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. A. If, during the TermTerm with respect to any Hotel, such Hotel shall be totally or partially destroyed and the Retirement Community Hotel is damaged by a Minor Casualtythereby rendered Unsuitable for Its Permitted Use, Tenant, or Operator if the Operating (1) Manager may terminate this 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 Hotel by sixty (60) days’ written notice to Section 15.01 Tenant and Landlord (which Termination shall not be deemed due to a Manager Default), or (2) if the Lease has been terminated as a result of such casualty, Tenant may terminate this Agreement with respect to such Hotel by written notice to Manager and Landlord, whereupon, this Agreement and the Operating Agreement. Lease, with respect to such Hotel, shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage.
B. If, during the TermTerm with respect to any Hotel, 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 such Hotel is damaged or destroyed by fire, casualty or other cause but is not rendered Unsuitable for Its Permitted Use and the Lease is not terminated in accordance with its terms with respect to a greater extent than a Minor Casualtysuch Hotel, but not subject to Sections 6.02.C and 6.02.D below, and provided there then exists no Manager Default which arises from acts or failures to act by Manager with respect to such Hotel, then Tenant shall forward to Manager the extent of a Total Casualty, funds necessary to repair 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 or destroyed portion of the Facility Hotel to the same condition as existed previously. Tenant previously and Manager shall have the right to discontinue operating the Facility Hotel to the extent it deems necessary to comply with applicable Legal Requirements law, ordinance, regulation or order or as necessary for the safe and orderly operation of the FacilityHotel.
C. 1. To If the extent available, casualty cost of the repair or restoration of a Hotel is less than the sum of the deductible plus the amount of insurance proceeds received by Landlord or Tenant, Tenant shall be applied required to make available the funds necessary (minus the amount of such repairs and/or replacements. If Landlord fails deductible) to so promptly commence cause such Hotel to be repaired 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 restored to the extent of available casualty such insurance proceeds (plus the proceeds. 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 deductible shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant funded first from the Reserve for the applicable Hotel, and to the provisions of this Section 10.1) sufficient to allow Landlord to obtain extent such Reserve is insufficient therefor, 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 balance shall be subject funded by Tenant, and any such funding by Tenant shall result in an adjustment to Landlord's ability Tenant’s Priority with respect to obtain such entitlements and/or other governmental approvals Hotel as may if Tenant had made a lump sum deposit into the Reserve for such Hotel, in the manner set forth in the definition of Tenant’s Priority, and the Addendum applicable to such Hotel shall be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsrevised in accordance therewith.
Appears in 4 contracts
Samples: Management Agreement (Service Properties Trust), Management Agreement (Service Properties Trust), Management Agreement (Service Properties Trust)
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 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), Deed of Lease (CNL Retirement Properties 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 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: Lease Agreement (iCap Vault 1, LLC), Lease Agreement (iCap Vault 1, LLC)
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 plans and specifications approved by Landlord Portions of this exhibit that have been marked by [***] have been omitted pursuant to 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 applicable plans or specifications and, if applicable, within five (5) Business days after Landlord receives any modifications of said plans or specifications to accommodate Landlord’s comments) and (iii) in accordance with the other provisions of this Agreement, including Section 3.10 to the extent applicable; provided further, that the parties agree that the standard for such repair and/or replacement shall be to repair and/or replace the damaged portion of such Community to levels of quality and quantity that are substantially the same as those that existed with respect to such Minor Casualty pursuant portion of such Community prior to Section 15.01 the occurrence of the Operating Agreementdamage 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 well as any contracts with such contractors and/or suppliers. Tenant shall not be entitled to any additional compensation for performing its obligations regarding any Minor Casualty. Tenant agrees to provide all information with respect to repair and/or replacement of the damaged portion of such Community and the performance thereof as Landlord reasonably requests.
9.8.2 [***].
9.8.3 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 any Community 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 then Tenant shall promptly give Landlord notice of the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, same. Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility such Community to the same condition as existed previously. Tenant shall notify the appropriate insurer and shall assist Landlord in working with such insurers, including, without limitation, the settlement of any claim; provided, however, that Tenant shall not settle or execute a final proof of loss without Landlord’s consent. After such a casualty, Tenant shall have the right to discontinue operating the Facility any Community to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facilitysuch Community. To the extent available, casualty proceeds from the property insurance proceeds described in Section 10 of this Agreement shall be applied to such repairs and/or replacements. If Landlord fails to so promptly commence and complete the repair repairing and/or replacement of the Facility any Community so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Landlord an Event of Default by LandlordLandlord following the applicable notice and cure period provided as described in Section 14.1.1. The parties agree that Landlord's ’s obligations to repair and/or replace pursuant to the provisions of this Section 10.1 9.8.3 shall be limited to the extent of available casualty property 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 mortgageCommunity 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 10.19.8.3) that is 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 ’s obligation to repair and/or replace pursuant to the provisions of this Section 10.1 9.8.3 shall be subject to Landlord's ’s ability to obtain such entitlements and/or other governmental approvals and Licenses from all applicable Governmental Authorities as may be necessary to undertake such repair and/or replacement; provided provided, however, that Landlord shall Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission. undertake good faith efforts to obtain such entitlements and/or approvals. If, after using good faith efforts to obtain such entitlements and/or approvals, Landlord is unable to obtain the same, Landlord shall provide notice thereof to Tenant and such casualty shall be deemed for all purposes a Total Casualty and governed by the provisions of Section 9.8.2 above. In the event Tenant assists with or otherwise supervises Landlord’s obligations to repair and/or replace the damaged portion of any Community pursuant to this Section 9.8.3 (or in the event Landlord or Tenant does not terminate this Agreement with respect to such Community pursuant to Section 9.8.2 above and Landlord proceeds to repair or make replacements with respect to such Community with Tenant’s assistance or supervision), such repairs and/or replacement shall remain the sole cost and expense of Landlord, and Landlord shall pay Tenant a project coordination and supervision fee in an amount as may be agreed to by the parties in connection with Tenant’s agreement to so assist with or so supervise such work; provided, however, that in lieu of requesting Tenant’s assistance or supervision, Landlord may instead engage a third party to provide such services to Landlord and pay such third party for such services.
Appears in 2 contracts
Samples: Master Lease and Security Agreement (Brookdale Senior Living Inc.), Master Lease and Security Agreement (Hcp, Inc.)
Damage and Repair. (a) If, during the Term, the Retirement Community a Hotel is damaged by a Minor Casualty, Tenantthen Tenant shall proceed, or Operator if the Operating Agreement is in effectcause Manager to proceed, shall with all reasonable diligence (i) proceed diligence, to process the claim with the applicable insurance carriers, including including, without limitation, settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of such Hotel. Landlord’s consent shall not be needed for Tenant or Manager to perform any of the Facility and foregoing, all of which shall be performed in accordance with Tenant’s reasonable judgment; provided, that all such work shall be undertaken (i) in a workmanlike manner, (ii) perform Operator's obligations in accordance with the provisions of Section 11.3, and (iii) in accordance with plans and specifications approved by Landlord (which approval or disapproval shall be made within 10 Business Days after Landlord receives the applicable plans or specifications and, if applicable, within 10 Business Days after Landlord receives any modifications of said plans or specifications to accommodate Landlord’s comments); provided, that the parties agree that the standard for such repair and/or replacement shall be to repair and/or replace the damaged portion of such Hotel to levels of quality and quantity that are equal to those that existed with respect to such Minor Casualty pursuant portion of such Hotel prior to Section 15.01 the occurrence of the Operating Agreementdamage at issue. Landlord agrees to sign promptly any documents which are necessary to process and/or adjust the claim with the insurance carriers, as well as any contracts with such contractors and/or suppliers.
(b) If, during the Term, the Facility a Hotel 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, then Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility such Hotel to the same condition as existed previously. Tenant Such damage or destruction shall not terminate this Lease. Notwithstanding any provisions of this Article 10 to the contrary, if a Hotel suffers a Total Casualty during the last 24 months of the Term, then either party shall have the right to discontinue operating the Facility terminate this Lease with respect to such Hotel by giving Notice to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for other within 30 days after the safe and orderly operation date 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, whereupon all accrued Rent with respect to such failure Hotel shall be a Landlord Default paid immediately, this Lease shall automatically terminate with respect to such Hotel five (5) days after the date of such Notice and, upon such termination, Minimum Rent payable hereunder shall be reduced by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant an amount equal to the provisions Minimum Rent allocated to the applicable Hotel set forth in Exhibit A and the Thresholds shall be reduced by the applicable Threshold Allocation. “Threshold Allocation” means (only for purposes of this Section 10.1 shall be limited Article 10), with respect to any applicable Hotel and as applied to the extent Thresholds, an amount calculated by multiplying the Thresholds by a fraction, the numerator of available casualty insurance proceeds (plus which is 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 Minimum Rent allocated to the provisions applicable Hotel as set forth in Exhibit A, and the denominator of this Section 10.1) sufficient to allow Landlord to obtain which is the necessary funding to replace such spent casualty insurance proceeds and to make aggregate Minimum Rent for all of 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 Hotels 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.set forth in Exhibit A.
