Damage and Repair. If, during the Term, the Retirement Community is damaged by a Minor Casualty, Tenant, or Operator if the Operating Agreement is in effect, shall with all reasonable diligence (i) proceed to process the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of the Total Casualty. If, during the Term, the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent available, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvals.
Appears in 17 contracts
Samples: Lease Agreement (CNL Retirement Properties Inc), Lease Agreement (CNL Retirement Properties Inc), Lease Agreement (CNL Retirement Properties Inc)
Damage and Repair. IfIf the Premises are partially damaged but not rendered untenantable, by fire or other insured casualty, then Landlord shall diligently restore the Premises to the extent required below and this Lease shall not terminate. The Premises shall not be deemed untenantable if twenty‐five percent (25%) or less of the Premises are damaged. Landlord shall have no obligation to restore the Premises if insurance proceeds are not available to pay the entire cost of such restoration. If insurance proceeds are available to Landlord but are not sufficient to pay the entire cost of restoring the Premises, or if Landlord’s lender shall not permit all or any part of the insurance proceeds to be applied toward restoration, then Landlord may elect to terminate this Lease and keep the insurance proceeds, by notifying Tenant within sixty (60) days of the date of such casualty. If the Premises are entirely destroyed, or partially damaged and rendered untenantable, by fire or other casualty, Landlord may, at its option: (a) terminate this Lease as provided herein, or (b) restore the Premises to their previous condition to the extent required below; provided, however, if such casualty event occurs during the Term, the Retirement Community is damaged by a Minor Casualty, Tenant, or Operator if the Operating Agreement is in effect, shall with all reasonable diligence last six (i6) proceed to process the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion months of the Facility and Lease term (iiafter considering any option to extend the term timely exercised by Tenant) perform Operator's obligations with respect then either Tenant or Landlord may elect to such Minor Casualty pursuant to Section 15.01 of terminate the Operating AgreementLease. If, during the Term, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option of either party upon ninety within sixty (90) days' written notice to the other party. Such notice must be sent within thirty (3060) days after receipt by Landlord from Tenant of written notice that Tenant deems the Premises untenantable, Landlord fails to notify Tenant of its election to restore the Premises, or if Landlord is unable to restore the Premises within six (6) months of the date of the Total Casualty. Ifcasualty event, during then Tenant may elect to terminate the TermLease upon twenty (20) days’ written notice to Landlord unless Landlord, within such twenty (20) day period, notifies Tenant that it will in fact restore the Facility is damaged by fire, casualty Premises or other cause to a greater extent than a Minor Casualty, but not actually completes such restoration work to the extent of a Total Casualtyrequired below, or if as applicable. If Landlord restores the Facility suffers a Total Casualty but neither party elects to terminate Premises under this Section 10.114, Landlord shallshall proceed with reasonable diligence to complete the work, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged base monthly rent shall be abated in the same proportion as the untenantable portion of the Facility Premises bears to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent availablewhole Premises, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so provided that it shall be substantially the same as it was prior to such damage or destruction, such failure there shall be a rent abatement only if the damage or destruction of the Premises did not result from, or was not contributed to directly or indirectly by the act, fault or neglect of Tenant, or Tenant’s employees, officers, agents, servants, contractors, customers, clients, visitors, guests, or other licensees or invitees. No damages, compensation or claim shall be payable by Landlord Default for inconvenience, loss of business or annoyance directly, incidentally or consequentially arising from any repair or restoration of any portion of the Premises. Landlord shall have no obligation to carry insurance of any kind for the protection of Tenant or any alterations or improvements paid for by Tenant; Tenant’s furniture; or on any fixtures, equipment, improvements or appurtenances of Tenant under this Lease, and Landlord. The parties agree that Landlord's ’s restoration obligations hereunder shall not include any obligation to repair and/or any damage thereto or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalssame.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Damage and Repair. IfIf the Premises are partially damaged but not rendered untenantable, during by fire or other insured casualty, then Landlord shall diligently restore the TermPremises to the extent required below and this Lease shall not terminate. Tenant may, however, terminate the Retirement Community is damaged Lease if Landlord does not restore the Premises within six (6) months after the casualty event by a Minor Casualty, Tenantgiving twenty (20) days’ notice of termination. The Premises shall not be deemed untenantable if twenty-five percent (25%) or less of the Premises are damaged. If insurance proceeds are not available or are not sufficient to pay the entire cost of restoring the Premises, or Operator if the Operating Agreement is in effect, shall with Landlord’s lender does not permit all reasonable diligence (i) proceed to process the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion or any part of the Facility and insurance proceeds to be applied toward restoration, then Landlord may elect to terminate this Lease by notifying Tenant within six (ii6) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days months after the date of such casualty. If fifty (50) percent or more of the Total Casualtyrentable area of the Premises are destroyed or damaged and rendered untenantable, by fire or other casualty, Landlord may, at its option: (a) terminate this Lease as provided herein, or (b) restore the Premises to their previous condition to the extent required below; provided, however, if such casualty event occurs during the last six (6) months of the Lease term (after considering any option to extend the term timely exercised by Tenant) then either Tenant or Landlord may elect to terminate the Lease. If, during within sixty (60) days after receipt by Landlord from Tenant of written notice that Tenant deems the TermPremises untenantable, Landlord fails to notify Tenant of its election to restore the Facility is damaged by firePremises, casualty or other cause to a greater extent than a Minor Casualty, but not to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects then Tenant may elect to terminate the Lease upon twenty (20) days’ written notice to Landlord unless Landlord, within such twenty (20) day period, notifies Tenant that it will restore the Premises. If Landlord restores the Premises under Section 10.1this Section, Landlord shallshall proceed with reasonable diligence to complete the work, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged Base Rent shall be abated in the same proportion as the untenantable portion of the Facility Premises bears to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent availablewhole Premises, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so provided that it shall be substantially the same as it was prior to such damage or destruction, such failure there shall be a Base Rent abatement only if the damage or destruction of the Premises did not result from, or was not contributed to directly or indirectly by the act, fault or neglect of Tenant, or Tenant’s employees, officers, agents, servants, contractors, customers, clients, visitors, guests, or other licensees or invitees. Except for the abatement or Base Rent as provided above, all other obligations of Tenant under this Lease shall continue during the restoration of the Premises. No damages, compensation or claim shall be payable by Landlord Default for inconvenience, loss of business or annoyance directly, incidentally or consequentially arising from any repair or restoration of any portion of the Premises. Landlord shall have no obligation to carry insurance of any kind for the protection of Tenant; any alterations or improvements paid for by Tenant; Tenant’s furniture; or on any fixtures, equipment, improvements or appurtenances of Tenant under this Lease, and Landlord. The parties agree that Landlord's ’s restoration obligations hereunder shall not include any obligation to repair and/or any damage thereto or replace pursuant any of the foregoing. Notwithstanding any conflicting provision of this Lease, all insurance proceeds related to damage to the provisions of this Section 10.1 Premises shall be limited to the extent sole property of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvals.
Appears in 2 contracts
Samples: This Lease Agreement (iCap Vault 1, LLC), This Lease Agreement (iCap Vault 1, LLC)
Damage and Repair. IfIn case of damage to the Premises or the Building by fire or other casualty, during Tenant immediately shall notify Landlord. If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations)just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for full restoration are unavailable for any reason, then Landlord no later than the Operating Agreement is in effect, sixtieth (60th) day following the damage may give Tenant notice of election to terminate this Lease. In the event of such election this Lease shall with all surrender possession of the Premises within a reasonable diligence (i) proceed to process the claim with the applicable insurance carriers, including settling such claimtime thereafter, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Rent shall be apportioned as of the Facility date of Tenant's surrender and (ii) perform Operator's obligations with respect to any Rent paid for any period beyond such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement date shall be terminable at repaid to Tenant. If the option cost of either party upon ninety (90) days' written notice restoration as estimated by Landlord shall amount to the other party. Such notice must be sent within less than thirty (30%) days after the date percent of said replacement value of the Total Casualty. IfBuilding and insurance proceeds sufficient for restoration are available, during or if Landlord does not elect to terminate this Lease under the Termsecond sentence of this Section 15.1, then Landlord shall restore the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Building and Premises (to the extent of a Total Casualtythe Tenant Improvements originally provided by Landlord hereunder) with reasonable promptness, or if subject to delays beyond Landlord's control and delays in the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1making of insurance adjustments by Landlord, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facilityterminate this Lease. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds Rent shall be applied to proportionally abatx xxxing the period of such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to untenantability, unless such damage resulted from or destructionwas contributed to directly or indirectly by the act, such failure fault or neglect of Tenant, Tenant's officers, contractors, subcontractors, agents, employees, invitees or licensees, in which case Rent shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited abatx xxxy to the extent Landlord receives proceeds from any rental income insurance policy to compensate Landlord for a loss of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required Rent hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvals.
