DAMAGE BY CASUALTY. If, during the Term or previous thereto, the premises shall be destroyed or so damaged by fire or other casualty as to become tenantable, then in such event, at the mutual agreement of Landlord and tenant, this Lease shall terminate from the date of such damage or destruction. Landlord shall exercise this option to so terminate this Lease by notice in writing delivered to Tenant within thirty (30) days after such damage or destruction. Upon such notice, Tenant shall immediately surrender said Premises and all interest therein to Landlord. If both parties do not elect to terminate this Lease, this Lease shall continue in full force and effect, and Landlord shall expeditiously repair the Premises, placing the same in as good a condition as they were at the time of the damage or destruction, and for that purpose, may enter said Premises. In that event rent shall xxxxx in proportion to the extent and duration of untenantablility. In either event, Tenant shall remove all rubbish, debris, merchandise, furniture, equipment and its other personal property within five days after the request by Landlord. If the Premises shall be slightly damaged by fire or other casualty, so as not to render the same untenantable, then Landlord shall expeditiously repair the same and in that case the rent shall still xxxxx. Except for rent abatement as herein provided, no compensation or claim shall be made by or allowed to Tenant by reason of any inconvenience or loss of business arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damage, at which point tenant may terminate this lease completely and xxx for lost business at its sole distraction.
Appears in 6 contracts
Samples: Commercial Lease Contract, Commercial Lease Contract, Commercial Lease Contract
DAMAGE BY CASUALTY. If(a) In the event, during the Term or previous theretoTerm, the premises Premises hereby let, or the buildings on said Premises, shall be destroyed or shall be so damaged by fire or other casualty as to become tenantableuntenantable, then in such event, at the mutual agreement option of Landlord and tenanteither CRRM or CRNF , this Lease shall may be terminated. Any option to terminate from granted herein must be exercised by written notice to the other within 30 days of the date of such damage or destruction. Landlord shall exercise this If either Party exercises its option to so terminate this Lease, (a) the Lease by notice in writing delivered to Tenant within thirty (30) days after will expire and this Lease shall terminate as of the date of such damage or destruction. Upon such notice, Tenant (b) CRNF shall immediately surrender said Premises and all interest therein to Landlord. If both parties do not elect CRRM, and (c) CRNF shall pay rent within the Term only to the time of such damage or destruction.
(b) In the event neither CRRM nor CRNF elects to terminate this Lease, this Lease shall continue in full force and effecteffect and CRRM will repair and restore such damage with reasonable promptness, subject to force majeure, delays for insurance adjustments and Landlord shall expeditiously repair delays caused by matters beyond CRRM’s control. In no event will CRRM be obligated to repair, restore or replace any of the property required to be insured by CRNF in accordance with Section 22(b).
(c) In the event the Premises is rendered untenantable but the Parties do not elect to terminate this Lease, the rent will xxxxx beginning on the date of such damage. Such abatement will end on the date that CRRM has substantially completed the repairs and restoration of the Premises, placing . Such abatement will be an amount bearing the same in as good a condition as they were at the time ration of the damage or destruction, and total amount of rent for that purpose, may enter said such period as the untenantable portion of the Premises bears to the entire Premises. In that Notwithstanding the foregoing, in the event rent shall xxxxx in proportion to the extent and duration of untenantablility. In either event, Tenant shall remove all rubbish, debris, merchandise, furniture, equipment and its other personal property within five days after the request by Landlord. If the Premises shall be but slightly damaged injured by fire or other casualty, so as not to render the same untenantableuntenantable and unfit for occupancy, then Landlord CRRM shall expeditiously repair and restore the same and with all reasonable promptness, but in that case the rent shall still not xxxxx. Except for rent abatement as herein providedat provided herein, no compensation or claim shall be made by or allowed to Tenant CRNF by reason of any inconvenience or loss of business annoyance arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damagePremises, at which point tenant however the necessity may occur.
(d) In any event, CRRM may terminate this lease completely and xxx for lost business at its sole distractionLease as of the date 50% or more of the building of which the Premises are a part is destroyed, by providing written notice to CRNF within 30 days after such destruction.