Appears in 2 contracts
Samples: Lease Agreement (ESH Hospitality, Inc.), Lease Agreement (ESH Hospitality LLC)
Damage and Repair. (a) If, during the Term, the Retirement Community a Hotel is damaged by a Minor Casualty, Tenantthen Tenant shall proceed, or Operator if the Operating Agreement is in effectcause Manager to proceed, shall with all reasonable diligence (i) proceed diligence, to process the claim with the applicable insurance carriers, including including, without limitation, settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of such Hotel. Landlord’s consent shall not be needed for Tenant or Manager to perform any of the Facility and foregoing, all of which shall be performed in accordance with Tenant’s reasonable judgment; provided, that all such work shall be undertaken (i) in a workmanlike manner, (ii) perform Operator's obligations in accordance with the provisions of Section 11.2, and (iii) in accordance with plans and specifications approved by Landlord (which approval or disapproval shall be made within 10 Business Days after Landlord receives the applicable plans or specifications and, if applicable, within 10 Business Days after Landlord receives any modifications of said plans or specifications to accommodate Landlord’s comments); provided, that the parties agree that the standard for such repair and/or replacement shall be to repair and/or replace the damaged portion of such Hotel to levels of quality and quantity that are equal to those that existed with respect to such Minor Casualty pursuant portion of such Hotel prior to Section 15.01 the occurrence of the Operating Agreementdamage at issue. Landlord agrees to sign promptly any documents which are necessary to process and/or adjust the claim with the insurance carriers, as well as any contracts with such contractors and/or suppliers.
(b) If, during the Term, the Facility a Hotel suffers a Total Casualty, then Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of such Hotel to the same condition as existed previously. Such damage or destruction shall not terminate this Agreement shall be terminable at Lease. Notwithstanding any provisions of this Article 10 to the option contrary, if a Hotel suffers a Total Casualty during the last 24 months of the Term, then either party upon ninety (90) days' written notice shall have the right to terminate this Lease with respect to such Hotel by giving Notice to the other party. Such notice must within 30 days after the date of damage or destruction, whereupon all accrued Rent with respect to such Hotel shall be sent within thirty paid immediately, this Lease shall automatically terminate with respect to such Hotel five (305) days after the date of such Notice and, upon such termination, Minimum Rent payable hereunder shall be reduced by an amount equal to the Total Casualty. Minimum Rent allocated to the applicable Hotel set forth in Exhibit A.
(c) If, during the Term, the Facility a Hotel is damaged by fire, casualty 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, then Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility such Hotel to the same condition as existed previously. Tenant shall have the right to discontinue operating operating, or cause Manager to discontinue operating, the Facility Hotel to the extent it Tenant deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the Facilitysuch Hotel. To the extent available, casualty proceeds from the insurance proceeds described in Section 9.1 of this Lease 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 ’s obligations to repair and/or replace pursuant to the provisions of this Section 10.1 10.1(c) 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 mortgageMortgage, 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 10.110.1(c)) that is 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 ’s obligations to repair and/or replace pursuant to the provisions of this Section 10.1 10.1(c) shall be subject to Landlord's ’s ability to obtain such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided provided, that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvals.
(d) All insurance proceeds payable by reason of any loss of or damage to any of Tenant’s Personal Property shall be paid to Tenant, and, to the extent necessary to repair or replace Tenant’s Personal Property in accordance with this Section 10.1(d), Tenant shall hold such proceeds to pay the cost of repairing or replacing damaged Tenant’s Personal Property and, if this Lease terminates, pay the same over to Landlord. If Landlord undertakes to restore the Leased Property as hereinabove provided, then Tenant shall either (i) restore all of Tenant’s Personal Property, if any, or (ii) replace Tenant’s Personal Property, if any, with items of the same or better quality and utility to the operation of the Leased Property.
Appears in 2 contracts
Samples: Lease Agreement (ESH Hospitality, Inc.), Lease Agreement (ESH Hospitality, Inc.)
Damage and Repair. (a) If, during the Term, the Retirement Community a Hotel is damaged by a Minor Casualty, Tenantthen Tenant shall proceed, or Operator if the Operating Agreement is in effectcause Manager to proceed, shall with all reasonable diligence (i) proceed diligence, to process the claim with the applicable insurance carriers, including including, without limitation, settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of such Hotel. Landlord’s consent shall not be needed for Tenant or Manager to perform any of the Facility and foregoing, all of which shall be performed in accordance with Tenant’s reasonable judgment; provided, that all such work shall be undertaken (i) in a workmanlike manner, (ii) perform Operator's obligations in accordance with the provisions of Section 11.2, and (iii) in accordance with plans and specifications approved by Landlord (which approval or disapproval shall be made within 10 Business Days after Landlord receives the applicable plans or specifications and, if applicable, within 10 Business Days after Landlord receives any modifications of said plans or specifications to accommodate Landlord’s comments); provided, that the parties agree that the standard for such repair and/or replacement shall be to repair and/or replace the damaged portion of such Hotel to levels of quality and quantity that are equal to those that existed with respect to such Minor Casualty pursuant portion of such Hotel prior to Section 15.01 the occurrence of the Operating Agreementdamage at issue. Landlord agrees to sign promptly any documents which are necessary to process and/or adjust the claim with the insurance carriers, as well as any contracts with such contractors and/or suppliers.
(b) If, during the Term, the Facility a Hotel 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, then Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility such Hotel to the same condition as existed previously. Tenant Such damage or destruction shall not terminate this Lease. Notwithstanding any provisions of this Article 10 to the contrary, if a Hotel suffers a Total Casualty during the last 24 months of the Term, then either party shall have the right to discontinue operating the Facility terminate this Lease with respect to such Hotel by giving Notice to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for other within 30 days after the safe and orderly operation date 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, whereupon all accrued Rent with respect to such failure Hotel shall be a Landlord Default paid immediately, this Lease shall automatically terminate with respect to such Hotel five (5) days after the date of such Notice and, upon such termination, Minimum Rent payable hereunder shall be reduced by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant an amount equal to the provisions Minimum Rent allocated to the applicable Hotel set forth in Exhibit A and the Thresholds shall be reduced by the applicable Threshold Allocation. “Threshold Allocation” means (only for purposes of this Section 10.1 shall be limited Article 10), with respect to any applicable Hotel and as applied to the extent Thresholds, an amount calculated by multiplying the Thresholds by a fraction, the numerator of available casualty insurance proceeds (plus which is 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 Minimum Rent allocated to the provisions applicable Hotel as set forth in Exhibit A, and the denominator of this Section 10.1) sufficient to allow Landlord to obtain which is the necessary funding to replace such spent casualty insurance proceeds and to make aggregate Minimum Rent for all of 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 Hotels 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.set forth in Exhibit A.
Appears in 2 contracts
Samples: Lease Agreement (Extended Stay America, Inc.), Lease Agreement (ESH Hospitality 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, 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: Lease Addendum (Bsquare Corp /Wa), Lease Agreement (Bsquare Corp /Wa)
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 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. (a) If, during the Term, the Retirement Community a Hotel is damaged by a Minor Casualty, Tenantthen Tenant shall proceed, or Operator if cause the Operating Agreement is in effectManagement Parties to proceed, shall with all reasonable diligence (i) proceed diligence, to process the claim with the applicable insurance carriers, including including, without limitation, settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of such Hotel. Landlord’s consent shall not be needed for Tenant or the Facility and Management Parties to perform any of the foregoing, all of which shall be performed in accordance with Tenant’s reasonable judgment; provided, that all such work shall be undertaken (i) in a workmanlike manner, (ii) perform Operator's obligations in accordance with the provisions of Section 11.3, and (iii) in accordance with plans and specifications approved by Landlord (which approval or disapproval shall be made within 10 Business Days after Landlord receives the applicable plans or specifications and, if applicable, within 10 Business Days after Landlord receives any modifications of said plans or specifications to accommodate Landlord’s comments); provided, that the parties agree that the standard for such repair and/or replacement shall be to repair and/or replace the damaged portion of such Hotel to levels of quality and quantity that are equal to those that existed with respect to such Minor Casualty pursuant portion of such Hotel prior to Section 15.01 the occurrence of the Operating Agreementdamage at issue. Landlord agrees to sign promptly any documents which are necessary to process and/or adjust the claim with the insurance carriers, as well as any contracts with such contractors and/or suppliers.
(b) If, during the Term, the Facility a Hotel 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, then Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility such Hotel to the same condition as existed previously. Such damage or destruction shall not terminate this Lease. Notwithstanding any provisions of this Article 10 to the contrary, if a Hotel suffers a Total Casualty during the last 24 months of the Term, then either of Landlord and Tenant shall have the right to discontinue operating the Facility terminate this Lease with respect to such Hotel by giving Notice to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for other within 30 days after the safe and orderly operation date 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, whereupon all accrued Rent with respect to such failure Hotel shall be a Landlord Default paid immediately, this Lease shall automatically terminate with respect to such Hotel five (5) days after the date of such Notice and, upon such termination, Minimum Rent payable hereunder shall be reduced by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant an amount equal to the provisions of this Section 10.1 Minimum Rent allocated to the applicable Hotel set forth in Exhibit A and the Thresholds 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.reduced by the
Appears in 1 contract
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 1 contract
Samples: Lease Agreement
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 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 written 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 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’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. 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 (Kush Bottles, 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. 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 Casualtynotifying Tenant within sixty (60) days of the date of such casualty. LANDLORD WILL, TenantHOWEVER, CARRY "FULL REPLACEMENT COST" INSURANCE. If the Premises are entirely destroyed, or Operator if partially damaged and rendered TOTALLY 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 within 60 days after receipt by Landlord from Tenant of either party upon ninety (90) days' written notice that Tenant REASONABLY deems the Premises untenantable, Landlord fails to notify Tenant of its election to restore the other party. Such notice must be sent Premises, or if Landlord is unable to restore the Premises within thirty six (306) days after 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 10.114(a), 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, the neglect of Tenant, or Tenant's officers, contractors, licensees, agents, servants, employees, guests, OR invitees. Provided, Landlord Default complies with its obligations under this Section, no damages, compensation or claim shall be payable by Landlord 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 any improvements paid for by Tenant or as provided in Exhibit B 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's negligence. 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 LEASE AGREEMENT (plus the amount of any applicable deductiblesSINGLE TENANT FOR ENTIRE PARCEL - TRIPLE NET) (CONTINUED). 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 1 contract
Damage and Repair. A. If, during the Term, the Retirement Community Hotel shall be totally or partially destroyed and the Hotel is damaged thereby rendered Unsuitable for Its Permitted Use, (1) Manager may terminate this Agreement by sixty (60) days’ written notice to Tenant and Landlord (which Termination shall not be deemed due to a Minor Casualty, TenantManager Default), or Operator (2) if the Operating Lease has been terminated as a result of such casualty, Tenant may terminate this Agreement is in effectby written notice to Manager and Landlord, whereupon, this Agreement and the Lease, shall with all reasonable diligence (i) proceed terminate and Landlord shall be entitled to process retain the claim with the applicable insurance carriers, including settling proceeds payable on account of 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. damage.
