Damage and Restoration. In the event the whole or any part of the Improvements shall be damaged or destroyed by fire or other casualty, damage or action of the elements which is fully covered by insurance required to be carried by Tenant pursuant to this Lease or in fact caused by Tenant, at any time during the Term, Tenant shall with all due diligence, at Tenant’s sole cost and expense, repair, restore and rebuild the Improvements on substantially the same plan and design as existed immediately prior to such damage or destruction and to substantially the same condition that existed immediately prior to such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change the use of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject to the rights of the Leasehold Mortgagees and Section 4 of Exhibit F, by notice to the District given by the later of ninety (90) days after the date of the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence of such damage or destruction, then Tenant may terminate this Lease as of a date that is not less than thirty (30) days after the date of such notice. Notwithstanding Section 17.9, if Tenant terminates this Lease pursuant to this Section 7.1, Tenant shall surrender possession of the Premises to the District immediately and assign to the District (or, if same has already been received by Xxxxxx, pay to the District) all of its right, title and interest in and to the proceeds from Tenant’s insurance upon the Premises.
Appears in 2 contracts
Samples: Ground Lease, Ground Lease
Damage and Restoration. In If the event the whole Premises or any part of the Improvements Building Systems shall be damaged or destroyed by fire or other casualty, Landlord shall, except as otherwise provided herein, restore the Premises and such Building Systems. Landlord shall proceed with diligence to restore the Building and shall commence such restoration efforts as soon as commercially practical after any such casualty. Such restoration shall be to substantially the Building standard condition that existed prior to the casualty, except for modifications required by zoning and building codes and other Applicable Laws, or by the holder of a Mortgage on the Building, and any other modifications to the lobby or restrooms of the Buildings mutually agreed upon by Landlord and Tenant (provided access to the Premises and any restrooms serving the Premises is not materially impaired). Landlord shall not be required to repair or replace any of Tenant’s Property, or any Alterations or Tenant Improvements. Tenant shall promptly and diligently repair or replace Tenant’s Alterations and Tenant Improvements and any of Tenant’s Off-Premises Equipment (provided that Tenant may elect in its discretion whether or not to replace any Project Amenity) at Tenant’s sole cost and expense following any fire or other casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from such damage or action the repair thereof, except that Landlord shall allow Tenant a proportionate abatement of Base Rent and Tenant’s Pro Rata Share of Operating Expenses during the elements time and to the extent the Premises are unfit for occupancy by Tenant, and Tenant does not occupy the Premises or a portion thereof, as a result thereof; provided, however, there shall be no abatement of Rent: (a) if Landlord provides to Tenant other space in the Project or Austin southwest submarket area near the Building which is fully reasonably suited for the temporary operation of Tenant’s business and acceptable to Tenant in its reasonable discretion; if the damage is caused in whole or in part by Tenant or any Tenant Parties; or (c) to the extent that the Rent abatement is covered by business interruption insurance maintained by Tenant (or would have been covered had Tenant carried the business interruption insurance required to be carried by Tenant pursuant to this Lease or in fact caused by TenantLease). Notwithstanding the foregoing, at during any time during the Termrent abatement period under this Lease, Tenant shall with pay Landlord as Rent Landlord’s normal charges for all due diligence, at Tenant’s sole cost services and expense, repair, restore utilities provided to and rebuild the Improvements on substantially the same plan and design as existed immediately prior to such damage or destruction and to substantially the same condition that existed immediately prior to such damage, with any changes made used by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change during the use period of the Premises following such casualty, then Tenant may make appropriate changes rent abatement. Notwithstanding anything herein to the Premises contrary, Landlord’s obligation to accommodate such changed use after approval of such change of use by repair or restore the District pursuant to Article IV above. This Article Building or any portion thereof shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject be limited to the rights extent of the Leasehold Mortgagees and Section 4 of Exhibit Finsurance proceeds actually received by Landlord for the fire or other casualty in question; provided, by notice to the District given by the later of ninety (90) days after the date of the damage or destruction or thirty (30) days after receipt by Tenant of any however, if such insurance proceeds, that there proceeds are not adequate proceeds insufficient to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior Building to the occurrence of condition required hereunder and Landlord is unwilling or unable to complete such damage or destructionrestoration with its own funds (and Tenant has been provided the opportunity to contribute such funds and has declined), then Tenant may terminate this Lease as by delivering written notice of a date that is not less than its election to terminate within thirty (30) days after Landlord’s delivery to Tenant of a written notice indicating such unwillingness or inability (which Landlord agrees to provide to Tenant within sixty (60) days after any such casualty). If this Lease is terminated under the date provisions of such notice. Notwithstanding this Section 17.913, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements and betterments in the Premises, but not for any of Tenant’s personal property, including furniture, fixtures and equipment (and, if Tenant terminates has failed to maintain insurance on such items as required by this Lease pursuant to this Section 7.1Lease, Tenant shall surrender possession of the Premises to the District immediately and assign to the District (or, if same has already been received by Xxxxxx, pay to the District) all of its right, title and interest in and Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease); provided that, after Landlord has received proceeds sufficient to restore the Project and all alterations, improvements and betterments funded by Landlord with respect to the Premises (including the Construction Allowance) to Class A general office use condition, Tenant shall be entitled to any excess insurance proceeds from policies maintained by Tenant and covering alterations, improvements and betterments installed at Tenant’s insurance upon sole cost and expense in the PremisesPremises or at the Project.
Appears in 2 contracts
Samples: Office Lease (YETI Holdings, Inc.), Office Lease (YETI Holdings, Inc.)
Damage and Restoration. In If the event the whole Premises or any part Building Systems or common areas of the Improvements Building serving or providing access to the Premises shall be damaged or destroyed by fire or other casualty, damage or action of Landlord shall promptly and diligently restore the elements which is fully covered by insurance required to be carried by Tenant pursuant to this Lease or in fact caused by Tenant, Premises and such Building Systems and common areas at any time during the Term, Tenant shall with all due diligence, at TenantLandlord’s sole cost and expense, repair, restore and rebuild the Improvements on substantially the same plan and design not as existed immediately prior to such damage or destruction and a part of Operating Expenses. Such restoration shall be to substantially the same condition that existed immediately prior to such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change the use of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject to the rights of the Leasehold Mortgagees and Section 4 of Exhibit F, by notice to the District given by the later of ninety (90) days after the date of the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence casualty, except for modifications required by zoning and building codes and other laws, or by the holder of a Mortgage on the Building, and any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises and any common restrooms serving the Premises is not materially impaired). Landlord shall not be required to repair or replace any of Tenant’s furniture, furnishing, fixtures or equipment, or any Alterations or Tenant Improvements not originally installed or constructed by Landlord at its expense. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from such damage or destructionthe repair thereof, then except that Landlord shall allow Tenant may terminate this Lease as a proportionate abatement of a date that is not less than thirty (30) days after Rent during the date of such notice. Notwithstanding Section 17.9, if Tenant terminates this Lease pursuant to this Section 7.1, Tenant shall surrender possession of the Premises to the District immediately and assign to the District (or, if same has already been received by Xxxxxx, pay to the District) all of its right, title and interest in time and to the proceeds from extent the Premises are unfit for occupancy by Tenant as a result thereof; provided, if the Premises or any other portion of the Building is damaged by fire or other casualty caused in whole or in part by Tenant or any of Tenant’s insurance upon the Premisesagents, contractors, employees, or visitors, Rent shall not be so abated.
