repair or restoration, then Landlord shall diligently proceed to repair and restore the Premises. If Landlord determines that the Premises ~~are ready for re-occupancy~~cannot be repaired or restored within such a period. ~~No damage or destruction~~ then Landlord shall have the right to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by ~~giving~~ written notice to Tenant ~~notice thereof~~ given within ~~one hundred and eighty~~ sixty (~~180~~60) days ~~from~~ after the date of such damage or destructions, and Tenant's obligation to pay rent and other charges under this Lease shall terminate as of the date of the ~~casualty if: (a) The Premises~~ damage or destruction, or the ~~building in which~~ date Tenant ceases to do business at the ~~Premises are located shall be damaged or destroyed as a result of an occurrence which~~ Premises, whichever date is ~~not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or~~later. (c) ~~The Premises are~~ If the Building is damaged ~~or destroyed~~ to the extent of ~~twenty five-~~fifty percent (2550%) or more of ~~the~~ its replacement ~~cost thereof~~cost, ~~in which event~~ Landlord ~~will have the option of terminating~~ may elect to terminate this Lease ~~or any renewal thereof~~ by ~~serving~~ written notice ~~upon~~ to Tenant ~~and any prepaid Rent or Additional Rent will be prorated as of~~ given within sixty (60) days after the date of ~~destruction and~~ such destruction. (d) If in any case which is the ~~unearned portion~~ subject of ~~such Rent will be refunded to Tenant without interest. If~~ this paragraph 29, the Premises or any portion thereof is rendered unfit for use and occupancy and this Lease is not terminated as provided above, a just proportion of the Minimum Rent in light of the nature and extent of the damage shall be ~~damaged~~ abated until the Premises, excluding any fixtures or ~~destroyed and in the event that Landlord has elected~~ items installed or paid for by Tenant which Tenant is entitled or required to ~~continue~~ remove under this Lease, have been restored by Landlord ~~and Tenant shall commence their respective obligations under this Article~~ as ~~soon~~ provided above. (e) Except as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration expressly provided ~~for~~ otherwise in this ~~Article; provided further~~Lease, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of the Premises shall not terminate this Lease or result in any ~~portion~~ abatement or rentals payable hereunder. Tenant waives any right of offset against its rental obligations provided by any statute or rule of law in connection with Landlord's duties of repair and restoration under the provisions of this Lease. (f) Landlord's duties of repair and restoration under the provisions of this Lease shall extend only to those portions of the Premises ~~resulting from fire~~ insured under Landlord's casualty insurance with extended coverage endorsements and Landlord shall not be responsible for any loss, damage, or destruction to Tenant's to fixtures, inventory or other ~~casualty~~Tenant-owned property. (g) Landlord shall obtain and maintain in force a standard fire and extended risk insurance policy with Landlord as insured, insuring the Premises and building of which it is a part in amounts and in form satisfactory to Landlord, which may also include, at Landlord's option, rental continuation for a period of twelve (12) months, earthquake (subject to the provisions of paragraph 26), flood, demolition, increased cost of construction due to changes in building codes, and such other coverage as Landlord deems prudent or as may be required under the terms of any mortgage or deed of trust at any time encumbering the Building of which the Premises form a part. Any proceeds of such insurance shall be payable to Landlord and used for repair and reconstruction of the improvements, if Landlord is obligated under this Lease to repair or reconstruct, subject to any requirements as to the disposition of the proceeds that may be imposed by the beneficiary under any mortgage or deed of trust at any time encumbering the Building. (h) Tenant shall obtain and maintain in force a standard fire and extended coverage insurance policy on all of Tenant's personal property, in an amount equal to their full replacement value.

Appears in 1 contract

Samples: Lease Agreement (Fair Isaac & Company Inc)

Damage and Destruction. If ~~all or~~ at any ~~part of~~ time during the Term, the Premises ~~shall be~~ are damaged ~~or destroyed~~ by a fire or other casualty, ~~this Lease~~ Tenant shall ~~continue in full force and effect, unless terminated as hereinafter provided, and~~ immediately notify Landlord ~~shall repair, restore or rebuild the Premises to the condition existing at the time~~ of the occurrence of ~~the loss; provided, however,~~ such fire or casualty. Landlord shall ~~not~~ have thirty (30) days from the receipt of such notice in the event of a casualty affecting only the Premises and sixty (60) days from the receipt of such notice in the event of a casualty affecting the Premises and one or more other buildings, to determine the amount of time it reasonably estimates will be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to ~~be applied towards the reduction of any indebtedness secured by a mortgage covering~~ repair or restore the Premises after obtaining a building permit therefor. If Landlord reasonably estimates that the time required to repair or ~~any portion thereof~~restore the Premises exceeds one hundred and fifty (150) days following the issuance of a building permit therefor, ~~and (ii) which are used~~ either Landlord or Tenant shall have the right to ~~reimburse Landlord for all costs and expenses, including but not limited~~ terminate this Lease upon the notice to ~~attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less~~ other party given no later than thirty (30) days ~~prior,~~ following the giving of notice by Landlord to ~~the date~~ Tenant ~~opens for business in the Premises~~ of Landlord's estimate of the ~~actual cost of all permanent leasehold improvements and betterments installed~~ time necessary to repair or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to restore the Premises. If ~~Tenant fails~~ neither party elects to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under terminate this Lease, ~~Landlord’s obligations under this Article to repair, replace and/or rebuild~~ or if Landlord estimates that restoration of the Premises shall ~~be deemed inapplicable~~take one hundred and fifty (150) days or less to complete, ~~and in lieu thereof~~then, subject to receipt of sufficient insurance proceeds (other than deductibles under such insurance), Landlord ~~may~~shall promptly restore the Premises, excluding the improvements installed by Tenant, subject to delays arising from the collection of insurance proceeds or from force majeure events. Tenant, at ~~its election~~Tenant's expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds or from force majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either ~~restore or require Tenant to restore~~ party may terminate this Lease if the Premises are materially damaged during the last year of the Term and Landlord reasonably estimates that it will take more than one-hundred and twenty (120) days to repair such damage; provided however, that Tenant shall have the ~~condition which existed prior~~ right to avoid such ~~loss~~termination of this Lease by Landlord by exercising its option to extend the Term in accordance with Section 41 of this Lease for the first Option Period, or, if Tenant has previously exercised the option for the first Option Period, the second Option Period. If Tenant avoids such termination by exercising its rights, if any, under Section 41 of this Lease, all of the terms and ~~in either case~~ conditions of this Section 19 relating to any restoration shall be reinstated and adhered to by the parties hereto. Tenant shall pay to Landlord with respect to the ~~cost of such restoration. Tenant covenants and agrees~~ damage to ~~repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in~~ the Premises the amount of Landlord's deductible within thirty (30) days after ~~notice from Landlord~~ presentment of Landlord's invoice. If the Premises are damaged to the extent that the Premises are ~~ready~~ partially unsuitable or inadequate for ~~re-occupancy. No damage or destruction~~ the purposes which Tenant was using the Premises prior to the ~~Premises shall allow~~ damage, the Monthly Rent otherwise payable by Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated reduced effective as of the date of ~~destruction and~~ the ~~unearned portion~~ damage so that the new Monthly Rent payable shall be an amount equivalent to the proportion of ~~such~~ the Monthly Rent ~~will be refunded to Tenant without interest. If~~ otherwise payable as the total floor area of the Premises ~~shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations~~ still reasonably suitable for Tenant's use under this ~~Article as soon as is reasonably possible and prosecute~~ Lease bears to the ~~same~~ total floor area of the Premises prior to ~~completion~~ the damage; provided that if such partial destruction materially interferes with ~~all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of~~ Tenant~~, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s~~ 's intended use of the Premises ~~is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages~~ as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to ~~its destruction or~~ the damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements rent shall be ~~held in trust by~~ abated entirely until Tenant ~~for the purpose of said repair and replacement. Tenant shall give~~ is able to ~~Landlord prompt written notice of, any damage to or destruction of any portion of~~ re-enter the Premises ~~resulting from fire or other casualty~~and use the Premises for purposes for which Tenant was using the Premises prior to the damage.

Appears in 1 contract

Samples: Industrial Lease (Sandisk Corp)

Damage and Destruction. ~~If all or~~ In the event the Leased Premises are damaged by any ~~part~~ peril covered by standard policies of fire and extended coverage insurance to an extent which is less than fifty percent (50%) of the cost of replacement of the Leased Premises, the damage to that portion of the Leased Premises ~~shall be damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and~~ which Landlord ~~shall repair, restore or rebuild the Premises~~ is obligated to insure pursuant to the ~~condition existing~~ immediately preceding Section hereof, shall promptly be repaired by Landlord, at ~~the time of the occurrence of the loss; provided~~Landlord's expense, ~~however,~~ but Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s 's stock-in-trade, trade fixtures, furniture, furnishings, ~~floor coverings,~~ special equipment and ~~stock in trade~~ other items of construction and ~~reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction~~ personal property which Tenant is required to insure pursuant to the ~~Premises shall allow Tenant to surrender possession~~ immediately preceding Section hereof unless such damage and destruction results from Landlord's gross negligence or willful misconduct. In the event of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred such damage and ~~eighty (180) days from the date of the casualty if:~~ (a) ~~The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which~~ Landlord is not ~~covered by Landlord’s insurance; or~~ required to repair as provided herein, or (b) ~~The Premises shall be damaged or destroyed during~~ the ~~last two (2) years of the Term or any renewals thereof; or (c) The~~ Leased Premises are damaged ~~or destroyed~~ to the extent of ~~twenty five-~~fifty percent (2550%) or more of the cost of replacement ~~cost thereof~~of the Leased Premises, Landlord may elect either to repair or rebuild the Leased Premises or to terminate this Lease upon giving notice of such election, in ~~which~~ writing, to Tenant within thirty (30) after the happening of the event ~~Landlord will have~~ causing such damage. If such damage, repairing or rebuilding shall render the ~~option of terminating~~ Leased Premises untenable, in whole or in part, Tenant may (1) terminate this Lease or ~~any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as~~ (2) request that a proportionate abatement of the ~~date of destruction~~ rent and ~~the unearned portion of such Rent will~~ additional rent stipulated herein be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results allowed from the ~~wrongful~~ date such damage occurred until the date Landlord completes the repairs or ~~negligent act or omission~~ rebuilding, said proportion to be computed on the basis of ~~Tenant,~~ the ~~Minimum Rent shall be abated proportionately with the degree to~~ relation which Tenant~~’s use~~ 's rentable area of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period space rendered untenable bears to the ~~extent reasonably practicable from~~ Tenant's gross rentable space at the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyLeased Premises.

Appears in 1 contract

Samples: Lease Agreement (Pomeroy It Solutions Inc)

Damage and Destruction. If ~~all~~ during the Term the Leased Premises or any part thereof shall be damaged by fire, lightning, tempest, structural defects or acts of God or by any additional perils from time to time defined and covered in the standard broad-coverage fire insurance policy carried by the Landlord on the Leased Premises, the following provisions shall apply: (a) If as a result of such damage the Leased Premises are rendered partially unfit for occupancy by the Tenant, the Rent shall xxxxx in the proportion that the part of the Leased Premises rendered unfit for occupancy by the Tenant is of the whole of the Leased Premises. If the Leased Premises are rendered wholly unfit for occupancy by the Tenant, the Rent shall be suspended until the Leased Premises have been rebuilt and repaired or restored. (b) Notwithstanding subsection (a) above, if in the opinion of the Landlord’s architect or engineer given within 60 business days of the happening of damage, the Leased Premises shall be ~~damaged~~ incapable of being rebuilt, repaired, or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of restored with reasonable diligence within 180 days after the occurrence of the ~~loss; provided, however,~~ damage then either the Landlord ~~shall not be obligated to commence such repair, restoration~~ or ~~rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to~~ the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, ~~may~~ terminate this Leased by notice in writing to the other given within 15 days of the giving of the opinion of the Landlord’s architect or engineer. If notice is given by the Landlord or Tenant under this Section, then this Lease ~~by giving Tenant notice thereof within one hundred and eighty (180) days~~ shall terminate from the date of such damage and the ~~casualty if: (a) The~~ Tenant shall immediately surrender the Leased Premises or and all interest therein to the ~~building in which~~ Landlord and the ~~Premises are located~~ Rent shall be ~~damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises~~ apportioned and shall be ~~damaged or destroyed during~~ payable by the ~~last two (2) years~~ Tenant only to the date of the ~~Term or any renewals thereof; or~~damage and the Landlord may thereafter re-enter and repossess the Leased Premises. (c) ~~The~~ If the Leased Premises are ~~damaged~~ capable with reasonable diligence of being rebuilt, repaired or ~~destroyed to the extent of twenty five-percent (25%) or more~~ restored within 180 days of the ~~replacement cost thereof~~occurrence of such damage, in then the Landlord shall proceed to rebuild, restore or repair the Leased Premises with reasonable promptness within 180 days plus any additional period due to delay caused by strikes, lock-outs, slow-downs, shortages of material or labor, acts of God, acts of war, inclement weather or other occurrences which ~~event Landlord will have~~ are beyond the ~~option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as~~ reasonable control of the ~~date of destruction~~ Landlord, and the ~~unearned portion of such~~ Rent ~~will be refunded to Tenant without interest. If the Premises~~ shall ~~be damaged or destroyed and~~ xxxxx in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration manner provided for in ~~this Article; provided further, that in~~ subsection (a) above until the ~~event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the~~ Leased Premises have been ~~repaired. Tenant~~ rebuilt, repaired or restored; provided that nothing in this Section shall ~~continue~~ in any way be deemed to affect the ~~operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any~~ obligation of the Tenant ~~under the Lease~~ to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, ~~restore and re-fixture all parts~~ maintain, replace or rebuild the Leased premises as otherwise provided by the terms of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtythis Lease.