Appears in 2 contracts
Samples: Office Lease Agreement (Edgar Online Inc), Office Lease Agreement (Edgar Online Inc)
Damage and Repair. If, during If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, or if the Operating Agreement is in effectBuilding cannot be fully restored within 365 days of the casualty event, then Landlord may no later than sixty (60) days following the damage, give Tenant a notice of election to terminate this Lease. In the event of such election, this Lease shall with all reasonable diligence (i) proceed be deemed to process terminate on the claim with third day after the applicable insurance carriers, including settling such claimgiving of said notice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 the Rent and Additional Rent shall be apportioned as of the Operating Agreementdate of said surrender and any Rent and Additional Rent paid for any period beyond such date shall be repaid to Tenant. If, during If the Termcost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building, the Facility suffers a Total Casualty, this Agreement shall Building can be terminable at the option fully restored within 365 days of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of the Total Casualty. Ifcasualty event, during and insurance proceeds plus Landlord’s deductibles and retention are sufficient for restoration, Landlord shall restore the Term, Building and the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Premises to the extent of a Total Casualty, the improvements to the Premises originally provided by Landlord or if the Facility suffers a Total Casualty but neither party elects Landlord does not elect to terminate under Section 10.1this Lease with reasonable promptness, Landlord shallsubject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or terminate this Lease except as necessary for the safe and orderly operation of the Facilityherein provided. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the Rent and Additional Rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destructionproportionately xxxxx, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited except to the extent that such damage resulted from or was contributed to, directly or indirectly, by the act, fault or neglect of available casualty Tenant, Tenant's officers, contractors, agents, employees, clients, customers, or licensees, in which event Rent and Additional Rent shall xxxxx only to the extent Landlord receives proceeds from any rental income insurance proceeds (plus the amount policy to compensate Landlord for such loss. No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any applicable deductibles)portion of the Premises or of the Building. The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith use all reasonable efforts to obtain affect such entitlements and/or approvalsrepairs promptly.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Damage and Repair. 9.8.1 If, during the Term, the Retirement any Community is damaged by a Minor Casualty, TenantTenant shall give Landlord prompt notice of the same and, or Operator if the Operating Agreement is in effect, shall with all commercially reasonable diligence (i) diligence, proceed to process the claim with the applicable insurance carriers, including settling such claimany claim associated with damage with a value of [***] or less, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of such Community. Landlord’s consent shall not be needed for Tenant to perform any of the Facility and foregoing, all of which shall be performed in accordance with Tenant’s commercially reasonable judgment; provided, however, that all such work shall be undertaken (i) in a workmanlike manner, (ii) perform Operator's obligations in accordance with respect to such Minor Casualty plans and specifications approved by Landlord Portions of this exhibit that have been marked by [***] have been omitted pursuant to Section 15.01 a request for confidential treatment filed separately with the Securities and Exchange Commission. (which approval or disapproval shall be made within fifteen (15) Business Days after Landlord receives a complete set of the Operating Agreement. Ifapplicable plans or specifications and, during the Termif applicable, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option within five (5) Business days after Landlord receives any modifications of either party upon ninety said plans or specifications to accommodate Landlord’s comments) and (90iii) days' written notice to in accordance with the other party. Such notice must be sent within thirty (30) days after the date provisions of the Total Casualty. Ifthis Agreement, during the Term, the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not including Section 3.10 to the extent of a Total Casualtyapplicable; provided further, or if that the Facility suffers a Total Casualty but neither party elects parties agree that the standard for such repair and/or replacement shall be to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of such Community to levels of quality and quantity that are substantially the Facility same as those that existed with respect to such portion of such Community prior to the same condition occurrence of the damage at issue. Notwithstanding anything to the contrary herein, with regard to the receipt of any insurance proceeds for such work, Tenant shall not settle or execute a final proof of loss associated with damage in excess of [***] without Landlord’s consent. Landlord agrees to sign promptly any documents which are necessary to process and/or adjust the claim with the insurance carriers, as existed previouslywell as any contracts with such contractors and/or suppliers. Tenant shall have the right not be entitled to discontinue operating the Facility any additional compensation for performing its obligations regarding any Minor Casualty. Tenant agrees to the extent it deems necessary provide all information with respect to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent available, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially damaged portion of such Community and the same performance thereof as it was prior to such damage or destruction, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsreasonably requests.
Appears in 2 contracts
Samples: Master Lease and Security Agreement (Brookdale Senior Living Inc.), Master Lease and Security Agreement (Hcp, Inc.)
Damage and Repair. IfIf the Premises are partially damaged but not rendered untenantable, during by fire or other insured casualty, then Landlord shall diligently restore the TermPremises and this Lease shall not terminate. The Premises shall not be deemed untenantable if less than twenty-five percent (25%) of the Premises are damaged. Landlord shall have no obligation to restore the Premises if insurance proceeds arc not available to pay the entire cost of such restoration. If insurance proceeds are available to Landlord but are not sufficient to pay the entire cost of restoring the Premises, then Landlord may elect to terminate this Lease and keep the Retirement Community is damaged insurance proceeds, by a Minor Casualty, Tenantnotifying Tenant within sixty (60) days of the date of such casualty. If the Premises are entirely destroyed, or Operator if partially damaged and rendered untenantable, by fire or other casualty, Landlord may, at its option: (a) terminate this Lease as provided herein, or (b) restore the Operating Agreement is in effect, shall with all reasonable diligence (i) proceed Premises to process the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreementtheir previous condition. If, during the Term, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option of either party upon ninety within sixty (90) days' written notice to the other party. Such notice must be sent within thirty (3060) days after receipt by Landlord from Tenant of written notice that Tenant deems the Premises untenantable, Landlord fails to notify Tenant of its election to restore the Premises, or if Landlord is unable to restore the Premises within nine (9) months of the date of the Total Casualty. Ifcasualty event, during the Term, the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects then Tenant may elect to terminate the Lease. If Landlord restores the Premises under this Section 10.115.1, Landlord shallshall proceed with reasonable diligence to complete the work, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged base monthly rent shall be abated in the same proportion as the untenantable portion of the Facility Premises bears to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent availablewhole Premises, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so provided that it shall be substantially the same as it was prior to such damage or destruction, such failure there shall be a rent abatement only if the damage or destruction of the Premises did not result from, or was not contributed to directly or indirectly by the act, fault or neglect of Tenant, or Tenant’s officers, contractors, licensees, agents, servants, employees, guests, invitees or visitors. No damages, compensation or claim shall be payable by Landlord Default for inconvenience, loss of business or annoyance directly incidentally or consequentially arising from any repair or restoration of any portion of the Premises. Landlord will not carry insurance of any kind for the protection of Tenant or on Tenant’s furniture or on any fixtures, equipment, improvements or appurtenances of Tenant under this Lease, and Landlord shall not be obligated to repair any damage thereto or replace the same unless the damage is caused by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvals’s negligence.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Imperium Renewables Inc)
Damage and Repair. If, during If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the Operating Agreement is in effectone hundred twentieth (120th) day following the damage, shall with all reasonable diligence give Tenant a notice of its election to terminate this Lease. In the event of such election; (ia) proceed to process the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement Lease shall be terminable at deemed to terminate on the option of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within date that is thirty (30) days after from the date of Tenant's receipt of such notice ("Termination Date"); (b) Tenant shall surrender possession of the Total CasualtyPremises on the Termination Date; and (c) Rent and Additional Rent shall be apportioned as of the date of Tenant's surrender and any Rent paid for any period beyond such date shall be repaid to Tenant. IfIf the cost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building or Property and insurance proceeds sufficient for restoration are available, during or if Landlord does not elect to terminate this Lease, Landlord shall restore the Term, Building and the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Premises (to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility improvements to the same condition as existed previously. Premises originally provided by Landlord hereunder but excluding any improvements paid for by Landlord with any tenant allowance or credits) with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, and Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or terminate this Lease except as necessary for the safe and orderly operation of the Facilityprovided in this Section 11. To the extent available, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete that the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to Premises are rendered untenantable by such damage or destruction, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to restoration work under this Section, the provisions Base Rent (but not Additional Rent) shall proportionately xxxxx, provided, however, in the event such damage resulted from or was contributed to, directly or indirectly, by the act, fault or neglect of this Section 10.1 Tenant, Tenant's officers, contractors, agents, employees, invitees or licensees, Base Rent shall be limited xxxxx only to the extent Landlord receives proceeds from any rental income insurance policy received by Landlord for loss of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of Rent under this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsLease.
Appears in 2 contracts
Samples: Office Lease Agreement (Exodus Communications Inc), Office Lease Agreement (Dwango North America Corp)
Damage and Repair. IfIf the Premises are partially damaged but not rendered untenantable, by fire or other insured casualty, then Landlord shall diligently restore the Premises to the extent required below and this Lease shall not terminate. The Premises shall not be deemed untenantable if twenty-five percent (25%) or less of the Premises are damaged. Landlord shall have no obligation to restore the Premises if insurance proceeds are not available to pay the entire cost of such restoration. If insurance proceeds are available to Landlord but are not sufficient to pay the entire cost of restoring the Premises, or if Landlord's lender shall not permit all or any part of the insurance proceeds to be applied toward restoration, then Landlord may elect to terminate this Lease and keep the insurance proceeds, by notifying Tenant within sixty (60) days of the date of such casualty. If the Premises are entirely destroyed, or partially damaged and rendered untenantable, by fire or other casualty, Landlord may, at its option: (a) terminate this Lease as provided herein, or (b) restore the Premises to their previous condition to the extent required below; provided, however, if such casualty event occurs during the Term, the Retirement Community is damaged by a Minor Casualty, Tenant, or Operator if the Operating Agreement is in effect, shall with all reasonable diligence last six (i6) proceed to process the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion months of the Facility and Lease term (iiafter considering any option to extend the term timely exercised by Tenant) perform Operator's obligations with respect then either Tenant or Landlord may elect to such Minor Casualty pursuant to Section 15.01 of terminate the Operating AgreementLease. If, during within sixty (60) days after receipt by Landlord from Tenant of written notice that Tenant deems the TermPremises untenantable, Landlord fails to notify Tenant of its election to restore the Facility suffers a Total CasualtyPremises, this Agreement shall be terminable at or if Landlord is unable to restore the option Premises within six (6) months of either party the date of the casualty event, then Tenant may elect to terminate the Lease upon ninety twenty (9020) days' written notice to Landlord unless Landlord, within such twenty (20) day period, notifies Tenant that it will in fact restore the other party. Such notice must be sent within thirty (30) days after the date of the Total Casualty. If, during the Term, the Facility is damaged by fire, casualty Premises or other cause to a greater extent than a Minor Casualty, but not actually completes such restoration work to the extent of a Total Casualtyrequired below, or if as applicable. If Landlord restores the Facility suffers a Total Casualty but neither party elects to terminate Premises under this Section 10.114, Landlord shallshall proceed with reasonable diligence to complete the work, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged base monthly rent shall be abated in the same proportion as the untenantable portion of the Facility Premises bears to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent availablewhole Premises, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so provided that it shall be substantially the same as it was prior to such damage or destruction, such failure there shall be a rent abatement only if the damage or destruction of the Premises did not result from, or was not contributed to directly or indirectly by the act, fault or neglect of Tenant, or Tenant's employees, officers, agents, servants, contractors, customers, clients, visitors, guests, or other licensees or invitees. No damages, compensation or claim shall be payable by Landlord Default for inconvenience, loss of business or annoyance directly, incidentally or consequentially arising from any repair or restoration of any portion of the Premises. Landlord shall have no obligation to carry insurance of any kind for the protection of Tenant or any alterations or improvements paid for by Landlord. The parties agree that Tenant; any Tenant Improvements identified in Exhibit C (regardless of who may have completed them); Tenant's furniture; or on any fixtures, equipment, improvements or appurtenances of Tenant under this Lease, and Landlord's restoration obligations hereunder shall not include any obligation to repair and/or any damage thereto or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalssame.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Damage and Repair. If, during If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may, no later than the Operating Agreement is in effectsixtieth day following the damage, give Tenant a notice of Landlord's election to terminate this Lease. In the event of such election this Lease shall with all reasonable diligence (i) proceed be deemed to process terminate on the claim with third day after the applicable insurance carriersgiving of such notice, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the TermPremises within a reasonable time thereafter, the Facility suffers a Total Casualty, this Agreement Rent and Additional Rent shall be terminable at the option apportioned as of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of Tenant's surrender and any Rent paid for any period beyond such date shall be repaid to Tenant. If the Total Casualty. Ifcost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building and insurance proceeds sufficient for restoration are available, during or if Landlord does not elect to terminate this lease, Landlord shall restore the Term, Building and the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Premises (to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion improvement of the Facility Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation making of the Facilityinsurance adjustments by Landlord. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the Rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete proportionately abatx, xxcept in the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to event such damage resulted from the willful or destructionintentional act or omission of Tenant, such failure in which event Rent shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited abatx xxxy to the extent Landlord receives proceeds from any rental income insurance policy to compensate Landlord for loss of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required Rent hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvals.