Appears in 1 contract
Damage and Restoration. In the event the whole or any part of the Improvements shall be damaged or destroyed by fire or other casualty, damage or action of the elements which is fully covered by insurance required to be carried by Tenant pursuant to this Lease or in fact caused by Tenant, at any time during the Term, Tenant shall with all due diligence, at Tenant’s sole cost and expense, repair, restore and rebuild the Improvements on substantially the same plan and design as existed immediately prior to such damage or destruction and to substantially the same condition that existed immediately prior to such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change the use of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District County pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject to the rights of the Leasehold Mortgagees and Section 4 of Exhibit FLimited Partner, if applicable, by notice to the District County given by the later of ninety (90) days after the date of the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence of such damage or destruction, then Tenant may may, with the prior consent of all Leasehold Mortgagees, terminate this Lease as of a date that is not less than thirty (30) days after the date of such notice. Notwithstanding If Leasehold Mortgagees refuse to consent to the termination of the Lease by Xxxxxx, the Lease and all terms and condition shall remain in full force and effect and may be enforced without reservation by the County. Subject to the rights of Leasehold Mortgagees in Section 17.9, if Tenant terminates this Lease pursuant to this Section 7.1, Tenant shall surrender possession of the Premises to the District County immediately and assign to the District County (or, if same has already been received by XxxxxxTenant, pay to the DistrictCounty) all of its right, title and interest in and to the proceeds from Tenant’s insurance upon the Premises, less (i) any costs, fees, or expenses incurred by Tenant in connection with the adjustment of the loss or collection of the proceeds, (ii) any reasonable costs incurred by Tenant in connection with the Premises after the damage or destruction, which costs are eligible for reimbursement from such insurance proceeds, (iii) any amounts applied by Leasehold Mortgagees in accordance with the terms of their respective Leasehold Mortgages, and (iv) the proceeds of any rental loss or business interruption insurance applicable prior to the date of surrender of the Premises to the County.
Appears in 1 contract
Samples: Ground Lease
Damage and Restoration. In the event the whole or any part of the Improvements shall be damaged or destroyed by fire or other casualty, damage or action of the elements which is fully covered by insurance required to be carried by Tenant pursuant to this Lease or in fact caused by Tenant, at any time during the Term, Tenant shall with all due diligence, at Tenant’s sole cost and expense, repair, restore and rebuild the Improvements on substantially the same plan and design as existed immediately prior to such damage or destruction and to substantially the same condition that existed immediately prior to such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change the use of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District County pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject to the rights of the Leasehold Mortgagees and Section 4 of Exhibit FLimited Partner, if applicable, by notice to the District County given by the later of ninety (90) days after the date of the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence of such damage or destruction, then Tenant may may, with prior consent of all Leasehold Mortgagees, terminate this Lease as of a date that is not less than thirty (30) days after the date of such notice. Notwithstanding If Leasehold Mortgagees refuse to consent to the termination of the Lease by Xxxxxx, the Lease and all terms and condition shall remain in full force and effect and may be enforced without reservation by the County. Subject to the rights of Leasehold Mortgagees in Section 17.9, if Tenant terminates this Lease pursuant to this Section 7.1, Tenant shall surrender possession of the Premises to the District County immediately and assign to the District County (or, if same has already been received by XxxxxxTenant, pay to the DistrictCounty) all of its right, title and interest in and to the proceeds from Tenant’s insurance upon the Premises, less (i) any costs, fees, or expenses incurred by Tenant in connection with the adjustment of the loss or collection of the proceeds, (ii) any reasonable costs incurred by Tenant in connection with the Premises after the damage or destruction, which costs are eligible for reimbursement from such insurance proceeds, (iii) any amounts applied by Leasehold Mortgagees in accordance with the terms of their respective Leasehold Mortgages, and (iv) the proceeds of any rental loss or business interruption insurance applicable prior to the date of surrender of the Premises to the County.
Appears in 1 contract
Samples: Ground Lease
Damage and Restoration. In the event the whole If all or any part portion of the Improvements Premises, Building or any Building Systems or Common Areas of the Building serving or providing access to the Premises and/or the Parking Facility shall be damaged or destroyed by fire fire, storm or other casualty, damage or action of the elements which is fully covered by insurance required to be carried by Tenant pursuant to this Lease or in fact caused by TenantLandlord shall, at any time during the Term, Tenant shall with all due diligence, at Tenant’s sole cost and expenseexcept as otherwise provided herein, repair, rebuild and restore the Property, Premises, Building and rebuild such Building Systems, Common Area(s) and/or Parking Facility as promptly as practical under the Improvements on substantially circumstances at the same plan and design as existed immediately prior to such damage or destruction and expense of the Landlord. Such restoration shall be to substantially the same condition that existed immediately prior to the casualty, except for modifications, if any, required by zoning and building codes and other Applicable Laws then in effect and applicable to such damagerestoration or by the holder of a Mortgage on the Building and any other modifications to the Common Areas deemed desirable by Landlord (provided (i) access to the Premises and any common restrooms serving the Premises is not materially impaired, with and (ii) the quality and character of such modifications are no less than the condition that existed prior to the casualty). Upon any changes made damage to the Premises, Tenant shall assign to Landlord or its designee all insurance proceeds payable to Tenant for Tenant Improvements and Alterations under the insurance required to be maintained by Tenant under Section 12.2, and Landlord shall repair, rebuild and restore the Tenant Improvements and Alterations installed in the Premises to the condition stated above; provided that if the cost of such repair (the “Repair Cost”) by Landlord exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, such shortfall shall be paid by Tenant to comply with then applicable Laws and with any upgrades or improvements that Landlord prior to Landlord’s repair of the damage to the Premises (or, alternatively, in Tenant’s discretion, Tenant may determine adjust the plans for any such repairs to fit within the funds provided as a result of such casualty). Landlord and Tenant agree that the Repair Cost shall be determined by competitively bidding the required repairs with three (3) general contractors from Landlord’s pre-approved list of contractors for the Building, and Landlord shall select the general contractor from such three in its reasonable discretion. If Once Landlord has selected the general contractor to make the repairs (the “Selected Repair Contractor”), Landlord shall promptly enter into a contract with the Selected Repair Contractor to provide the materials and perform the work to complete the repairs. Landlord shall not be liable for any inconvenience or annoyance to Tenant desires or its visitors, or injury to change Tenant’s business resulting in any way from such damage or the use of repair thereof, except as provided for in the Premises following sentence. Unless Landlord or Tenant elects to terminate this Lease as provided in this Section 13, this Lease will remain in full force and effect and Landlord shall repair such casualty, then Tenant may make appropriate changes damage to the Premises to accommodate such changed use after approval extent required in this Section as expeditiously as possible under the circumstances and, during the period required for restoration, a just and proportionate part of such change of use by Rent shall be abated during the District pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject time and to the rights extent the Premises, or portion thereof, are Untenantable (as defined in Section 7(b) of the Leasehold Mortgagees and Section 4 this Lease) as of Exhibit F, by notice to the District given by the later of ninety (90) days after the date of the damage casualty and such abatement shall continue until the Premises, or destruction portion thereof, Building or thirty (30) days after receipt by Tenant any Building Systems or Common Areas of any such insurance proceeds, that there are not adequate proceeds the Building serving or providing access to restore the Improvements Premises and/or the Premises to substantially Parking Facility are repaired or rebuilt and made tenantable; provided however, if the same condition in which they existed prior damage to the occurrence Building or any Building Systems or Common Area of such the Building serving or providing access to the Premises and/or the Parking Facility has not been repaired and the Premises made ready for occupancy within seven (7) months after the date or the damage or destruction, then Tenant may shall have the right and option to terminate this Lease as of a date that is not less than thirty by giving written notice to Landlord within fifteen (3015) days after the end of such seven (7) month period; provided, however, there shall be no abatement of Rent if Landlord provides to Tenant other space in the Building which is in a built out condition that is reasonably satisfactory to Tenant and otherwise reasonably suited for the temporary operation of Tenant’s business and Landlord pays all costs associated with moving the furniture, fixtures, equipment and telecommunication services (and otherwise building out the space) Tenant requires in such space (provided further, however, that Tenant shall still be entitled to an abatement for the period of time between the date of the casualty and the date that Landlord makes such noticeother space available to Tenant and ready for the operation of Tenant’s business). The amount of any such abatement shall be proportionate to the portion of the Premises that Tenant actually uses. Notwithstanding Section 17.9the foregoing, during any Rent abatement period under this Lease, Tenant shall pay Landlord as Rent Landlord’s normal charges for all services and utilities provided to and used by Tenant, if Tenant terminates this Lease any, during the period of the Rent abatement. If Landlord should elect or be obligated pursuant to this Section 7.1Lease to repair or rebuild because of any damage or destruction, Landlord’s obligation to repair or restore the Premises, Building or any portion thereof shall be limited to the level of restoration stated above for the Building and the Tenant shall surrender possession of Improvements in the Premises and shall not extend to the District immediately and assign to the District (orany furniture, if same has already been received equipment, supplies or other personal property owned or leased by XxxxxxTenant, pay to the District) all of its rightemployees, title and interest in and to the proceeds from Tenant’s insurance upon the Premisescontractors, invitees or licensees.