Appears in 1 contract

Samples: Commercial Lease Agreement

Damage and Destruction. Borrower shall provide a complete written report to GECC immediately upon any loss, theft, damage or destruction of any Property and of any accident involving any Property. If all or any part of the ~~Premises~~ Property is lost, stolen, destroyed or damaged beyond repair (“Damaged Property”), Borrower shall ~~be damaged~~ as soon as practicable after such event replace the same at Borrower’s sole cost and expense together with any Net Proceeds with property having substantially similar specifications and of equal or ~~destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises~~ greater value to the ~~condition existing at~~ Damaged Property immediately prior to the time of the ~~occurrence~~ loss occurrence. Any replacement property with a cost exceeding $500,000 shall be subject to GECC’s approval. Such replacement property shall be substituted in this Agreement and the other related documents by appropriate endorsement or amendment. Alternately, Borrower may, instead of using the Net Proceeds to replace the Damaged Property, use the Net Proceeds to redeem the Notes (or reimburse GECC for a draw on the Letter of Credit in connection therewith) in the amount of the ~~loss; provided~~Damaged Property Amount and pay GECC for any other amounts due hereunder. Borrower shall notify GECC of which course of action it will take within 15 calendar days after the loss occurrence. If, ~~however~~within 45 calendar days of the loss occurrence, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (ix) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees Borrower fails to notify ~~Landlord in writing not less than thirty~~ GECC; (30y) ~~days prior,~~ Borrower and GECC fail to execute an amendment to this Agreement to delete the ~~date Tenant opens for business in~~ Damaged Property and add the ~~Premises of the actual cost of all permanent leasehold improvements and betterments installed~~ replacement property or ~~to be installed by Tenant in the Premises~~ (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30z) ~~days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant~~ Borrower fails to ~~comply~~comply with subparagraph (b) above, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord then GECC may, at its ~~election~~sole discretion, ~~either restore or require Tenant~~ use the Net Proceeds to ~~restore~~ redeem the ~~Premises~~ Notes and then to reimburse GECC for all of Borrower’s obligations hereunder. The Net Proceeds of insurance with respect to the ~~condition which existed prior~~ Damaged Property shall be made available by GECC to ~~such loss~~be applied to discharge Borrower’s obligation under this Section. For purposes of this Section, ~~and~~ the term “Net Proceeds” shall mean the amount remaining from the gross proceeds of any insurance claim after deducting all expenses (including reasonable attorneys’ fees) incurred in ~~either case Tenant shall pay~~ the ~~cost~~ collection of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyclaim.

Appears in 1 contract

Samples: Reimbursement Agreement (Life Time Fitness Inc)

Damage and Destruction. ~~If all~~ 1Repair of Damage to Premises by Lessor. Lessee shall promptly notify Lessor of any damage to the Premises resulting from fire or any ~~part~~ other casualty. If the Premises or any Common Areas of the Project serving or providing access to the Premises shall be damaged ~~or destroyed~~ by fire or other casualty, ~~this Lease~~ Lessor shall ~~continue in full force~~ promptly and ~~effect~~diligently, ~~unless terminated as hereinafter provided~~subject to reasonable delays for insurance adjustment or other matters beyond Lessor’s reasonable control, and ~~Landlord shall repair~~subject to all other terms of this Article 10, restore ~~or rebuild~~ the Premises and such Common Areas. Such restoration shall be to substantially the same condition of the Premises and common areas prior to the ~~condition existing at~~ casualty, except for modifications required by zoning and building codes and other laws or by the ~~time~~ holder of a mortgage on the Project, or any other modifications to the Common Areas deemed desirable by Lessor. Notwithstanding any other provision of this Lease, upon the occurrence of any damage to the ~~loss; provided~~Premises, ~~however, Landlord~~ Lessee shall ~~not be obligated~~ assign to ~~commence such repair, restoration~~ Lessor (or ~~rebuilding until~~ to any party designated by Lessor) all insurance proceeds ~~are received~~ payable to Lessee under Lessee’s insurance required under Article 9 of this Lease, (but expressly excluding any optional or additional coverage purchased by ~~Landlord~~Lessee, for example, loss of use, business interruption, etc.), and ~~Landlord’s obligation hereunder~~ Lessor shall ~~be limited~~ repair any injury or damage to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business Lessee Improvements installed in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall ~~be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of~~ return such ~~loss, and in addition~~ Lessee Improvements to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay their original condition; provided that if the cost of such ~~restoration. Tenant covenants and agrees~~ repair by Lessor exceeds the amount of insurance proceeds received by Lessor from Lessee’s insurance, the cost of such repairs shall be paid by Lessee to Lessor prior to Lessor’s repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the ~~Premises nor affect Tenant’s liability for~~ damage. Any other restoration shall be performed by Lessee, at its sole cost and expense, as an Alteration in accordance with the ~~payment~~ terms of ~~rents or charges or any other covenant herein contained, except~~ this Lease. Except as ~~may be specifically~~ expressly provided in this Lease~~. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease~~, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant Lessor shall not be ~~entitled to any compensation or damage~~ liable for ~~loss in the use of the whole or any part of the Premises and/or~~ any inconvenience or annoyance ~~occasioned by~~ to Lessee or its visitors, or injury to Lessee’s business resulting in any ~~damage~~way from such damage or the repair thereof. However, ~~destruction, repair~~ if such fire or ~~restoration. If Minimum Rent is abated there~~ other casualty shall ~~be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of~~ have damaged the Premises ~~not insured under any insurance policies insuring Landlord in~~ or Common Areas necessary to Lessee’s occupancy, Lessor shall allow Lessee a ~~manner~~ proportionate and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations equitable abatement of ~~personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant~~ Rent for ~~the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of~~ any portion of the Premises ~~resulting from fire~~ Lessee cannot and does not use, but only to the extent the Premises are materially damaged or ~~other casualty~~unfit for use for the Permitted Use under this Lease, and not actually used by Lessee as a result thereof.

Appears in 1 contract

Samples: Office Lease (Novus Capital Corp II)

Damage and Destruction. ~~If all~~ (a) If, during the Lease Term, the Premises or other improvements located thereon or therein are damaged or destroyed, whether partially or entirely, from any insured casualty, Landlord shall, within ninety (90) days after the discovery of such damage or destruction, commence to restore the Premises to substantially the same condition as prior to such casualty and, subject to the availability of necessary governmental permits to complete such restoration, diligently prosecute same to completion. Landlord's obligation shall not include repair or replacement of Tenant's equipment, furnishings, fixtures, cabling, signage, personal property or non-standard tenant improvements. Damage to or destruction of any portion of the Building, fixtures, or other improvements on the Premises by fire, the elements, or any ~~part~~ other cause shall not terminate this Lease or entitle Tenant to surrender the Premises or otherwise affect the respective obligations of the Parties, any present or future law to the contrary notwithstanding. If the existing laws do not permit the Premises to be restored to substantially the same condition as they were in immediately before such casualty and Landlord is unable to get a variance to such laws to permit the commencement of restoration of the Premises within the 90 day period, then either party may terminate this Lease by giving written notice to the other party within thirty (30) days after the expiration of such 90 day period, in which event this Lease shall be terminate as of the date of such notice. Notwithstanding the foregoing, in the event that Landlord decides under this Section 19(a) or under Section 19(b) within ninety (90) days following the discovery of such damage or destruction, to demolish the Premises rather than rebuild them, Landlord may notify Tenant in writing within such 90- day period of such election, in which event the Lease will terminate as of the date of such notice to Tenant. (b) If the Premises are damaged or destroyed in whole or in part by ~~fire~~ any uninsured or ~~other~~ under insured casualty, Landlord may within ninety (90) days following the date of discovery of damage: (i) commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and, subject to the availability of necessary governmental permits to complete such restoration, diligently prosecute same to completion, in which event this Lease shall continue in full force and effect; or (ii) within the 120 day period, ~~unless terminated as hereinafter provided, and~~ Landlord ~~shall repair,~~ may elect not to so restore ~~or rebuild~~ the Premises to in which event the ~~condition existing at the time~~ Lease will terminate as of the ~~occurrence~~ date of ~~the loss; provided, however~~such notice to Tenant. In either event, Landlord shall ~~not be obligated to commence~~ give Tenant written notice of its intention within ninety (90) days following such ~~repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited~~ casualty. (c) If any casualty occurs to the ~~proceeds actually received by Landlord under any insurance policy~~ Premises during the last six (6) months of the initial Lease Term or ~~policies, if any, less those amounts~~ within the last six (i6) ~~which have been required to be applied towards the reduction~~ months of any ~~indebtedness secured by a mortgage covering~~ extension thereof so that Tenant's use or occupancy of the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its electionis materially impaired, either ~~restore or require Tenant~~ party shall have the right to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises terminate this Lease within thirty (30) days ~~after notice from Landlord~~ following such casualty. (d) In the event that a casualty (not caused by Tenant or any of Tenant's employees, agents, contractors, officers, directors, invitees, or licensees), results in the ~~Premises are ready for re-occupancy. No damage~~ material impairment of Tenant's use or ~~destruction~~ occupancy of the Premises, the Monthly Rent otherwise payable by Tenant shall be abated based on the extent to ~~the Premises shall allow Tenant to surrender possession~~ which Tenant's use or occupancy of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease is materially impaired by ~~giving Tenant notice thereof within one hundred and eighty (180) days~~ such casualty from the date of ~~the~~ such casualty ~~if:~~ until (ai) ~~The Premises or the building in which~~ the Premises are ~~located shall be damaged~~ substantially completed or ~~destroyed~~ (ii) the Lease is terminated as ~~a result of an occurrence which is not covered by Landlord’s insurance; or~~ provided in Sections 19(a) or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof), in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligencewhichever occurs earlier. Except ~~where~~ for the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business managementMonthly Rent, ~~and any obligation~~ all other obligations of Tenant under ~~the~~ this Lease ~~to apply charges reserved as Additional Rent~~ shall remain in full force and ~~nothing in the Section~~ effect and Tenant shall have no claim against Landlord for any loss suffered by Tenant due to such casualty or any restoration or repair work undertaken as herein provided. (e) The provisions of California Civil Code 1932(2) and 1933(4), and any similar or successor statutes are hereby waived by Tenant and shall be ~~construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled~~ inapplicable with respect to any ~~compensation~~ damage or ~~damage for loss in~~ destruction of the Premises, such sections providing that a lease terminates on the destruction of the Premises unless otherwise agreed between the Parties to the contrary. (f) The foregoing provisions of this Section 19 notwithstanding, any rights to any insurance proceeds referenced above of Landlord's lender having a first lien on the Premises shall supercede the use of ~~the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction,~~ such proceeds and Landlord's repair ~~or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless~~ obligations as set forth in this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.Section

Appears in 1 contract

Samples: Office / R&d Lease (Cacheflow Inc)

Appears in 1 contract

Samples: Lease Agreement (Radiation Therapy Services Inc)

Damage and Destruction. If ~~all~~ the Leased Premises or any part thereof or any appurtenance thereto is so damaged by fire, casualty or structural defects that the same cannot be used for Tenant’s purposes, then Tenant shall have the right within ninety (90) days following damage to elect by notice to Landlord to terminate this Lease as of the date of such damage. In the event of minor damage to any part of the ~~Premises shall be damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided~~Leased Premises, and ~~Landlord shall repair, restore or rebuild~~ if such damage does not render the Leased Premises ~~to the condition existing at the time of the occurrence of the loss; provided, however~~unusable for Tenant’s purposes, Landlord shall ~~not be obligated to commence~~ promptly repair such ~~repair, restoration or rebuilding until insurance proceeds are received by~~ damage at the cost of the Landlord, ~~and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under~~ less any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such applicable insurance proceeds. ~~Tenant agrees to notify~~ In no event shall Landlord ~~in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to~~ be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees required to repair or replace Tenant’s trade fixtures, furniture, furnishings, ~~floor coverings~~equipment or personal property. In making the repairs called for in this paragraph, Landlord shall not be liable for any delays resulting from strikes, governmental restrictions, inability to obtain necessary materials or labor or other matters which are beyond the reasonable control of Landlord. If Landlord is required or elects to repair the Premises, Tenant shall repair or replace its stock-in-trade, trade fixtures, furniture, furnishings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord personal property in a manner and to at least a condition equal to that ~~existing~~ prior to its ~~destruction~~ damage or ~~damage~~destruction, ~~including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings~~ and ~~other installations of personality of Tenant. The~~ the proceeds of all insurance carried by Tenant ~~on its property and improvements~~ shall be held in trust by Tenant for the purpose of ~~said~~ such repair and replacement. Tenant shall ~~give to Landlord prompt written notice of, any damage to or destruction of~~ be relieved from paying rent and other charges during any portion of the Lease term that the Leased Premises ~~resulting from fire~~ are inoperable or unfit for occupancy, or use, in whole or in part, for Tenant’s purposes. Rentals and other ~~casualty~~charges paid in advance for any such periods shall be credited on the next ensuing payments, if any, but if no further payments are to be made, any such advance payments shall be refunded to Tenant. The provisions of this paragraph extend not only to the matters aforesaid, but also to any occurrence which is beyond Tenant’s reasonable control and which renders the Leased Premises, or any appurtenance thereto, inoperable or unfit for occupancy or use, in whole or in part, for Tenant’s purposes.

Appears in 1 contract

Samples: Commercial Lease Agreement (INVO Bioscience, Inc.)

Damage and Destruction. ~~If all~~ In the event the Premises are damaged by fire, explosion or ~~any part~~ other casualty or occurrence to an extent which is less than twenty-five percent (25%) of the Premises shall be damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time cost of replacement of the ~~occurrence of~~ Premises, the ~~loss; provided~~damage shall promptly be repaired by Landlord, ~~however~~at Landlord's expense, provided that Landlord shall not be obligated to ~~commence~~ expend for such ~~repair, restoration or rebuilding until~~ repairs an amount in excess of the insurance proceeds ~~are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy~~ recovered or ~~policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by~~ recoverable as a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence result of such ~~loss,~~ damage and that in ~~addition to any other rights or remedies reserved by~~ no event shall Landlord ~~under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall~~ be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees required to repair or replace Tenant’s 's stock in trade, fixtures, furniture, furnishings, or floor ~~coverings~~coverings and equipment. In the event of such damage and (a) Landlord is not required to repair as hereinabove provided, ~~equipment and stock in trade and reopen for business in the Premises within thirty~~ or (30b) ~~days after notice from Landlord that~~ the Premises are ~~ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges~~ damaged by fire, explosion or any other ~~covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section~~ casualty or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of ~~twenty five~~twenty-five percent (25%) or more of the cost of replacement of the Premises, or (c) the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of the cost ~~thereof~~of replacement, in Landlord may elect either to repair or rebuild the Premises, or the building of which ~~event Landlord will have~~ the ~~option of terminating~~ Premises are a part, as the case may be, or to terminate this Lease ~~or any renewal thereof by serving written~~ upon giving notice ~~upon~~ of such election in writing to Tenant ~~and any prepaid Rent or Additional Rent will be prorated as~~ within ninety (90) days after the happening of the ~~date of destruction and~~ event causing the ~~unearned portion of such Rent will be refunded to Tenant without interest~~damage. If the casualty, repairing, or rebuilding shall render the Premises ~~shall be damaged~~ untenantable, in whole or ~~destroyed and~~ in part, a proportionate abatement of the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Fixed Rent shall be ~~abated proportionately with~~ allowed from the ~~degree~~ date when the damage occurred until the date Landlord completes the repairs or rebuilding, said proportion to ~~which Tenant’s use~~ be computed on the basis of the ~~Premises~~ relation which the gross square foot floor area of the space rendered untenantable bears to the gross square foot area of the Premises. If Landlord is ~~impaired during the period of any damage, repair~~ required or ~~restoration provided for in this Article; provided further, that in the event Landlord~~ elects to repair ~~any damages~~ the Premises as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall ~~not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction,~~ repair or ~~restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord~~replace its stock in trade, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures~~, equipment, display cases~~, furniture, ~~furnishings~~ furnishings, floor coverings and ~~other installations of personality of Tenant~~equipment. ~~The proceeds of~~ Landlord shall procure and maintain "all risks" property insurance ~~carried by Tenant~~ on ~~its property~~ all buildings and improvements now or hereafter erected on the Site. Such insurance shall be ~~held in trust by Tenant~~ for the ~~purpose~~ full replacement cost of ~~said repair and replacement~~such improvements. ~~Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.~~In accordance with sub-