B. 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 Hotel is damaged or destroyed by fire, casualty or other cause but is not rendered Unsuitable for Its Permitted Use and the Lease is not terminated in accordance with its terms, subject to a greater extent than a Minor CasualtySections 6.02.C and 6.02.D below, but not and provided there then exists no Manager Default which arises from acts or failures to act by Manager, then Tenant shall forward to Manager the extent of a Total Casualty, funds necessary to repair 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 or destroyed portion of the Facility Hotel to the same condition as existed previously. Tenant previously and Manager shall have the right to discontinue operating the Facility Hotel to the extent it deems necessary to comply with applicable Legal Requirements law, ordinance, regulation or order or as necessary for the safe and orderly operation of the FacilityHotel.
C. 1. To If the extent available, casualty cost of the repair or restoration of the Hotel is less than the sum of the deductible plus the amount of insurance proceeds received by Landlord or Tenant, Tenant shall be applied required to make available the funds necessary (minus the amount of such repairs and/or replacements. If Landlord fails deductible) to so promptly commence cause the Hotel to be repaired 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 restored to the extent of available casualty such insurance proceeds (plus the proceeds. 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 deductible shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant funded first from the Reserve for the Hotel, and to the provisions of this Section 10.1) sufficient extent such Reserve is insufficient therefor, the balance shall be funded by Tenant, and any such funding by Tenant shall result in an adjustment 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 Tenant’s Priority with respect to the provisions Hotel as if Tenant had made a lump sum deposit into the Reserve for the Hotel, in the manner set forth in the definition of this Section 10.1 Tenant’s Priority, and the Addendum applicable to the Hotel 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 approvalsrevised in accordance therewith.
Appears in 1 contract
Damage and Repair. IfIf either Landlord or Tenant terminates the Master Lease as a result of condemnation of or casualty to the Subleased Premises, Master Premises, or Building or Property in accordance with the Master Lease, this Sublease shall terminate on the same date and in accordance therewith. If the Subleased Premises or the portion of the Building or Property reasonably necessary for Subtenant’s occupancy are damaged, destroyed or rendered untenantable, by fire or other casualty, Tenant may, at its option:
(a) terminate this Sublease, or (b) restore (or cause Subtenant to restore) the Subleased Premises and the portion of the Building and Property reasonably necessary for Subtenant’s occupancy to the same or substantially similar condition that existed before the casualty event. Provided, however, if such casualty event occurs during the last six (6) months of the Term, then either Subtenant or Tenant may elect to terminate this Sublease. If, within 60 days after Xxxxxx’s receipt of written notice from Subtenant that Subtenant deems the Retirement Community is damaged by a Minor Casualty, Tenant, Subleased Premises 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 Property reasonably necessary for Subtenant’s occupancy untenantable, Tenant fails to notify Subtenant of its election to restore those areas, or if Tenant is unable to restore those areas which Tenant is expressly required hereunder to restore within six (ii6) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 months 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. Ifcasualty event, during the Term, the Facility is damaged then Subtenant may elect to terminate this Sublease by fire, casualty or other cause written notice given to a greater extent than a Minor Casualty, but not Tenant at any time prior to the extent date on which Tenant substantially completes restoration of a Total Casualtythose areas which it is required hereunder to restore. If Tenant restores the Subleased Premises or the Property as provided under this Section, or if Tenant shall proceed with reasonable diligence to complete the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1work, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace Base Rent shall be abated in the damaged same proportion as the untenantable portion of the Facility Subleased Premises bears to the same condition as existed previouslywhole Subleased Premises, provided that there shall be a Base 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. No damages, compensation or claim shall be payable by Tenant for Subtenant’s inconvenience, loss of business or annoyance directly, incidentally or consequentially arising from any repair or restoration of any portion of the Subleased Premises, Master Premises, Building, or 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 or any Alterations or improvements paid for or installed by or on behalf of Subtenant; any Tenant’s Work or Subtenant’s Work identified in Exhibit 4 (regardless of who may have completed them); Subtenant’s furniture; or on any fixtures, equipment, improvements or appurtenances of Subtenant under this Sublease; 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 approvalsTenant’s negligence.
Appears in 1 contract
Samples: 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 (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. IfIn case of damage to the Premises or the Building by fire or other casualty, during Tenant immediately shall notify Landlord.
(i) If the Termcost of restoration as estimated by Landlord shall amount to less than twenty-five percent (25%) of said replacement value of the Building and insurance proceeds sufficient for restoration (including the amount of any deductibles and coinsurance amounts collected by Landlord as Building Operating Expenses) are available, then Landlord shall restore the Retirement Community Building and the Premises to the extent that the improvements to the Premises were either originally provided by Landlord or insured by Landlord, with reasonable promptness, subject to Force Majeure delays and to delays in the making of insurance adjustments, and Tenant shall have no right to terminate this Lease.
(ii) If the Building is damaged by a Minor Casualtyfire or any other cause to such extent that thecost of restoration, Tenantas reasonably estimated by Landlord, will equal or exceed twenty five percent (25%) of the replacement value of the Building, or Operator if insurance proceeds sufficient for full restoration (including the amount of any deductibles and coinsurance amounts collected by Landlord as Building Operating Agreement is in effectExpenses) are unavailable for any reason, then Landlord, no later than the sixty (60) days following the date of the damage, shall with all give Tenant a notice of election to either terminate this Lease or to restore the Building to the extent that the improvements were either originally provided by Landlord or insured by Landlord (which notice will include Landlord's reasonable diligence estimate of the time to complete such repairs or restoration), in which case this Lease shall remain in full force and effect.
(iii) Notwithstanding subsection (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 Operatorabove, in the event the Building is damaged such that it in Landlord's obligations with respect reasonable opinion it would take more than three hundred and sixty-five (365) days from the date of such damage to such Minor Casualty pursuant restore the Building, then either Landlord or Tenant may elect to Section 15.01 terminate this Lease in the manner provided herein. Landlord shall notify Tenant no later than sixty (60) days following the date of the Operating Agreementdamage if Landlord concludes the time to complete restoration of the Building will exceed 365 days. IfLandlord may include in such notice that it desires to terminate the Lease; provided, during however, if the TermLandlord's notice does not include a termination, Tenant may terminate the Facility suffers a Total CasualtyLease, this Agreement shall be terminable at the option of either party upon ninety (90) days' by giving written notice to the other party. Such notice must be sent Landlord within thirty ten (3010) days after thereafter. In 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 event either 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 previouslyLease. 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 surrender possession of the Facility. To Premises within a reasonable time thereafter, and the extent available, 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 apportioned as of the Facility so that it date of Tenant's surrender and any Rent paid for any period beyond such date shall be substantially the same as it was prior repaid 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 approvalsTenant.
Appears in 1 contract
Damage and Repair. If(a) Subject to the terms of the Loan Documents, if, during the Term, the Retirement Community Resort is damaged by a Minor Casualty, TenantTenant shall, or Operator if the Operating Agreement is in effect, shall with all reasonable diligence (i) diligence, proceed to process the claim with the applicable insurance carrierscompany, 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 Resort, in all cases, at Landlord’s direction and control. Tenant shall perform at Landlord’s direction and control, any of the foregoing, all of which shall be performed in accordance with Tenant’s 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 the provisions of Section 11.4 and (iii) in accordance with plans and specifications approved by Landlord. Landlord agrees to sign promptly any documents which are necessary to process and/or adjust the claim with the insurance company, as well as any contracts with such Minor Casualty pursuant contractors and/or suppliers.
(b) Subject to Section 15.01 the terms of the Operating Agreement. IfLoan Documents, if, during the Term, the Facility suffers Improvements suffer a Total Casualty, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Improvements to the same condition as existed previously. Such damage or destruction shall not terminate this Lease. Notwithstanding any provisions of this Article 10 to the contrary, if the Improvements suffer a Total Casualty during the last 24 months of the Term, then either party shall have the right to terminate this Agreement shall be terminable at the option of either party upon ninety (90) days' written notice by giving Notice to the other party. Such notice must be sent within thirty (30) 30 days after the date of damage or destruction, whereupon all accrued Rent with respect to the Total Casualty. IfLeased Property shall be paid immediately, this Agreement shall automatically terminate five days after the date of such Notice and, upon such termination, Rent payable hereunder shall be reduced by an amount equal to the Rent.
(c) Subject to the terms of the Loan Documents, if, during the Term, the Facility is Improvements are 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 Improvements to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility Improvements to the extent it Tenant deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the FacilityImprovements. To the extent available, casualty proceeds from the insurance proceeds described in Section 9.1 of this Agreement 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 ’s obligations to repair and/or replace pursuant to the provisions of this Section 10.1 10.1(c) 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 mortgageMortgage, 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 10.110.1(c)) that is 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 ’s obligations to repair and/or replace pursuant to the provisions of this Section 10.1 10.1(c) shall be subject to Landlord's ’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.
(d) Subject to the terms of the Loan Documents, all insurance proceeds payable by reason of any loss of or damage to any of the Leased Personal Property shall be paid to Tenant and, to the extent necessary to repair or replace Leased Personal Property in accordance with this Section 10.1(d), Tenant shall hold such proceeds to pay the cost of repairing or replacing damaged Leased Personal Property and, if this Agreement terminates, pay the same over to Landlord. If Landlord undertakes to restore the Leased Property as hereinabove provided, Tenant shall either (a) restore all of Leased Personal Property, if any, or (b) replace Leased Personal Property, if any, with items of the same or better quality and utility to the operation of the Leased Property.