Appears in 2 contracts
Samples: Office Lease Agreement (Bsquare Corp /Wa), Office Lease Agreement (Bsquare Corp /Wa)
Damage and Repair. If, during the Term, the Retirement Community is damaged by a Minor Casualty, Tenant, or Operator if the Operating Agreement is in effectshall, shall with all reasonable diligence (i) diligence, proceed to process the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating AgreementFacility. If, during the Term, the Facility suffers a Total Casualty, this Agreement shall be terminable at the sole option of Tenant, except that this Agreement shall be terminable at the option of either party upon ninety (90) days' written notice to the other party, if such Total Casualty occurs during the last five (5) years of the Initial Term or the First Extended Term, or at any time during the Second Extended Term. Such notice must be sent within thirty (30) days after the date of the Total Casualty. If, during the Term, the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord Tenant shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously, any cost incurred in connection with such repairs and/or replacements, to the extent not covered by insurance, shall be reimbursed to Tenant by Landlord and included in Landlord's Additional Investment. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent available, casualty insurance proceeds shall be applied to such repairs and/or replacements. If If, after fund are made available by Landlord for repairs, Tenant fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Tenant Default. Landlord's failure to make funds available for such repairs within a reasonable time shall be a Landlord Default by LandlordDefault. The parties agree that LandlordTenant's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and necessary for Tenant to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligation to fund repairs and Tenant's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's and Tenant's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord and Tenant shall undertake good faith efforts to obtain such entitlements and/or approvals.
Appears in 2 contracts
Samples: Lease Agreement (CNL Retirement Properties Inc), CNL Retirement Properties Inc
Damage and Repair. IfIf the Premises are partially damaged but not rendered untenantable, by fire or other insured casualty, then Landlord shall diligently restore the Premises to the extent required below and this Lease shall not terminate. The Premises shall not be deemed untenantable if twenty-five percent (25%) or less of the Premises are damaged. If insurance proceeds are available to Landlord but are not sufficient to pay the entire cost of restoring the Premises, or if Landlord's lender shall not permit all or any part of the insurance proceeds to be applied toward restoration, then Landlord may elect to terminate this Lease and keep the insurance proceeds, by notifying Tenant within sixty (60) days of the date of such casualty. If the Premises are entirely destroyed, or partially damaged and rendered untenantable, by fire or other casualty, Landlord may, at its option (a) terminate this Lease as provided herein, or (b) restore the Premises to their previous condition to the extent required below; provided, however, if such casualty event occurs during the Term, the Retirement Community is damaged by a Minor Casualty, Tenant, or Operator if the Operating Agreement is in effect, shall with all reasonable diligence last six (i6) proceed to process the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion months of the Facility and Lease term (iiafter considering any option to extend the term timely exercised by Tenant) perform Operator's obligations with respect then either Tenant or Landlord may elect to such Minor Casualty pursuant to Section 15.01 of terminate the Operating AgreementLease. If, during within sixty (60) days after receipt by Landlord from Tenant of written notice that Tenant deems the TermPremises untenantable, Landlord fails to notify Tenant of its election to restore the Facility suffers a Total CasualtyPremises, this Agreement shall be terminable at or if Landlord is unable to restore the option Premises within six (6) months of either party the date of the casualty event, then Tenant may elect to terminate the Lease upon ninety twenty (9020) days' written notice to Landlord unless Landlord, within such twenty (20) day period, notifies Tenant that it will in fact restore the other partyPremises or actually completes such restoration work. Such notice must be sent within thirty (30) days after If Landlord restores the date of the Total Casualty. If, during the Term, the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate Premises under this Section 10.114, Landlord shallshall proceed with reasonable diligence to complete the work, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged base monthly rent shall be abated in the same proportion as the untenantable portion of the Facility Premises bears to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent availablewhole Premises, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so provided that it shall be substantially the same as it was prior to such damage or destruction, such failure there shall be a rent abatement only if the damage or destruction of the Premises did not result from, or was not contributed to directly or indirectly by the act, fault or gross negligence of Tenant, or Tenant's employees, officers, agents, servants, contractors, customers, clients, visitors, guests, or other licensees or invitees. No damages, compensation or claim shall be payable by Landlord Default for inconvenience, loss of business or annoyance directly, incidentally or consequentially arising from any repair or restoration of any portion of the Premises. Landlord shall have no obligation to carry insurance of any kind for the protection of Tenant or any alterations or improvements paid for by Landlord. The parties agree that Tenant; any Tenant Improvements identified in Exhibit C (regardless of who may have completed them); Tenant's furniture; or on any fixtures, equipment, improvements or appurtenances of Tenant under this Lease, and Landlord's restoration obligations hereunder shall not include any obligation to repair and/or any damage thereto or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalssame.
Appears in 2 contracts
Samples: Acquisition Agreement (CleanTech Biofuels, Inc.), Acquisition Agreement (CleanTech Biofuels, Inc.)
Damage and Repair. IfIn case of damage to the Premises by fire or other casualty, during Tenant shall notify Landlord immediately after Tenant’s learning thereof. If the Term, the Retirement Community Building is damaged by fire or any other cause Landlord may elect to terminate this Lease by notice to Tenant. In the event of such election this Lease shall be deemed to terminate on the date set forth in such notice, and Tenant shall surrender possession of the Premises within a Minor Casualtyreasonable time thereafter, and the Rent shall be apportioned as of the date of Tenant’s surrender and any Rent paid for any period beyond such date shall be repaid to Tenant. Alternately, or Operator if the Operating Agreement is in effect, shall with all reasonable diligence (i) proceed to process Premises and/or the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion common areas of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement Building shall be terminable at damaged or destroyed by fire or casualty, Tenant shall have the option of either party upon ninety (90) days' written right to terminate this Lease, provided that notice thereof is given to the other party. Such notice must be sent within party not later than thirty (30) days after the date of such damage or destruction and, said termination shall be effective as of the Total Casualtydate of the notice provided hereunder. If, during If Landlord or Tenant does not elect to terminate this Lease then Landlord shall restore the Term, Building and the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Premises (to the extent of a Total Casualtythe improvements originally provided by Landlord hereunder if such improvements can be legally reconstructed under the relevant building codes applicable at the time of rebuilding) with reasonable promptness, or if subject to delays beyond Landlord’s control and delays in the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion making of the Facility to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facilityinsurance adjustments by Landlord. To the extent availableand for the period that the Premises are rendered untenantable, casualty insurance proceeds Rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to proportionally xxxxx, unless such damage resulted from the act, fault or destructionneglect of Tenant, such failure Tenant’s officers, contractors, subcontractors, agents, employees, or licensees, in which case Rent shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited xxxxx only to the extent Landlord receives proceeds from any rental income insurance policy to compensate Landlord for a loss of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required Rent hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvals.
Appears in 2 contracts
Samples: Lease Agreement (Pacific Biometrics Inc), Lease Agreement (Pacific Biometrics Inc)
Damage and Repair. If, during If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, or if the Operating Agreement is in effectBuilding cannot be fully restored within 365 days of the casualty event, then Landlord may no later than sixty (60) days following the damage, give Tenant a notice of election to terminate this Lease. In the event of such election, this Lease shall with all reasonable diligence (i) proceed be deemed to process terminate on the claim with third day after the applicable insurance carriers, including settling such claimgiving of said notice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 the Rent and Additional Rent shall be apportioned as of the Operating Agreementdate of said surrender and any Rent and Additional Rent paid for any period beyond such date shall be repaid to Tenant. If, during If the Termcost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building, the Facility suffers a Total Casualty, this Agreement shall Building can be terminable at the option fully restored within 365 days of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of the Total Casualty. Ifcasualty event, during and insurance proceeds plus Landlord’s deductibles and retention are sufficient for restoration, Landlord shall restore the Term, Building and the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Premises to the extent of a Total Casualty, the improvements to the Premises originally provided by Landlord or if the Facility suffers a Total Casualty but neither party elects Landlord does not elect to terminate under Section 10.1this Lease with reasonable promptness, Landlord shallsubject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or terminate this Lease except as necessary for the safe and orderly operation of the Facilityherein provided. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the Rent and Additional Rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destructionproportionately xxxxx, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited except to the extent that such damage resulted from or was contributed to, directly or indirectly, by the act, fault or neglect of available casualty Tenant, Xxxxxx's officers, contractors, agents, employees, clients, customers, or licensees, in which event Rent and Additional Rent shall xxxxx only to the extent Landlord receives proceeds from any rental income insurance proceeds (plus the amount policy to compensate Landlord for such loss. No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any applicable deductibles)portion of the Premises or of the Building. The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith use all reasonable efforts to obtain affect such entitlements and/or approvalsrepairs promptly.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Damage and Repair. If, during If the Term, the Retirement Community Leased Property is damaged or destroyed by a Minor Casualtyfire, Tenantflood, tornado or other element, or Operator if by any other casualty, this Lease shall continue in full force and effect and Lessee shall, as promptly as possible, restore, repair or rebuild the Operating Agreement is Leased Property to substantially the same condition as existed before the damage or destruction or, in effect, shall with all reasonable diligence (i) proceed the event of a Total Casualty to process the claim with the applicable insurance carriers, including settling such claimLeased Property, and Lessee provides Notice to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option of either party upon ninety (90) days' written notice to the other party. Such notice must be sent Lessor within thirty (30) days after following the date occurrence of such casualty that, in Lessee's reasonable business judgment, the restoration, repair or rebuilding of the Total Casualty. IfLeased Property is not economically feasible, during Lessor may elect, within thirty (30) days of receiving such Notice from Lessee, to make a Put Option requiring Lessee to purchase the TermLeased Property at a price equal to the Individual Lease Balance, less the amount of any casualty insurance proceeds payable directly to Lessor or any Facility is damaged by fireMortgagee, casualty or other cause to a greater extent than a Minor Casualtyafter deducting therefrom all costs and expenses, including, but not to the extent of a Total Casualtylimited to, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1reasonable attorneys fees, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent available, casualty insurance proceeds shall be applied to in collecting such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles"Net Casualty Proceeds"). The parties further agree that if Landlord is obligated procedure and documentation for such re-acquisition shall be in accordance with the procedures and documentation set forth in Article XIX. In the event Lessor elects not to utilize make a Put Option, Lessee shall be required to restore, repair and rebuild the Leased Property, and shall, for such purposes, use all, or such part as may be necessary, of the Net Casualty Proceeds received from insurance policies carried on the Leased Property under the provisions of Article IX. In such event, Lessor shall make such Net Casualty Proceeds available casualty to Lessee for such purposes. If such Net Casualty Proceeds are not sufficient to pay such costs, Lessee shall pay any deficit between the insurance proceeds and the costs of restoration, repair or rebuilding. In the event Lessee: fails to repay (A) close on the re-acquisition of the Leased Property after a Lessor Put Option made under this Section 10.1, or (B) timely restore, repair and rebuild the Leased Property, using the Net Casualty Proceeds and by funding any obligations pursuant to any mortgagedeficit amounts not covered by insurance (the "Deficiency Amounts"), then Landlord Lessor shall be entitled to treat such failure as an equitable extension Event of time (in Default under Section 12.1(d) for which Landlord has Lessor may exercise its right to fulfill its obligations pursuant terminate this Lease as to the provisions individual Leased Property affected by the casualty (a "Damaged Property"). In the event Lessor elects to terminate this Lease as to the Damaged Property as a result of Lessee's failure to perform the requirements of (A) or (B) above, then: (i) Lessee shall vacate and surrender the Damaged Property and perform all other obligations required of Lessee under Section 5.3, (ii) Lessee shall transfer to Lessor all right, title and interest in and to all insurance proceeds available under all insurance policies carried on the Damage Property, (iii) Lessee shall execute and deliver to Lessor, in recordable form, any and all documents required by Lessor or any title company providing title insurance to Lessor in order to disclaim any and all interest in the Damaged Property and to evidence termination of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant Lease as to the provisions of this Section 10.1 Damaged Property, and (iv) the Lease Balance shall be subject reduced by that portion of the Lease Basis allocated to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsthe Damaged Property, less the Deficiency Amount.