Appears in 1 contract
Damage and Restoration. In 14.1 Tenant shall promptly notify Landlord of any Damage to the event Premises. If the whole or any part of the Improvements Premises shall be damaged Damaged or destroyed rendered untenantable or partially untenantable by fire, the elements, or other insured casualty, and this Lease is not terminated pursuant to this Article, Landlord shall proceed with due diligence to repair such Damage and Restore the Premises promptly and with due diligence following the collection by Landlord of insurance proceeds in respect of such fire or other casualty, damage subject to delays reasonably beyond the control of Landlord. Landlord shall not be liable for any interruption to Tenant's business or action of the elements which is fully covered by insurance required to be carried for any Damage to, or replacement or Restoration of, Tenant's inventory, trade fixtures, furniture, furnishings and equipment and other property removable by Tenant pursuant to under the provisions of this Lease or to any leasehold improvements installed in fact caused the Premises by Tenant, all of which replacement and Restoration shall be promptly undertaken and completed by Tenant at its sole cost and expense.
14.2 If, as a result of such Damage, either:
(a) the Premises is damaged or rendered untenantable to the extent of twenty-five percent (25%) percent or more thereof at any time during the Term; or
(b) the Building is Damaged or rendered untenantable to the extent of fifty percent (50%) or more of its replacement cost or to the extent that substantial alteration, Tenant demolition, or reconstruction of the Building shall with all due diligence, at Tenant’s sole cost and expense, repair, restore and rebuild be required (whether or not the Improvements on substantially Premises shall have been damaged or rendered untenantable); or
(c) the same plan and design as existed immediately prior to such damage or destruction and to substantially the same condition that existed immediately prior to such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change the use Restoration of the Premises following such casualtywill require more than six (6) months, then Tenant may make appropriate changes to in each case, in the Premises to accommodate such changed use after approval professional opinion of a reputable contractor or architect selected by Landlord, then, in any of such change events, rent shall xxxxx from the date of use by the District pursuant to Article IV above. This Article shall casualty or damage, and Landlord or Tenant may, not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject to the rights of the Leasehold Mortgagees and Section 4 of Exhibit F, by notice to the District given by the later of than ninety (90) days after the following date of such Damage, give the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds other party a notice in writing terminating this Lease. If either party elects to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence of such damage or destruction, then Tenant may terminate this Lease as aforesaid, the Term shall expire upon the thirtieth (30th) day after such notice is given as if such date were the Expiration Date and Tenant shall thereupon vacate the Premises and surrender the same to Landlord in accordance with all provisions of this Lease.
14.3 If Landlord is required to Restore the Premises pursuant to the provisions of this Article 14, Landlord's obligation shall be limited to Restoration of the Premises (excluding restoration of all furniture, trade fixtures and other movable personal property and fixtures whether the same were installed by Tenant or by Landlord). Tenant, at Tenant's expense, shall promptly perform all replacements or Restoration not required to be performed by Landlord and shall promptly re-enter the Premises and resume doing business in accordance with all provisions of this Lease. Landlord shall not be liable for delays occasioned by adjustment of losses with insurance carriers or by any other cause so long as Landlord shall proceed in good faith.
14.4 In any case in which all or a date that is not less part of the Premises become unusable by Tenant for a consecutive period of more than thirty two (302) days after as a result of fire, the elements or other insured casualty not caused by the negligence or wrongful conduct of Tenant or of its Employees or guests, Tenant shall be entitled to an abatement of Rents from the date of such noticeDamage to the date when the Premises have been substantially Restored. Notwithstanding Section 17.9, if Tenant terminates this Lease pursuant Such abatement shall be in direct proportion to this Section 7.1, Tenant shall surrender possession the ratio of the usable area of the Premises rendered unusable as a result of such Damage to the District immediately and assign to the District (or, if same has already been received by Xxxxxx, pay to the District) all total usable area of its right, title and interest in and to the proceeds from Tenant’s insurance upon the Premises.
14.5 This Article shall be considered an express agreement governing any case of Damage to the Premises and any provisions of the Legal Requirements of the State of New Jersey which conflict with the provisions set forth herein are hereby waived by Tenant. Without limiting the foregoing, Tenant hereby expressly waives the benefit of New Jersey Revised Statutes, Title 46, Chapter 8, Sections 6 and 7 and any successor statute.