Appears in 1 contract

Samples: Lease Agreement (Dm Management Co /De/)

Damage and Destruction. ~~If all or~~ In the event the Premises are damaged by any ~~part~~ peril covered by standard policies of fire and extended coverage insurance to an extent which is less than fifty percent (50%) of the cost of replacement of the Premises, the damage to that portion of the Premises ~~shall be damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and~~ which Landlord ~~shall repair, restore or rebuild the Premises~~ is obligated to insure pursuant to the ~~condition existing at the time of the occurrence of the loss; provided~~immediately preceding paragraph hereof, ~~however, Landlord~~ shall ~~not~~ promptly be ~~obligated to commence such repair, restoration or rebuilding until insurance proceeds are received~~ repaired by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord maylandlord, at ~~its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and~~ Landlord's expense but in ~~either case Tenant~~ no event shall ~~pay the cost of such restoration. Tenant covenants and agrees~~ Landlord be required to repair or replace Tenant’s 's stock-in-trade, trade fixtures, furniture, furnishings, ~~floor coverings,~~ special equipment and ~~stock in trade~~ personal property which Tenant is required to insure pursuant to the immediately preceding paragraph hereof. In the event of such damage and ~~reopen for business in the Premises within thirty~~ (30a) ~~days after notice from~~ Landlord ~~that~~ is not required to repair as provided herein, or (b) the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of ~~twenty five~~fifty percent (50%) or more of the cost of replacement of the Premises, or (c) the Building is damaged to the extent of fifty percent (50%) or more of the cost of replacement, or (d) such damage is twenty-five percent (25%) or more of the cost of replacement ~~cost thereof, in which event Landlord will have~~ of the ~~option~~ Premises and the same occurs during the last year of ~~terminating this Lease~~ initial term or any extensions or renewal ~~thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as~~ terms of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, then, in any such event (s), Landlord may elect either to repair or rebuild the Premises or the Building of which the Premises are a part, as the case may be, or to terminate this Lease upon giving notice of such election, in writing, to Tenant within thirty (30) days after the happening of the event causing such damage. If such damage, repairing or rebuilding shall render the Premises untenantable, in whole or in part, a proportionate abatement of the rent and ~~Tenant~~ additional rent stipulated herein shall ~~commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results~~ be allowed from the ~~wrongful~~ date such damage occurred until the date Landlord completes the repairs or ~~negligent act or omission of Tenant~~rebuilding, ~~the Minimum Rent~~ said proportion shall be ~~abated proportionately with~~ computed on the ~~degree to which Tenant’s use~~ basis of the ~~Premises~~ relation which the gross leasable area of the space rendered untenantable bears to the gross leasable area of the Premises. If Landlord is ~~impaired during the period of any damage, repair~~ required or ~~restoration provided for in this Article; provided further, that in the event Landlord~~ elects to repair ~~any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that~~ the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as ~~Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided~~provided herein, Tenant shall ~~not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction,~~ repair or ~~restoration. If Minimum Rent is abated there shall be all corresponding~~ replace its floor and ~~appropriate reduction made~~ wall coverings pursuant to the ~~Minimum Annual Volume. Unless this Lease is terminated by Landlord~~terms hereof, in a manner and to at least a condition equal to that prior to such damage or destruction; in addition, Tenant shall ~~repair~~repair or replace its stock-in-trade, ~~restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord~~ trade fixtures, furniture, furnishings, special equipment in a manner and to a condition ~~equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings~~ Tenant deems appropriate and ~~other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant~~ adequate for the ~~purpose~~ conduct of ~~said repair~~ its business within the Premises. In addition, Tenant is hereby given the sole option to terminate this Lease in the event repairing or rebuilding to be effected by Landlord and ~~replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion~~ required hereunder cannot be completed within ninety (90) days from the date of the ~~Premises resulting from fire or other casualty~~occurrence of the damage and destruction.

Appears in 1 contract

Samples: Lease Agreement (Frisby Technologies Inc)

Damage and Destruction. ~~If all~~ (a) Neither Compuware nor Covisint shall have any responsibility to each other in the event of any damage to or theft of any ~~part~~ equipment or property of the ~~Premises~~ other Party unless required pursuant to the terms of Section 4.09 or ARTICLE VI, and the Party incurring such loss shall be look to its own insurance coverage, if any, for recovery in the event of any such damage, loss or theft (which, in the case of Covisint, if such event occurs during the Insurance Transition Period, such insurance coverage shall mean the Compuware Insurance Policies). (b) If a License Area is destroyed or damaged ~~or destroyed~~ by fire or other casualty, ~~this Lease~~ the license fee as to such License Area shall ~~continue in full force~~ xxxxx (entirely if all or substantially all of the License Area is damaged and ~~effect~~rendered untenantable and proportionately if only a portion of the License Area is damaged and rendered untenantable, ~~unless terminated as hereinafter provided~~except, ~~and Landlord shall repair, restore or rebuild the Premises~~ with respect to the ~~condition existing at the time of the occurrence of the loss; provided~~Leased Premises, ~~however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited~~ in both cases only to the ~~proceeds actually received by Landlord~~ extent that Compuware’s rent under ~~any insurance policy or policies, if any, less those amounts (i~~the related Lease is also abated) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the ~~extent of twenty five-percent~~ date by which Compuware (~~25%~~or a landlord under a related Lease) shall have repaired and restored the License Area or ~~more of~~ damaged portion thereof (but not Covisint’s property and equipment therein) to substantially the ~~replacement cost thereof,~~ same condition it was in ~~which event Landlord will have~~ prior to the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion occurrence of such ~~Rent will be refunded to Tenant without interest~~casualty. ~~If the Premises shall be damaged or destroyed and in~~ In the event that ~~Landlord has elected~~ any substantial portion of any License Area is rendered untenantable by casualty for a period in excess of four (4) months, or if the casualty occurs in the last year prior to ~~continue this~~ the License Expiration Date for any License Area, then Covisint may terminate the License with respect to such License Area. With respect to the Leased Premises, if the casualty or damage occasioned to the License Area, or to the Premises covered by a related Lease of which the damaged License Area forms a part, shall be so extensive as to entitle either or both of the landlord and Compuware to terminate the Lease, ~~Landlord~~ and ~~Tenant~~ either such landlord or Compuware shall ~~commence their respective obligations under this Article as soon as is reasonably possible and prosecute~~ terminate the ~~same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately~~ Lease therefor in accordance with the ~~degree~~ terms thereof, then this Agreement with respect to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent such License Area shall ~~end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business~~ automatically terminate on the ~~Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management~~Lease termination date, ~~and any obligation of Tenant under the Lease to apply charges reserved~~ as ~~Additional Rent shall remain~~ provided in ~~full force and nothing in the~~ Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty4.02(b) hereof.

Appears in 1 contract

Samples: Shared Services Agreement (Covisint Corp)

Damage and Destruction. 23.01. If ~~all or any part of~~ the Demised Premises shall be partially damaged or destroyed by fire or other casualty, ~~this Lease~~ Sublandlord shall ~~continue in full force~~ repair the damage and ~~effect, unless terminated as hereinafter provided,~~ restore and ~~Landlord shall repair, restore or~~ rebuild the Building and/or the Demised Premises as nearly as practicable to ~~the condition existing at the time~~ its character and value immediately prior to such damage or destruction, with reasonable dispatch after notice to it of the ~~occurrence of~~ damage or destruction. Notwithstanding the ~~loss; provided~~above, ~~however, Landlord~~ Sublandlord shall not be obligated to ~~commence such repair, restoration or rebuilding until~~ expend any sum in excess of the insurance ~~proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the~~ proceeds actually received by ~~Landlord under any insurance policy~~ Sublandlord to repair or ~~policies, if any, less those amounts (i) which have been required to be applied towards~~ restore the ~~reduction~~ Building and/or the Demised Premises. In the event of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises partial destruction of the ~~actual cost of all permanent leasehold improvements and betterments installed or to~~ Demised Premises, the Rent shall be ~~installed by Tenant~~ adjusted in ~~the Premises (whether same have been paid for entirely or partially by Tenant~~accordance with Article 1.01(L), ~~but exclusive~~ based upon the square footage of ~~Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to~~ the ~~commencement of any proposed alterations, additions or improvements to the Premises~~Demised Premises remaining for Subtenant's use. 23.02. If ~~Tenant fails to comply, with~~ the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Demised Premises shall be ~~deemed inapplicable~~totally damaged or destroyed, ~~and in lieu thereof~~Sublandlord shall have the option, ~~Landlord may, at its election, either restore or require Tenant~~ to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises be exercised within thirty (30) days ~~after notice from Landlord that~~ of such casualty, to either (a) terminate this Sublease, or (b) elect to rebuild and/or restore the Demised Premises, consistent with the then existing zoning ordinance. ---------------------- * Building and land Sublandlord shall not be required to expend any sum in excess, of the insurance proceeds actually received by Subtenant. Nothing herein contained shall be construed to imply a duty upon Sublandlord to advance any money to restore or rebuild the Demised Premises ~~are ready for re-occupancy. No damage or destruction~~ pursuant to the ~~Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges~~ Superior Mortgage or any other ~~covenant herein contained, except as may be specifically provided in this Lease~~document. Notwithstanding anything to the contrary contained herein, in ~~this Section~~ the case of any damage or ~~elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date~~ destruction of any part of the Demised Premises by fire or casualty ~~if: (a) The Premises or the building in~~ which ~~the Premises are located~~ shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty fiverender at least twenty-~~percent~~ five (25%) ~~or more~~ percent of the ~~replacement cost thereof~~floor area of the Demised Premises untenantable or unfit for occupancy which is not repaired within six (6) months after the occurrence of such fire or casualty, using reasonable diligence, then in ~~which event Landlord will~~ such event, Subtenant shall have the ~~option of terminating this Lease or any renewal thereof by serving~~ right, upon written notice ~~upon Tenant~~ to the Sublandlord within thirty (30) days following the expiration of the six (6) month period, to terminate the Sublease. If such fire or casualty is not reasonably capable of restoration with six (6) months, Subtenant may terminate this Sublease on written notice to Sublandlord, such option to be exercised within thirty (30) days of such casualty. In such event, Subtenant shall surrender the Demised Premises and ~~any prepaid~~ this Sublease to Sublandlord and all Rent ~~or Additional Rent will~~ shall be ~~prorated as of~~ pro-rated accordingly to the date of ~~destruction and the unearned portion of such Rent will be refunded to Tenant without interest~~termination. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant Subtenant shall not be entitled to any damages or compensation ~~or damage~~ from Sublandlord for any inconvenience, loss ~~in the use~~ of ~~the whole or any part of the Premises and/or any inconvenience~~ business or annoyance ~~occasioned by~~ arising from any ~~damage, destruction,~~ repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction restoration of any portion of the Demised Premises. In the case of total destruction of the Demised Premises, the Rent shall xxxxx as of the date of casualty, and, in the case of a partial destruction of the Demised Premises, the Rent shall be adjusted proportionately on a per square foot basis. 23.03. Notwithstanding anything to the contrary contained herein, neither Sublandlord (its Superior Lessor) nor Subtenant shall be liable or responsible for, and each party hereby releases the other party from, all liability to such party and any person claiming by, through or under such party, by way of subrogation or otherwise, for any injury, loss or damage to any person or property in or around the Demised Premises, the Building or the Common Areas, or to Sublandlord's, Subtenant's or Superior Lessor's business and Sublandlord, Superior Lessor and Subtenant shall require each other's insurers to waive rights of subrogation against the other party and against the Superior Lessor and any Superior Mortgagee. 23.04. Sublandlord hereby represents and warrants that if Sublandlord is required by the operation of this Article to repair the Demised Premises, the proceeds which are payable under policies of insurance carried by Sublandlord shall first be made available for repair of the Demised Premises ~~resulting from fire~~ to the extent required by this Sublease before such proceeds are applied in any other manner, including the satisfaction of debts secured by a mortgage or other lien instrument, or interest or penalties imposed therein. 23.05. Notwithstanding the foregoing to the contrary, if Sublandlord rightfully elects to restore the Demised Premises after a partial or total destruction, and Sublandlord fails to substantially complete such restoration within six (6) months of such casualty, then in such event, Subtenant shall have the option to terminate this Sublease.

Appears in 1 contract

Samples: Space Sublease (Aftermarket Technology Corp)

Damage and Destruction. ~~If all or any part~~ Commencing on the Phase 2 Construction Start Date, the first sentence of Section 16.A of the ~~Premises~~ Original Lease (titled “Landlord’s Obligation to Restore”) shall be ~~damaged~~ amended so that immediately after the words “In the event of damage or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time destruction of the ~~occurrence of~~ Premises” the ~~loss; provided~~following words are added “, ~~however,~~ or the Bridgeways if they are constructed,”. In no event shall Landlord ~~shall not be obligated~~ have any liability to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in ~~addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises~~ no event shall ~~be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require~~ Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any ~~compensation~~ rent reduction or ~~damage for loss in~~ abatement or have the ~~use~~ right to terminate this Lease if repair or reconstruction of the ~~whole or~~ Bridgeways following casualty is not allowed by any ~~part~~ governmental authority having jurisdiction. Commencing on the Phase 2 Construction Start Date, the first sentence of Section 16.B of the ~~Premises and/or any inconvenience or annoyance occasioned by any damage~~Original Lease (titled “Limitations on Landlord’s Restoration Obligation”) shall be amended so that immediately after the words “Notwithstanding the provisions of Section 16.A above, ~~destruction,~~ Landlord shall have no obligation to repair or ~~restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair,~~ restore ~~and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord~~ a Building in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of which any portion of the Premises ~~resulting from fire~~ is located” the following words are added “(or ~~other casualty~~any portion of the Bridgeways, if they are constructed)”. Commencing on the Phase 2 Construction Start Date, the sixth sentence of Section 16.B (titled “Limitations on Landlord’s Restoration Obligation”), which begins “Tenant shall also have the right to terminate this Lease in the event either (1) Landlord estimates the repairs cannot be made” shall be amended by adding at the end of this sentence “; provided however that Tenant’s termination right pursuant to this sentence shall not apply with respect to the Bridgeways”. In no event shall Landlord have the obligation to restore any portion of the Bridgeways serving a Project building if such Project building is no longer leased by Tenant.