Appears in 1 contract
Damage and Repair. IfIn case of damage to the Premises or the Building by fire or other casualty, during Tenant immediately shall notify Landlord. If the Term, the Retirement Community Building is damaged by fire or any other cause to such extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, if insurance proceeds sufficient for full restoration are unavailable for any reason, then Landlord no later than the sixtieth (60th) day following the damage may give Tenant a Minor Casualty, Tenant, or Operator if notice of election to terminate this Lease. In the Operating Agreement is in effect, event of such election this Lease shall with all reasonable diligence be deemed to terminate on the third (i3rd) proceed to process day after the claim with the applicable insurance carriers, including settling giving of such claimnotice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Premises within fifteen (15) days thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement Rent shall be terminable at the option apportioned as of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of Tenant’s surrender and any Rent paid for any period beyond such date shall be repaid to Tenant. If the Total Casualty. Ifcost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building and insurance proceeds sufficient for restoration are available, during or if Landlord does not elect to terminate this Lease under the Termsecond sentence of this Section 16.1, then Landlord shall restore the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Building and the Premises (to the extent of a Total Casualtythe Tenant Improvements originally provided by Landlord hereunder) with reasonable promptness, or if subject to delays beyond Landlord’s control and delays in the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1making of insurance adjustments by Landlord, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facilityterminate this Lease. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds Rent shall be applied to proportionally axxxx during the period of such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to untenantability, unless such damage resulted from or destructionwas contributed to directly or indirectly by the act, such failure fault or neglect of Tenant, Tenant’s officers, contractors, subcontractors, agents, employees, invitees or licensees, in which case Rent shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited axxxx only to the extent Landlord receives proceeds from any rental income insurance policy to compensate Landlord for a loss of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required Rent hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvals.
Appears in 1 contract
Damage and Repair. If, during If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the Operating Agreement is in effectsixtieth day following the damage, give Tenant a to terminate this Lease. In the event of such election, this Lease shall with all reasonable diligence (i) proceed be deemed to process terminate on the claim with third day after the applicable insurance carriers, including settling giving of such claimnotice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 the Rent and Additional Rent shall be apportioned as of the Operating Agreementdate of Tenant's surrender and any rent and Additional Rent paid for any period beyond such date shall be repaid to Tenant with 30 business days after Tenant's surrender. IfIf cost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building and insurance proceeds sufficient for restoration are available, during Landlord shall restore the TermBuilding and the Premises (with improvements substantiallycomparable in quality to the improvements to the Premises originally provided or paid for by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord. To the extent that the Premises are rendered untenantable, the Facility suffers a Total Casualty, this Agreement Rent shall be terminable at the option of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after proportionatley xxxxx from the date of the Total Casualty. If, during the Term, the Facility is damaged by fire, casualty fire or other cause of damage, except in the event such damage resulted from or was contributed to a greater extent than a Minor Casualtydirectly or indirectly, but not by the act, fault or neglet of Tenant, Tenant's officers, contractors, agents customers or licensees, in which event Rent shall xxxxx only to the extent Landlord receives proceeds from any rental income insurance policy to compensate Landlord for loss of a Total CasualtyRent hereunder. No damages, compersation or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1claim shall be payable by Landlord for inconvenience, Landlord shall, at its cost and expense and with all reasonable diligence, loss of business or annoyance arising from any repair and/or replace the damaged or restoration of any portion of the Facility to Premises or the same condition as existed previouslybuilding. Tenant shall have Notwithstanding the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent availableforegoing, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds or elects to repay any obligations pursuant to any mortgagerestore the Building, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant and the Premises, or access to the provisions Premises, has been affected by the casualty so that Tenant, is its reasonable opinion, can no longer carry on its normal business operations, Tenant shall bave the option to terminate this Lease upon writtn notice to Landlord prior to commencement of this Section 10.1) sufficient to allow restoration if Landlord to obtain estimates such restoration will not be completed with 12 months of the necessary funding to replace such spent casualty insurance proceeds date of the fire or other cause of damage, if there is 36 months or more remaining in the Lease term, and to make within 6 months of the repairs and/or replacements required hereunder. The parties further agree date of the cause of damage, if there is less that Landlord's obligations to repair and/or replace pursuant to 36 months remaining in the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsLease term.
Appears in 1 contract
Samples: Lease Agreement (Immunex Corp /De/)
Damage and Repair. If, during If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the Operating Agreement is in effectsixtieth day following the damage, give Tenant a notice of election to terminate this Lease. In the event of such election, this Lease shall with all reasonable diligence (i) proceed be deemed to process terminate on the claim with third day after the applicable insurance carriers, including settling giving of such claimnotice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement Rent and Additional Rent shall be terminable at the option apportioned as of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of Tenant's surrender and any Rent paid for any period beyond such date shall be repaid to Tenant. If the Total Casualty. Ifcost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building and insurance proceeds sufficient for restoration are available, during Landlord shall restore the Term, Building and the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Premises (with improvements substantially comparable in quality to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility improvements to the same condition as existed previously. Tenant shall have Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation making of the Facilityinsurance adjustments by Landlord. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the Rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete proportionately xxxxx, except in the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to event such damage resulted from or destructionwas contributed to, such failure directly or indirectly, by the act, fault or neglect of Tenant, Tenant's officers, contractors, agents, employees, clients, customers or licensees, in which event Rent shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited xxxxx only to the extent Landlord receives proceeds from any rental income insurance policy to compensate Landlord for loss of available casualty insurance proceeds (plus the amount Rent hereunder. No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension portion of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain Premises or the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsBuilding.
Appears in 1 contract
Samples: Lease Agreement (Infoseek Corp /De/)
Damage and Repair. IfIn case of damage to the Premises by fire or other casualty, during Tenant shall give immediate notice to Landlord. If the Term, the Retirement Community Premises is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed the insurance proceeds sufficient for restoration, or Operator if that adequate insurance proceeds are otherwise unavailable, then either party may, no later than Forty-Five (45) days following the Operating Agreement is in effectdamage, give the other party a notice of election to terminate this Lease. In the event of such an election this Lease shall with all be deemed to terminate on the third day after the giving of said notice, Tenant shall surrender possession of the Premises within a reasonable diligence (i) proceed to process the claim with the applicable insurance carriers, including settling such claimtime thereafter, and to make the necessary arrangements with appropriate contractors Rent and suppliers to repair and/or replace the damaged portion of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement Additional Rent shall be terminable at the option apportioned as of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of the Total Casualtysaid surrender and any Rent paid for any period beyond said date shall be repaid to Tenant. If, during the Term, the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not to the extent of a Total CasualtyIf insurance proceeds sufficient for restoration are available, or if despite the Facility suffers a Total Casualty but cost neither party elects to terminate under Section 10.1this Lease, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace shall restore the damaged portion of the Facility Premises (to the same condition as existed previously. extent of improvements to the Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, and Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or terminate this Lease except as necessary for the safe and orderly operation of the Facilityherein provided. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the Rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to proportionately xxxxx, except if such damage resulted from or destructionwas contributed to, such failure directly, or indirectly, by the act, fault or neglect of Tenant, Tenant's contractors, agents, employees, invitees or licensees, in which event Rent shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited xxxxx only to the extent of available casualty insurance Landlord receives proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that from Landlord's obligations rental income insurance policy, if any, to repair and/or replace pursuant to the provisions compensate Landlord for loss of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsrent.