Appears in 1 contract
Samples: Lease Agreement (Nexmed Inc)
Damage and Restoration. In 17.1 If the event Premises, Shell of the whole Premises, Parking Garage, Common Area or Hotel or any part of the Improvements thereof shall be damaged or destroyed by fire fire, flood, hurricane, earthquake, tropical storm, tornado, lightning, wind damage, infestation or other casualty, damage or action of the elements which casualty ("Damage") and this Lease is fully covered by insurance required to be carried by Tenant not terminated pursuant to this Lease Article 17, Landlord shall proceed with due diligence to repair or in fact caused by Tenantcause to be repaired the Damage to the Shell of the Premises, at any time during Parking Garage, Common Area or the TermHotel, but only to the extent Landlords' insurer makes the proceeds of Landlord's Insurance available for repair of such Damage ("Landlord's Restoration Work"), and Tenant shall proceed with all due diligence, at Tenant’s sole cost diligence to repair or cause to be repaired the Damage to the Premises (other than the Shell of the Premises and expense, repair, restore and rebuild the Improvements on substantially the same plan and design as existed Landlord's Development Obligations) to a condition similar to that existing immediately prior to such damage or destruction and Damage, but only to substantially the same condition that existed immediately prior to extent Tenant's insurer makes the proceeds of Required Insurance available for repair of such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretionDamage ("Tenant's Restoration Work"). If Tenant desires to change the use this Lease is not terminated, Landlord shall make all proceeds of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterationsLandlord's Insurance (as defined below) available for Landlord's Restoration Work. In the event (i) Landlord or its insurer fails to make all proceeds of Landlord's Insurance available or the aggregate proceeds of Landlord's insurance are insufficient, for whatever reason, to pay all costs or expenses related to Restoration Work to a condition substantially similar to that existing just prior to the Damage, and in either of such events, Landlord's Restoration Work is not performed; or (ii) such Damage is not covered by Landlord's Insurance, Tenant shall determinenot be obligated to repair or cause to be repaired Tenant's Restoration Work, subject if any, and Tenant shall also have the right to terminate this Lease upon thirty (30) days notice to Landlord given prior to the rights of date that Landlord shall commence or cause to be commenced Landlord's Restoration Work but not earlier than the Leasehold Mortgagees and Section 4 of Exhibit F, by notice to the District given by the later of date which is ninety (90) days after the date that the Damage occurs, whereupon the parties will be relieved of all obligations under this Lease which would otherwise accrue following such date (except as stated in Section 35.12), unless prior to the expiration of such thirty (30) day notice Landlord commences or causes to be commenced Landlord's Restoration Work. In the event of Damage, if (i) the Project shall be damaged to the extent of more than fifty percent (50%) of the cost of replacement thereof; or (ii) the proceeds of Landlord's insurance recovered or recoverable as a result of a Damage and received and retained by Landlord shall be insufficient to pay fully for the cost of replacement of the Shell of the Premises or the building in which the Premises is located damaged; or (iii) the Shell of the Premises or the building in which the Premises is located shall be damaged as a result of any cause which is not covered by Landlord's insurance unless Landlord is required to carry such insurance by the terms of this Lease and failed to do so; or (iv) the Shell of the Premises shall be damaged in whole or in part during the last two (2) Rental Years or in any partial Rental Year at the end of the Term (unless Tenant has Options remaining thereafter, exercises the Option next arising and agrees to reopen for business in the Premises); or (v) either or both of the Shell of the Premises or the building in which the Premises is located shall be damaged to the extent of fifty percent (50%) or more of the cost of replacement thereof; or (vi) the Shell of the Premises are damaged to such extent that in the reasonable judgment of Landlord, it cannot be operated as an economically viable unit; or (vii) the Shell of the Premises are so Damaged as to render the Premises untenantable by Tenant for a consecutive period of more than twelve (12) months, then, in any such event, this Lease may be terminated (1) by Landlord, with respect to subsections (i), (ii), (iii), (v) and (vi) above, by providing thirty (30) days written notice given to Tenant within ninety (90) days after the Damage; (2) by either Landlord or Tenant, respect to subsection (iv) above, by providing thirty (30) days written notice given to the other party within ninety (90) days after the Damage; or (3) by either Landlord or Tenant, respect to subsection (vii) above, by providing thirty (30) days written notice given to the other party within ten (10) days after expiration of such twelve (12) month period, whereupon the parties will be relieved of all obligations under this Lease which would otherwise accrue following such date (except as stated in Section 35.12). The "cost of replacement" shall be determined by the company or companies selected by Landlord's insurers, or if there shall be no such determination, by a person selected by Landlord qualified to determine such "cost of replacement".
17.2 Notwithstanding Section 17.1 above, if in the opinion of an independent contractor or appraiser selected by Tenant, the Project, and/or Premises are so Damaged as to require, for restoration, a reasonably estimated expenditure of more than fifty percent (50%) of the value of the Project and/or Premises, as applicable, as actually insured under Required Insurance and Landlord's Insurance immediately prior to such Damage, and, provided further, that in the event Landlord cannot or does not cause such damage or destruction or to be fully repaired within twelve (12) months after settlement with the insurers and receipt of proceeds, subject to Force Majeure, within thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence expiration of such damage or destructiontwelve (12) month period, then Tenant may elect to terminate this Lease as of a date that is not less than by giving thirty (30) days after notice to the Landlord, whereupon the parties shall be relieved of all obligations under this Lease which would otherwise accrue following such date, except as stated in Section 35.12.
17.3 If this Lease terminates pursuant to Sections 17.1 or 17.2, this Lease shall expire as of the date on which such termination shall be effective under those Sections, as if such date were the Expiration Date, and the parties hereto shall thereafter be relieved of all rights and obligations hereunder which would otherwise accrue after such notice. Notwithstanding date except as stated in Section 17.935.12, if and Tenant terminates shall remit to Landlord the proceeds of all Required Insurance less the portion thereof attributable to (i) Tenant's business interruption coverage, (ii) Tenant's Property, including Tenant's Memorabilia that may be removed pursuant to Section 13.1, and (iii) Tenant's Improvements.
17.4 In the event Tenant does not terminate this Lease pursuant to Section 17.1 or 17.2 above, and this Section 7.1Lease is not terminated, Tenant shall surrender possession diligently proceed to repair or cause to be repaired Tenant's Restoration Work. Tenant shall make a good faith, diligent effort to complete Tenant's Restoration Work and be open for business as soon as practicable, but in any event on or before the date which is one hundred eighty (180) days after Landlord has redelivered the Premises to Tenant with the Shell of the Premises substantially completed in accordance with the requirements of this Lease. Landlord and Tenant acknowledge that no Gross Sales will be generated from the Premises from the date Tenant is precluded from being open for business at the Premises due to such Damage, and Tenant shall not be obligated to pay Percentage Rent from the date Tenant ceases to be open for such business due to such Damage until the earlier of one hundred eighty (180) days after Landlord has redelivered the Premises to Tenant with the Shell of the Premises substantially completed or the date Tenant reopens for business to the District immediately and assign general public in the Premises. Notwithstanding any provision to the District contrary herein, in addition to the acknowledgement regarding Gross Sales set forth previously in this paragraph, Landlord and Tenant further acknowledge and agree that no Gross Sales will be generated from the Premises from the date Tenant is precluded from being open for business at the Premises due to such Damage, until the earlier of: (ori) the date upon which Tenant opens for business at the Premises, (ii) one hundred eight (180) days from the date Landlord redelivers the Shell of the Premises, or (iii) the date upon which this Lease is terminated in accordance with the terms and conditions of this Article 17.
17.5 Tenant shall not conduct any activity upon the Premises which would require Landlord to be exposed to a risk that requires additional insurance to cover such activity, except for activities during Special Events for which Tenant has provided an adequate additional coverage acceptable to Landlord, rider or special coverage which names Landlord as an additional insured. Notwithstanding anything herein to the contrary, Tenant shall not be entitled to terminate the Lease pursuant to Sections 17.1 or 17.2 or an Abatement of Rent pursuant to Section 17.5 and shall repair all Damage to the Premises, if same has already been received by XxxxxxTenant is found to have committed intentional acts, pay intentional omissions or otherwise engaged in reckless behavior resulting in such Damage to the District) all Premises as determined by arbitration pursuant to Section 23.9.
17.6 This Article shall be considered an express agreement governing any case of its right, title and interest in and Damage to the proceeds from Tenant’s insurance upon Project and/or Premises, and any Laws of any Government Entity which conflict with the Premisesprovisions set forth herein are hereby waived by each party hereto to the maximum extent permitted under applicable Law.