Appears in 1 contract
Samples: Lease and Operating Agreement (Nevada Property 1 LLC)
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 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: Lease Agreement (Avenue a Inc)
Damage and Repair. (a) If, during the Term, the Retirement Community a Hotel is damaged by a Minor Casualty, Tenantthen Tenant shall proceed, or Operator if cause the Operating Agreement is in effectManagement Parties to proceed, shall with all reasonable diligence (i) proceed diligence, to process the claim with the applicable insurance carriers, including including, without limitation, settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of such Hotel. Landlord’s consent shall not be needed for Tenant or the Facility and Management Parties to perform any of the foregoing, all of which shall be performed in accordance with Tenant’s reasonable judgment; provided, that all such work shall be undertaken (i) in a workmanlike manner, (ii) perform Operator's obligations in accordance with the provisions of Section 11.3, and (iii) in accordance with plans and specifications approved by Landlord (which approval or disapproval shall be made within 10 Business Days after Landlord receives the applicable plans or specifications and, if applicable, within 10 Business Days after Landlord receives any modifications of said plans or specifications to accommodate Landlord’s comments); provided, that the parties agree that the standard for such repair and/or replacement shall be to repair and/or replace the damaged portion of such Hotel to levels of quality and quantity that are equal to those that existed with respect to such Minor Casualty pursuant portion of such Hotel prior to Section 15.01 the occurrence of the Operating Agreementdamage at issue. Landlord agrees to sign promptly any documents which are necessary to process and/or adjust the claim with the insurance carriers, as well as any contracts with such contractors and/or suppliers.
(b) If, during the Term, the Facility a Hotel 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, then Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility such Hotel to the same condition as existed previously. Such damage or destruction shall not terminate this Lease. Notwithstanding any provisions of this Article 10 to the contrary, if a Hotel suffers a Total Casualty during the last 24 months of the Term, then either of Landlord and Tenant shall have the right to discontinue operating the Facility terminate this Lease with respect to such Hotel by giving Notice to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for other within 30 days after the safe and orderly operation date 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, whereupon all accrued Rent with respect to such failure Hotel shall be a Landlord Default paid immediately, this Lease shall automatically terminate with respect to such Hotel five (5) days after the date of such Notice and, upon such termination, Minimum Rent payable hereunder shall be reduced by Landlord. The parties agree that Landlord's obligations to repair and/or replace pursuant an amount equal to the provisions Minimum Rent allocated to the applicable Hotel set forth in Exhibit A and the Thresholds shall be reduced by the applicable Threshold Allocation. “Threshold Allocation” means (only for purposes of this Section 10.1 shall be limited Article 10), with respect to any applicable Hotel and as applied to the extent Thresholds, an amount calculated by multiplying the Thresholds by a fraction, the numerator of available casualty insurance proceeds (plus which is 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 Minimum Rent allocated to the provisions applicable Hotel as set forth in Exhibit A, and the denominator of this Section 10.1) sufficient to allow Landlord to obtain which is the necessary funding to replace such spent casualty insurance proceeds and to make aggregate Minimum Rent for all of 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 Hotels 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.set forth in Exhibit A.
Appears in 1 contract
Damage and Repair. (a) If, during the Term, the Retirement Community Facility is damaged by a Minor Casualty, TenantManager shall, or Operator if the Operating Agreement is in effect, 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. Owner’s consent shall not be needed for Manager to perform any of the foregoing, all of which shall be performed in accordance with Manager’s reasonable judgment and Manager’s Standards; provided, however, that the parties agree that the standard for such repair and/or replacement shall be to repair and/or replace the damaged portion of the Facility to levels of quality and (ii) perform Operator's obligations quantity that are equal to those that existed with respect to such portion of the Facility prior to the occurrence of the damage at issue. Owner agrees to sign promptly any documents which are necessary to process and/or adjust the claim with the insurance carriers, as well as any contracts with such contractors and/or suppliers. If construction services are provided by Manager at the request of Owner (which Owner shall not be required to do), Manager shall be entitled to receive a construction management fee equal to five percent (5%) of the total cost of all work undertaken pursuant to this Section 12.4, provided that the same is payable from insurance proceeds covering the cost of such repairs and/or replacements. Notwithstanding the foregoing, Manager is authorized, without first obtaining Owner’s consent, to take whatever steps are needed to repair a Minor Casualty pursuant which creates a threat to Section 15.01 the health or well-being of the Operating Agreement. residents or potential for further damage to the Facility if not immediately corrected.
(b) 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. .
(c) 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 Owner 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 Manager 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, proceeds from the casualty insurance proceeds described in Section 12.1 of this Agreement shall be applied to such repairs and/or replacements. If Landlord Owner fails to so promptly commence and complete the repair repairing 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 default by LandlordOwner and shall, if not cured by Owner within the applicable notice and cure period referenced in Section 14.1(b), be an Owner Event of Default. 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 that, if Landlord Owner is obligated to utilize such available casualty insurance proceeds to repay any obligations pursuant to any mortgageFacility Mortgage, then Landlord Owner shall be entitled to an equitable extension of time (in which Landlord Owner has to fulfill its obligations pursuant to the provisions of this Section 10.112.4(c)) that is sufficient to allow Landlord Owner 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 Owner’s obligations to repair and/or replace pursuant to the provisions of this Section 10.1 12.4(c) shall be subject to Landlord's Owner’s ability to obtain such entitlements and/or other governmental approvals of a Governmental Authority as may be necessary to undertake such repair and/or replacement; provided provided, however, that Landlord Owner shall undertake good faith efforts to obtain such entitlements and/or approvals.
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 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. 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
Samples: Assignment and Assumption of Lease (Atossa Genetics Inc)
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: Lease Agreement (Zones 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 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 and this Lease shall not terminate; provided, however, Tenant may terminate the Lease if Landlord is unable to restore the Premises within six (6) months of the casualty event. The Premises or the portion of the Property necessary for Tenant’s occupancy shall not be deemed untenantable if less than twenty-five percent (25%) of the usable square footage area is damaged. Notwithstanding the foregoing, Landlord shall have no obligation to restore the Premises or the portion of the Property necessary for Tenant’s occupancy 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 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 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; provided, however, if such casualty event occurs during the last 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 (90) days' written notice to the other party. Such notice must be sent within thirty days (30) days after receipt by Landlord from Tenant of written 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 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 or the Property under this Section 10.116(a), 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 availableleased 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 officers, contractors, licensees, agents, servants, employees, guests, invitees or visitors. Provided, Landlord Default complies with its obligations under this Section, no damages, compensation or claim shall be payable by Landlord 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 will not carry insurance of any kind for the protection of Tenant or on Tenant’s furniture or on any fixtures, equipment, 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 1 contract
Samples: Lease Agreement (Glu Mobile 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
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 If the claim with Premises or 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 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 the portion of the Property necessary for Tenant’s occupancy and this Lease shall not terminate; provided, however, Tenant may terminate the Lease if Landlord is unable to restore the Premises within six (6) months of the casualty event. The Premises or the portion of the Property necessary for Tenant’s occupancy shall not be deemed untenantable if less than twenty-five percent (25%) of each of those areas are damaged. Notwithstanding the foregoing, Landlord shall have no obligation to restore the Premises or the portion of the Property necessary for Tenant’s occupancy 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 restoration, then Landlord may elect to terminate this Lease and keep the insurance proceeds, by notifying
ii) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 If the Premises, the portion of the Operating AgreementProperty 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; provided, however, if such casualty event occurs during the last 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 within 60 days after receipt by Landlord from Tenant of either party upon ninety (90) days' written notice that Tenant deems the Premises or the portion of the Property necessary for Tenant’s occupancy untenantable, Landlord fails to the other party. Such notice must be sent notify Tenant of its election to restore those areas, or if Landlord is unable to restore those areas within thirty six (306) days after 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.
iii) If Landlord restores the Premises or the Property under this Section 10.116(a), 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 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 officers, contractors, licensees, agents, servants, employees, guests, invitees or visitors. Provided, Landlord Default complies with its obligations under this Section, no damages, compensation or claim shall be payable by Landlord 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 will not carry insurance of any kind for the protection of Tenant or any improvements paid for by Tenant or as provided in Exhibit C 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 1 contract
Samples: 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 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. 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 Casualtynotifying Tenant within sixty (60) days of the date of such casualty. LANDLORD MAY, TenantHOWEVER, CARRY "FULL REPLACEMENT COST" INSURANCE. If the Premises are entirely destroyed, or Operator if partially damaged and rendered TOTALLY 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 within 60 days after receipt by Landlord from Tenant of either party upon ninety (90) days' written notice that Tenant REASONABLY deems the Premises untenantable, Landlord fails to notify Tenant of its election to restore the other party. Such notice must be sent Premises, or if Landlord is unable to restore the Premises within thirty six (306) days after 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 10.114(a), 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, THE neglect of Tenant, or Tenant's officers, contractors, licensees, agents, servants, employees, guests, OR invitees. Provided, Landlord Default complies with its obligations under this Section, no damages, compensation or claim shall be payable by Landlord 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 any improvements paid for by Tenant or as provided in Exhibit B 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 approvalsnegligence.