Appears in 1 contract
Samples: Lease Agreement (Lithia Motors Inc)
Damage and Repair. If, during If Landlord or Tenant terminate the Term, Master Lease based on casualty to the Retirement Community is damaged by a Minor Casualty, Tenant, or Operator if the Operating Agreement is property in effect, shall with all reasonable diligence (i) proceed to process the claim accordance with the applicable insurance carriersMaster Lease, including settling such claim, and to make this Sublease shall terminate on the necessary arrangements with appropriate contractors and suppliers to repair and/or replace same date. If the damaged Subleased Premises or the portion of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. Ifproperty necessary for Subtenant’s occupancy are damaged, during the Termdestroyed or rendered untenantable, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of the Total Casualty. If, during the Term, the Facility is damaged by fire, casualty fire or other cause to a greater extent than a Minor Casualtycasualty, but not to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shallTenant may, at its cost option: (a) terminate this Sublease, or (b) restore the Subleased Premises and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility property necessary for Subtenant’s occupancy to their previous condition. If Tenant restores the Subleased Premises or the property under this Section, Tenant shall proceed with reasonable diligence to complete the work, and the base Rent shall be abated in the same proportion as the untenantable portion of the Subleased Premises bears to the same condition as existed previouslywhole Subleased Premises, provided that there shall be a rent abatement only if the damage or destruction of the Subleased Premises or the property did not result from, or was not contributed to directly or indirectly by the act, fault or neglect of Subtenant, or Subtenant’s employees, officers, agents, servants, contractors, customers, clients, visitors, guests, or other licensees or invitees. Provided, if Tenant complies with its obligations under this Section, no damages, compensation or claim shall be payable by Tenant for inconvenience, loss of business or annoyance directly, incidentally or consequentially arising from any repair or restoration of any portion of the Subleased Premises or the property. Tenant shall have the right no obligation to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary carry insurance of any kind for the safe protection of Subtenant’s furniture; or on any fixtures, equipment, improvements or appurtenances of Subtenant under this Lease, and orderly operation of the Facility. To the extent available, casualty insurance proceeds Tenant shall not be applied obligated to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially any damage thereto or replace the same as it was prior to such unless the damage or destruction, such failure shall be a Landlord Default is caused by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsXxxxxx’s negligence.
Appears in 1 contract
Samples: Spaceworks Tacoma Sublease Agreement
Damage and Repair. If, during If the Term, Building or the Retirement Community is Premises are damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the Operating Agreement is in effectsixtieth day following the damage, give Tenant a notice of Landlord's election to terminate this Lease. In the event of such election this Lease shall with all reasonable diligence (i) proceed be deemed to process terminate on the claim with third day after the applicable insurance carriers, including settling giving of such claimnotice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement Rent and Additional Rent shall be terminable at the option apportioned as of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of Tenant's surrender and any Rent paid for any period beyond such date shall be repaid to Tenant. If the Total Casualtycost of restoration as estimated by Landlord shall amount to be less than thirty percent (30%) of said replacement value of the Building and insurance proceeds sufficient for restoration are available, or if Landlord does not elect to terminate this Lease, Landlord shall restore the Building and the Premises (to a functional unit similar to the Premises prior to such damages) with reasonable promptness, subject to delays beyond Landlord's control and delays in making of insurance adjustments by Landlord, and Tenant shall have no right to terminate this Lease except as provided in this Section 13. If, during If the TermPremises are to be restored, the Facility is damaged Rent shall be reduced, based on the proportion of the square footage of the Premises rendered untenantable, except in the event such damage resulted from or was contributed to, directly or indirectly, by firethe act, casualty fault or other cause to a greater extent than a Minor Casualtyneglect of Tenant, but not Tenant's officers, contractors, agents, employees, invitees or licensees, in which event Rent shall abatx xxxy to the extent Landlord receives proceeds from any rental income insurance policy to compensate Landlord for loss of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent available, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required Rent hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvals.
Appears in 1 contract
Samples: Lease Agreement (Freeshop Com Inc)
Damage and Repair. If, during If the Term, Premises or the Retirement Community is damaged by a Minor Casualty, Tenant, or Operator if the Operating Agreement is in effect, shall with all reasonable diligence (i) proceed to process the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of the Facility Building or the Property necessary for Tenant’s occupancy are partially damaged but not rendered untenantable, by fire or other insured casualty, then Landlord shall diligently restore the Premises and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 the portion of the Operating AgreementProperty necessary for Tenant’s occupancy to the extent required below and this Lease shall not terminate. Tenant may, however, terminate the Lease if Landlord is unable to restore the Premises within six (6) months of the casualty event by giving twenty (20) days notice of termination. The Premises or the portion of the Building or the Property necessary for Tenant’s occupancy shall not be deemed untenantable if twenty-five percent (25%) or less of each of those areas are damaged. If insurance proceeds are not available or are not sufficient to pay the entire cost of restoring the Premises, or if Landlord’s lender does not permit all or any part of the insurance proceeds to be applied toward restoration, then Landlord may elect to terminate this Lease and keep the insurance proceeds, by notifying Tenant within sixty (60) days of the date of such casualty. If the Premises, the portion of the Building or the Property necessary for Tenant’s occupancy, or fifty percent (50%) or more of the rentable area of the Property are entirely destroyed, or partially damaged and rendered untenantable, by fire or other casualty, Landlord may, at its option: (a) terminate this Lease as provided herein, or (b) restore the Premises and the portion of the Property necessary for Tenant’s occupancy to their previous condition to the extent required below; provided, however, if such casualty event occurs during the last six (6) months of the Lease term (after considering any option to extend the term timely exercised by Tenant) then either Tenant or Landlord may elect to terminate the Lease. If, during the Term, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option of either party upon ninety within sixty (90) days' written notice to the other party. Such notice must be sent within thirty (3060) days after receipt by Landlord from Tenant of notice that Tenant deems the Premises or the portion of the Property necessary for Tenant’s occupancy untenantable, Landlord fails to notify Tenant of its election to restore those areas, or if Landlord is unable to restore those areas within six (6) months of the date of the Total Casualty. Ifcasualty event, during then Tenant may elect to terminate the TermLease upon twenty (20) days’ notice to Landlord unless Landlord, within such twenty (20) day period, notifies Tenant that it will in fact restore the Facility is damaged by fire, casualty Premises or other cause to a greater extent than a Minor Casualty, but not actually completes such restoration work to the extent of a Total Casualtyrequired below, as applicable. If Landlord restores the Premises or if the Facility suffers a Total Casualty but neither party elects to terminate Property under Section 10.1this Section, Landlord shallshall proceed with reasonable diligence to complete the work, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged base monthly rent shall be abated in the same proportion as the untenantable portion of the Facility Premises bears to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent availablewhole Premises, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so provided that it shall be substantially the same as it was prior to such damage or destruction, such failure there shall be a Rent abatement only if the damage or destruction of the Premises or the Property did not result from, or was not contributed to directly or indirectly by the act, fault or neglect of Tenant, or Tenant’s employees, officers, agents, servants, contractors, customers, clients, visitors, guests, or other licensees or invitees. No damages, compensation or claim shall be payable by Landlord Default for inconvenience, loss of business or annoyance directly, incidentally or consequentially arising from any repair or restoration of any portion of the Premises or the Property. Landlord shall have no obligation to carry insurance of any kind for the protection of Tenant; any alterations or improvements paid for by Tenant; any Tenant Work identified in Exhibit C (regardless of who may have completed them); Tenant’s furniture; or on any fixtures, equipment, improvements or appurtenances of Tenant under this Lease, and Landlord. The parties agree that Landlord's ’s restoration obligations hereunder shall not include any obligation to repair and/or any damage thereto or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalssame.
Appears in 1 contract
Samples: Lease Agreement
Damage and Repair. If, during If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, or if the Operating Agreement is in effectBuilding cannot be fully restored within 180 days of the casualty event, then Landlord or Tenant may no later than sixty (60) days following the damage, give the other party a notice of election to terminate this Lease. In the event of such election, this Lease shall with all reasonable diligence (i) proceed be deemed to process terminate on the claim with third day after the applicable insurance carriers, including settling such claimgiving of said notice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 the Rent and Additional Rent shall be apportioned as of the Operating Agreementdate of said surrender and any Rent and Additional Rent paid for any period beyond such date shall be repaid to Tenant. If, during If the Termcost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building, the Facility suffers a Total Casualty, this Agreement shall Building can be terminable at the option fully restored within 180 days of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of the Total Casualty. Ifcasualty event, during and insurance proceeds plus Landlord’s deductibles and retention are sufficient for restoration, Landlord shall restore the Term, Building and the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Premises to the extent of a Total Casualty, the improvements to the Premises originally provided by Landlord or if the Facility suffers a Total Casualty but neither party elects Landlord does not elect to terminate under Section 10.1this Lease with reasonable promptness, Landlord shallsubject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or terminate this Lease except as necessary for the safe and orderly operation of the Facilityherein provided. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the Rent and Additional Rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destructionproportionately xxxxx, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited except to the extent that such damage resulted from the act, fault or neglect of available casualty Tenant, Tenant's officers, contractors, agents, employees, clients, customers, or licensees, in which event Rent and Additional Rent shall xxxxx only to the extent Landlord receives proceeds from any rental income insurance proceeds (plus policy to compensate Landlord for such loss. Except for the amount abatement of Rent and Additional Rent, no damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any applicable deductibles)portion of the Premises or of the Building. The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith use all reasonable efforts to obtain affect such entitlements and/or approvalsrepairs promptly.
Appears in 1 contract
Samples: Lease Agreement
Damage and Repair. IfIn case of damage to the Leased Premises or the Building by fire or other casualty, during Tenant shall give immediate notice to Landlord. If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the Operating Agreement is in effectsixtieth (60th) day following the damage, give tenant a notice of election to terminate this Lease. In the event of such an election this Lease shall with all reasonable diligence be deemed to terminate on the third (i3rd) proceed to process day after the claim with the applicable insurance carriers, including settling such claimgiving of said notice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Leased Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement Monthly Base Rent shall be terminable at the option apportioned as of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of said surrender and any rent paid for any period beyond said date shall be repaid to Tenant. If the Total Casualty. Ifcost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of such replacement value of the Building and insurance proceeds sufficient for restoration are available, during or if despite the Termcost Landlord does not elect to terminate this Lease, Landlord shall restore the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Building and the Leased Premises (to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility improvements to the same condition as existed previously. Leased Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, and Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or terminate this Lease except as necessary for the safe and orderly operation of the Facilityherein provided. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete proportionately xxxxx, except in the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to event such damage resulted or destructionwas contributed to directly or indirectly from the act, such failure fault or neglect of Tenant, Tenant's officers, contractors, agents, employees, invitees or licensees, in which event rent shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited xxxxx only to the extent of available casualty insurance Landlord receives proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that from Landlord's obligations rental income Insurance policy to repair and/or replace pursuant to the provisions compensate Landlord for loss of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsrent.