Appears in 1 contract
Damage and Restoration. In 17.1 If the event Premises, Shell of the whole Premises, Parking Garage, Common Area or Hotel or any part of the Improvements thereof shall be damaged or destroyed by fire fire, flood, hurricane, earthquake, tropical storm, tornado, lightning, wind damage, infestation or other casualty, damage or action of the elements which casualty ("Damage") and this Lease is fully covered by insurance required to be carried by Tenant not terminated pursuant to this Lease Article 17, Landlord shall proceed with due diligence to repair or in fact caused by Tenantcause to be repaired the Damage to the Shell of the Premises, at any time during Parking Garage, Common Area or the TermHotel, but only to the extent Landlords' insurer makes the proceeds of Landlord's Insurance available for repair of such Damage ("Landlord's Restoration Work"), and Tenant shall proceed with all due diligence, at Tenant’s sole cost diligence to repair or cause to be repaired the Damage to the Premises (other than the Shell of the Premises and expense, repair, restore and rebuild the Improvements on substantially the same plan and design as existed Landlord's Development Obligations) to a condition similar to that existing immediately prior to such damage or destruction and Damage, but only to substantially the same condition that existed immediately prior to extent Tenant's insurer makes the proceeds of Required Insurance available for repair of such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretionDamage ("Tenant's Restoration Work"). If Tenant desires to change the use this Lease is not terminated, Landlord shall make all proceeds of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterationsLandlord's Insurance (as defined below) available for Landlord's Restoration Work. In the event (i) Landlord or its insurer fails to make all proceeds of Landlord's Insurance available or the aggregate proceeds of Landlord's insurance are insufficient, for whatever reason, to pay all costs or expenses related to Restoration Work to a condition substantially similar to that existing just prior to the Damage, and in either of such events, Landlord's Restoration Work is not performed; or (ii) such Damage is not covered by Landlord's Insurance, Tenant shall determinenot be obligated to repair or cause to be repaired Tenant's Restoration Work, subject if any, and Tenant shall also have the right to terminate this Lease upon thirty (30) days notice to Landlord given prior to the rights of date that Landlord shall commence or cause to be commenced Landlord's Restoration Work but not earlier than the Leasehold Mortgagees and Section 4 of Exhibit F, by notice to the District given by the later of date which is ninety (90) days after the date that the Damage occurs, whereupon the parties will be relieved of all obligations under this Lease which would otherwise accrue following such date (except as stated in Section 35.12), unless prior to the expiration of such thirty (30) day notice Landlord commences or causes to be commenced Landlord's Restoration Work. In the event of Damage, if (i) the Project shall be damaged to the extent of more than fifty percent (50%) of the cost of replacement thereof; or (ii) the proceeds of Landlord's insurance recovered or recoverable as a result of a Damage and received and retained by Landlord shall be insufficient to pay fully for the cost of replacement of the Shell of the Premises or the building in which the Premises is located damaged; or (iii) the Shell of the Premises or the building in which the Premises is located shall be damaged as a result of any cause which is not covered by Landlord's insurance unless Landlord is required to carry such insurance by the terms of this Lease and failed to do so; or (iv) the Shell of the Premises shall be damaged in whole or in part during the last two (2) Rental Years or in any partial Rental Year at the end of the Term (unless Tenant has Options remaining thereafter, exercises the Option next arising and agrees to reopen for business in the Premises); or (v) either or both of the Shell of the Premises or the building in which the Premises is located shall be damaged to the extent of fifty percent (50%) or more of the cost of replacement thereof; or (vi) the Shell of the Premises are damaged to such extent that in the reasonable judgment of Landlord, it cannot be operated as an economically viable unit; or (vii) the Shell of the Premises are so Damaged as to render the Premises untenantable by Tenant for a consecutive period of more than twelve (12) months, then, in any such event, this Lease may be terminated (1) by Landlord, with respect to subsections (i), (ii), (iii), (v) and (vi) above, by providing thirty (30) days written notice given to Tenant within ninety (90) days after the Damage; (2) by either Landlord or Tenant, respect to subsection (iv) above, by providing thirty (30) days written notice given to the other party within ninety (90) days after the Damage; or (3) by either Landlord or Tenant, respect to subsection (vii) above, by providing thirty (30) days written notice given to the other party within ten (10) days after expiration of such twelve (12) month period, whereupon the parties will be relieved of all obligations under this Lease which would otherwise accrue following such date (except as stated in Section 35.12). The "cost of replacement" shall be determined by the company or companies selected by Landlord's insurers, or if there shall be no such determination, by a person selected by Landlord qualified to determine such "cost of replacement".
17.2 Notwithstanding Section 17.1 above, if in the opinion of an independent contractor or appraiser selected by Tenant, the Project, and/or Premises are so Damaged as to require, for restoration, a reasonably estimated expenditure of more than fifty percent (50%) of the value of the Project and/or Premises, as applicable, as actually insured under Required Insurance and Landlord's Insurance immediately prior to such Damage, and, provided further, that in the event Landlord cannot or does not cause such damage or destruction or to be fully repaired within twelve (12) months after settlement with the insurers and receipt of proceeds, subject to Force Majeure, within thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence expiration of such damage or destructiontwelve (12) month period, then Tenant may elect to terminate this Lease as of a date that is not less than by giving thirty (30) days after notice to the Landlord, whereupon the parties shall be relieved of all obligations under this Lease which would otherwise accrue following such date, except as stated in Section 35.12.
17.3 If this Lease terminates pursuant to Sections 17.1 or 17.2, this Lease shall expire as of the date on which such termination shall be effective under those Sections, as if such date were the Expiration Date, and the parties hereto shall thereafter be relieved of all rights and obligations hereunder which would otherwise accrue after such notice. Notwithstanding date except as stated in Section 17.935.12, if and Tenant terminates shall remit to Landlord the proceeds of all Required Insurance less the portion thereof attributable to (i) Tenant's business interruption coverage, (ii) Tenant's Property, including Tenant's Memorabilia that may be removed pursuant to Section 13.1, and (iii) Tenant's Improvements.
17.4 In the event Tenant does not terminate this Lease pursuant to Section 17.1 or 17.2 above, and this Section 7.1Lease is not terminated, Tenant shall surrender possession diligently proceed to repair or cause to be repaired Tenant's Restoration Work. Tenant shall make a good faith, diligent effort to complete Tenant's Restoration Work and be open for business as soon as practicable, but in any event on or before the date which is one hundred eighty (180) days after Landlord has redelivered the Premises to Tenant with the Shell of the Premises substantially completed in accordance with the requirements of this Lease. Landlord and Tenant acknowledge that no Gross Sales will be generated from the Premises from the date Tenant is precluded from being open for business at the Premises due to such Damage, and Tenant shall not be obligated to pay Percentage Rent from the date Tenant ceases to be open for such business due to such Damage until the earlier of one hundred eighty (180) days after Landlord has redelivered the Premises to Tenant with the Shell of the Premises substantially completed or the date Tenant reopens for business to the District immediately and assign general public in the Premises. Notwithstanding any provision to the District contrary herein, in addition to the acknowledgement regarding Gross Sales set forth previously in this paragraph, Landlord and Tenant further acknowledge and agree that no Gross Sales will be generated from the Premises from the date Tenant is precluded from being open for business at the Premises due to such Damage, until the earlier of: (ori) the date upon which Tenant opens for business at the Premises, (ii) one hundred eight (180) days from the date Landlord redelivers the Shell of the Premises, or (iii) the date upon which this Lease is terminated in accordance with the terms and conditions of this Article 17.
17.5 Tenant shall not conduct any activity upon the Premises which would require Landlord to be exposed to a risk that requires additional insurance to cover such activity, except for activities during Special Events for which Tenant has provided an adequate additional coverage acceptable to Landlord, rider or special coverage which names Landlord as an additional insured. Notwithstanding anything herein to the contrary, Tenant shall not be entitled to terminate the Lease pursuant to Sections 17.1 or 17.2 or an Abatement of Rent pursuant to Section 17.5 and shall repair all Damage to the Premises, if same has already been received by XxxxxxTenant is found to have committed intentional acts, pay intentional omissions or otherwise engaged in reckless behavior resulting in such Damage to the District) all Premises as determined by arbitration pursuant to Section 23.9.