Appears in 1 contract

Samples: Lease (ServiceNow, Inc.)

Damage and Destruction. If at any time during the Term all or ~~any part~~ a portion of the Premises ~~shall be~~ are damaged ~~or destroyed~~ by a fire or other casualty, Landlord shall notify Tenant within sixty (60) days after Landlord becomes aware of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed nine (9) months from the issuance of all permits, subject to extensions for Force Majeure (up to a maximum of 120 days of such Force Majeure extensions), Landlord may elect to terminate this Lease and if such restoration period is greater than twelve (12) months from the issuance of all permits, then Tenant may, as its sole remedy, terminate this Lease on or before thirty (30) days after receipt of Landlord’s notice describing the estimated restoration time that is greater than twelve (12) months. In addition, Landlord, by notice to Tenant within ninety (90) days after the date of the fire or other casualty shall ~~continue in full force and effect~~have the right to terminate this lease if: (1) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt or ground lease, ~~unless terminated~~ or (2) a material uninsured loss to the Premises occurs. If neither party either elects to terminate this Lease as ~~hereinafter provided~~provided above or if neither party has the right to terminate this Lease as provided above, ~~and~~ then, subject to receipt of sufficient insurance proceeds, Landlord shall ~~repair~~promptly commence to restore the Premises, ~~restore~~ subject to delays arising from the collection of insurance proceeds or ~~rebuild the Premises~~ from Force Majeure events. During such restoration, Landlord shall endeavor to ~~the condition existing at the time of the occurrence of the loss~~consult with Tenant’s specialists and consultants to ensure that such improvements are restored to be suitable for Tenant’s use; provided, however, Landlord shall ~~not~~ be ~~obligated~~ entitled to ~~commence~~ reject any changes requested by Tenant’s specialists and consultants to Landlord’s planned improvements to the extent such ~~repair, restoration~~ changes are unreasonable or ~~rebuilding until~~ incur costs that exceed the insurance proceeds ~~are~~ received by Landlord for such restoration improvements and Landlord shall have the right to reject, in Landlord’s sole, absolute, and unfettered discretion, any such changes that do incur costs that exceed the insurance proceeds received by Landlord~~, and Landlord’s obligation hereunder~~ . Such restoration shall be ~~limited~~ to substantially the same condition that existed prior to the fire or other casualty, except for modifications required by Applicable Laws. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds ~~actually~~ payable to Tenant under Tenant insurance with respect to any Alterations, provided if the estimated cost to repair such Alterations exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Alterations. Notwithstanding the foregoing, if this Lease is terminated pursuant to the provisions of this Section 16, the total amount that Tenant is required to assign or pay to Landlord under ~~any insurance policy or policies~~this sentence shall not exceed the cost of restoring the Alterations to a Building-standard configuration and condition, as reasonably determined by Landlord and Landlord shall promptly return to Tenant the amount, if any, ~~less those amounts (i)~~ by which ~~have been required to be applied towards~~ the ~~reduction~~ sum of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover such insurance proceeds plus any such ~~insurance proceeds.~~ additional excess costs paid to Landlord by Tenant ~~agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of~~ on an estimated basis exceeds the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Landlord agrees that one hundred percent (100%) of the property insurance proceeds payable to Tenant ~~covenants and agrees to repair or replace~~ under Tenant’s ~~fixtures, furniture, furnishings, floor coverings, equipment~~ insurance with respect to any Alterations which are assigned or endorsed over to Landlord (or to any party designated by Landlord) and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow any excess costs of repairs paid by Tenant to ~~surrender possession~~ Landlord, as required pursuant to this Section, shall be used by Landlord to restore the Alterations. In no event shall Landlord be required to spend more for the restoration of the Premises ~~nor affect Tenant’s liability for~~ than the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated proceeds received by Landlord, ~~Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any~~ whether insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.or

Appears in 1 contract

Samples: Single Tenant Industrial Triple Net Lease (GenMark Diagnostics, Inc.)

Damage and Destruction. If at any time during the Term all or ~~any part~~ a portion of the Premises ~~shall be~~ are damaged ~~or destroyed~~ by a fire or other casualty, Landlord shall notify Tenant within sixty (60) days after Landlord becomes aware of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed nine (9) months from the issuance of all permits, Landlord may elect to terminate this Lease ~~shall continue in full force~~ and ~~effect~~Tenant may, ~~unless terminated~~ as ~~hereinafter provided~~its sole remedy, ~~and Landlord shall repair, restore~~ terminate this Lease on or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than before thirty (30) days ~~prior~~after receipt of Landlord's notice describing the estimated restoration time that is greater than nine (9) months. If neither Landlord or Tenant elects to terminate this Lease under the terms of this Section 16, but the damage required to be repaired by Landlord is not repaired within the period nine (9) months from the issuance of all permits (the “9 Month Period”) (subject to extension for any Force Majeure events, provided that in no event shall such extension exceed 90 days), then Tenant (subject to the ~~date Tenant opens for business in the Premises~~ provisions of ~~the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant~~this Section 16), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after ~~notice from Landlord that~~ the ~~Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession~~ end of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its optionsuch 9 Month Period, may terminate this Lease by ~~giving Tenant~~ written notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by to Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event ~~Landlord will have the option of terminating~~ this Lease ~~or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated~~ shall terminate as of the date of ~~destruction~~ receipt of the notice. Notwithstanding the foregoing, if Landlord is diligently proceeding to complete the repair of such damage, then Tenant shall not have the right to terminate this Lease if, prior to the expiration of the 9 Month Period, Landlord, at Landlord’s sole option, gives written notice to Tenant that the repairs will be completed within thirty (30) days after the end of such 9 Month Period, and the ~~unearned portion of~~ repairs are actually completed within such ~~Rent will be refunded to Tenant without interest~~thirty (30) day period. If the ~~Premises~~ repairs are not completed within thirty (30) days after the end of such 9 Month Period, then Tenant may terminate this Lease by written notice to Landlord. Such notice of termination shall be given within sixty (60) days after the end of such 9 Month Period, and shall be effective upon receipt thereof by Landlord. In addition, Landlord, by notice to Tenant within ninety (90) days after the date of the fire or other casualty shall have the right to terminate this lease if: (1) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt or ground lease, or (2) a material uninsured loss to the Building or Premises occurs. If neither party either elects to terminate this Lease as provided above or if neither party has the right to terminate this Lease as provided above, then Landlord shall promptly commence to restore the Premises, subject to delays arising from Force Majeure events. Such restoration shall be to substantially the same condition that existed prior to the fire or other casualty, except for modifications required by Applicable Laws. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant insurance with respect to the Improvements and any Alterations, provided if the estimated cost to repair such Improvements and Alterations exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Alterations. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the fire or other casualty, or the repair thereof. If this Lease is not terminated by Landlord or Tenant in accordance with this section, Tenant shall be responsible for and shall pay to Landlord all Commercially Reasonable Deductibles or Self-insurance Retentions. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than the lesser of (a) three (3) months, or ~~destroyed~~ (b) one-third of the remainder of the Term, to repair such damage. Provided no monetary Event of Default or material non-monetary Event of Default by Tenant has occurred, Base Rent and Operating Expenses and Real Property Taxes shall be abated for the period of repair and restoration commencing on the date of such casualty event in the ~~event~~ proportion which the area of the Premises, if any, which is untenantable bears to the total area of the Premises. For the sake of clarity, such abatement shall apply even if this Lease is terminated in accordance with the foregoing provisions of this Section 16. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate this Lease by reason of damage or casualty loss. Tenant agrees that ~~Landlord has elected~~ the terms of this Section 16 shall govern any damage or destruction and shall accordingly supersede any contrary statute or rule of law. Consequently, Tenant waives any right to ~~continue this Lease~~terminate the Lease by reason of damage or casualty loss accorded Tenant by any law currently existing or hereafter enacted, including without limitation, all rights pursuant to California Civil Code Sections 1932(2.), 1933(4.), 1941 and 1942 and any similar or successor laws. Landlord and Tenant agree that the provisions of this Section 16 shall ~~commence their respective obligations under this Article as soon as~~ only apply when the Premises is ~~reasonably possible and prosecute~~ physically damaged or the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use structural integrity of the Premises is ~~impaired during~~ degraded as a result of a fire or other casualty. In no event shall a temporary closure of the ~~period~~ Building or the Property for the purpose of ~~any damage~~protecting public health constitute physical damage to the Premises, ~~repair or restoration provided for in this Article; provided further, that in the event Landlord elects~~ nor shall Tenant’s inability to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on productively use the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall temporary closure be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in deemed a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.

Appears in 1 contract

Samples: Single Tenant Industrial Triple Net Lease (Velo3D, Inc.)

Damage and Destruction. 8.5.1. If ~~all~~ the Building or ~~any part~~ the Premises shall be partially or totally damaged or destroyed by fire or other casualty, then, unless this Lease shall be terminated as hereinafter provided in this Article, (i) Landlord shall repair and restore (A) the Base Building, but only to the extent that the same affects Tenant's use and occupancy of the Premises, and (B) Tenant's Improvements (all such repair and restoration work being herein called the "LANDLORD RESTORATION WORK"), with reasonable dispatch after notice to it of the damage or destruction and the collection of the insurance proceeds attributable to such damage or destruction, and (ii) Tenant shall repair and restore Tenant's Property with reasonable dispatch after such damage or destruction and the collection of the insurance proceeds attributable to such damage or destruction. The proceeds of Tenant's insurance policies providing coverage for Tenant's Improvements shall be paid to Landlord (if Landlord is performing Landlord Restoration Work, such payment to be made in one or more draws as the Landlord Restoration Work proceeds, as reasonably required by Landlord). Concurrently with the collection of any such insurance proceeds, Tenant shall pay to Landlord (x) the amount of any deductible under the policy insuring Tenant's Improvements, and (y) the amount, if any, by which the cost of repairing and restoring Tenant's Improvements as estimated by a reputable contractor designated by Landlord exceeds the available insurance proceeds therefor. Tenant shall also pay to Landlord, upon demand, the amount(s) by which the actual cost of repairing and restoring Tenant's Improvements exceeds the aforesaid insurance proceeds plus the amounts described in clauses (x) and (y) above. 8.5.2. If the Premises and/or the Building shall be damaged or destroyed by fire or other ~~casualty, this Lease shall continue in full force and effect, unless terminated~~ casualty so as ~~hereinafter provided, and Landlord shall repair, restore or rebuild~~ to render the Premises completely or partially untenantable, then the Fixed Rent, Operating Payments and Tax Payments shall be abated in the proportion that the untenantable area of the Premises bears to the ~~condition existing at the time~~ total area of the ~~occurrence~~ Premises for the period from the date of the ~~loss~~damage or destruction to the date that the Landlord Restoration Work shall be substantially completed; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts that (i) ~~which~~ if in the reasonable judgment of the contractor engaged by Landlord to perform the Landlord Restoration Work, such Landlord Restoration Work would have been ~~required~~ substantially completed at an earlier date but for Tenant's having failed to reasonably cooperate with Landlord in effecting the same, then the Landlord Restoration Work shall be ~~applied towards the reduction of~~ deemed to have been substantially completed on such earlier date and, accordingly, any ~~indebtedness secured by a mortgage covering the Premises or any portion thereof~~abatement shall cease, and (ii) ~~which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover~~ if Tenant or any ~~such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in~~ of its subtenants shall reoccupy a portion of the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the ~~commencement~~ substantial completion of ~~any proposed alterations~~the Landlord Restoration Work, ~~additions or improvements~~ then the Fixed Rent, Operating Payment and Tax Payment allocable to ~~the Premises. If Tenant fails to comply~~such reoccupied portion (on a pro-rata rentable square foot basis), ~~with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof~~ shall be ~~borne~~ payable by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of such occupancy. 8.5.3. If either (i) the ~~casualty if: (a) The Premises or the building in which the Premises are located~~ Building shall be damaged or destroyed ~~as a result of an occurrence which is~~ by fire or other casualty (whether or not ~~covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during~~ the ~~last two (2) years of the Term or any renewals thereof; or (c) The~~ Premises are damaged or ~~destroyed to the extent of twenty five-percent~~ destroyed) such that its repair and restoration requires more than two hundred ten (~~25%~~210) days (as estimated by a reputable contractor, registered architect or ~~more of the replacement cost thereof~~licensed professional engineer designated by Landlord), then, in ~~which event~~ such case, either Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.or

Appears in 1 contract

Samples: Lease (Aris Corp/)