Appears in 1 contract
Samples: Eschelon Telecom Inc
Damage and Repair. If, during If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable (except for loss deductibles and provided that Landlord has obtained and maintained the Operating Agreement is in effectinsurance policies required to be maintained by Landlord pursuant to this Lease), then Landlord may no later than the sixtieth (60th) day following the damage, give Tenant a notice of election to terminate this Lease. In the event of such election, this Lease shall with all reasonable diligence (i) proceed be deemed to process terminate on the claim with third day after the applicable insurance carriers, including settling giving of such claimnotice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 the Rent and Additional Rent shall be apportioned as of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option of either party upon ninety (90) days' written notice date and to the other party. Such notice must be sent within thirty (30) days after the date of the Total Casualty. If, during the Term, the Facility is damaged by fire, casualty extent such fire or other cause materially interferes with Tenant's Permitted Uses of the Premises and any Rent and Additional Rent paid for any period beyond such date shall be repaid to a greater extent Tenant. If the cost of restoration as estimated by Landlord shall amount to less than a Minor Casualtythirty percent (30%) of said replacement value of the Building and if the insurance proceeds (plus any loss deductibles) are sufficient for restoration are available (Landlord having obtained and maintained the insurance policies required to be maintained by Landlord pursuant to this Lease), but not Landlord shall restore the Building and the Premises (with improvements substantially comparable in quality to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility improvements to the same condition as existed previously. Tenant shall have Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation making of the Facilityinsurance adjustments by Landlord. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the Rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete proportionately xxxxx, except in the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to event such damage resulted from or destructionwas contributed to, such failure directly or indirectly, by the act, fault or neglect of Tenant, Tenant's officers, contractors, agents, employees, clients, customers or licensees, in which event Rent shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited xxxxx only to the extent Landlord receives proceeds from any rental income insurance policy to compensate Landlord for loss of available casualty insurance proceeds (plus the amount Rent hereunder. No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension portion of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain Premises or the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsBuilding.
Appears in 1 contract
Damage and Repair. If, during If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable and the Operating Agreement cost to repair estimated by Landlord is in effectover $100,000, shall with all reasonable diligence (i) proceed then Landlord may no later than the sixtieth day following the damage, give Tenant a notice of election to process terminate this Lease. If the claim with the applicable insurance carriers, including settling such claimPremises are substantially damaged, and if they cannot be substantially repaired within 180 days as estimated by Landlord, Tenant or Landlord has the right to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, cancel this Agreement shall be terminable at the option of either party upon ninety (90) days' written Lease by giving notice to the other party. Such notice must be sent within thirty (30) days of the damage. In the event of such election, this Lease shall be deemed to terminate on the thirtieth (30th) day after the giving of said notice, and Tenant shall surrender possession of the Premises within a reasonable time thereafter, and the Rent and Additional Rent shall be apportioned as of the date of said surrender and any Rent and Additional Rent paid for any period beyond such date shall be repaid to Tenant. If the Total Casualty. Ifcost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building, during and insurance proceeds sufficient for restoration are available, or if Landlord does not elect to terminate this Lease, Landlord shall restore the Term, Building and the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Premises (to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility improvements to the same condition as existed previously. Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, and Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or terminate this Lease except as necessary for the safe and orderly operation of the Facilityherein provided. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the Rent and Additional Rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destructionproportionately xxxxx, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited only to the extent such abatement is of available casualty the type covered by a standard policy of rental loss insurance proceeds (plus the amount to compensate Landlord for such loss. No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any applicable deductibles)portion of the Premises or of the Building. The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill use its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith best efforts to obtain effect such entitlements and/or approvalsrepairs promptly.
Appears in 1 contract
Samples: Letter Agreement (Avenue a Inc)
Damage and Repair. IfIn case of damage to the Premises or the Building by fire or other casualty, during Tenant immediately shall notify Landlord. If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, if insurance proceeds sufficient for full restoration are unavailable for any reason, or Operator if termination is required under the Operating Agreement is in effectMaster Lease or elected by the Master Landlord, then Landlord no later than the sixtieth (60th) day following the damage may give Tenant a notice of election to terminate this Lease. In the event of such election this Lease shall with all reasonable diligence be deemed to terminate on the third (i3rd) proceed to process day after the claim with the applicable insurance carriers, including settling giving of such claimnotice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option of either party upon ninety (90) days' written notice to the other party. Such notice must be sent Premises within thirty (30) days after thereafter, and the Rent shall be apportioned as of the date of Tenant’s surrender and any Rent paid for any period beyond such date shall be repaid to Tenant. If the Total Casualtycost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building and insurance proceeds sufficient for restoration are available, or if Landlord does not elect to terminate this Lease under the second sentence of this Section 16.1. If, during then Landlord shall restore the Term, Building and the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Premises (to the extent of a Total Casualtythe Tenant Improvements originally provided by Landlord hereunder) with reasonable promptness, or if subject to delays beyond Landlord’s control and delays in the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1making of insurance adjustments by Landlord, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facilityterminate this Lease. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds Rent shall be applied to proportionally axxxx during the period of such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to untenantability, unless such damage resulted from or destructionwas contributed to directly or indirectly by the act, such failure fault or neglect of Tenant, Tenant’s officers, contractors, subcontractors, agents, employees, invitees or licensees, in which case Rent shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited axxxx only to the extent Landlord receives proceeds from any rental income insurance policy to compensate Landlord for a loss of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required Rent hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvals.
Appears in 1 contract
Damage and Repair. IfIf the Premises or the portion of the Building or the Property necessary for Tenant’s occupancy are rendered untenantable, due to an insured casualty, then Landlord may, at its option: (a) terminate this Lease as provided herein; or (b) shall diligently restore the Premises and the portion of the Property necessary for Tenant’s occupancy to their previous condition provided, however, if such casualty event occurs during the Termlast 6 months of the Lease Term then either Tenant or Landlord may elect to terminate the Lease. Tenant may only terminate the Lease if Landlord is unable to restore the Premises within 6 months of the casualty event by giving 30 days written notice of termination. If insurance proceeds are not available, or are not sufficient to pay the entire cost of restoring the Premises, then Landlord may elect to terminate the Lease by notifying Tenant within 60 days of the date of such casualty. Tenant’s occupancy shall not be deemed untenantable if 25% or less of each of those areas are damaged or destroyed Tenant’s occupancy shall be deemed untenantable if 50% or more of the rentable area of the Property is damaged or destroyed by a casualty. If Landlord elects to restore the Premises or the Property under this Section, the Retirement Community is damaged Base Rent shall be abated in the same proportion as the untenantable portion of the Premises. An abatement will apply only if the damage or destruction of the Premises or the Property did not result from, or was not contributed to directly, or indirectly by a Minor Casualty, the Tenant, or Operator if the Operating Agreement is in effectTenant’s employees, officers, agents, servants, contractors, customers, clients, visitors, guests, or other licensees or invitees. No damages, compensation or claim shall with all reasonable diligence (i) proceed to process the claim with the applicable insurance carriersbe payable by Landlord for inconvenience, including settling such claimloss of business or annoyance directly, and to make the necessary arrangements with appropriate contractors and suppliers to indirectly, incidentally or consequentially arising from any repair and/or replace the damaged or restoration of any portion of the Facility and (ii) perform Operator's obligations with respect Premises or the Property. Landlord shall have no obligation to such Minor Casualty pursuant carry insurance of any kind for the protection of Tenant; any alterations or improvements paid for by Tenant; any fixtures, equipment, improvements or appurtenances of Tenant under this Lease shall not include any obligation of Landlord to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of the Total Casualty. If, during the Term, the Facility is damaged by fire, casualty repair any damage thereto or other cause to a greater extent than a Minor Casualty, but not to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent available, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalssame.
Appears in 1 contract
Samples: Lease Agreement
Damage and Repair. IfIn case of damage to the Premises or the Building by fire or other casualty, during Tenant shall give immediate notice to Landlord. If the Term, the Retirement Community Building is damaged by fire or any other cause to such extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed 30% of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the sixtieth (60th) day following the damage, give Tenant a Minor Casualtynotice of Landlord's election to terminate this Lease. In the event of such an election, this Lease shall be deemed to terminate on the third (3rd) day after the giving of said notice, Tenant shall surrender possession of the Premises within a reasonable time thereafter, and the Rent shall be apportioned as of the date of said surrender and any Rent paid for any period beyond said date shall be repaid to Tenant. If the cost of restoration as estimated by Landlord shall amount to less than 30% of such replacement value of the Building and insurance proceeds sufficient for restoration are available, or if despite the cost Landlord does not elect to terminate this Lease, Landlord shall restore the Building and the Premises (to the extent of improvements to the Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, and Tenant shall have no right to terminate this Lease except as herein provided. To the extent that the Premises are rendered untenantable, the Rent shall proportionately axxxx, except in the event such damage resulted from or was contributed to, directly, or indirectly, by the act, fault or neglect of Tenant, Tenant's contractors, agents, employees, invitees or Operator if licensees, in which event Rent shall axxxx only to the Operating Agreement extent Landlord receives proceeds from Landlord's rental income insurance policy to compensate Landlord for loss of rent. If the Premises are not restored as described above by that date which is in effect, shall with all reasonable diligence nine (i9) proceed to process months from the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion date of the Facility and (ii) perform Operator's obligations with respect casualty, then, unless Tenant has been relocated as set forth below, Tenant will have the right to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, terminate this Agreement shall be terminable at the option of either party upon ninety (90) days' Lease by giving Landlord written notice to the other party. Such notice must be sent within thirty of such termination no later than ten (3010) days after the date expiration of the Total Casualtynine month period. IfIf Tenant fails to give such notice within the ten day period, during this Lease will continue in full force and effect. If the Term, Premises cannot be restored as described above within the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1nine month period described above, Landlord shallmay, at its cost sole option and expense and with all reasonable diligenceexpense, repair and/or replace elect to relocate Tenant prior to the damaged portion expiration of the Facility nine month period to a reasonable comparable space in the same condition as existed previouslyvicinity of the Building mutually agreed to between Landlord and Tenant. If Landlord elects to so relocate Tenant, Landlord will provide Tenant written notice describing the relocation space for Tenant’s approval. Tenant shall will not unreasonably withhold its approval. Tenant will respond to Landlord’s notice by providing either its approval of the space or its disapproval, with Tenant’s reasons for such disapproval, within ten (10) days after Landlord’s notice. If Tenant fails to respond within the ten day period, Tenant will be deemed to have approved the relocation space. If Landlord relocates Tenant in accordance with this paragraph, then Tenant will not have the right to discontinue operating terminate the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent available, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of Lease under this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage8.1.1, then Landlord shall be entitled to an equitable extension of time (and this Lease will continue in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds full force and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalseffect.