17.6 This Article shall be considered an express agreement governing any case of its right, title and interest in and Damage to the proceeds from Tenant’s insurance upon Project and/or Premises, and any Laws of any Government Entity which conflict with the Premises.provisions set forth herein are hereby waived by each party hereto to the maximum extent permitted under applicable Law. 29
Appears in 1 contract
Damage and Restoration. In the event the whole or any part of the Improvements shall be damaged or destroyed by fire or other casualty, damage or action of the elements which is fully covered by insurance required to be carried by Tenant pursuant to this Lease or in fact caused by Tenant, at any time during the Term, Tenant shall with all due diligence, at Tenant’s sole cost and expense, repair, restore and rebuild the Improvements on substantially the same plan and design as existed immediately prior to such damage or destruction and to substantially the same condition that existed immediately prior to such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change the use of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District Lessor pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject to the rights of the Leasehold Mortgagees and Section 4 of Exhibit FLimited Partner, if applicable, by notice to the District Lessor given by the later of ninety (90) days after the date of the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence of such damage or destruction, then Tenant may terminate this Lease as of a date that is not less than thirty (30) days after the date of such notice. Notwithstanding Section 17.9, if Tenant terminates this Lease pursuant to this Section 7.1, Tenant shall surrender possession of the Premises to the District Lessor immediately and assign to the District Lessor (or, if same has already been received by Xxxxxx, pay to the DistrictLessor) all of its right, title and interest in and to the proceeds from Tenant’s insurance upon the Premises.
Appears in 1 contract
Samples: Ground Lease
Damage and Restoration. In 13.1. Tenant shall promptly notify Landlord of any Damage to the event the whole Premises. If all or any part portion of the Improvements Building or the Premises shall be damaged Damaged or destroyed rendered untenantable by fire fire, the elements, or other casualty, damage or action Landlord shall give Tenant a reasonable estimate of the elements which time needed to restore the Building or Premises, as the case may be (the “Repair Estimate”), and if this Lease is fully covered by insurance required to be carried by Tenant not terminated pursuant to the provisions of this Lease or in fact caused by TenantArticle, Landlord shall proceed with due diligence to repair the damage to the roof, the roof membrane, the exterior and load bearing walls (excluding the interior of all walls and the exterior and interior of all doors, door frames), the foundation, the structural floor slab and other structural elements of the Building, the building systems and the Landlord Work, at any time during the Term, Tenant shall with all due diligence, at TenantLandlord’s sole cost and expense, repairsubject to force majeure and other delays reasonably beyond the control of Landlord. Landlord shall not be responsible for the repair of any Damage to, restore or replacement or Restoration of, Tenant’s inventory, trade fixtures, furniture, furnishings and rebuild equipment and any other items of Tenant’s Property or of any leasehold improvements installed in the Improvements on substantially Premises by Tenant. If this Lease is not terminated pursuant to the same plan provisions of this Article, all repairs required by reason of Damage other than those which it is Landlord’s responsibility under this Section to make, including the replacement of Tenant’s inventory, trade fixtures, furniture, furnishings and design as existed immediately prior to such damage or destruction equipment, and to substantially the same condition that existed immediately prior to such damageany other items of Tenant’s Property, with any changes made shall be performed promptly by Tenant to comply with then applicable Laws due diligence, at its sole cost and expense, in accordance with all terms of this Lease and with any upgrades or improvements that Tenant may determine in its reasonable discretiondue diligence, subject to force majeure and other delays reasonably beyond the control of Tenant.
13.2. If Tenant desires to change the use If, as a result of such Damage the Premises following such casualty, then is rendered untenantable or if the Building is so damaged that either Tenant may make appropriate changes is deprived of reasonable access to the Premises to accommodate such changed use after approval or the Repair Estimate is more than one hundred twenty (120) days, then either party may, not later than sixty (60) days following date of such change of use by Damage, give the District pursuant other party a notice in writing terminating this Lease. If either party elects to Article IV above. This Article terminate this Lease as aforesaid, the Term shall not apply to cosmetic damage or alterations. In expire upon the event that sixtieth (60th) day after such notice is given as if such date were the Expiration Date and Tenant shall determine, subject thereupon vacate the Premises and surrender the same to Landlord in accordance with all provisions of this Lease.
13.3. If Landlord elects or is obligated to Restore the rights Building under this Article and has not substantially completed such Restoration within the lesser of the Leasehold Mortgagees and Section 4 of Exhibit F, by notice to the District given by the later of ninety (90i) one hundred eighty (180) days after the date of such Damage or (ii) the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence of such damage or destructionRepair Estimate, then Tenant may terminate this Lease as by written notice to Landlord such notice to be delivered within thirty (30) days of the end of the applicable time period. In the event a date that termination notice is delivered by Tenant, such notice will be effective on the tenth (10th) day after delivery by Tenant.
13.4. Notwithstanding any provision to the contrary in this Article, if the Premises are damaged or rendered untenable to the extent of twenty-five percent (25%) or more during the last year of the Term, then either Tenant or Landlord may, not less later than thirty (30) days following date of such Damage, give the other a notice in writing terminating this Lease. If either party shall elect to terminate this Lease under the provisions of this Section the Term shall expire upon the thirtieth (30th) day after such notice is given as if such date were the Expiration Date and Tenant shall thereupon vacate the Premises and surrender the same to Landlord in accordance with all provisions of the Lease.
13.5. In any case in which all or a part of the Premises become unusable by Tenant as a result of fire, the elements or other casualty, Tenant shall be entitled to an abatement of Rents from the date of such noticeDamage to the date when the Premises have been substantially Restored. Notwithstanding Section 17.9, if Tenant terminates this Lease pursuant Such abatement shall be in direct proportion to this Section 7.1, Tenant shall surrender possession the ratio of the usable area of the Premises rendered unusable as a result of such Damage to the District immediately and assign to the District (or, if same has already been received by Xxxxxx, pay to the District) all total usable area of its right, title and interest in and to the proceeds from Tenant’s insurance upon the Premises.
13.6. This Article shall be considered an express agreement governing any case of Damage to the Premises and any provisions of the Legal Requirements of the State of New Jersey which conflict with the provisions set forth herein are hereby waived by Tenant. Without limiting the foregoing, Tenant hereby expressly waives the benefit of New Jersey Statutes Annotated, Title 46, Chapter 8, Sections 6 and 7 and any successor statute.