Appears in 2 contracts
Samples: Master Service Agreement (CVR Energy Inc), Master Service Agreement (CVR Partners, Lp)
DAMAGE BY CASUALTY. IfIn case, during the Term term created or previous thereto, the premises hereby let, or the building of which said premises are a part, shall be destroyed or shall be so damaged by fire or other casualty casualty, as to become tenantableuntenantable, then in such event, at the mutual agreement option of Landlord the LESSOR, the term hereby created shall cease, and tenant, this Lease lease shall terminate become null and void from the date of such damage or destruction. Landlord destruction and the LESSEE shall immediately surrender said premises and all interest therein to LESSOR, and LESSEE shall pay rent within said term only to the time of such surrender; provided, however, that LESSOR shall exercise this such option to so terminate this Lease lease by notice in writing delivered to Tenant LESSEE within thirty (30) days after such damage or destruction. Upon such notice, Tenant In 4 case LESSOR shall immediately surrender said Premises and all interest therein to Landlord. If both parties do not so elect to terminate this Leaselease, in such event, this Lease lease shall continue in full force and effect, effect and Landlord the LESSOR shall expeditiously repair the Premisesleased premises with all reasonable promptitude, placing the same in as good a condition as they were at the time of the damage or destruction, and for that purpose, purpose may enter said Premises. In that event premises and rent shall xxxxx in abatx xx proportion to the extent and duration of untenantablilityuntenantability. In either event, Tenant event LESSEE shall remove all rubbish, debris, merchandise, furniture, equipment and other of its other personal property property, within five days after the request by Landlordof the LESSOR. If the Premises leased premises shall be but slightly damaged injured by fire or other casualtythe elements, so as not to render the same untenantableuntenantable and unfit for occupancy, then Landlord the LESSOR shall expeditiously repair the same with all reasonable promptitude, and in that case the rent shall still xxxxxnot abatx. Except for rent abatement as herein provided, no Xx compensation or claim shall be made by or allowed to Tenant the LESSEE by reason of any inconvenience or loss of business annoyance arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damageleased premises, at which point tenant however the necessity may terminate this lease completely and xxx for lost business at its sole distractionoccur.
Appears in 2 contracts
Samples: Assignment of Lease (T&w Financial Corp), Assignment of Lease (T&w Financial Corp)
DAMAGE BY CASUALTY. If, during In case the Term or previous thereto, the leased premises shall be destroyed or shall be so damaged by fire or other casualty casualty, as to become tenantableuntenantable, then in such event, at the mutual agreement option of Landlord and tenantthe Lessor, this Lease lease shall terminate from the date of such damage or destructiondestruction and Lessee shall immediately surrender such premises and all interest therein to Lessor, and Lessee shall pay rent only to the time of such surrender. Landlord Lessor shall exercise this such option to so terminate this Lease lease by notice in writing delivered to Tenant Lessee within thirty (30) days after such damage or destruction. Upon such notice, Tenant In case Lessor shall immediately surrender said Premises and all interest therein to Landlord. If both parties do not elect to terminate this Leaselease in such event, this Lease lease shall continue in full force and effect, effect and Landlord Lessee shall expeditiously repair the Premisesleased premises with all reasonable promptness, placing the same in as good a condition as they were at the time of the damage or destruction, destruction and for that purposethe purpose of inspection, Lessor may enter said Premises. In that event rent shall xxxxx in proportion to the extent and duration of untenantablilitysuch premises. In either event, Tenant Lessee shall remove all rubbish, debris, merchandise, furniture, equipment equipment, and its other personal property property, within five fifteen (15) days after the request by Landlordof Lessor. If the Premises lease premises shall be only slightly damaged injured by fire or other casualtyof the elements, so as not to render the same untenantableuntenantable and unfit for occupancy, then Landlord Lessee shall expeditiously repair the same and in that case the rent shall still xxxxxwith all reasonable promptness. Except for rent abatement as herein provided, no No compensation or claim shall be made by or allowed to Tenant Lessee by reason of any inconvenience or loss of business annoyance arising from the necessity of repairing any portion of the building leased premises, however the necessity may occur. Lessee shall comply with all laws, orders, ordinances, and other public requirements now or hereafter affecting the premises or the Premises unless landlord does use thereof, and save Lessor harmless from expense or damage resulting from failure to do so. The leased premises are not begin repairs exempted from compliance with zoning or any other municipal codes or ordinances nor from any other requirements of law due to title being in xxxxxxx within one week the name of damage, at which point tenant may terminate this lease completely and xxx for lost business at its sole distractionthe Lessor.