Appears in 1 contract
Samples: Agreement of Lease (Zones Inc)
Damage and Repair. IfIn the event that the Premises are damaged or destroyed, during partially or totally, from any cause that is completely covered by insurance, then Landlord shall within a reasonable time repair, restore and rebuild the TermPremises (not including the tenant improvements described in paragraph 1.3 hereof or any fixtures, equipment, inventory or personalty installed or maintained within the Retirement Community is Premises, which shall be Tenant's sole responsibility) to its condition existing immediately prior to such damage or destruction and this Lease shall remain in full force and effect. In the event that the Premises or part or all of the building of which the Premises are a part are damaged or destroyed, partially or totally, from any cause not completely covered by a Minor Casualty, Tenant, or Operator if the Operating Agreement is in effect, shall with all reasonable diligence (i) proceed to process the claim with the applicable insurance carriers, including settling such claiminsurance, and the cost of repair and restoration to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Landlord will exceed ten percent (lot) of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 full replacement cost of the Operating Agreement. IfPremises or the building of which the Premises are a part, during as the Termcase may be, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option time of either party such damage, Landlord shall have the right to terminate this Lease upon ninety (90) days' written notice to the other party. Such notice must be sent Tenant given within thirty (30) days after following the date event of such damage, unless Tenant (or Tenant acting in concert with other tenant(s) of the Total Casualty. Ifbuilding of which the Premises are a part) shall, during within ten (10) days following receipt of such notice of termination, give notice to Landlord of it or their written agreement to pay for the Termcost of repairs or restoration of the Premises or building of which the Premises are a part, as the Facility is damaged by firecase may be, casualty or other cause to a greater extent than a Minor Casualty, but not to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its that such cost and expense and with all reasonable diligence, repair and/or replace the damaged portion exceeds ten percent (lot) of the Facility to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation full replacement cost of the FacilityPremises or the building of which the Premises are a part, as the case may be, and thereafter make such payment including arrangement for such security as shall be reasonably required by third party contractors as a requirement of the performance of such work. To As used herein, the extent available, casualty term "covered by insurance" shall mean that insurance proceeds shall be applied are payable to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of policies described in this Section 10.1 shall be limited Lease and are actually paid by such insurer(s), subject to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided requirement that Landlord shall undertake good faith make commercially reasonable efforts to obtain such entitlements and/or approvalsproceeds in the event of any breach or delay by such insurer(s) with respect to payment. Any repair, restoration and rebuilding (all of which are herein called "repair") provided for herein shall be commenced within a reasonable time after such damage or destruction has occurred and shall be diligently pursued to completion, subject to the requirements of governmental entities having jurisdiction over such repair and other causes beyond Landlord's reasonable control.
Appears in 1 contract
Samples: Lease (Real Goods Trading Corp)
Damage and Repair. IfIn case of damage to the Premises or the Building by fire or other casualty, during Tenant shall give immediate notice to Landlord. If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed 30% of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the Operating Agreement is in effectsixtieth (60th) day following the damage, give Tenant a notice of election to terminate this Lease. In the event of such an election this Lease shall with all reasonable diligence (i) proceed be deemed to process terminate on the claim with third day after the applicable insurance carriers, including settling such claimgiving of said notice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement Rent and Additional Rent shall be terminable at the option apportioned as of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of said surrender and any Rent paid for any period beyond said date shall be repaid to Tenant. If the Total Casualty. Ifcost of restoration as estimated by Landlord shall amount to less than 30% of such replacement value of the Building and insurance proceeds sufficient for restoration are available, during or if despite the Termcost Landlord does not elect to terminate this Lease, Landlord shall restore the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Building and the Premises (to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility improvements to the same condition as existed previously. Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, and Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or terminate this Lease except as necessary for the safe and orderly operation of the Facilityherein provided. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the Rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete proportionately xxxxx, except in the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to event such damage resulted from or destructionwas contributed to, such failure directly or indirectly, by the act, fault or neglect of Tenant, Tenant's officers, contractors, agents, employees, invitees or licensees, in which event Rent shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited xxxxx only to the extent of available casualty insurance Landlord receives proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that from Landlord's obligations rental income insurance policy to repair and/or replace pursuant to the provisions compensate Landlord for loss of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsrent.
Appears in 1 contract
Damage and Repair. If, during If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable and the Operating Agreement cost to repair estimated by Landlord is in effectover $100,000, shall with all reasonable diligence (i) proceed then Landlord may no later than the sixtieth day following the damage, give Tenant a notice of election to process terminate this Lease. If the claim with the applicable insurance carriers, including settling such claimPremises are substantially damaged, and if they cannot be substantially repaired within 180 days as estimated by Landlord, Tenant or Landlord has the right to make cancel this Lease shall be deemed to terminate on the necessary arrangements with appropriate contractors thirtieth (30/th/) day after the giving of said notice, and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement Rent and Additional Rent shall be terminable at the option apportioned as of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of said surrender and any Rent and Additional Rent paid for any period beyond such date shall be repaid to Tenant. If the Total Casualty. Ifcost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building, during and insurance proceeds sufficient for restoration are available, or if Landlord does not elect to terminate this Lease, Landlord shall restore the Term, Building and the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Premises (to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility improvements to the same condition as existed previously. Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, and Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or terminate this Lease except as necessary for the safe and orderly operation of the Facilityherein provided. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the Rent and Additional Rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destructionproportionately xxxxx, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited only to the extent such abatement is of available casualty the type covered by a standard policy of rental loss insurance proceeds (plus the amount to compensate Landlord for such loss. No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any applicable deductibles)portion of the Premises or of the Building. The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill use its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith best efforts to obtain effect such entitlements and/or approvalsrepairs promptly.
Appears in 1 contract
Samples: Lease Agreement (Avenue a Inc)
Damage and Repair. If, during If the Term, the Retirement Community Building is damaged by fire or any other cause to such extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the sixtieth day following the damage, give Tenant a Minor Casualtynotice of election to terminate this Lease. In the event of such election, this Lease shall be deemed to terminate on the third day after the giving of such notice, and Tenant shall surrender possession of the Premises within a reasonable time thereafter, and the Rent, Pass Through Expenses and Additional Rent shall be apportioned as of the date of Tenant’s surrender and any Rent paid for any period beyond such date shall be repaid to Tenant. If the cost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building and insurance proceeds sufficient for restoration are available, Landlord shall restore the Building and the Premises (with improvements substantially comparable in quality to the improvements to the Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord’s control and delays in the making of insurance adjustments by Landlord; provided, however, that Tenant shall, at Tenant’s sole cost and expense restore all improvements required to be made or made by Tenant hereunder. To the extent that the Premises are rendered untenantable, the Rent shall, as Tenant’s sole and exclusive remedy (except as set forth in this paragraph) proportionately axxxx, except in the event such damage resulted from or was contributed to, directly or indirectly, by the act, fault or neglect of Tenant, Tenant’s officers, contractors, agents, employees, clients, customers or Operator if licensees, in which event Rent shall axxxx only to the Operating Agreement is in effectextent Landlord receives proceeds from any rental income insurance policy to compensate Landlord for loss of Rent hereunder. No damages, compensation or claim shall with all reasonable diligence (i) proceed to process the claim with the applicable insurance carriersbe payable by Landlord for inconvenience, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to loss of business or annoyance arising from any repair and/or replace the damaged or restoration of any portion of the Facility and Premises or the Building. In addition, if fifty percent (ii50%) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 or more of the Operating Agreement. Ifrentable square footage of the Premises is damaged or destroyed and repair thereof would reasonably (in the certified opinion of an independent contractor mutually selected by Landlord and Tenant) take more than six (6) months to repair or if Tenant is prevented access to the Premises for a period in excess of six (6) months, during the Term, the Facility suffers a Total Casualty, this Agreement Tenant shall be terminable at have the option (except in cases of either party Tenant’s willful misconduct), as Tenant’s sole and exclusive remedy (except as expressly provided above), to terminate this Lease upon ninety (90) days' written giving notice to the other party. Such notice must be sent Landlord of exercise thereof within thirty (30) days after the date of the Total Casualty. If, during the Term, the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent available, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destruction, such failure and if Tenant exercises its option to terminate, then Tenant shall be a not have to rebuild the Premises so long as Tenant tenders to Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions an assignment of this Section 10.1 shall be limited any insurance proceeds to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsreceived.
Appears in 1 contract
Samples: Sublease (Marchex Inc)
Damage and Repair. If, during If the Term, Buildings or the Retirement Community is Premises are damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Buildings (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the Operating Agreement is in effectsixtieth (60th) day following the damage, shall with all reasonable diligence give Tenant a notice of Landlord’s election to terminate this Lease. In addition, if Landlord’s estimate shows that it will take longer than one hundred and eighty (i) proceed to process the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement shall be terminable at the option of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30180) days after from the date of casualty to restore the Total Casualty. If, during the Term, the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Premises to the extent condition they were in before such damage, Tenant may elect to terminate this Lease. In the event of such election this Lease shall be deemed to terminate on the third day after the giving of such notice, and Tenant shall surrender possession of the Premises within a Total Casualtyreasonable time thereafter, and the Rent and Additional Rent shall be apportioned as of the date of Tenant’s surrender and any Rent paid for any period beyond such date shall be repaid to Tenant. If the cost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Buildings and insurance proceeds sufficient for restoration are available, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1this Lease, Landlord shallshall restore the Buildings and the Premises (to a functional unit similar to the Premises prior to such damages) with reasonable promptness, at its cost subject to delays beyond Landlord’s control and expense delays in the making of insurance adjustments by Landlord, and with Tenant shall have no other right to terminate this Lease except as provided in this Section 15. If all reasonable diligence, repair and/or replace the damaged or any portion of the Facility Premises are to be restored, the Rent and Additional Rent shall xxxxx as to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation portion of the Facility. To the extent available, Premises damaged by said casualty insurance proceeds shall be applied and/or made reasonably unusable by Tenant due to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement casualty until such portion of the Facility so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsPremises are completely restored.
Appears in 1 contract
Samples: Lease Agreement (Blue Nile Inc)
Damage and Repair. IfIn case of damage to the Leased Premises or the Building by fire or other casualty, during Tenant shall give immediate notice to Landlord. If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the Operating Agreement is in effectsixtieth (60th) day following the damage, give tenant a notice of election to terminate this Lease. In the event of such an election this Lease shall with all reasonable diligence be deemed to terminate on the third (i3rd) proceed to process day after the claim with the applicable insurance carriers, including settling such claimgiving of said notice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Leased Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement Monthly Base Rent shall be terminable at the option apportioned as of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of said surrender and any rent paid for any period beyond said date shall be repaid to Tenant. If the Total Casualty. Ifcost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of such replacement value of the Building and insurance proceeds sufficient for restoration are available, during or if despite the Termcost Landlord does not elect to terminate this Lease, Landlord shall restore the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Building and the Leased Premises (to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility improvements to the same condition as existed previously. Leased Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, and Tenant shall have the no right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or terminate this Lease except as necessary for the safe and orderly operation of the Facilityherein provided. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete proportionately xxxxx, except in the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to event such damage resulted or destructionwas contributed to directly or indirectly, such failure from the act, fault or neglect of Tenant, Tenant's officers, contractors, agents, employees, invitees or licensees, in which event rent shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited xxxxx only to the extent of available casualty insurance Landlord receives proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that from Landlord's obligations rental income Insurance policy to repair and/or replace pursuant to the provisions compensate Landlord for loss of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsrent.