Appears in 1 contract
Samples: Lease Agreement (Antares Pharma Inc)
Damage and Restoration. In the event the whole or any part of the Improvements shall be damaged or destroyed by fire or other casualty, damage or action of the elements which is fully covered by insurance required to be carried by Tenant pursuant to this Lease or in fact caused by Tenant, at any time during the Term, Tenant shall with all due diligence, at Tenant’s sole cost and expense, repair, restore and rebuild the Improvements on substantially the same plan and design as existed immediately prior to such damage or destruction and to substantially the same condition that existed immediately prior to such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change the use of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District County pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject to the rights of the Leasehold Mortgagees and Section 4 of Exhibit FLimited Partner, if applicable, by notice to the District County given by the later of ninety (90) days after the date of the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence of such damage or destruction, then Tenant may may, with the prior consent of all Leasehold Mortgagees, terminate this Lease as of a date that is not less than thirty (30) days after the date of such notice. Notwithstanding Section 17.9, if Tenant terminates this Lease pursuant If Leasehold Mortgagees refuse to this Section 7.1, Tenant shall surrender possession consent to the termination of the Premises to the District immediately and assign to the District (or, if same has already been received Lease by Xxxxxx, pay the Lease and all terms and condition shall remain in full force and effect and may be enforced without reservation by the County. Subject to the District) all rights of its right, title and interest in and to the proceeds from Tenant’s insurance upon the Premises.Leasehold Mortgagees in
Appears in 1 contract
Samples: Ground Lease
Damage and Restoration. In the event the whole If all or any part portion of the Improvements Premises, Building or any Building Systems or Common Areas of the Building serving or providing access to the Premises and/or the Parking Facility shall be damaged or destroyed by fire fire, storm or other casualty, damage or action of the elements which is fully covered by insurance required to be carried by Tenant pursuant to this Lease or in fact caused by TenantLandlord shall, at any time during the Term, Tenant shall with all due diligence, at Tenant’s sole cost and expenseexcept as otherwise provided herein, repair, rebuild and restore the Property, Premises, Building and rebuild such Building Systems, Common Area(s) and/or Parking Facility as promptly as practical under the Improvements on substantially circumstances at the same plan and design as existed immediately prior to such damage or destruction and expense of the Landlord. Such restoration shall be to substantially the same condition that existed immediately prior to the casualty, except for modifications, if any, required by zoning and building codes and other Applicable Laws then in effect and applicable to such damagerestoration or by the holder of a Mortgage on the Building and any other modifications to the Common Areas deemed desirable by Landlord (provided (i) access to the Premises and any common restrooms serving the Premises is not materially impaired, with and (ii) the quality and character of such modifications are no less than the condition that existed prior to the casualty). Upon any changes made damage to the Premises, Tenant shall assign to Landlord or its designee all insurance proceeds payable to Tenant for Tenant Improvements and Alterations under the insurance required to be maintained by Tenant under Section 12.2, and Landlord shall repair, rebuild and restore the Tenant Improvements and Alterations installed in the Premises to the condition stated above; provided that if the cost of such repair (the “Repair Cost”) by Landlord exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, such shortfall shall be paid by Tenant to comply Landlord prior to Landlord’s repair of the damage to the Premises. Landlord and Tenant agree that the Repair Cost shall be determined by competitively bidding the required repairs with then applicable Laws the three (3) general contractors Tenant selects from the list of six (6) contractors specified in Section 1.2 of Exhibit D of this Lease, and with any upgrades or improvements that Tenant may determine shall have the right, in its reasonable sole discretion, to select the general contractor from the three (3) who submitted bids to provide the repairs after the competitive bids have been submitted. If Once the Tenant desires has selected the general contractor to change make the use of repairs (the Premises “Selected Repair Contractor”), Landlord shall promptly enter into a contract with the Selected Repair Contractor to provide the materials and perform the work to complete the repairs. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from such damage or the repair thereof, except as provided for in the following sentence. Unless Landlord or Tenant elects to terminate this Lease as provided in this Section 13, this Lease will remain in full force and effect and Landlord shall repair such casualty, then Tenant may make appropriate changes damage to the Premises to accommodate such changed use after approval extent required in this Section as expeditiously as possible under the circumstances and, during the period required for restoration, a just and proportionate part of such change of use by Rent shall be abated during the District pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject time and to the rights extent the Premises, or portion thereof, are Untenantable (as defined in Section 7(b) of the Leasehold Mortgagees and Section 4 this Lease) as of Exhibit F, by notice to the District given by the later of ninety (90) days after the date of the damage casualty and such abatement shall continue until the Premises, or destruction portion thereof, Building or thirty (30) days after receipt by Tenant any Building Systems or Common Areas of any such insurance proceeds, that there are not adequate proceeds the Building serving or providing access to restore the Improvements Premises and/or the Premises to substantially Parking Facility are repaired or rebuilt and made tenantable; provided however, if the same condition in which they existed prior damage to the occurrence Building or any Building Systems or Common Area of such the Building serving or providing access to the Premises and/or the Parking Facility has not been repaired and the Premises made ready for occupancy within seven (7) months after the date or the damage or destruction, then Tenant may shall have the right and option to terminate this Lease as of a date that is not less than thirty by giving written notice to Landlord within fifteen (3015) days after the date end of such noticeseven (7) month period; provided, however, there shall be no abatement of Rent if Landlord provides to Tenant other space in the Building which is reasonably suited for the temporary operation of Tenant’s business and Landlord pays all costs associated with moving the furniture, fixtures, equipment and telecommunication services Tenant requires in such space. Notwithstanding Section 17.9the foregoing, during any Rent abatement period under this Lease, Tenant shall pay Landlord as Rent Landlord’s normal charges for all services and utilities provided to and used by Tenant, if Tenant terminates this Lease any, during the period of the Rent abatement. If Landlord should elect or be obligated pursuant to this Section 7.1Lease to repair or rebuild because of any damage or destruction, Landlord’s obligation to repair or restore the Premises, Building or any portion thereof shall be limited to the level of restoration stated above for the Building and the Tenant shall surrender possession of Improvements in the Premises and shall not extend to the District immediately and assign to the District (orany furniture, if same has already been received equipment, supplies or other personal property owned or leased by XxxxxxTenant, pay to the District) all of its rightemployees, title and interest in and to the proceeds from Tenant’s insurance upon the Premisescontractors, invitees or licensees.
Appears in 1 contract
Samples: Office Lease (Sailpoint Technologies Holdings, Inc.)