Appears in 1 contract
Damage and Repair. IfIf the Premises are partially damaged but not rendered untenantable, during by fire or other insured casualty, then Sublandlord shall diligently restore the TermPremises and this Sublease shall not terminate. The Premises shall not be deemed untenantable if less than twenty-five percent (25%) of the Premises are damaged. Sublandlord 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 Sublandlord but are not sufficient to pay the entire cost of restoring the Premises, then Sublandlord may elect to terminate this Sublease and keep the Retirement Community is damaged insurance proceeds, by a Minor Casualty, Tenantnotifying Subtenant 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, Sublandlord may, at its option: (a) terminate this Sublease 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 Agreementits 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 Sublandlord from Subtenant of written notice that Subtenant deems the Premises untenantable, Sublandlord fails to notify Subtenant of its election to restore the Premises, or if Sublandlord 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 Subtenant may elect to terminate the Sublease. If Sublandlord restores the Premises under this Section 10.115.1, Landlord shallSublandlord shall proceed with reasonable diligence to complete the work, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged Monthly 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 Landlord Default rent abatement only if the damage or Multi-Tenant Lease Triple Net Page 16 destruction of the Premises did not result from, or was not contributed to directly or indirectly by Landlordthe act, fault or neglect of Subtenant, or Subtenant’s officers, contractors, licensees, agents, servants, employees, guests, invitees or visitors. The parties agree that Landlord's obligations No damages, compensation or claim shall be payable by Sublandlord for inconvenience, loss of business or annoyance directly, incidentally or consequentially arising from any repair or restoration of any portion of the Premises. Sublandlord will not carry insurance of any kind for the protection of Subtenant or on Subtenant’s furniture or on any fixtures, equipment, improvements or appurtenances of Subtenant under this Sublease, and Sublandlord shall not be obligated to repair and/or any damage thereto or replace pursuant to the provisions of this Section 10.1 shall be limited to same unless the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord damage 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 approvalscaused by Sublandlord’s negligence.
Appears in 1 contract
Samples: Sublease Agreement (Jones Soda Co)
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 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 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 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 the Term, the Retirement Community is damaged by a Minor Casualty, Tenant, Resident shall use reasonable care to keep his/her dwelling unit in such condition as to prevent health or Operator if the Operating Agreement is in effect, sanitation problems from arising. Resident shall with all reasonable diligence (i) proceed notify Housing Commission promptly of known need for repairs to process the claim with the applicable insurance carriers, including settling such claimhis/her dwelling unit, and to make of known unsafe conditions in the necessary arrangements with appropriate contractors common areas and suppliers to repair and/or replace the damaged portion grounds of the Facility development which may lead to damage or injury. Except for normal wear and (ii) perform Operator's obligations with respect tear, Resident agrees to such Minor Casualty pursuant pay reasonable charges for repair of intentional or negligent damage to Section 15.01 of the Operating Agreementleased premises or development caused by Resident, his/her family, dependents, invited visitors or others. If, during the Term, the Facility suffers a Total Casualty, this Agreement Such charges shall be terminable at billed to Resident and shall specify the option items of either party upon ninety (90) days' written notice to damages involved, correctional action taken, and the other partycost thereof. Such notice must The charges assessed shall be sent within thirty (30) days due and collectible after two weeks from the date of the Total Casualtynotice of charges by the Housing Commission. IfSuch costs may be added to rent charges and may be collected and due with rent or in court action with a judgment of delinquent rent. Housing Commission shall maintain the buildings and common areas and grounds of the development in a decent, during safe and sanitary condition in conformity with the Termrequirements of State and Local housing laws and applicable regulations or guidelines of the Department of Housing and Urban Development. Management shall make all necessary repairs, alterations, and improvements to the Facility dwelling unit with reasonable promptness at its own cost and expense, except as otherwise provided in this Section. DEFECTS HAZARDOUS TO LIFE, HEALTH OR SAFETY: If the dwelling unit is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not to the extent that conditions are created which are hazardous to life, health or safety of the occupants and shall provide that:
a. The Resident shall immediately notify the Housing Commission of the damage;
b. The Housing Commission shall be responsible for repair of the unit within a Total Casualtyreasonable time: Provided, that if the damage was caused by the Resident, Resident’s household or guests, the reasonable cost of the repairs shall be charged to the Resident;
c. The Housing Commission shall offer standard alternative accommodations, if available, where necessary repairs cannot be made within a reasonable time; and
d. Rent shall be abated in proportion to the seriousness of the damage and loss in value as a dwelling if repairs are not made in accordance with paragraph (b) of this Section or alternative accommodations not provided in accordance with paragraph (c) of this Section, except that no abatement of rent shall occur if the Resident rejects the alternative accommodation or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1damage was caused by the Resident, 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 Resident’s household 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 approvalsguests.
Appears in 1 contract
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
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 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 60 days of the date of such casualty. If 50% or more of the rentable 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 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 within 60 days after receipt by Landlord from Tenant of either party upon ninety (90) days' written notice that Tenant deems the Premises untenantable, Landlord fails to notify Tenant of its election to restore the other party. Such notice must be sent Premises, or if Landlord is unable to restore the Premises within thirty six (306) days after months of the date of the Total Casualty. Ifcasualty event, during then Tenant may elect to terminate the TermLease upon 20 days’ written notice to Landlord unless Landlord, within such 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 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. No damages, compensation or claim shall be payable by Landlord Default for Tenant’s 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; any tenant improvements identified in Exhibit B (regardless of who may have completed them); Signage; 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, 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/)
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. If(a) The Tenant shall use reasonable care to keep the dwelling unit in such condition as to prevent health or sanitation problems from arising. The Tenant shall notify the Landlord promptly of known need for repairs to the Tenant’s dwelling unit and of known unsafe conditions in the common areas and grounds of the Development which may lead to damage or injury. Except for normal wear and tear, the Tenant agrees that if any damage to the property shall be caused by the act or neglect of the Tenant’s family, dependents, or guests, the Tenant shall forthwith repair such damage at the Tenant’s own expense, and should the Tenant fail or refuse to make such repairs within a reasonable time, not to exceed ten (10) days, after the occurrence of such damage, the Landlord may, at his option, make such repairs and charge the cost thereof to the Tenant, and the Tenant shall thereupon reimburse the Landlord for the total cost of damages so caused. Such charges shall become due and collectible on the first day of the second month following the month in which the charge is made. Further, should the Tenant fail to notify the Landlord of any or all damages as they occur, then immediately upon knowledge of any and all damages, the Housing Authority shall cause this Lease to be terminated.
(b) The Landlord shall maintain the buildings and common areas and grounds of the Development in a decent, safe, and sanitary condition in conformity with the requirements of local Housing Codes and applicable Regulations or Guidelines of the Department of Housing and Urban Development. The Landlord shall make all necessary repairs, alterations, and improvements to the dwelling unit with reasonable promptness at its own cost and expense, except as otherwise provided in this Section. If repairs of defects hazardous to life, health, and safety are not made or temporary alternative accommodations offered to the Tenant within seventy-two (72) hours of the Tenant reporting same to the Landlord, and if it was within the Landlord’s ability to correct the defect or obtain the correction thereof, then the Tenant’s rent shall xxxxx during the Term, entire period of the Retirement Community existence of such defect while the Tenant is damaged by a Minor Casualty, Tenant, or Operator residing in the unrepaired dwelling. Rent shall not xxxxx if the Operating Agreement is Tenant rejects reasonable alternative temporary accommodations.
(c) The Landlord shall maintain, in effectgood and safe working order and condition, shall with all reasonable diligence (i) proceed to process the claim with the applicable insurance carrierselectrical, plumbing, sanitary, heating, ventilating, and other facilities and appliances, including settling such claimelevators, and supplied or required to make be supplied by 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 approvalsHousing Authority.
Appears in 1 contract
Samples: Dwelling Lease
Damage and Repair. (a) If, during the Term, the Retirement Community Hotel is damaged by a Minor Casualty, TenantTenant shall, or Operator if the Operating Agreement is in effectTenant shall cause Manager to, 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 Hotel. Landlord's consent shall not be needed for Tenant or Manager to perform any of the foregoing, all of which shall be performed in accordance with Tenant's reasonable judgment; provided, however, that all such work shall be undertaken (i) in a workmanlike manner, (ii) perform Operatorin accordance with the provisions of Section 11.5 and (iii) in accordance with plans and specifications approved by Landlord (which approval or disapproval shall be made within fifteen (15) Business Days after Landlord receives the applicable plans or specifications and, if applicable, within five (5) Business Days after Landlord receives any modifications of said plans or specifications to accommodate Landlord's obligations comments), provided that the parties agree that the standard for such repair and/or replacement shall be to repair and/or replace the damaged portion of the Hotel to levels of quality and quantity that are equal to those that existed with respect to such Minor Casualty pursuant to Section 15.01 portion of the Operating AgreementHotel prior to the occurrence of the damage at issue. Landlord agrees to sign promptly any documents which are necessary to process and/or adjust the claim with the insurance carriers, as well as any contracts with such contractors and/or suppliers.
(b) If, during the Term, the Facility Hotel 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. .
(c) If, during the Term, the Facility Hotel 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 Hotel suffers a Total Casualty but neither party elects to terminate under Section 10.110.1(b), Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility Hotel to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility Hotel to the extent it Tenant deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the FacilityHotel. To the extent available, casualty proceeds from the insurance proceeds described in Section 9.1 of this Agreement 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 10.1(c) 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 mortgageMortgage, 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 10.110.1(c)) that is 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 10.1(c) 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. 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
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. A. If, during the TermTerm with respect to any Hotel, such Hotel shall be totally or partially destroyed and the Retirement Community Hotel is damaged by a Minor Casualtythereby rendered Unsuitable for Its Permitted Use, Tenant, or Operator if the Operating (1) Manager may terminate this 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 Hotel by sixty (60) days written notice to Section 15.01 Tenant and Landlord, or (2) if the Lease has been terminated as a result of such casualty, the Operating Agreement. Tenant may terminate this Agreement with respect to such Hotel by written notice to Manager and Landlord, whereupon, this Agreement and the Lease, with respect to such Hotel, shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage.