Appears in 1 contract
Samples: Lease (Eschelon Telecom Inc)
Damage and Repair. If, during If any of the Term, Buildings containing the Retirement Community Premises is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the Operating Agreement is in effectthirtieth day following the damage, give Tenant a notice of Landlord's election to terminate this Lease. In the event of such election, this Lease shall with all reasonable diligence (i) proceed be deemed to process terminate on the claim with third day after the applicable insurance carriers, including settling giving of such claimnotice, and Tenant shall surrender possession of the Premises within a reasonable time thereafter, and the Rent and Additional Rent shall be apportioned as of the date of Tenant's surrender and any Rent paid for any period beyond such date shall be repaid to make Tenant. If the necessary arrangements cost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building and insurance proceeds sufficient for restoration are available, or if Landlord does not elect to terminate this Lease, Landlord shall restore the Building and the Premises (to the extent of the improvements to the Premises originally provided by Landlord hereunder) with appropriate contractors reasonable promptness, subject to delays beyond Landlord's control and suppliers delays in the making of insurance adjustments by Landlord, and Tenant shall have no right to repair and/or replace terminate this Lease except as provided in this Section 13. To the damaged extent that any portion of the Facility and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the TermPremises are rendered untenantable, the Facility suffers Rent and Additional Rent shall proportionately abatx, xxcept in the event such damage resulted from or was caused, directly or indirectly, by the willful misconduct of Tenant, Tenant's officers, agents, or employees, in which event Rent shall abatx xxxy to the extent Landlord receives proceeds from any rental income insurance policy to compensate Landlord for loss of Rent hereunder. In the event Landlord intends to restore the Building and the Premises, as provided herein, it will provide Tenant with a Total Casualty, this Agreement shall be terminable at schedule for such restoration. If the option of either party upon restoration is scheduled to take more than ninety (90) days' written notice days to the other party. Such notice must be sent within thirty (30) days after the date of the Total Casualty. Ifcomplete, during the Term, the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shallTenant, at its cost and expense and with all reasonable diligenceoption, repair and/or replace may terminate the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent available, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsLease.
Appears in 1 contract
Damage and Repair. If, during If the Term, Premises or the Retirement Community is damaged by a Minor Casualty, Tenant, or Operator if the Operating Agreement is in effect, shall with all reasonable diligence (i) proceed to process the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of the Facility Building or the Property necessary for Tenant's occupancy are partially damaged but not rendered untenantable, by fire or other insured casualty, then Landlord shall diligently restore the Premises and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 the portion of the Operating AgreementProperty necessary for Tenant's occupancy to the extent required below and this Lease shall not terminate. Tenant may, however, terminate the Lease if Landlord is unable to restore the Premises within six (6) months of the casualty event by giving twenty (20) days written notice of termination. The Premises or the portion of the Building or the Property necessary for Tenant's occupancy shall not be deemed untenantable if twenty-five percent (25%) or less of each of those areas are damaged. If insurance proceeds are not available or are not sufficient to pay the entire cost of restoring the Premises, or if Landlord's lender does not permit all or any part of the insurance proceeds to be applied toward restoration, then Landlord may elect to terminate this Lease and keep the insurance proceeds, by notifying Tenant within sixty (60) days of the date of such casualty. If the Premises, the portion of the Building or the Property necessary for Tenant's occupancy, or 50% or more of the rentable area of the Property are entirely destroyed, or partially damaged and rendered untenantable, by fire or other casualty, Landlord may, at its option: (a) terminate this Lease as provided herein, or (b) restore the Premises and the portion of the Property necessary for Tenant's occupancy to their previous condition to the extent required below; provided, however, if such casualty event occurs during the last six (6) months of the Lease term (after considering any option to extend the term timely exercised by Tenant) then either Tenant or Landlord may elect to terminate the Lease. If, during within 60 days after receipt by Landlord from Tenant of written notice that Tenant deems the TermPremises or the portion of the Property necessary for Tenant's occupancy untenantable, Landlord fails to notify Tenant of its election to restore those areas, or if Landlord is unable to restore those areas within six (6) months of the Facility suffers a Total Casualtydate of the casualty event, this Agreement shall be terminable at then Tenant may elect to terminate the option of either party Lease upon ninety twenty (9020) days' written notice to Landlord unless Landlord, within such twenty (20) day period, notifies Tenant that it will in fact restore the other party. Such notice must be sent within thirty (30) days after the date of the Total Casualty. If, during the Term, the Facility is damaged by fire, casualty Premises or other cause to a greater extent than a Minor Casualty, but not actually completes such restoration work to the extent of a Total Casualtyrequired below, as applicable. If Landlord restores the Premises or if the Facility suffers a Total Casualty but neither party elects to terminate Property under Section 10.1this Section, Landlord shallshall proceed with reasonable diligence to complete the work, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged Rent shall be abated in the same proportion as the untenantable portion of the Facility Premises bears to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent availablewhole Premises, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so provided that it shall be substantially the same as it was prior to such damage or destruction, such failure there shall be a rent abatement only if the damage or destruction of the Premises or the Property did not result from, or was not contributed to directly or indirectly by the act, fault or neglect of Tenant, or Tenant's employees, officers, agents, servants, contractors, customers, clients, visitors, guests, or other licensees or invitees. No damages, compensation or claim shall be payable by Landlord Default for inconvenience, loss of business or annoyance directly, incidentally or consequentially arising from any repair or restoration of any portion of the Premises or the Property. Landlord shall have no obligation to carry insurance of any kind for the protection of Tenant; any alterations or improvements paid for by Landlord. The parties agree that Tenant; any Tenant's Work identified in Exhibit C (regardless of who may have completed them); Tenant's furniture; or on any fixtures, equipment, improvements or appurtenances of Tenant under this Lease, and Landlord's restoration obligations hereunder shall not include any obligation to repair and/or any damage thereto or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalssame.
Appears in 1 contract
Samples: Lease Agreement
Damage and Repair. If, during If the Term, Building or the Retirement Community is Premises are damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the Operating Agreement is in effectsixtieth (60th) day following the damage, give Tenant a notice of Landlord's election to terminate this Lease. In the event of such election this Lease shall with all reasonable diligence (i) proceed be deemed to process terminate on the claim with third day after the applicable insurance carriers, including settling giving of such claimnotice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement Rent and Additional Rent shall be terminable at the option apportioned as of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of Tenant's surrender and any Rent paid for any period beyond such date shall be repaid to Tenant. If the Total Casualtycost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building and insurance proceeds sufficient for restoration are available, or if Landlord does not elect to terminate this Lease, Landlord shall restore the Building and the Premises (to a functional unit similar to the Premises prior to such damages) with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, and Tenant shall have no right to terminate this Lease except as provided in this Section 13. If, during If the TermPremises are to be restored, the Facility is damaged Rent shall be reduced, based on the proportion of the square footage of the Premises rendered untenantable, except in the event such damage resulted from or was contributed to, directly or indirectly, by firethe act, casualty fault or other cause to a greater extent than a Minor Casualtyneglect of Tenant, but not Tenant's officers, contractors, agents, employees, invitees or licensees, in which event Rent shall abate only to the extent Landlord receives proceeds from any rental xxxxxe insurance policy to compensate Landlord for loss of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facility. To the extent available, casualty insurance proceeds shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited to the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required Rent hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvals.
Appears in 1 contract
Samples: Lease Agreement (Aptimus Inc)
Damage and Repair. If, during If the Term, the Retirement Community Building is damaged by a Minor Casualtyfire or any other cause to such extent that the cost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage, or Operator if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the Operating Agreement is in effectsixty (60) days following the damage, give Tenant a notice of its election to terminate this Lease. In the event of such election, this Lease shall with all reasonable diligence (i) proceed be deemed to process terminate on the claim with third day after the applicable insurance carriers, including settling such claimgiving of said notice, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion Tenant shall surrender possession of the Facility Premises within a reasonable time thereafter, and (ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 of the Operating Agreement. If, during the Term, the Facility suffers a Total Casualty, this Agreement Rent and Additional Rent shall be terminable at the option apportioned as of either party upon ninety (90) days' written notice to the other party. Such notice must be sent within thirty (30) days after the date of said surrender and any Rent and Additional Rent paid for any period beyond such date shall be repaid to Tenant. If the Total Casualty. Ifcost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building and insurance proceeds sufficient for restoration are available, during or if Landlord does not elect to terminate this Lease, Landlord shall restore the Term, Building and the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not Premises (to the extent of a Total Casualtyimprovements to the Premises originally provided by Landlord hereunder) with reasonable promptness, or if subject to delays beyond Landlord's control and delays in the Facility suffers a Total Casualty but neither party elects making of insurance adjustments by Landlord, and Tenant shall have no right to terminate under Section 10.1this Lease except as herein provided. However, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously. Tenant shall have the right to discontinue operating terminate the Facility Lease 180 days after the damage upon 10 days prior written notice to Landlord if it reasonably appears that the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe Building and orderly operation Premises cannot be restored within 270 days of the Facilitydamage. To the extent availablethat the Premises are rendered untenantable, casualty insurance proceeds the Rent and Additional Rent shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete proportionately abatx, xxcept in the repair and/or replacement of the Facility so that it shall be substantially the same as it was prior to event such damage resulted from or destructionwas contributed to, such failure directly or indirectly, by the act, fault or neglect of Tenant, Tenant's officers, contractors, agents, employees, clients, customers, or licensees, in which event Rent and Additional Rent shall be a Landlord Default by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be limited abatx only to the extent Landlord receives proceeds from any rental income insurance policy to compensate Landlord for such loss. No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of available casualty insurance proceeds (plus the amount business or annoyance arising from any repair or restoration of any applicable deductibles)portion of the Premises or of the Building. The parties further agree that if Landlord is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgage, then Landlord shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant to the provisions of this Section 10.1) sufficient to allow Landlord to obtain the necessary funding to replace such spent casualty insurance proceeds and to make the repairs and/or replacements required hereunder. The parties further agree that Landlord's obligations to repair and/or replace pursuant to the provisions of this Section 10.1 shall be subject to Landlord's ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith use all reasonable efforts to obtain effect such entitlements and/or approvalsrepairs promptly.
Appears in 1 contract
Samples: Lease Agreement (Telecommunication Systems Inc /Fa/)