Damage and Restoration. In the event the whole or any part of the Improvements shall be damaged or destroyed by fire or other casualty, damage or action of the elements which is fully covered by insurance required to be carried by Tenant pursuant to this Lease or in fact caused by Tenant, at any time during the Term, Tenant shall with all due diligence, at Tenant’s sole cost and expense, repair, restore and rebuild the Improvements on substantially the same plan and design as existed immediately prior to such damage or destruction and to substantially the same condition that existed immediately prior to such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change the use of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District County pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject to the rights of the Leasehold Mortgagees and Section 4 of Exhibit FLimited Partner, if applicable, by notice to the District County given by the later of ninety (90) days after the date of the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence of such damage or destruction, then Tenant may may, with the prior consent of all Leasehold Mortgagees, terminate this Lease as of a date that is not less than thirty (30) days after the date of such notice. Notwithstanding If Leasehold Mortgagees refuse to consent to the termination of the Lease by Xxxxxx, the Lease and all terms and condition shall remain in full force and effect and may be enforced without reservation by the County. Subject to the rights of Leasehold Mortgagees in Section 17.9, if Tenant terminates this Lease pursuant to this Section 7.1, Tenant shall surrender possession of the Premises to the District County immediately and assign to the District County (or, if same has already been received by Xxxxxx, pay to the DistrictCounty) all of its right, title and interest in and to the proceeds from Tenant’s insurance upon the Premises., less (i) any costs, fees, or expenses incurred by Tenant in connection with the adjustment of the loss or collection of the proceeds, (ii) any reasonable costs incurred by Tenant in connection with the Premises after the damage or destruction, which costs are eligible for reimbursement from such insurance proceeds, (iii) any amounts applied by Leasehold Mortgagees in accordance with the terms of their respective Leasehold Mortgages, and
Appears in 1 contract
Samples: Ground Lease
Damage and Restoration. In the event the whole or any part of the Improvements shall be damaged or destroyed by fire or other casualty, damage or action of the elements which is fully covered by insurance required to be carried by Tenant pursuant to this Lease or in fact caused by Tenant, at any time during the Term, Tenant shall with all due diligence, at Tenant’s sole cost and expense, repair, restore and rebuild the Improvements on substantially the same plan and design as existed immediately prior to such damage or destruction and to substantially the same condition that existed immediately prior to such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change the use of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District County pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject to the rights of the Leasehold Mortgagees and Section 4 of Exhibit FLimited Partner, if applicable, by notice to the District County given by the later of ninety (90) days after the date of the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence of such damage or destruction, then Tenant may may, with the prior consent of all Leasehold Mortgagees, terminate this Lease as of a date that is not less than thirty (30) days after the date of such notice. Notwithstanding If Leasehold Mortgagees refuse to consent to the termination of the Lease by Xxxxxx, the Lease and all terms and condition shall remain in full force and effect and may be enforced without reservation by the County. Subject to the rights of Leasehold Mortgagees in Section 17.9, if Tenant terminates this Lease pursuant to this Section 7.1, Tenant shall surrender possession of the Premises to the District County immediately and assign to the District County (or, if same has already been received by XxxxxxTenant, pay to the DistrictCounty) all of its right, title and interest in and to the proceeds from Tenant’s insurance upon the Premises., less (i) any costs, fees, or expenses incurred by Tenant in connection with the adjustment of the loss or collection of the proceeds, (ii) any reasonable costs incurred by Tenant in connection with the Premises after the damage or destruction, which costs are eligible for reimbursement from such insurance proceeds, (iii) any amounts applied by Leasehold Mortgagees in accordance with the terms of their respective Leasehold Mortgages, and
Appears in 1 contract
Samples: Ground Lease
Damage and Restoration. In the event the whole or any part of the Improvements shall be damaged or destroyed by fire or other casualty, damage or action of the elements which is fully covered by insurance required to be carried by Tenant pursuant to this Lease or in fact caused by Tenant, at any time during the Term, Tenant shall with all due diligence, at Tenant’s sole cost and expense, repair, restore and rebuild the Improvements on substantially the same plan and design as existed immediately prior to such damage or destruction and to substantially the same condition that existed immediately prior to such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change the use of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District County pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject to the rights of the Leasehold Mortgagees and Section 4 of Exhibit FLimited Partner, if applicable, by notice to the District County given by the later of ninety (90) days after the date of the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence of such damage or destruction, then Tenant may terminate this Lease as of a date that is not less than thirty (30) days after the date of such notice. Notwithstanding Section 17.9, if Tenant terminates this Lease pursuant to this Section 7.1, Tenant shall surrender possession of the Premises to the District County immediately and assign to the District County (or, if same has already been received by XxxxxxTenant, pay to the DistrictCounty) all of its right, title and interest in and to the proceeds from Tenant’s insurance upon the Premises, less (i) any costs, fees, or expenses incurred by Tenant in connection with the adjustment of the loss or collection of the proceeds, (ii) any reasonable costs incurred by Tenant in connection with the Premises after the damage or destruction, which costs are eligible for reimbursement from such insurance proceeds, and (iii) the proceeds of any rental loss or business interruption insurance applicable prior to the date of surrender of the Premises to the County.
Appears in 1 contract
Samples: Ground Lease
Damage and Restoration. In If the event the whole Subleased Premises or any part Building Systems or common areas of the Improvements Building serving or providing access to the Subleased Premises shall be damaged or destroyed by fire or other casualtycasualty (such fire or casualty herein referred to as the "Casualty "), and the Prime Lease shall remain in effect, Sublandlord shall enforce its rights under the Prime Lease to cause the Prime Landlord to repair and restore the Casualty, to the extent the Prime Lease permits Sublandlord to do so. If Prime Landlord is obligated to, or elects to repair and restore the damage or action of from and under the elements which is fully covered by insurance required to foregoing provisions, then such restoration shall be carried by Tenant pursuant to this Lease or in fact caused by Tenant, at any time during the Term, Tenant shall with all due diligence, at Tenant’s sole cost and expense, repair, restore and rebuild the Improvements on substantially the same plan and design as existed immediately prior to such damage or destruction and to substantially the same condition that existed immediately prior to such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change the use of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject to the rights of the Leasehold Mortgagees and Section 4 of Exhibit F, by notice to the District given by the later of ninety (90) days after the date of the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence Casualty, except for modifications required by zoning and building codes and other laws, or by a lender(s) holding a Mortgage(s), and any other modifications to the common areas deemed desirable by Prime Landlord (provided access to the Subleased Premises is not materially impaired). Neither Sublandlord nor Prime Landlord shall be required to repair or replace any of Subtenant’s furniture, furnishing, fixtures or equipment, or any Alterations or Subtenant Improvements not originally installed or constructed by Sublandlord or Prime Landlord at its expense. Sublandlord shall not be liable for any inconvenience or annoyance to Subtenant or its visitors, or injury to Subtenant’s business resulting in any way from such damage or destructionthe repair thereof, then Tenant may terminate this Lease as except that Sublandlord shall allow Subtenant a proportionate abatement of a date that is not less than thirty (30) days after Rent during the date of such notice. Notwithstanding Section 17.9, if Tenant terminates this Lease pursuant to this Section 7.1, Tenant shall surrender possession of the Premises to the District immediately and assign to the District (or, if same has already been received by Xxxxxx, pay to the District) all of its right, title and interest in time and to the proceeds from Tenantextent the Subleased Premises are unfit for occupancy by Subtenant as a result thereof; provided, if the Subleased Premises or any other portion of the Building is damaged by a Casualty caused in whole or in part by Subtenant or any of Subtenant’s insurance upon the Premisesagents, contractors, employees, or visitors, Rent shall not be so abated.
Appears in 1 contract
Samples: Sublease (Lincoln National Corp)
Damage and Restoration. In the event the whole or any part of the Improvements shall be damaged or destroyed by fire or other casualty, damage or action of the elements which is fully covered by insurance required to be carried by Tenant pursuant to this Lease or in fact caused by Tenant, at any time during the Term, Tenant shall with all due diligence, at Tenant’s sole cost and expense, repair, restore and rebuild the Improvements on substantially the same plan and design as existed immediately prior to such damage or destruction and to substantially the same condition that existed immediately prior to such damage, with any changes made by Tenant to comply with then applicable Laws and with any upgrades or improvements that Tenant may determine in its reasonable discretion. If Tenant desires to change the use of the Premises following such casualty, then Tenant may make appropriate changes to the Premises to accommodate such changed use after approval of such change of use by the District Lessor pursuant to Article IV above. This Article shall not apply to cosmetic damage or alterations. In the event that Tenant shall determine, subject to the rights of the Leasehold Mortgagees and Section 4 of Exhibit FLimited Partner, if applicable, by notice to the District Lessor given by the later of ninety (90) days after the date of the damage or destruction or thirty (30) days after receipt by Tenant of any such insurance proceeds, that there are not adequate proceeds to restore the Improvements and/or the Premises to substantially the same condition in which they existed prior to the occurrence of such damage or destruction, then Tenant may terminate this Lease as of a date that is not less than thirty (30) days after the date of such notice. Notwithstanding Section 17.9, if Tenant terminates this Lease pursuant to this Section 7.1, Tenant shall surrender possession of the Premises to the District Lessor immediately and assign to the District Lessor (or, if same has already been received by XxxxxxTenant, pay to the DistrictLessor) all of its right, title and interest in and to the proceeds from Tenant’s insurance upon the Premises.
Appears in 1 contract
Samples: Ground Lease