B. If, during the TermTerm with respect to any Hotel, 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 such Hotel is damaged or destroyed by fire, casualty or other cause but is not rendered Unsuitable for Its Permitted Use and the Lease is not terminated in accordance with its terms with respect to a greater extent than a Minor Casualtysuch Hotel, 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 subject to Sections 6.02.C and expense and with all reasonable diligence6.02.D below, provided there is then no Manager Default, forward to Manager the funds necessary to repair and/or or replace the damaged or destroyed portion of the Facility Hotel to the same condition as existed previously. Tenant previously and Manager shall have the right to discontinue operating the Facility Hotel to the extent it deems necessary to comply with applicable Legal Requirements law, ordinance, regulation or order or as necessary for the safe and orderly operation of the Facility. To Hotel.
C. If the cost of the repair or restoration of a Hotel is less than the sum of the deductible plus the amount of insurance proceeds received by Landlord or Tenant, Tenant shall be required to make available the funds necessary (minus the amount of such deductible) to cause such Hotel to be repaired and restored to the extent insurance proceeds are made available by Landlord for such repair and restoration. The amount of such deductible shall be funded first, from the Reserve for the applicable hotel, and to the extent such Reserve is insufficient therefor, the balance shall be funded by Tenant, and any such funding by Tenant shall result in an adjustment to Tenant's First Priority with respect to such Hotel as if Tenant had made a lump sum deposit into the Reserve for such Hotel, in the manner set forth in the definition of Tenant's First Priority, and the Addendum applicable to such Hotel shall be revised in accordance therewith. If the cost of the repair or restoration of such Hotel exceeds the amount of insurance proceeds received by Landlord, plus the deductible amount, Manager shall give notice to Tenant and Landlord setting forth in reasonable detail the nature of such deficiency, and Tenant shall promptly thereafter advise Manager in writing whether Tenant shall pay and assume the amount of such deficiency (Tenant having no obligation to do so, except that, if Tenant shall elect to make such funds available, casualty insurance proceeds the same shall become an irrevocable obligation of Tenant). In the event Tenant shall elect not to pay and assume the amount of such deficiency, Landlord shall have the right (but not the obligation), exercisable at Landlord's sole election by written notice to Tenant and Manager, given within sixty (60) days after Manager's notice of the deficiency, to elect to make available for application to the cost of repair or restoration the amount of such deficiency. In the event that neither Landlord nor Tenant shall elect to make such deficiency available for restoration, (1) Manager may effect Termination of this Agreement with respect to such Hotel by written notice to Tenant and Landlord or (2) if the Lease has been terminated with respect to such Hotel as a result of such casualty, the Tenant may effect a Termination of this Agreement with respect to such Hotel by written notice to Manager and Landlord, whereupon, this Agreement shall terminate with respect to such Hotel as provided in Section 6.02.A. Except for deductibles which are addressed above, any reserves, losses, costs or expenses which are uninsured (and which are not required to be insured hereunder) and which are not self-insured hereunder shall be applied treated as a cost of insurance and shall be Deductions.
D. In the event Tenant is required to make available the funds necessary to restore a Hotel, Tenant shall promptly do so and such repairs and/or replacements. If Landlord fails funds shall be used to so promptly commence and complete perform the repair and/or replacement and restoration of such Hotel (hereinafter called the Facility "Work"), so as to restore such Hotel in compliance with all Legal Requirements and so that it such Hotel shall be be, to the extent practicable, substantially the same as it was equivalent in value and general utility to its general utility and value immediately prior to such damage or destructiondestruction and in compliance with System Standards and Operating Standards. Manager shall, at Tenant's request, provide general supervisory services with respect to completion of such failure work as part of the services provided hereunder in consideration of the management fees paid to Manager, however, Manager shall not be obligated to provide additional secure services unless Tenant and Manager enter into separate arrangements to provide such services and for stated additional consideration. Subject to the terms of the Lease, Landlord shall advance the insurance proceeds and any additional amounts payable by Landlord pursuant to this Section 6.02.D to Tenant regularly during the repair and restoration period so as to permit payment for the cost of any such restoration and repair. Any such advances shall be made not more than monthly within ten (10) Business Days after Tenant submits to Landlord a written requisition and substantiation therefor on AIA Forms G702 and G703 (or on such other form or forms as may be reasonably acceptable to Landlord). Landlord Default may, at its option, condition advancement of said insurance proceeds and other amounts on (i) the absence of an "Event of Default" under the Lease, (ii) its approval of plans and specifications of an architect satisfactory to Landlord (which approval shall not be unreasonably withheld or delayed), (iii) general contractors' estimates, (iv) architect's certificates, (v) unconditional lien waivers of general contractors, if available, (vi) evidence of approval by Landlordall governmental authorities and other regulatory bodies whose approval is required and (vii) such other certificates as Landlord may, from time to time, reasonably require.
E. All business interruption insurance proceeds shall be paid to Manager and included in Gross Revenues. The parties agree Any casualty which does not result in a Termination of this Agreement with respect to the applicable Hotel shall not excuse the payment of sums due to Tenant hereunder with respect to such Hotel.
F. Manager hereby waives any statutory rights of termination which may arise by reason of any damage to or destruction of any Hotel.
G. Special Provisions Applicable to Hotels in the States of California or Washington.
(a) With respect to any Hotels located in the States of California or Washington, the following shall apply: Notwithstanding any provisions of Section 6.02 or 6.03 to the contrary, if (x) Material Earthquake Damage to any Hotel occurs and (y) Manager was not required to maintain earthquake insurance with respect to such Hotel pursuant to Section 6.01, Manager shall have the right, by the giving of written notice to Tenant within sixty (60) days after the date of earthquake, to effect a Termination of this Agreement with respect to the affected Hotel (which Termination shall not be deemed due to a Manager Default), this Agreement shall terminate with respect to such Hotel as of the date of such earthquake, provided that LandlordManager shall pay to Tenant, on or before the date of giving such written notice, an amount equal to the lesser of (i) the Tenant's obligations First Priority for such Hotel payable for the balance of the applicable Term (without giving effect to repair and/or replace such termination but after giving effect to any exercised Renewal Term) and (ii) the "Purchase Price" for such Hotel as set forth in the Purchase and Sale Agreement applicable to such Hotel, which payment may be made, at Manager's request, by application thereto of funds held by Tenant pursuant to the provisions Holdback Agreement.
(b) For purposes of this Section 10.1 6.02.G, "Material Earthquake Damage" shall mean damage or destruction of a Hotel resulting from earthquake, the repair or restoration of which will cost in excess of an amount equal to One Million Five Hundred Thousand Dollars ($1,500,000) multiplied by a fraction, the denominator of which shall be limited the Index for the nearest month prior to the extent date on which Landlord acquired its interest in the Hotel and the numerator 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 which shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant the Index for the nearest month prior to the provisions date 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 approvalsearthquake.
Appears in 1 contract
Samples: Management Agreement (Hospitality Properties Trust)
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 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 and this Lease shall not terminate; provided, however, Tenant may terminate the Lease if Landlord is unable to restore the Premises within six (6) months of the casualty event. The Premises or the portion of the Property necessary for Tenant's occupancy shall not be deemed untenantable if less than twenty-five percent (25%) of each of those areas are damaged. Notwithstanding the foregoing, Landlord shall have no obligation to restore the Premises or the portion of the Property necessary for Tenant's occupancy if insurance proceeds are not available to pay the entire costs of such restoration. If insurance proceeds are available to Landlord but are not sufficient to pay the entire costs of 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 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; 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 written 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 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 or the Property under this Section 10.115(a), 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 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 officers, contractors, licensees, agents, servants, employees, guests, invitees or visitors. Provided, Landlord Default complies with its obligations under this Section, no damages, compensation or claim shall be payable by LandlordLandlord for inconvenience, loss of business or annoyance directly, incidentally or LEASE AGREEMENT (CONTINUED) consequentially arising from any repair or restoration of any portion of the Premises or the Property. The parties agree that LandlordLandlord will not carry insurance of any kind for the protection of Tenant or any improvements paid for by Tenant or as provided in Exhibit C or on Tenant's obligations furniture or on any fixtures, equipment, improvements or appurtenances of Tenant under this Lease, and Landlord shall not be obligated to repair and/or any damage thereto or replace pursuant to the provisions of this Section 10.1 shall be limited to same unless the extent of available casualty insurance proceeds (plus the amount of any applicable deductibles). The parties further agree that if Landlord damage 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 Landlordcaused by 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 approvalsnegligence.
Appears in 1 contract
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. (a) If, during the Term, the Retirement Community Facility is damaged by a Minor Casualty, TenantTenant shall, or Operator if the Operating Agreement is in effectTenant shall cause Manager to, 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 Facility. Landlord’s consent shall not be needed for Tenant or Manager to perform any of the foregoing, all of which shall be performed in accordance with Tenant’s reasonable judgment; provided, however, that all such work shall be undertaken (i) in a workmanlike manner, and (ii) perform Operator's obligations in accordance with plans and specifications approved by Landlord (which approval or disapproval shall be made within ten (10) Business Days after Landlord receives the applicable plans or specifications and, if applicable, within ten (10) Business Days after Landlord receives any modifications of said plans or specifications to accommodate Landlord’s comments), provided that the parties agree that the standard for such repair and/or replacement shall be to repair and/or replace the damaged portion of the Facility to levels of quality and quantity that are equal to those that existed with respect to such Minor Casualty pursuant to Section 15.01 portion of the Operating AgreementFacility prior to the occurrence of the damage at issue. Landlord agrees to sign promptly any documents which are necessary to process and/or adjust the claim with the insurance carriers, as well as any contracts with such contractors and/or suppliers.
(b) If, during the Term, the Facility suffers a Total Casualty, this Agreement Tenant shall be terminable at the option notify Landlord of either party upon same within ninety (90) days' days after the occurrence of such Total Casualty, and either party may terminate this Agreement by written notice provided by the terminating party to the other party. Such notice must be sent within non-terminating party no later than thirty (30) days after the date of Landlord’s receipt of Tenant’s written notice of the Total Casualty. .