Damage and Destruction. 10.8.1 If ~~all or any part of~~ the ~~Premises~~ Improvements shall be damaged or destroyed by fire or other ~~casualty~~casualty (including any casualty for which insurance was not obtained or obtainable) of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, then (i) Tenant shall give, or cause to be given, to Landlord prompt notice thereof, generally describing the nature and extent of such damage or destruction, (ii) this Lease shall continue in full force and ~~effect~~effect without abatement or reduction of any Rent, ~~unless terminated as hereinafter provided, and~~ (iii) Landlord shall in no event be called upon to repair, replace, restore or rebuild the ~~Premises~~ Improvements or any portion thereof or to pay any of the costs or expenses thereof, and (iv) the following provisions of this Section 10.8 shall apply. During any period of such restoration, Tenant shall pay to Landlord, on a monthly basis, the amount equal to the Fixed Base Rent that actually becomes due and payable under this Lease during such month plus Participating Rent, if any, calculated taking into account all business interruption insurance proceeds in the calculation of Resort EBITDA. The provisions of this Section 10.8 shall be deemed an express agreement governing any case of damage or destruction of the Improvements by fire or other casualty, and any otherwise applicable law, providing for a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case. 10.8.2 If the Improvements shall be damaged or destroyed in whole or in part by fire or other casualty (including any casualty for which insurance was not obtained or obtainable) of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, then Tenant, at its own cost and expense, whether or not such damage or destruction shall have been insured, and whether or not insurance proceeds, if any, shall be sufficient for the purpose, shall with reasonable diligence repair, restore, replace and rebuild, or cause to be repaired, restored, replaced and rebuilt, the Improvements, in a configuration, condition ~~existing~~ and character as Tenant reasonably determines in the exercise of its business judgment (subject to (i) any Legal Requirements in effect at the time of the ~~occurrence~~ Casualty Restoration Work that may limit or dictate the size, configuration or character of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, Improvements and (ii) ~~which are used~~ Tenant’s right under Section 6.3 to ~~reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover~~ alter the Improvements) (any such ~~insurance proceeds~~repairing, restoration, replacement and rebuilding, together with any temporary repairs and property protection, shall herein be referred to as the “Casualty Restoration Work”). ~~Tenant agrees~~ The Casualty Restoration Work shall be performed upon, subject to ~~notify Landlord~~ and in ~~writing not less than thirty (30) days prior~~accordance with the applicable provisions of Article 6 hereof. For the avoidance of doubt, notwithstanding anything to the ~~date Tenant opens for business~~ contrary set forth in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, ~~Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises~~ no casualty shall be ~~deemed inapplicable,~~ the basis for a termination of this Lease and ~~in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case~~ Tenant shall ~~pay~~ have no right to terminate this Lease following the ~~cost~~ occurrence of ~~such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock~~ any casualty regardless of the magnitude and/or impact upon the Demised Premises and/or the Resort. 10.8.3 The proceeds of all policies of Property Insurance in ~~trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No~~ respect of any damage or destruction to the ~~Premises~~ Improvements, shall ~~allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may~~ be ~~specifically provided in this Lease. Notwithstanding anything~~ paid to the ~~contrary contained~~ Depositary, in trust, to be held and disbursed in accordance with the following provisions of this Section ~~or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty~~ 10.8.3 (~~180) days from~~ all such proceeds which are actually paid to the ~~date of~~ Depositary are herein called the ~~casualty if:~~“Deposited Insurance Proceeds”): (a) ~~The Premises or~~ If the ~~building~~ Deposited Insurance Proceeds are less than Ten Million Dollars ($10,000,000) (Adjusted by CPI), then the Depositary shall promptly pay all of the Deposited Insurance Proceeds (less only the reasonable out-of-pocket costs of the Depositary in ~~which~~ connection with its holding and disbursing such proceeds) to Tenant, and Tenant shall apply the ~~Premises are located shall~~ same toward the cost of the Casualty Restoration Work. After the full completion of the Casualty Restoration Work, if there is any surplus of Deposited Insurance Proceeds, then such surplus may be ~~damaged or destroyed as a result of an occurrence which is not covered~~ retained by ~~Landlord’s insurance; or~~Tenant. (b) ~~The Premises~~ If the Deposited Insurance Proceeds are equal to or greater than Ten Million Dollars ($10,000,000) (Adjusted by CPI), then the Depositary shall hold the Deposited Insurance Proceeds with respect to the Casualty Restoration Work pursuant to the provisions of Section 10.10 hereof, and apply and disburse the same as provided in Section 10.10 hereof. After the full completion of the Casualty Restoration Work, and Tenant’s full compliance with the provisions of Section 10.10 hereof, if there is any surplus of Deposited Insurance Proceeds, then such surplus shall be ~~damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed~~ paid to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.

Appears in 1 contract

Samples: Master Lease Agreement (Vail Resorts Inc)

Damage and Destruction. Abatement of Rent 10.01 If ~~all~~ the Building or any ~~part of the Premises shall be~~ portion thereof is damaged or destroyed by fire or by other ~~casualty~~casualty against which the Landlord is required to insure for hereunder with the result that a portion of the Building is rendered un-tenantable in whole or in part, ~~this Lease~~ Rent shall ~~continue~~ xxxxx in ~~full force~~ proportion to the area of that portion of the Building which, in the reasonable opinion of the Landlord's architect or engineer, is thereby rendered unfit for the purposes of the Tenant bears to the area of the entire Building (but only to the extent to which the Landlord receives proceeds under its loss of rental income insurance) until the Building is repaired and ~~effect~~rebuilt as certified by the Landlord's architect and the Landlord agrees that it will, ~~unless terminated as hereinafter provided~~with reasonable diligence, ~~and Landlord shall~~ repair, restore or and rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed Building to the extent of ~~twenty five-percent (25%)~~ the Landlord's Work in Schedule "C". The Landlord's obligation to rebuild and restore the Building shall not include the obligation to rebuild, restore, replace or ~~more~~ repair any chattel, fixture, Leasehold Improvement, or any other thing that is the property of the ~~replacement cost thereof~~Tenant and/or for which the Tenant is to maintain insurance under Section 9.01(b), (in ~~which event Landlord will have~~ this Section collectively called "Tenant's Improvements"); the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises Building shall be ~~damaged or destroyed~~ deemed restored and in rebuilt when the ~~event~~ Landlord's Architect certifies that ~~Landlord~~ the Building has ~~elected~~ been substantially restored and rebuilt to ~~continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute~~ the ~~same to completion with all due diligence. Except~~ state where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant could occupy it for the purpose of ~~said repair and replacement~~rebuilding, restoring, replacing or repairing the Tenant's Improvements. The Tenant ~~shall give~~ covenants to ~~Landlord prompt written notice of, any damage~~ continue to ~~or destruction of any~~ pay that portion of the Rent which is not abated. The issuance of the Architect's certificate shall not relieve the Landlord of its obligation to complete the rebuilding and restoration as aforesaid, but the Tenant shall forthwith after issuance of the certificate proceed to rebuild, restore, replace and repair the Tenant's Improvements, and the provisions of Section 6.04 shall apply to such work, mutatis mutandis. Thereafter, receipt of such certificate, the Tenant covenants to continue to be responsible for and pay all of the Rent as required herein in this Lease and resume its obligations to maintain all of the Leased Premises ~~resulting from fire or other casualty~~in accordance with the Lease.

Appears in 1 contract

Samples: Lease Agreement (Simpson Manufacturing Co Inc /Ca/)

Damage and Destruction. If ~~all or any part of~~ the Premises ~~shall be~~ or the Building are damaged ~~or destroyed~~ by fire or other casualty, Landlord shall forthwith repair the same, subject to the provisions of the paragraph 16, provided such repairs can, in Landlord's opinion, be made within one hundred twenty (120) days of such damage, and in such event this Lease shall ~~continue~~ remain in full force and effect. If such repairs cannot, ~~unless terminated as hereinafter provided~~in Landlord's opinion, ~~and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time~~ be made within one hundred twenty (120) days of ~~the occurrence of the loss; provided, however~~such damage, Landlord at its option shall give written notice to Tenant vithin sixty (60) days after the date of such damage either (1) elect to repair or restore such damge, this Lease continuing in full force and effect or (2) terminate this Lease as of a date specified in such notice, which date shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) nor more than sixty (60) days ~~prior~~after the date such notice is given. If such fire or other casualty shall have damaged the Premises or common areas necessary to Tenant's occupancy, and if such damage is not the result of the negligence or willful misconduct of Tenant orTenant's employees, contractors, licensees, or invitees, then during the period the Premises are rendered unusable by such damage Tenant shall be entitled to a reduction in rent in the proportion that the area of the Premises rendered unusable by such damage bears to the ~~date Tenant opens for business in the Premises~~ total area of the ~~actual cost of all permanent leasehold improvements and betterments installed~~ Premises. Landlord shall not be required to repair any injury or damage or to make any repairs or replacements of any improvements installed on the premises by or for Tenant, other than Landlord's work under Exhibit B, and Tenant shall, at Tenant's sole cost and expense, repair and restore its portion of such improvements. Tenant shall not be ~~installed by Tenant in the Premises (whether same have been paid~~ entitled to any compensation or damages from Landlord for ~~entirely or partially by Tenant), but exclusive~~ damage to any of Tenant’s 's fixtures or personal property, ~~movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement~~ for loss of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession use of the Premises ~~nor affect Tenant’s liability for the payment of rents or charges~~ or any ~~other covenant herein contained~~part thereof, ~~except as may be specifically provided in this Lease~~for any damage to Tenant's business, or for any disturbance to Tenant caused by any casualty or the restoration of the Premises following such casualty. Notwithstanding anything to the contrary contained in this ~~Section or elsewhere in this~~ Lease, ~~Landlord~~Landlord shall have no obligation whatsoever to repair, ~~at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises~~ reconstruct or ~~the building in which~~ restore the Premises ~~are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed~~ when the damage resulting from any casualty occurs during the last ~~two~~ twelve (212) ~~years~~ months of the ~~Term~~ term or any ~~renewals~~ extension thereof~~; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more~~ . A total destruction of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises Building shall ~~be damaged or destroyed and in the event that Landlord has elected to continue~~ automatically terminate this Lease~~, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence~~. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.*SEE ADDENDUM I #15

Appears in 1 contract

Samples: Office Lease (Valuestar Corp)

Damage and Destruction. If at any time during the Term all or ~~any part~~ a portion of the Premises ~~shall be~~ are damaged ~~or destroyed~~ by a fire or other casualty, Landlord shall notify Tenant within sixty (60) days after Landlord becomes aware of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises (the “Rebuild Estimate”). If the restoration time is estimated to exceed nine (9) months from the issuance of all permits, Landlord or Tenant may elect to terminate this Lease ~~shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises~~ by providing written notice to the ~~condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration~~ other party on or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than before thirty (30) days ~~prior~~after delivery by Landlord to Tenant of Landlord's notice describing the estimated restoration time. In addition, Landlord, by written notice to Tenant within ninety (90) days after the date of the fire or other casualty shall have the right to terminate this Lease if: (1) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt or ground lease, (2) a material uninsured loss to the Building or Premises occurs, or (3) there are insufficient insurance proceeds to complete such restoration. If neither party either elects to terminate this Lease as provided above or if neither party has the right to terminate this Lease as provided above, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly commence to restore the Premises to substantially the same condition that existed prior to the fire or other casualty (except for modifications required by Applicable Laws), exclusive of any Alterations, additions, improvements, fixtures and equipment installed by or on behalf of Tenant (“Landlord’s Repair Obligation”), subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the fire or other casualty, or the repair thereof. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than three (3) months to repair such damage. Notwithstanding the foregoing, if (a) Landlord is not diligently proceeding to substantially complete the Landlord’s Repair Obligation, and (b) Landlord’s Repair Obligation has not been substantially completed within ninety (90) days after the estimated restoration date ~~Tenant opens for business~~ set forth in the ~~Premises~~ Rebuild Estimate (the last day of such 90-day period, as the ~~actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether~~ same may have been ~~paid for entirely~~ extended on account of Tenant Caused Delays (as hereinafter defined) or ~~partially by Tenant~~Force Majeure, such date being the “Casualty Termination Date”), ~~but exclusive of Tenant’s personal property~~Tenant shall have the right to terminate this Lease by providing thirty (30) days’ prior written notice to Landlord thereof; provided however, ~~movable trade fixtures and inventory. Similar notifications~~ such termination notice shall be ~~given to~~ null and void if Landlord ~~not less than~~ actually substantially completes such Landlord’s Repair Obligation within such thirty (30) days ~~prior~~ period. In the event Landlord is delayed in the substantial completion of Landlord’s Repair Obligation by Force Majeure or Tenant Caused Delays, such delays shall be excused for all relevant purposes and the Casualty Termination Date shall be extended for all relevant purposes to account for all such delays resulting from Force Majeure and Tenant Caused Delays. For purposes herein, the ~~commencement~~ term “Tenant Caused Delays” shall mean delays in the design, construction or substantial completion of Landlord's Repair Obligation caused or contributed to by Tenant or any ~~proposed alterations, additions~~ of the Tenant Parties. In the event any Tenant Caused Delay causes Landlord to pay or ~~improvements to the Premises. If Tenant fails to comply,~~ incur costs or expenses in connection with the ~~foregoing provisions~~design, ~~any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt~~ construction and/or completion of ~~a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease,~~ the Landlord’s ~~obligations under this Article to repair~~Repair Obligation in excess of the costs or expenses that would otherwise have been paid or incurred by Landlord, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay ~~the cost of~~ any such ~~restoration. Tenant covenants~~ reasonable out-of-pocket excess costs and ~~agrees~~ expenses to ~~repair or replace Tenant’s fixtures~~Landlord, ~~furniture~~as Additional Rent, ~~furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises~~ within thirty (30) days after ~~notice from~~ Landlord ~~that~~ submits invoices for any such excess costs or expenses. Base Rent and Tenant’s Share of Operating Expenses and Real Property Taxes shall be abated for the ~~Premises are ready for re-occupancy. No damage or destruction~~ period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is untenantable bears to the ~~Premises shall allow Tenant to surrender possession~~ total area of the ~~Premises nor affect~~ Premises. Such abatement shall be the sole remedy of Tenant~~’s liability for the payment of rents or charges or any other covenant herein contained~~, and except as ~~may be specifically~~ provided ~~in this Lease. Notwithstanding anything~~ herein, Tenant waives any right to ~~the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may~~ terminate this Lease by ~~giving~~ reason of damage or casualty loss. Tenant ~~notice thereof within one hundred and eighty (180) days from~~ agrees that the ~~date~~ terms of ~~the casualty if: (a) The Premises or the building in which the Premises are located~~ this Section 16 shall ~~be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or~~ govern any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction ~~results from the wrongful~~ and shall accordingly supersede any contrary statute or ~~negligent act or omission~~ rule of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtylaw.

Appears in 1 contract

Samples: Multi Tenant Industrial Triple Net Lease (Miromatrix Medical Inc.)

Damage and Destruction. ~~If all~~ 1Repair of Damage to Premises by Landlord. Tenant shall promptly notify Landlord of any damage to the Premises resulting from fire or any ~~part~~ other casualty. If the Premises or any common areas of the Building or Project serving or providing access to the Premises shall be damaged ~~or destroyed~~ by fire or other casualty, within sixty (60) days after the damage, Landlord shall provide Tenant with a written notice providing Tenant with the estimated date of completion of the repairs (the “Estimated Completion Date”). Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, and subject to all other terms of this Article 11, restore the base, shell, and core of the Premises and such common areas. Such restoration shall be to substantially the same condition of the base, shell, and core of the Premises and common areas prior to the casualty, except for modifications required by zoning and building codes and other laws or by the holder of a mortgage on the Project and/or the Building, or the lessor of a ground or underlying lease with respect to the Building, or any other modifications to the common areas deemed desirable by Landlord, provided access to the Premises and any common restrooms serving the Premises shall not be materially impaired. Upon the occurrence of any damage to the Premises, upon notice (the “Landlord Repair Notice”) to Tenant from Landlord, Tenant shall put into a third party escrow account reasonably acceptable to Landlord (which escrow shall be jointly paid for by Landlord and Tenant) for distribution to Landlord (or to any party designated by Landlord) on a progress payment basis upon receipt of the appropriate conditional and/or unconditional lien releases, all insurance proceeds paid to Tenant under Tenant’s insurance required under Section 10.3 of this Lease ~~shall continue in full force and effect, unless terminated as hereinafter provided~~with respect to such damage (the “Escrow Account”), and Landlord shall ~~repair, restore~~ repair any injury or ~~rebuild~~ damage to the Tenant Improvements and Alterations installed in the Premises and shall return such Improvements and Alterations to their original condition; provided that if the ~~condition existing at~~ cost of such repair by Landlord exceeds the ~~time~~ amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the incremental cost differential of such repairs shall be paid by Tenant into the Escrow Account prior to Landlord’s commencement of repair of the ~~occurrence~~ damage, provided that Tenant may elect to eliminate any Alterations performed and paid for by Tenant as part of such restoration and no funds will be required from Tenant for the ~~loss; provided~~restoration or repair of any such Alterations. In connection with such repairs and replacements of any such Tenant Improvements and Alterations, ~~however~~Tenant shall, prior to Landlord’s commencement of such improvement work, submit to Landlord, for Landlord’s review and approval, all plans, specifications and working drawings relating thereto, and Landlord shall select the contractors to perform such improvement work. Landlord shall not be ~~obligated~~ liable for any inconvenience or annoyance to ~~commence~~ Tenant or its visitors, or injury to Tenant’s business resulting in any way from such ~~repair~~damage or the repair thereof; provided however, ~~restoration~~ that if such fire or ~~rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder~~ other casualty shall ~~be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which~~ have ~~been required to be applied towards the reduction of any indebtedness secured by a mortgage covering~~ damaged the Premises or ~~any portion thereof~~common areas necessary to Tenant’s occupancy, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ~~ready for re-occupancy. No damage or destruction~~ not occupied by Tenant as a result thereof, then during the time and to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which extent the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenantunfit for occupancy, the ~~Minimum~~ Rent shall be abated ~~proportionately with~~ in proportion to the ~~degree to which Tenant’s use~~ ratio that the amount of rentable square feet of the Premises which is ~~impaired during~~ unfit for occupancy for the ~~period of any damage, repair or restoration provided for in~~ purposes permitted under this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period Lease bears to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use total rentable square feet of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyPremises.