Appears in 2 contracts
DAMAGE BY CASUALTY. If, during the Term or previous thereto, the premises shall be destroyed or so damaged by fire or other casualty as to become tenantableuntenantable, then in such event, at the mutual agreement option of Landlord and tenantLandlord, this Lease shall terminate from the date of such damage or destruction. Landlord shall exercise this option to so terminate this Lease by notice in writing delivered to Tenant within thirty (30) days after such damage or destruction. Upon such notice, Tenant Xxxxxx shall immediately surrender said Premises and all interest therein to Landlord, and Tenant shall pay rent only to the time of such damage or destruction. If both parties do Landlord does not elect to terminate this Lease, this Lease shall continue in full force and effect, and Landlord shall expeditiously repair the Premises, placing the same in as good a condition as they were at the time of the damage or destruction, and for that purpose, may enter said Premises. In that event rent shall xxxxx in proportion to the extent and duration of untenantablility. In either event, Tenant shall remove all rubbish, debris, merchandise, furniture, equipment and its other personal property within five days after the request by Landlord. If the Premises shall be slightly damaged by fire or other casualty, so as not to render the same untenantable, then Landlord shall expeditiously repair the same and in that case the rent shall still not xxxxx. Except for rent abatement as herein provided, no compensation or claim shall be made by or allowed to Tenant by reason of any inconvenience or loss of business arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damage, at which point tenant may terminate this lease completely and xxx for lost business at its sole distractionPremises.
Appears in 2 contracts
Samples: Commercial Lease Contract, Commercial Lease Contract
DAMAGE BY CASUALTY. If, during the Term term hereof, or previous thereto, the premises Premises or any building of which the Premises are a part, shall be destroyed become untenantable or so otherwise damaged by fire virtue of damage by fire, explosion, providential means, or any other casualty as to become tenantablecasualty, then and (in such event, at the mutual agreement case of Landlord and tenant, this Lease shall terminate from untenantability) if the Premises or building can be reasonably repaired within one hundred eighty (180) days after date of such damage or destruction. Landlord damage, Lessor shall exercise this option to so terminate this Lease by notice in writing delivered to Tenant within thirty (30) days after such damage or destruction. Upon such notice, Tenant shall immediately surrender said Premises and all interest therein to Landlord. If both parties do not elect to terminate this Lease, this Lease shall continue in full force and effect, and Landlord shall expeditiously repair the PremisesPremises as soon as practicable with due diligence, placing the same in as good a condition as they were at just before such damage, and rent shall xxxxx pro rata and in proportion to untenantability of the Premises from the time of such damage until restoration of the Premises by Lessor. In the case of untenantability, if the Premises or building cannot be repaired within one hundred eighty (180) days after the date of such damage, then either Lessor or Lessee may terminate this Lease by written notice to the other party in which event the term hereby created shall terminate as of the date of such damage and rent shall cease as of the date of such damage, with proportionate refund of any prepayment, on condition Lessee forthwith surrenders the Premises to Lessor. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God or destructionany other contingency beyond Lessor's control, shall delay the construction. In the case of such damage, whether this Lease is thereby terminated or not, Lessee shall remove all of the rubbish and debris of Lessee's property within five (5) days after written request by Lessor, and if this Lease is not thereby terminated, Lessee shall not do anything to hinder or delay Lessor's work of repair, and will cooperate with Lessor in such work. Lessor shall not be liable for inconvenience to Lessee by making repairs to any part of the Premises or building, nor for the restoration of any improvements made by Lessee, nor for the restoration of any property of Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that purposethe insurance proceeds be applied to such indebtedness, may enter then Lessor shall have the right to terminate this Lease by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminate, except for Lessee's option to purchase the Premises hereafter set forth. Lessor agrees to use its best efforts to see that the holder of any such indebtedness does not require that insurance proceeds be applied to indebtedness. For the purposes of this Lease, said Premises. In that event rent Premises shall xxxxx in proportion be considered tenantable so long as and to the extent and duration of untenantablilitythat they are occupied. In either eventthe event Lessor terminates this Lease under the provisions of this Paragraph 14, Tenant then Lessee shall remove all rubbishhave an option to purchase the Premises under the following terms and conditions:
a. If Lessee desires to purchase the Premises, debrisLessee shall, merchandisewithin ten (10) days of Lessee's receipt of notice of Lessor's election to terminate this Lease, furniture, equipment give notice in writing to Lessor of such desire to purchase and its other personal property within five days after the request purchase price shall be fair market value of the Premises which shall be determined by LandlordLessor and Lessee or in the absence of such agreement by appraisal. If the Premises shall be slightly damaged by fire or other casualty, so as not parties have failed to render agree on the same untenantable, then Landlord shall expeditiously repair the same and in that case the rent shall still xxxxx. Except for rent abatement as herein provided, no compensation or claim shall be made by or allowed to Tenant by reason of any inconvenience or loss of business arising from the necessity of repairing any portion value of the building Premises or have failed to agree on an appraiser to determine the Premises unless landlord does not begin repairs in xxxxxxx within one week of damage, at which point tenant may terminate this lease completely and xxx for lost business at its sole distraction.value