(c) 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 10.110.1(b), 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 Tenant 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 proceeds from the insurance proceeds described in Section 9.1 of this Agreement 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 ’s obligations to repair and/or replace pursuant to the provisions of this Section 10.1 10.1(c) 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 mortgageMortgage, 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 10.110.1(c)) that is 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 ’s obligations to repair and/or replace pursuant to the provisions of this Section 10.1 10.1(c) shall be subject to Landlord's ’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. A. If, during the TermTerm with respect to any Hotel, such Hotel shall be totally or partially destroyed and the Retirement Community Hotel is damaged by a Minor Casualtythereby rendered Unsuitable for Its Permitted Use, Tenant, or Operator if the Operating (1) Manager may terminate this 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 Hotel by sixty (60) days’ written notice to Section 15.01 Tenant and Landlord (which Termination shall not be deemed due to a Manager Default), or (2) if the applicable Lease has been terminated as a result of such casualty, Tenant may terminate this Agreement with respect to such Hotel by written notice to Manager and Landlord, whereupon, this Agreement and the Operating Agreement. applicable Lease, with respect to such Hotel, shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage.
B. If, during the TermTerm with respect to any Hotel, 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 such Hotel is damaged or destroyed by fire, casualty or other cause but is not rendered Unsuitable for Its Permitted Use and the applicable Lease is not terminated in accordance with its terms with respect to a greater extent than a Minor Casualtysuch Hotel, but not subject to Sections 6.02.C and 6.02.D below, and provided there then exists no Manager Default which arises from acts or failures to act by Manager with respect to such Hotel, then Tenant shall forward to Manager the extent of a Total Casualty, funds necessary to repair 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 or destroyed portion of the Facility Hotel to the same condition as existed previously. Tenant previously and Manager shall have the right to discontinue operating the Facility Hotel to the extent it deems necessary to comply with applicable Legal Requirements law, ordinance, regulation or order or as necessary for the safe and orderly operation of the FacilityHotel.
C. 1. To If the extent available, casualty cost of the repair or restoration of a Hotel is less than the sum of the deductible plus the amount of insurance proceeds received by Landlord or Tenant, Tenant shall be applied required to make available the funds necessary (minus the amount of such repairs and/or replacements. If Landlord fails deductible) to so promptly commence cause such Hotel to be repaired 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 restored to the extent of available casualty such insurance proceeds (plus the proceeds. 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 deductible shall be entitled to an equitable extension of time (in which Landlord has to fulfill its obligations pursuant funded first from the Reserve for the applicable Hotel, and to the provisions of this Section 10.1) sufficient to allow Landlord to obtain extent such Reserve is insufficient therefor, 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 balance shall be subject funded by Tenant, and any such funding by Tenant shall result in an adjustment to Landlord's ability Tenant’s Priority with respect to obtain such entitlements and/or other governmental approvals Hotel as may if Tenant had made a lump sum deposit into the Reserve for such Hotel, in the manner set forth in the definition of Tenant’s Priority, and the Addendum applicable to such Hotel shall be necessary to undertake such repair and/or replacement; provided that Landlord shall undertake good faith efforts to obtain such entitlements and/or approvalsrevised in accordance therewith.
Appears in 1 contract
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 Term, the Retirement Community is damaged by a Minor Casualty, Tenant, or Operator Premises and this Lease shall not terminate. The Premises shall not be deemed untenantable if the Operating Agreement is in effect, shall with all reasonable diligence less than twenty-five percent (i25%) 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 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, then Landlord may elect to terminate this Lease and keep the insurance proceeds, by notifying Tenant within sixty (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 (3060) days after of the date of such casualty. If the Total Casualty. IfPremises are entirely destroyed, during the Termor partially damaged and rendered untenantable, the Facility is damaged by fire, casualty fire 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 10.1casualty, Landlord shallmay, at its cost and expense and with all reasonable diligenceoption: (a) terminate this Lease as provided herein, repair and/or replace or (b) restore the damaged portion of the Facility Premises 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 replacementsits previous condition. If Landlord fails to so promptly commence and 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 casualty event, then Tenant may elect to terminate the Lease. If Landlord restores the Premises under this Section 15.1, Landlord shall proceed with reasonable diligence to complete the repair and/or replacement work, and the Monthly Base Rent shall be abated in the same proportion as the untenantable portion of the Facility so Premises bears to the whole Premises, 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 1 contract
Samples: Lease Agreement (Jones Soda Co)
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. IfIf the Premises are partially damaged but not rendered untenantable, during by fire or other insured casualty, then Landlord shall diligently restore the Term, Premises and 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 Property necessary for Tenant's occupancy and this Lease shall not terminate; provided, however, Tenant may terminate the Lease if Landlord is unable to restore the Premises within six (ii6) perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 months of the Operating Agreementcasualty event. The Premises shall not be deemed untenantable if less than twenty-five percent (25%) of each of those areas are damaged. Notwithstanding the foregoing, 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 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; provided, however, if such casualty event occurs during the last 6 months of the Lease term 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 within 60 days after receipt by Landlord from Tenant of either party upon ninety (90) days' written notice that Tenant deems the Premises or the portion of the Property necessary for Tenant's occupancy untenantable, Landlord fails to the other party. Such notice must be sent notify Tenant of its election to restore those areas, or if Landlord is unable to restore those areas within thirty six (306) days after 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 10.1Landlord shall proceed with reasonable diligence to complete the work, Landlord shall, 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 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 officers, contractors, licensees, agents, servants, employees, guests, invitees or visitors. Provided, Landlord Default complies with its obligations under this Section, no damages, compensation or claim shall be payable by Landlord 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 will not carry insurance of any kind for the protection of Tenant or any improvements paid for by 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 approvalsnegligence.
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 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 (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 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 sixty (3060) days after the date of the Total Casualty. .
(b) If, during the Term, the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualtycause, 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 10.117.01(a), 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 previouslyprior to such event. Tenant Manager shall have the right to discontinue operating the Facility or any portion thereof to the extent it reasonably deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation damaged portion of the FacilityFacility to be safely repaired and/or replaced by Tenant in accordance with the requirements of this Section 17.01(b). To the extent available, proceeds from the property and casualty insurance proceeds maintained pursuant to Section 11.01 of this Agreement shall be applied to such repairs and/or replacements. If Landlord Tenant fails to so promptly commence and diligently complete the repair repairing 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 an Event of Default by LandlordTenant. The parties agree that Landlord's Tenant’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 10.117.01(b) 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 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 Tenant shall undertake good faith diligent and commercially reasonable efforts to obtain such entitlements and/or approvals.
Appears in 1 contract
Samples: Pre Opening Services and Management Agreement (CNL Healthcare Trust, Inc.)
Damage and Repair. A. If, during the Term, the Retirement Community Hotel is damaged by a Minor Casualty, TenantManager shall, or Operator if the Operating Agreement is in effect, 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) Hotel. Owner’s consent shall not be needed for Manager to perform Operator's obligations with respect to such Minor Casualty pursuant to Section 15.01 any of the Operating Agreementforegoing, all of which shall be performed in accordance with Manager’s reasonable judgment. Owner agrees to sign promptly any documents which are reasonably necessary to process and/or adjust the claim with the insurance carriers, as well as any contracts with such contractors and/or suppliers.
B. If, during the Term, the Facility Hotel 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. .
C. If, during the Term, the Facility Hotel 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 Hotel suffers a Total Casualty but neither party elects to terminate under Section 10.17.01.B., Landlord Owner shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility Hotel to the same condition as existed previously. Tenant Manager shall have the right to discontinue operating the Facility Hotel to the extent it deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the FacilityHotel. To the extent available, casualty proceeds from the insurance proceeds described in Section 6.01 of this Agreement shall be applied to such repairs and/or replacements. If Landlord Owner fails to so promptly commence and complete the repair repairing and/or replacement of the Facility Hotel so that it shall be substantially the same as it was prior to such damage or destruction, such failure shall be a Landlord an Event of 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 approvalsOwner.
Appears in 1 contract
Damage and Repair. If(a) The Tenant shall use reasonable care to keep the dwelling unit in such condition as to prevent health or sanitation problems from arising. The Tenant shall notify the Landlord promptly of known need for repairs to the Tenant’s dwelling unit, and of known unsafe conditions in the common areas and grounds of the building which may lead to damage or injury. Except for normal wear and tear, the Tenant agrees that if any damage to the property shall be caused by the act or neglect of the Tenant’s family, dependents, or guests, the Tenant shall forthwith repair such damage at the Tenant’s own expense, and should the Tenant fail or refuse to make such repairs within a reasonable time, not to exceed ten (10) days, after the occurrence of such damage, the Landlord may, at his option, make such repairs and charge the cost thereof to the Tenant, and the Tenant shall thereupon reimburse the Landlord for the total cost of damages so caused. Such charges shall become due and collectible on the first day of the second month following the month in which the charge is made. Further, should the Tenant fail to notify the Landlord of any or all damages as they occur, then immediately upon knowledge of any and all damages, the Housing Authority shall cause this Lease to be terminated.
(b) The Landlord shall maintain the buildings and common areas and grounds of the building in a decent, safe, and sanitary condition in conformity with the requirements of the local Housing Code. The Landlord shall make all necessary repairs, alterations and improvements to the dwelling unit with reasonable promptness at its own cost, except as otherwise provided in this section. If repairs of defects hazardous to life, health, and safety are not made or temporary alternative accommodations offered to the Tenant within seventy-two (72) hours of the Tenant reporting same to the Landlord, and if it was within the Landlord’s ability to correct the defect or obtain the correction thereof, then the Tenant’s rent shall xxxxx during the Term, entire period of the Retirement Community existence of such defect while the Tenant is damaged by a Minor Casualty, Tenant, or Operator residing in the unrepaired dwelling. Rent shall not xxxxx if the Operating Agreement is Tenant rejects reasonable alternative temporary accommodations.