Appears in 1 contract

Samples: Lease Agreement (Xencor Inc)

Damage and Destruction. If all or any part of the Premises shall be damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) ~~The Premises or the building in which the Premises are located~~ If no Lease Default shall have occurred and be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction continuing and the ~~unearned portion~~ Letter of ~~such Rent will be refunded to Tenant without interest. If~~ Credit is in effect and the ~~Premises shall be damaged or destroyed~~ Credit Obligor has not dishonored any draws thereunder and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant a Credit Obligor Insolvency Date shall not ~~be entitled to any compensation or damage~~ have occurred, then all Net Proceeds of insurance resulting from claims for ~~loss~~ losses in ~~the use~~ respect of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of the Project (in whole or in part) shall be applied as provided in the Credit Documents. (b) If no Lease Default shall have occurred and be continuing and the Letter of Credit is not in effect, or if the Credit Obligor has dishonored any draw thereunder or if a Credit Obligor Insolvency Date shall have occurred, then the following provisions shall apply in event of damage to or destruction of the Project (in whole or in part): (1) If the Project is destroyed (in whole or in part) or is damaged the User shall continue to make Rental Payments and will promptly give written notice of such damage and destruction to the Trustee and the Issuer. All Net Proceeds of insurance resulting from claims for such losses shall be paid to the Trustee and deposited in the Construction Fund, whereupon (i) the User, or the Issuer at the User’s direction, shall proceed promptly to repair, rebuild or restore the property damaged or destroyed to substantially the same condition in which it existed prior to the event causing such damage or destruction, with such changes, alterations and modifications (including the substitution and addition of other property) as may be desired by the User and as will not impair the operating unity or productive capacity of the Project or its character as a “project” under the Enabling Law, and (2) the User shall cause withdrawals to be made from the Construction Fund to pay the costs of such repair, rebuilding or restoration, either on completion thereof or as the work progresses. The balance (if any) of Net Proceeds remaining after the payment of all of the costs of such repair, rebuilding or restoration shall be deposited in the Bond Fund and applied to the extraordinary redemption of Bonds in accordance with the provisions thereof and of the Indenture, or, if none of the Bonds are then Outstanding, shall be paid to the User. (2) In the event the Net Proceeds are not sufficient to pay in full the costs of repairing, rebuilding and restoring the Project as provided in this Section, the User shall nonetheless complete the work thereof and shall pay that portion of the ~~Premises~~ costs thereof in excess of the amount of said proceeds or shall pay to the Trustee for the account of the Issuer the moneys necessary to complete said work. The User shall not by reason of the payment of such excess costs (whether by direct payment thereof or payment to the Trustee therefor) be entitled to any reimbursement from the Issuer or any abatement or diminution of the Rental Payments hereunder. (3) Anything in this Section to the contrary notwithstanding, if, as a result of such damage or destruction the User is entitled to exercise an option to purchase the Project and duly does so in accordance with the applicable provisions of Section 11.03 hereof, then neither the User nor the Issuer shall be required to repair, rebuild or restore the property damaged or destroyed, and so much (which may be all) of any Net Proceeds referable to such damage or destruction as shall be necessary to provide for full payment of the Indenture Indebtedness shall be paid to the Trustee for deposit in the Bond Fund and applied to the extraordinary redemption of the Bonds in accordance with the Indenture and the Bonds and the excess thereafter remaining (if any) shall be paid to the User. (c) If a Lease Default shall have occurred and be continuing, and the Letter of Credit is not in effect or the Credit Obligor has dishonored any draw thereunder or a Credit Obligor Insolvency Date shall have occurred, then all Net Proceeds of insurance resulting from ~~fire~~ claims for losses in respect to damage to or ~~other casualty~~destruction of the Project (in whole or in part) shall be deposited in the Bond Fund and applied to the extraordinary redemption of the Bonds in accordance with the terms of the Indenture and the Bonds.

Appears in 1 contract

Samples: Lease Agreement (Accuride Corp)

Damage and Destruction. ~~If all or~~ 15.1 In the event that any ~~part~~ portion of the Premises shall be damaged or destroyed by fire or other casualty, but the Premises are not thereby rendered untenantable in whole or in part, Landlord shall cause such damage or destruction to be repaired at Landlord's cost and expense (in excess of any insurance proceeds paid in connection with such damage or destruction, all of which proceeds shall be promptly paid or made available to Landlord), and the Monthly Rent and all other Payments provided for under this Lease shall ~~continue~~ not be abated during the repair period as to any portion of the Premises, including, without limitation, the portion rendered untenantable, but only to the extent that the repair period does not exceed the period for which coverage is to be provided under the business interruption insurance to be maintained by Tenant (whether or not such insurance is actually in ~~full force and effect~~place). Notwithstanding the foregoing, ~~unless terminated~~ Tenant shall be solely responsible for the cost of any repair to or restoration of the Premises required as ~~hereinafter provided~~the result of the negligence or willful misconduct of Tenant or Tenant's employees, agents or invitees. 15.2 In the event that the Premises are damaged or destroyed by fire or other casualty, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any substantial portion ~~thereof~~thereof shall be rendered untenantable, Landlord shall have the option to: (a) repair the damage at Landlord's cost and expense (~~ii)~~ in excess of any insurance proceeds paid in connection with such damage or destruction, all of which ~~are used~~ proceeds shall be promptly paid or made available to ~~reimburse Landlord~~ Landlord), in which case the Monthly Rent and all other Payments provided under this Lease shall not be abated during the repair period as to any portion of the Premises, including, without limitation, the portion rendered untenantable, but only to the extent that the repair period does not exceed the period for ~~all costs and expenses, including but~~ which coverage is to be provided under the business interruption insurance to be maintained by Tenant (whether or not ~~limited to attorneys’ fees, incurred by Landlord to recover any~~ such insurance ~~proceeds. Tenant agrees to notify Landlord~~ is actually in ~~writing not less than thirty~~ place) or (30b) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than terminate this Lease upon thirty (30) days prior written notice to Tenant of Landlord's election to do so. If Landlord elects to terminate this Lease, all Monthly Rent and other Payments and obligations hereunder shall be prorated as of the ~~commencement of any proposed alterations~~date upon which the coverage to be provided under the business interruption insurance to be maintained by Tenant does expire or would have expired (whether or not such insurance is actually in place). Notwithstanding the foregoing, ~~additions or improvements~~ in the event that Landlord elects not to repair such damage to the Premises~~. If Tenant fails to comply~~, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall ~~pay~~ have the option to elect to not to have the Lease terminate, but instead to bear the cost of all such ~~restoration.~~ repairs, subject to the following conditions: (a) Tenant ~~covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock~~ shall notify Landlord of such decision in ~~trade and reopen for business in the Premises~~ writing within thirty (30) days after receipt of notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to ~~continue this~~ terminate the Lease; (b) all repairs to be performed by Tenant shall be performed in accordance with the provisions of Paragraph 14 above (governing Tenant's construction of alterations and additions to the Premises); (c) all repairs and or restorations so constructed shall immediately become a part of the Premises and the property of Landlord; and (d) Tenant shall diligently pursue and cause all such repairs to be completed as soon as possible, but in no event later than six (6) months after the date upon which Tenant elects to perform such repairs. In the event that Tenant shall elect to proceed with such repairs in accordance with the immediately preceding sentence, Landlord and Tenant agree that: (i) Landlord shall ~~commence their~~ make available all insurance proceeds paid or payable to Landlord in connection with such damage or destruction, and (ii) any and all cost and expense of such repairs in excess of the foregoing insurance proceeds shall be solely Tenant's obligation. Notwithstanding any contrary provision of this Lease or the unavailability of insurance proceeds, Tenant shall be solely responsible for the cost of any repairs required as a result of the negligence or willful misconduct of Tenant or Tenant's employees, agents or invitees. To the extent applicable, Tenant hereby waives any provisions of any California statute, rule, or ordinance or law governing the respective obligations ~~under this Article as soon as is reasonably possible~~ of landlords and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that tenants in the event ~~Landlord elects to repair any damages as herein contemplated, any abatement~~ of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of leased premises, and Landlord and Tenant agree that the respective rights and obligations of Landlord and Tenant in the case of any ~~portion~~ such damage or destruction shall be governed by the provisions of ~~the Premises resulting from fire or other casualty~~this Lease.

Appears in 1 contract

Samples: Lease Agreement (Emeritus Corp\wa\)

Appears in 1 contract

Samples: Lease (Radiation Therapy Services Inc)

Damage and Destruction. If all or any part of the Premises shall be damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord and/or the Condominium Association shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord and/or the Condominium Association shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by ~~Landlord~~Landlord and/or the Condominium Association; and, ~~and Landlord’s~~ further, the obligation to repair hereunder shall be limited to the proceeds actually received by Landlord and/or the Condominium Association under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord and/or the Condominium Association for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord and/or the Condominium Association to recover any such insurance proceeds. . 15.1.1 Tenant agrees to notify Landlord and/or the Condominium Association in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade ~~fixtures~~ fixtures, equipment, furniture, apparatus and inventory. Similar notifications shall be given to Landlord and/or the Condominium Association not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord and/or the Condominium Association shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this ~~Lease~~Lease or the Condominium Association under the Declaration, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. . 15.1.2 Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord and/or the Condominium Association that the Premises are ready for re-occupancy. . 15.1.3 No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. . 15.1.4 Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, either Tenant or Landlord, at ~~its~~ their respective option, may terminate this Lease by giving ~~Tenant~~ written notice thereof ~~within one hundred and eighty~~ to the other as follows: (~~180~~a) Within ninety (90) days from the date of casualty if the ~~casualty if: (a) The~~ Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s and/or the Condominium Association’s insurance~~; or~~; (b) ~~The~~ Within ninety (90) days from the date of the casualty if the Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof~~; or~~; (c) ~~The~~ Within one hundred eighty (180) days from the date of the casualty if the Premises are damaged or destroyed to the extent of ~~twenty five~~twenty-five percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. ; or (d) Within thirty (30) days of receipt of notice from Landlord and/or the Condominium Association that reconstruction of the Premises shall take in excess of four hundred ten (410) days from the date of the casualty, in which event Tenant will have the option of terminating this Lease or any renewal thereof by serving written notice upon Landlord and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. 15.1.5 If the Premises shall be damaged or destroyed and in the event that ~~Landlord~~ neither party has elected to ~~continue~~ terminate this ~~Lease~~Lease as aforesaid, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. . 15.1.6 Except where the damage or destruction results from the wrongful or grossly negligent act or omission of Tenant, the ~~Minimum~~ Base Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of ~~Minimum~~ Base Rent shall end ~~ten~~ thirty (1030) days after written notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of ~~Minimum~~ Base Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty.

Appears in 1 contract

Samples: Lease (Radiation Therapy Services Holdings, Inc.)

Appears in 1 contract

Samples: Lease (Radiation Therapy Services Holdings, Inc.)

Damage and Destruction. (a) If all or any part of ~~the Premises shall be~~ any Property is damaged ~~or destroyed~~ by fire or other ~~casualty, this Lease shall continue in full force~~ casualty (a “Casualty”) occurring on or after the date hereof and ~~effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises~~ prior to the ~~condition existing~~ Closing Date: (i) if as a result of any such Casualty either (x) the Existing Lender for such Property has the right to apply casualty insurance proceeds to the prepayment of the Existing Loan for such Property pursuant to the applicable Existing Loan Agreement or (y) the Operator with respect to such Property has the right to terminate the Operating Lease with respect to such Property (each, a “Significant Casualty”), except as set forth in Section 12(d), Purchaser and Seller shall consummate this transaction in accordance with this Agreement, without any abatement of the Purchase Price or any liability or obligation on the part of Seller by reason of such destruction or damage and Seller shall assign to the New Joint Venture and the New Joint Venture shall have the right to make a claim for and to retain any casualty insurance proceeds received under the casualty insurance policies in effect with respect to such Property on account of such Casualty and Purchaser shall receive a credit against the Purchase Price due at Closing for the amount of the deductible on such casualty insurance policy less any amounts reasonably and actually expended by Seller to collect any such insurance proceeds or to remedy any unsafe conditions at the ~~time of~~ applicable Property or to repair or restore any damages, in no event to exceed the ~~occurrence~~ amount of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and . (ii) ~~which are used~~ if the Casualty is not a Significant Casualty, the parties shall consummate this transaction in accordance with this Agreement, without any abatement of the Purchase Price or any liability or obligation on the part of Seller by reason of such Casualty. In such event, Seller shall assign to ~~reimburse Landlord~~ the New Joint Venture and the New Joint Venture shall have the right to make a claim for ~~all costs~~ and ~~expenses, including but not limited~~ to ~~attorneys’ fees, incurred~~ retain any casualty insurance proceeds payable under the casualty insurance policies in effect with respect to the Premises on account of such Casualty and Purchaser shall receive a credit against the Purchase Price due at Closing for the amount of the deductible on such casualty insurance policy less any amounts reasonably and actually expended by ~~Landlord~~ Seller to ~~recover~~ collect any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed proceeds or to ~~be installed by Tenant in~~ remedy any unsafe conditions at the ~~Premises (whether same have been paid for entirely~~ applicable Property or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or ~~replace Tenant’s fixtures~~restore any damages, ~~furniture, furnishings, floor coverings, equipment and stock~~ in ~~trade and reopen for business in~~ no event to exceed the ~~Premises within thirty~~ amount of the loss. (30b) ~~days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction~~ The provisions of this Section 12 supersede any law applicable to the ~~Premises~~ Properties governing the effect of fire or other casualty in contracts for real property. (c) At Purchaser’s request, and at Purchaser’s sole cost and expense with respect to out of pocket costs and expenses incurred by Seller, Seller shall ~~allow Tenant~~ reasonably cooperate with Purchaser’s efforts after the Closing to ~~surrender possession~~ adjust and collect any insurance claims pursuant to the terms of ~~the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in~~ this ~~Lease.~~ Section 12. (d) Notwithstanding anything to the contrary ~~contained~~ in this ~~Section or elsewhere in this Lease~~Agreement, ~~Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty~~ if a Significant Casualty occurs with respect to three (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%3) or more of Properties, then Purchaser shall have the ~~replacement cost thereof~~option, exercisable in its sole discretion by written notice to Seller, to terminate this Agreement, in which ~~event Landlord will~~ case Escrow Agent shall promptly deliver the Deposit to Purchaser and neither party shall have any further rights or liabilities against or to the ~~option~~ other with respect thereto except pursuant to the provisions of ~~terminating~~ this ~~Lease~~ Agreement which are expressly provided to survive the termination hereof. (e) If a Significant Casualty occurs with respect to three (3) or ~~any renewal thereof by serving written notice upon Tenant~~ more Properties and ~~any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded~~ Purchaser does not elect to ~~Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected~~ terminate this Agreement pursuant to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of TenantSection 12(d), the ~~Minimum Rent~~ Closing shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business occur on the ~~Premises during any such period~~ later to occur of (x) the ~~extent reasonably practicable from~~ Scheduled Closing Date and (y) the ~~standpoint of prudent~~ tenth (10th) business ~~management~~day following the most recent Significant Casualty to occur, and ~~any obligation~~ if clause (y) applies, such tenth (10th) business day shall for all purposes hereunder be deemed the “Scheduled Closing Date”. (f) The provisions of ~~Tenant under~~ this Section 12 shall survive the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyClosing.

Appears in 1 contract

Samples: Portfolio Acquisition Agreement and Interest Purchase and Sale Agreement (Northstar Realty Finance Corp.)

Appears in 1 contract

Samples: Lease (Radiation Therapy Services Holdings, Inc.)

Damage and Destruction. (a) If the Project or the Project Site is damaged to such extent that the claim for loss resulting from such destruction or damage is not greater than $25,000, the Partnership will continue to pay Basic Rent and all other additional rent and payments required to be paid hereunder and will promptly repair, rebuild or restore the property damaged and will apply for such purpose so much as may be necessary of Net Proceeds of insurance resulting from claims for such losses, as well as any ~~part~~ additional moneys of the ~~Premises~~ Partnership necessary therefor. If the cost of such repairs, rebuilding and restoration is less than the amount of Net Proceeds of the insurance referable thereto, the Partnership may retain the amount by which such insurance proceeds exceed said total cost. (b) If the Project or the Project Site is destroyed or is damaged to such extent that the claim for loss resulting from such destruction or damage is in excess of $25,000, the Partnership will continue to pay Basic Rent and all other additional rent and payments required to be paid hereunder and will promptly give written notice of such damage and destruction to the Bank for the benefit of the Bondholders and the Issuer. All Net Proceeds of insurance resulting from claims for such losses shall be paid to the Bank for the benefit of the Bondholders, whereupon (1) the Partnership, or the Issuer at the direction of the Partnership, will proceed promptly to repair, rebuild or restore the property damaged or destroyed to substantially the same condition in which it existed prior to the event causing such damage or destruction, with such changes, alterations and modifications (including the substitution and addition of other property) as may be desired by ~~fire~~ the Partnership and as will not impair the operating unity of the Project or ~~other casualty, this Lease shall continue in full force and effect, unless terminated~~ its character as ~~hereinafter provided~~a "project" under the Enabling Law, and ~~Landlord shall repair, restore or rebuild~~ (2) the ~~Premises to~~ Bank for the ~~condition existing at the time~~ benefit of the ~~occurrence~~ Bondholders will pay the costs of ~~the loss; provided, however, Landlord shall not be obligated to commence~~ such repair, ~~restoration~~ rebuilding or ~~rebuilding until insurance proceeds are received by Landlord~~restoration, ~~and Landlord’s obligation hereunder shall be limited to~~ either on completion thereof, or as the ~~proceeds actually received by Landlord under any insurance policy or policies~~work progresses, upon appropriate verification of costs. The balance, if any, ~~less those amounts (i) which have been required to~~ of Net Proceeds of insurance remaining after the payment of all of the costs of such repair, rebuilding or restoration shall be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the ~~date Tenant opens for business~~ redemption of Bonds in whole or in part (depending on the amount of such excess) in the ~~Premises~~ same manner and order specified in Section 8.07 of the ~~actual cost~~ Indenture for moneys collected or held by the Bank for the benefit of ~~all permanent leasehold improvements and betterments installed or to be installed by Tenant in~~ the ~~Premises (whether same have been paid for entirely or partially by Tenant)~~Bondholders, ~~but exclusive of Tenant’s personal property~~or, ~~movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to~~ if the ~~commencement of any proposed alterations~~Bonds are fully paid, ~~additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and~~ shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the ~~condition which existed prior~~ Partnership. (c) In the event the Net Proceeds of insurance are not sufficient to ~~such loss~~pay in full the costs of repairing, rebuilding and restoring the Project as provided in ~~either case Tenant shall~~ this Section, the Partnership will nonetheless complete the work thereof and will pay that portion of the ~~cost~~ costs thereof in excess of ~~such restoration. Tenant covenants and agrees to repair~~ the amount of said Net Proceeds or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction will pay to the ~~Premises shall allow Tenant to surrender possession~~ Bank for the benefit of the ~~Premises nor affect Tenant’s liability~~ Bondholders for the account of the Issuer the moneys necessary to complete said work. The Partnership shall not by reason of the payment of ~~rents~~ such excess costs (whether by direct payment thereof or ~~charges~~ payment to the Bank for the benefit of the Bondholders therefor) be entitled to any reimbursement from the Issuer or any ~~other covenant herein contained, except as may be specifically provided~~ abatement or diminution of the rents payable hereunder. (d) Anything in this ~~Lease. Notwithstanding anything~~ Section to the contrary ~~contained in this Section or elsewhere in this Lease~~notwithstanding, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed if as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction ~~results from~~ (regardless of whether the ~~wrongful~~ loss resulting therefrom is greater than $25,000 or ~~negligent act or omission of Tenant~~not) the Partnership is entitled to exercise an option to purchase the Project and duly do so in accordance with Section 11.03 hereof, then neither the ~~Minimum Rent~~ Partnership nor the Issuer shall be ~~abated proportionately with~~ required to repair, rebuild or restore the ~~degree~~ property damaged or destroyed, and so much (which may be all) of any Net Proceeds referable to ~~which Tenant’s use~~ such damage or destruction as shall be necessary to provide for full payment of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent Bonds shall ~~end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period~~ be paid to the ~~extent reasonably practicable from~~ Bank for the ~~standpoint~~ benefit of ~~prudent business management,~~ the Bondholders and ~~any obligation of Tenant under~~ the ~~Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section~~ excess thereafter remaining (if any) shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made paid to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyPartnership.

Appears in 1 contract

Samples: Lease Agreement (Cavalier Homes Inc)

Damage and Destruction. 13.1 If ~~all or~~ any ~~part of the Premises shall be~~ Building is damaged ~~or destroyed~~ by fire or other ~~casualty~~causes, ~~this Lease~~ Tenant shall ~~continue in full force and effect, unless terminated as hereinafter provided, and~~ promptly notify Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications damages shall be ~~given to Landlord not less than thirty (30) days prior to~~ repaired by the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord mayTenant, at its ~~election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss~~own expense, and ~~in either case~~ such repairs shall restore such Building to their previous condition. Tenant shall ~~pay the cost of such restoration. Tenant covenants and agrees~~ take all steps necessary to ~~repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord~~ assure that the ~~Premises are ready for re-occupancy. No~~ insurance proceeds payable on account of any damage or destruction are paid directly to Landlord regardless of which party is carrying the ~~Premises~~ insurance hereunder and, if the proceeds are paid directly to Tenant for any reason, Tenant shall ~~allow~~ immediately forward the full amount thereof to Landlord. Landlord shall release portions of the insurance proceeds on a monthly basis to Tenant to ~~surrender possession of~~ reimburse Tenant for completed repair work (subject to 10% retainage). In such event, the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may Lease shall not terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the ~~unearned portion of such Rent will be refunded to Tenant without interest. If the Premises~~ rent shall ~~be damaged or destroyed and in the event that Landlord has elected to continue this Lease~~not xxxxx, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent but shall remain in full force and ~~nothing~~ effect. In the event Tenant fails to comply with its obligations set forth in this Section 13.1 within one hundred eighty days, Landlord shall have the ~~Section~~ right, at Landlord's option, upon prior written notice to Tenant, to elect to perform the repairs necessary to restore a Building to its previous condition. If Landlord determines at any time that the insurance proceeds payable on account of the damage and destruction to a Building are not sufficient to cover the cost of repairing and restoring the damaged or destroyed portions of any Building to their previous condition, then Tenant shall pay any shortfall to Landlord within twenty (20) days after Landlord's demand therefor. If, however, a casualty occurs in a Building and as a result thereof either (i) more than fifty percent (50%) of the rentable space in a Building is rendered untenantable or (ii) Landlord determines that the repair and restoration of a Building will take more than one hundred eighty (180) days, then Landlord shall have the option to terminate the Lease upon notifying Tenant in writing of Landlord's intention to so terminate within sixty (60) days of the date of destruction, and, in that event, the Lease shall be ~~construed~~ deemed to ~~xxxxx Additional Rent. Except for~~ be terminated as of the ~~abatement~~ date of ~~Minimum Rent hereinabove provided, Tenant~~ Landlord's notice (which shall not be less than 30-days following the date of Landlord’s notice), and rent payments shall be apportioned as of that date and Landlord shall be entitled to retain the proceeds of any ~~compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration~~insurance relating to such casualty. ~~If Minimum Rent is abated there shall be all corresponding and appropriate reduction made~~ Notwithstanding anything herein to the ~~Minimum Annual Volume. Unless~~ contrary, Landlord shall have the right to terminate this Lease ~~is terminated by Landlord, Tenant shall repair, restore~~ and ~~re-fixture all parts of~~ retain the ~~Premises~~ insurance proceeds if zoning or other applicable Legal Requirements do not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said permit such repair and ~~replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualty~~restoration.

Appears in 1 contract

Samples: Lease Agreement (Limbach Holdings, Inc.)

Damage and Destruction. ~~If all or any part of~~ 11.1. In the ~~Premises shall be~~ event that the Building is damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises to the condition existing at the time of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts casualty so that (i) ~~which have been required to be applied towards~~ more than one half (1/2) of the ~~reduction~~ rentable square feet of ~~any indebtedness secured by a mortgage covering~~ the ~~Premises~~ Building is rendered untenantable, or ~~any portion thereof, and~~ (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to Lessee reasonably determines that the ~~date Tenant opens for business in the Premises~~ undamaged portion of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord Building is not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability reasonably adequate for the ~~payment~~ conduct of ~~rents~~ Lessee’s normal business operations, then Lessor or ~~charges or any other covenant herein contained, except as~~ Lessee may ~~be specifically provided in this Lease. Notwithstanding anything~~ elect to ~~the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may~~ terminate this Lease by ~~giving Tenant~~ written notice ~~thereof~~ to the other, given within sixty (60) days after the date of such damage or destruction. Any notice given hereunder shall specify a date for the expiration of this Lease, upon which date the Initial Term of the Renewal Term (as appropriate) shall expire and Lessee shall quit, surrender and vacate the Premises, and this Lease shall thereupon be rendered void and of no further effect, provided however that such expiration shall be without prejudice to all rights, duties and obligations arising under this Lease prior thereto, so that all Rent as equitably adjusted, shall be paid up to the date of expiration, and any Rent paid by Lessee on account of any period subsequent to such date, shall be promptly returned by Lessor to Lessee. All insurance proceeds shall be the sole and absolute property of Lessor. 11.2. In the event that neither Lessor nor Lessee shall terminate this Lease pursuant to Section 11.1 above following any such damage or destruction, or in the event that less than one half (1/2) of the rentable square feet of the Building is rendered untenantable, then as promptly as possible, but in any event within one hundred twenty (120) days of the date on which Lessor obtains the insurance proceeds attributable thereto (the “Restoration Commencement Date”), Lessor shall repair and ~~eighty~~ restore the Building to the condition the same was in at the date hereof (~~180~~or as near as possible thereto) provided that all such repair and restoration shall be subject to the receipt by Lessor of sufficient insurance proceeds, it being hereby agreed and understood that Lessor shall not have any obligation to use any monies other than said insurance proceeds for the purpose of such repair and restoration. It is further agreed and understood that Lessor shall not be responsible for repair or restoration of any Alterations made by Lessee or responsible for the replacement of Lessee’s Personalty. In the event that any such repair or restoration is not completed within one hundred twenty (120) days from the ~~date~~ Restoration Commencement Date then subject to any force majeure preventing the same, Lessee may elect to terminate this Lease in the manner set out in Section 11.1 above. During any such repair and restoration, until the same shall have been substantially completed, the Rent payable hereunder shall be prorated, according to that proportion of the ~~casualty if: (a) The Premises or the building in~~ Building which ~~the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered~~ remains usable by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except Lessee for the ~~abatement~~ conduct of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtyLessee’s normal business operations.