(c) The Landlord shall maintain, in effectgood and safe working order and condition, shall with all reasonable diligence (i) proceed to process the claim with the applicable insurance carrierselectrical, plumbing, sanitary, heating, ventilating, and other facilities and appliances, including settling such claim, and elevators supplied or required to make be supplied by 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 approvalsHousing Authority.
Appears in 1 contract
Samples: Dwelling Lease
Damage and Repair. If, during (a) The Tenant shall use reasonable care to keep the Termdwelling unit in such condition as to prevent health or sanitation problems from arising. The Tenant shall notify the Landlord promptly of known need for repairs to the Tenant's dwelling unit and of known unsafe conditions in the common areas and grounds of the Community which may lead to damage or injury. Except for normal wear and tear, the Retirement Community is damaged Tenant agrees that if any damage to the property shall be caused by a Minor Casualtythe act or neglect of the Tenant's family, Tenantdependents, or Operator if guests, the Operating Agreement is in effect, Tenant shall with all reasonable diligence (i) proceed to process forthwith repair such damage at the claim with the applicable insurance carriers, including settling such claimTenant's own expense, and should the Tenant fail or refuse to make the necessary arrangements with appropriate contractors and suppliers such repairs within a reasonable time, not 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) exceed ten days after the date occurrence of such damage, the Landlord may, at his option, make such repairs and charge the cost thereof to the Tenant, and the Tenant shall thereupon reimburse the Landlord for the total cost of damages so caused. Such charges shall become due and collectible on the first day of the Total Casualtysecond month following the month in which the charge is made. IfFurther, during should the TermTenant fail to notify the Landlord of any or all damages as they occur, then immediately upon knowledge of any and all damages, the Facility is damaged by fireHousing Authority shall cause this Lease to be terminated.
(b) The Landlord shall maintain the buildings and common areas and grounds of the Community in a decent, casualty safe and sanitary condition in conformity with the requirements of local Housing Codes and applicable Regulations or other cause Guidelines of the Department of Housing and Urban Development. The Landlord shall make all necessary repairs, alterations, and improvements of the dwelling unit with reasonable promptness at its own cost and expense, except as otherwise provided in this Section. If repairs or defects hazardous to a greater extent than a Minor Casualtylife, but health, and safety are not made or temporary alternative accommodations offered 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 Tenant within seventy-two (72) hours of the Facility Tenant reporting same 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 Landlord, 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 if 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 within 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 correct the defect or obtain the correction thereof, then the Tenant's rent shall xxxxx during the entire period of the existence of such entitlements and/or other governmental approvals as may be necessary to undertake such repair and/or replacement; provided that defect while the Tenant is residing in the unrepaired dwelling. Rent shall not xxxxx if the Tenant rejects reasonable alternative temporary accommodations.
(c) The Landlord shall undertake maintain, in good faith efforts and safe working order and condition, electrical, plumbing, sanitary, heating, ventilating, and other facilities and appliances, including elevators supplied or required to obtain such entitlements and/or approvalsbe supplied by the Housing Authority.
(d) The Landlord shall provide and maintain appropriate receptacles and facilities (except containers for the exclusive use of an individual tenant family) for the deposit of garbage, rubbish and other waste removed from the dwelling unit by the tenant in accordance with paragraph 14 (f) of this Lease.
Appears in 1 contract
Samples: Dwelling Lease
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. IfIf the Premises or the Building are damaged by fire or other casualty (a "Casualty"), during Landlord shall use good faith efforts to deliver to Tenant within sixty (60) days after such Casualty a good faith estimate (the Term, "Damage Notice") of the Retirement Community time needed to repair the damage caused by such Casualty. If a material portion of the Premises is damaged by Casualty that did not result from the act or omission of Tenant such that Tenant is prevented from conducting its business in the Premises in a Minor Casualtymanner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby cannot be repaired within one hundred eighty (180) days after the commencement of repairs (the "Repair Period"), 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, then Tenant may terminate this Agreement shall be terminable at the option of either party upon ninety (90) days' Lease by delivering written notice to the other party. Such notice must be sent Landlord of its election to terminate within thirty (30) days after the date Damage Notice has been delivered to Tenant. If a Casualty damages the Premises or a material portion of the Total Casualty. IfBuilding and:
(1) Landlord estimates that the damage to the Premises cannot be repaired within the Repair Period; (2) the damage to the Premises exceeds thirty percent (30%) of the replacement cost thereof (excluding foundations and footings), during as estimated by Landlord; (3) or insurance proceeds are not available or are not sufficient to pay the Term, entire cost of restoration; or (4) Landlord is required to pay any insurance proceeds arising out of the Facility is damaged by fire, casualty or other cause Casualty to a greater extent than a Minor CasualtyLandlord's mortgagee, but then Landlord may terminate this Lease by giving written notice of its election to terminate within thirty (30) days after the Damage Notice has been delivered to Tenant. If the Lease is not terminated, Landlord shall restore 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 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 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 the act or destructionomission 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 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 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 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 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, 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 within 60 days after receipt by Landlord from Tenant of either party upon ninety (90) days' written notice that Tenant deems the Premises untenantable, Landlord fails to notify Tenant of its election to restore the other party. Such notice must be sent Premises, or if Landlord is unable to restore the Premises within thirty six (306) days after 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 10.114(a), 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. Provided, Landlord Default complies with its obligations under this Section, no damages, compensation or claim shall be payable by Landlord 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 any improvements paid for by Tenant or as provided in Exhibit B 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 approvalsnegligence.
Appears in 1 contract
Samples: Lease Agreement (Healthetech 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, 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 1 contract
Samples: Lease Agreement
Damage and Repair. If(a) Subject to the terms of the Loan Documents, if, during the Term, the Retirement Community Resort is damaged by a Minor Casualty, TenantTenant shall, or Operator if the Operating Agreement is in effect, shall with all reasonable diligence (i) diligence, proceed to process the claim with the applicable insurance carrierscompany, 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 Resort, in all cases, at Landlord’s direction and control. Tenant shall perform at Landlord’s direction and control, any of the foregoing, all of which shall be performed in accordance with Tenant’s 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 the provisions of Section 11.4 and (iii) in accordance with plans and specifications approved by Landlord. Landlord agrees to sign promptly any documents which are necessary to process and/or adjust the claim with the insurance company, as well as any contracts with such Minor Casualty pursuant contractors and/or suppliers.
(b) Subject to Section 15.01 the terms of the Operating Agreement. IfLoan Documents, if, during the Term, the Facility suffers Improvements suffer a Total Casualty, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Improvements to the same condition as existed previously. Such damage or destruction shall not terminate this Lease. Notwithstanding any provisions of this Article 10 to the contrary, if the Improvements suffer a Total Casualty during the last 24 months of the Term, then either party shall have the right to terminate this Agreement shall be terminable at the option of either party upon ninety (90) days' written notice by giving Notice to the other party. Such notice must be sent within thirty (30) 30 days after the date of damage or destruction, whereupon all accrued Rent with respect to the Total Casualty. IfLeased Property shall be paid immediately, this Agreement shall automatically terminate five days after the date of such Notice and, upon such termination, Rent payable hereunder shall be reduced by an amount equal to the Rent.
(c) Subject to the terms of the Loan Documents, if, during the Term, the Facility is Improvements are 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 Improvements to the same condition as existed previously. Tenant shall have the right to discontinue operating the Facility Improvements to the extent it Tenant deems necessary to comply with applicable Legal Requirements or as necessary for the safe and orderly operation of the FacilityImprovements. To the extent available, casualty proceeds from the insurance proceeds described in Section 9.1 of this Agreement 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 ’s obligations to repair and/or replace pursuant to the provisions of this Section 10.1 10.1(c) 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 mortgageMortgage, 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 10.110.1(c)) that is 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 ’s obligations to repair and/or replace pursuant to the provisions of this Section 10.1 10.1(c) shall be subject to Landlord's ’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.
(d) Subject to the terms of the Loan Documents, all insurance proceeds payable by reason of any loss of or damage to any of the Leased Personal Property shall be paid to Tenant and, to the extent necessary to repair or replace Leased Personal Property in accordance with this Section 10.1(d), Tenant shall hold such proceeds to pay the cost of repairing or replacing damaged Leased Personal Property and, if this Agreement terminates, pay the same
Appears in 1 contract
Samples: Lease and Operating Agreement
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 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 and this Lease shall not terminate; provided, however, Tenant may terminate the Lease if Landlord is unable to restore the Premises within six (6) months of the casualty event. The Premises or the portion of the Property necessary for Tenant's occupancy shall not be deemed untenantable if less than twenty-five percent (25%) of each of those areas is damaged. Notwithstanding the foregoing, Landlord shall have no obligation to restore the Premises or the portion of the Property necessary for Tenant's occupancy 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 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 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; provided, however, if such casualty event occurs during the last 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 within 60 days after receipt by Landlord from Tenant of either party upon ninety (90) days' written notice that Tenant deems the Premises or the portion of the Property necessary for Tenant's occupancy untenantable, Landlord fails to the other party. Such notice must be sent notify Tenant of its election to restore those areas, or if Landlord is unable to restore those areas within thirty six (306) days after 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 or the Property under this Section 10.116(a), 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 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 officers, contractors, licensees, agents, servants, employees, guests, invitees or visitors. Provided, Landlord Default complies with its obligations under this Section, no damages, compensation or claim shall be payable by Landlord 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 will not carry insurance of any kind for the protection of Tenant or any improvements paid for by Tenant or as provided in Exhibit C 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 approvalsnegligence.
Appears in 1 contract
Samples: Lease Agreement (Virage Logic Corp)