Appears in 1 contract

Samples: Lease Agreement (Atmi Inc)

Damage and Destruction. If ~~all~~ the Premises are damaged or ~~any part~~ destroyed, but the Prime Lease is not terminated, then this Sublease shall continue, and Subtenant’s right to an abatement of the Base Rent due under this Sublease and/or repairs to the Premises from Prime Landlord under the Prime Lease shall be ~~damaged or destroyed by fire or other casualty~~dependent upon whether Sublandlord receives, ~~this Lease shall continue in full force and effect, unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild the Premises~~ with respect to the ~~condition existing at~~ Premises, an abatement of Base Rent (as such term is defined in the ~~time~~ Prime Lease) or repairs under the Prime Lease. To the extent that Sublandlord receives such an abatement of Base Rent under the Prime Lease, such abatement of Base Rent shall be passed on to Subtenant (which shall in no event exceed the amount of Base Rent and Additional Rent Subtenant shall have paid or as shall be payable under this Sublease, in each case, on a per square foot basis and applicable to the area so damaged for such period), after retention by Sublandlord of the ~~occurrence~~ actual out of ~~the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord,~~ pocket costs and ~~Landlord’s obligation hereunder shall be limited to the proceeds actually received by Landlord under any insurance policy or policies~~expenses, if any, ~~less those amounts (i) which have been required~~ in obtaining such abatement. All other Base Rent, Additional Rent and other sums due under this Sublease shall continue to be ~~applied towards~~ due and payable as provided under this Sublease, unaffected by such damage or destruction or reduction in Base Rent. If such damage or destruction results from any act or omission of Subtenant, then Subtenant shall indemnify against and hold Sublandlord harmless from all losses, costs and expenses (including reasonable attorneys’ fees) incurred by Sublandlord as a result thereof, such indemnification to operate whether or not Subtenant has placed and maintained the ~~reduction~~ insurance specified in this Article, and whether or not proceeds from such insurance (such insurance having been placed and maintained) actually are collectible from the insurance company. Prime Landlord or Sublandlord may exercise any and all rights to terminate the Prime Lease in the event of any ~~indebtedness secured by~~ damage or destruction, whether or not such damage or destruction affects the Premises and without regard to the effect of such termination on the Sublease. If Prime Landlord or Sublandlord is required, or elects, to rebuild or restore improvements, alterations, additions and the like under the Prime Lease, then Prime Landlord or Sublandlord and its employees, agents and contractors may have access to the Premises and may store materials in or about the Premises as reasonably necessary for Prime Landlord or Sublandlord to complete such rebuilding or repair, without the same constituting a ~~mortgage covering~~ constructive eviction or giving Subtenant any right to terminate this Sublease or offset or xxxxx rent, except to the limited extent Base Rent may be reduced under the conditions expressly set forth above. Subtenant hereby waives all rights to terminate this Sublease because of damage or destruction of the Premises or any portion thereof. Subtenant hereby waives all claims for damages for injury, ~~and (ii) which are used to reimburse Landlord for all costs and expenses~~inconvenience, ~~including but not limited to attorneys’ fees~~or interference with quiet enjoyment or Subtenant’s business, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained, except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease loss occasioned by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Prime Landlord’s ~~insurance; or (b) The Premises shall be damaged~~ or ~~destroyed during the last two (2) years of the Term~~ Sublandlord’s work or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured entry under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations provision of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtythis Sublease.

Appears in 1 contract

Samples: Sublease Agreement (Ign Entertainment Inc)

Damage and Destruction. (a) If ~~all~~ the Mortgaged Property, or any part ~~of the Premises~~ thereof, shall be destroyed or damaged ~~or destroyed~~ by fire or any other casualty, ~~this Lease~~ whether insured or uninsured, or in the event any claim is made against Mortgagor for any personal injury, bodily injury or property damage incurred on or about the Real Property, Mortgagor shall ~~continue in full force and effect~~give immediate notice thereof to Mortgagee. Subject to any Loan Documents, ~~unless terminated as hereinafter provided, and Landlord shall repair, restore or rebuild~~ the ~~Premises to~~ proceeds of insurance policies coming into the ~~condition existing at the time~~ possession of ~~the occurrence of the loss; provided, however, Landlord~~ Mortgagee shall not be ~~obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord,~~ deemed trust funds and ~~Landlord’s obligation hereunder~~ Mortgagee shall be ~~limited~~ entitled to dispose of such funds as provided herein. (b) Subject to the ~~proceeds actually received by Landlord under any insurance policy or policies~~provisions of the Credit Agreement, ~~if any, less those amounts (i) which have been required to be applied towards~~ in the ~~reduction~~ event of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceeds. Tenant agrees to notify Landlord in writing not less than thirty (30) days prior, to the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with the foregoing provisions, any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the ~~Premises shall allow Tenant to surrender possession~~ Mortgaged Property by fire or otherwise, and provided that Mortgagee has received and approved satisfactory evidence of the ~~Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained~~following as soon as practicable, ~~except as may be specifically provided~~ but in ~~this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof~~ all events within ~~one hundred and eighty~~ ninety (~~180~~90) days ~~from~~ after the occurrence of the casualty: (i) repairs can be made, within 180 days after the date of the ~~casualty if:~~casualty, under the laws and regulations of the federal, state and local governmental authorities having jurisdiction thereof; (aii) ~~The Premises~~ there shall exist no Event of Default or condition which with the ~~building in which the Premises are located shall be damaged~~ passage of time or ~~destroyed as a result~~ giving of notice might become an ~~occurrence which is not covered by Landlord’s insurance; or~~Event of Default; (biii) ~~The Premises shall be damaged or destroyed during~~ Mortgagor has available, from insurance proceeds and/or Mortgagor's own funds, sufficient funds as are necessary in the ~~last two~~ reasonable judgment of Mortgagee to complete the Restoration (2as hereinafter defined) ~~years~~ and to meet all obligations of the ~~Term or any renewals thereof; or~~Mortgage Documents, taking into account the change in circumstances resulting from the casualty; (civ) ~~The Premises are damaged or destroyed~~ the Restoration can be completed substantially in accordance with the plans and specifications utilized for the original construction of the Real Property, (as the same may be modified to bring the ~~extent of twenty five-percent (25%~~Improvements to compliance with current building and safety codes) or ~~more~~ other plans and specifications as are reasonably acceptable to Mortgagee; and (v) any and all permits, certificates, authorizations or approvals required for the Restoration have been or may be properly obtained by Mortgagor; then Mortgagor and Mortgagee hereby agree that the insurance loss proceeds may be applied by Mortgagor in accordance with the provisions hereof to Restoration (as defined herein). Any such insurance proceeds, less the actual costs, fees and expenses, if any, incurred by Mortgagor in connection with adjustment of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent will be prorated as of the date of destruction and the unearned portion of such Rent will be refunded to Tenant without interest. If the Premises shall be damaged or destroyed and in the event that Landlord has elected to continue this Lease, Landlord and Tenant shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant that the Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall not be entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage, destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in a trust account (the "Restoration Trust Account") by ~~Tenant~~ Mortgagor and shall be applied by Mortgagor to the payment of the cost of any repairs, replacements, rebuilding or alterations required in connection with the Mortgaged Property, including the cost of temporary repairs, protection of property and permanent restoration, repairs, replacements, rebuilding or alterations (all of which temporary repairs, protection of property and permanent restoration, repairs, replacements, rebuilding or alterations are herein collectively referred to as the "Restoration"), and shall be paid out from time to time as such Restoration progresses if the work for which payment is requested has been done in a good workmanlike manner and substantially in accordance with the plans and specifications therefor. In furtherance of the foregoing, upon the written request of Mortgagee, Mortgagor shall provide the following: (i) A certificate signed by Mortgagor's architect or general contractor setting forth the following: A. A brief description of sums due to contractors, subcontractors, materialmen, engineers, architects or other persons who have rendered services or furnished materials for the Restoration therein specified and that the sum then requested does not exceed the value of the services and materials described in the certificate. B. That, except for the amount, if any, stated (pursuant to the foregoing sub-clause (A)), in such certificate to be due for services or materials, there is no outstanding indebtedness known to the persons signing such certificate, after due inquiry, which is then due at the date of such certificate for labor, wages, materials, supplies or services in connection with such Restoration. C. That the cost, as estimated by the persons signing such certificate, of the Restoration required to be done subsequent to the date of such certificate in order to complete and pay for the same, does not exceed the insurance money, plus any amount deposited by Mortgagor to defray such cost and remaining in the hands of Mortgagee after payment of the sum requested in such certificate, plus interest, if any, reasonably estimated to be earned on all such sums during the remaining Restoration period. (ii) Evidence, reasonably satisfactory to Mortgagee, to the effect that there has not been filed with respect to the Mortgaged Property or any part thereof any vendor's, mechanic's, laborer's, materialman's or other lien (other than invalid or improperly filed liens) which has not been discharged of record, except such as will be discharged by payment of the amount then requested, and that upon such payment no such liens may be validly filed. Notwithstanding the foregoing, to the extent that the cost of Restoration, as reasonably estimated by Mortgagee, shall be less than $250,000.00, insurance proceeds may be payable directly to Mortgagor, in trust, for the sole purpose of ~~said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion~~ performing the Restoration of the ~~Premises resulting from fire or other casualty~~Mortgaged Property.

Appears in 1 contract

Samples: Credit, Security, Guaranty and Pledge Agreement (Guilford Mills Inc)

Damage and Destruction. ~~If all~~ Anything in this Sublease to the contrary notwithstanding, (a) in the event of damage or ~~any part~~ destruction to the Subleased Premises or the material services relating thereto (i.e., heat, air conditioning, elevator service, electricity and water) or the means of ~~the Premises shall be damaged~~ ingress or ~~destroyed~~ egress therefrom by fire or other casualty, ~~this Lease shall continue in full force~~ whether to the Building or otherwise (collectively, “Casualty”) and ~~effect, unless terminated as hereinafter provided, and Landlord shall repair, restore~~ Sublandlord or ~~rebuild~~ Overlandlord has not substantially completed its portion of the restoration of the affected portion of the Subleased Premises to substantially its condition immediately prior to the ~~condition existing~~ Casualty (excepting any leasehold improvements made by Subtenant) within 270 days from the occurrence of such Casualty (and provided access to the Subleased Premises is also restored), then the Subtenant may elect to terminate this Sublease on notice to the Sublandlord at any time after such 270 day period and before the ~~time~~ completion of such restoration, or (b) if the Casualty shall occur in the last eighteen (18) months of the term of this Sublease, then, provided the Casualty was not caused by the uninsurable acts or omissions of Subtenant, its partners, officers, directors, employees, agents, contractors, representatives, invitees, permitted assigns, or affiliates, Subtenant may terminate this Sublease by written notice to Sublandlord within 30 days following the receipt of notice by Sublandlord that such restoration cannot be completed within the 270-day period. Such notice by Sublandlord shall be given within 45 days of the Casualty. If Subtenant elects to terminate under this provision, this Sublease shall terminate on the date of the occurrence of the loss; provided, however, Landlord shall not be obligated to commence such repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord’s obligation hereunder shall be limited to Casualty as the ~~proceeds actually received by Landlord under any insurance policy or policies, if any, less those amounts (i) which have been required to be applied towards the reduction~~ effective date of any indebtedness secured by a mortgage covering the Premises or any portion thereof, and (ii) which are used to reimburse Landlord for all costs and expenses, including but not limited to attorneys’ fees, incurred by Landlord to recover any such insurance proceedstermination. ~~Tenant agrees to notify Landlord in writing not less than thirty (30)~~ Within 30 days ~~prior, to~~ of the date Tenant opens for business in the Premises of the actual cost of all permanent leasehold improvements and betterments installed or to be installed by Tenant in the Premises (whether same have been paid for entirely or partially by Tenant), but exclusive of Tenant’s personal property, movable trade fixtures and inventory. Similar notifications shall be given to Landlord not less than thirty (30) days prior to the commencement of any proposed alterations, additions or improvements to the Premises. If Tenant fails to comply, with that Subtenant has delivered the foregoing ~~provisions~~notice of termination, ~~any loss or damage Landlord~~ Subtenant shall ~~sustain by reason thereof shall be borne by Tenant~~ vacate and shall be paid immediately by Tenant upon receipt of a xxxx therefore and evidence of such loss, and in addition to any other rights or remedies reserved by Landlord under this Lease, Landlord’s obligations under this Article to repair, replace and/or rebuild the Premises shall be deemed inapplicable, and in lieu thereof, Landlord may, at its election, either restore or require Tenant to restore the Premises to the condition which existed prior to such loss, and in either case Tenant shall pay the cost of such restoration. Tenant covenants and agrees to repair or replace Tenant’s fixtures, furniture, furnishings, floor coverings, equipment and stock in trade and reopen for business in the Premises within thirty (30) days after notice from Landlord that the Premises are ready for re-occupancy. No damage or destruction to the Premises shall allow Tenant to surrender possession of the ~~Premises nor affect Tenant’s liability for the payment of rents or charges or any other covenant herein contained~~Subleased Premises, ~~except as may be specifically provided in this Lease. Notwithstanding anything to the contrary contained in this Section or elsewhere in this Lease~~Fixed Rent, Landlord, at its option, may terminate this Lease by giving Tenant notice thereof within one hundred and eighty (180) days from the date of the casualty if: (a) The Premises or the building in which the Premises are located shall be damaged or destroyed as a result of an occurrence which is not covered by Landlord’s insurance; or (b) The Premises shall be damaged or destroyed during the last two (2) years of the Term or any renewals thereof; or (c) The Premises are damaged or destroyed to the extent of twenty five-percent (25%) or more of the replacement cost thereof, in which event Landlord will have the option of terminating this Lease or any renewal thereof by serving written notice upon Tenant and any prepaid Rent or Additional Rent ~~will~~ and other amounts payable under this Sublease shall be prorated as of ~~the~~ such effective date ~~of destruction~~ and the ~~unearned portion of such Rent will be refunded~~ parties shall have no further obligations hereunder. A determination as to ~~Tenant without interest. If~~ the time necessary to substantially restore the Subleased Premises shall be ~~damaged~~ made promptly after such occurrence by a licensed, reputable general contracting firm or ~~destroyed~~ architect, and ~~in the event that Landlord has elected to continue this Lease, Landlord and Tenant~~ if such contractor or architect shall commence their respective obligations under this Article as soon as is reasonably possible and prosecute the same to completion with all due diligence. Except where the damage or destruction results from the wrongful or negligent act or omission of Tenant, the Minimum Rent shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of any damage, repair or restoration provided for in this Article; provided further, that in the event Landlord elects to repair any damages as herein contemplated, any abatement of Minimum Rent shall end ten (10) days after notice by Landlord to Tenant determine that the Subleased Premises have been repaired. Tenant shall continue the operation of its business on the Premises during any such period to the extent reasonably practicable from the standpoint of prudent business management, and any obligation of Tenant under the Lease to apply charges reserved as Additional Rent shall remain in full force and nothing in the Section shall be construed to xxxxx Additional Rent. Except for the abatement of Minimum Rent hereinabove provided, Tenant shall cannot be ~~entitled to any compensation or damage for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by any damage~~restored within such 270-day period, ~~destruction, repair or restoration. If Minimum Rent is abated there shall be all corresponding and appropriate reduction made to the Minimum Annual Volume. Unless~~ Subtenant may terminate this Lease is terminated by Landlord, Tenant shall repair, restore and re-fixture all parts of the Premises not insured under any insurance policies insuring Landlord in a manner and to a condition equal to that existing prior to its destruction or damage, including, without limitation, all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of personality of Tenant. The proceeds of all insurance carried by Tenant on its property and improvements shall be held in trust by Tenant for the purpose of said repair and replacement. Tenant shall give to Landlord prompt written notice of, any damage to or destruction of any portion of the Premises resulting from fire or other casualtySublease.

Appears in 1 contract

Samples: Sublease (Patients & Physicians, Inc.)

Common use of Damage and Destruction Clause in Contracts