Appears in 1 contract
Samples: Office Lease (Informix Corp)
DAMAGE BY CASUALTY. IfIn case, during the Term or previous thereto, the Premises hereby let, or the building of which said premises are a part, shall be destroyed or shall be so damaged by fire or other casualty as to become tenantableuntenantable, then in such event, at the mutual agreement option of Landlord Landlord, the Term shall cease and tenant, this Lease shall terminate become null and void from the date of such damage or destruction. destruction and Tenant shall immediately surrender said Premises and all interest therein to Landlord, and Tenant shall pay rent within said Term only to the time of such surrender; provided, however, that Landlord shall exercise this such option to so terminate this Lease by notice in writing delivered to Tenant within thirty (30) days after such damage or destruction. Upon such notice, Tenant In case Landlord shall immediately surrender said Premises and all interest therein to Landlord. If both parties do not so elect to terminate this Lease, this Lease shall continue in full force and effect, effect and Landlord shall expeditiously repair the PremisesPremises with all reasonable promptitude, and in any event complete the same within 180 days of commencement, placing the same in as good a condition as they were at the time of the damage or destruction, destruction and for that purpose, purpose may enter said Premises. In that event Premises and rent shall xxxxx in proportion to the extent and duration of untenantablilityuntenantability. In either event, Tenant shall remove all tenant's rubbish, debris, merchandise, furniture, equipment and other of its other personal property property, within five twenty days after the request by of Landlord. If the Premises shall be but slightly damaged injured by fire or other casualty, so as not to render the same untenantableuntenantable and unfit for occupancy, then Landlord shall expeditiously repair the same with all reasonable promptitude to substantially the same utility and use, and in that case the rent shall still not xxxxx. Except for rent abatement as herein providedprovided herein, no compensation or of claim shall be made by or allowed to Tenant by reason of any inconvenience or loss of business annoyance arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damagePremises, at which point tenant however the necessity may terminate this lease completely and xxx for lost business at its sole distractionoccur.
Appears in 1 contract
DAMAGE BY CASUALTY. IfIn case, during the Term term created or previous thereto, the premises hereby let, or the building of which said premises are a part, shall be destroyed or shall be so damaged by fire or other casualty as to become tenantableuntenantable, then in such event, at the mutual agreement option of Landlord the LESSOR, the term hereby created shall cease, and tenant, this Lease lease shall terminate become null and void from the date of such damage or destruction. Landlord destruction and the LESSEE shall immediately surrender said premises and all interest therein to LESSOR, and LESSEE shall pay rent within said term only to the time of such surrender, provided, however, that LESSOR shall exercise this such option to so terminate this Lease lease by notice in writing delivered to Tenant LESSEE within thirty (30) days after such damage or destruction. Upon such notice, Tenant In case LESSOR shall immediately surrender said Premises and all interest therein to Landlord. If both parties do not so elect to terminate this Leaselease, in such event, this Lease lease shall continue in full force and effect, effect and Landlord the LESSOR shall expeditiously repair the Premisespremises with all reasonable promptitude, placing the same in as good a condition as they were at the time of the damage or destruction, and for that purpose, purpose may enter said Premises. In that event premises and rent shall xxxxx abate in proportion to the extent and duration of untenantablilityuntenantability. In either event, Tenant xxxxer event LESSEE shall remove all rubbish, debris, merchandise, furniture, equipment and other of its other personal property property, within five days after the request by Landlordof the LESSOR. If the Premises premises shall be but slightly damaged injured by fire or other casualty, so as not to render the same untenantableuntenantable and unfit for occupancy, then Landlord the LESSOR shall expeditiously repair the same with all reasonable promptitude, and in that case the rent shall still xxxxxnot abate. Except for rent abatement as herein provided, no No compensation or claim shall be made by or allowed to Tenant the LEXXXX by reason of any inconvenience or loss of business annoyance arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damagepremises, at which point tenant however the necessity may terminate this lease completely and xxx for lost business at its sole distractionoccur.
Appears in 1 contract
Samples: Industrial Lease Agreement (Circle Group Internet Inc)
DAMAGE BY CASUALTY. IfIn case, during the Term term created or previous thereto, the premises hereby let, or the building of which said premises are a part, shall be destroyed or shall be so damaged by fire or other casualty as to become tenantableuntenantable, then in such event, at the mutual agreement option of Landlord the LESSOR, the term hereby created shall cease, and tenant, this Lease lease shall terminate become null and void from the date of such damage or destruction. Landlord destruction and the LESSEE shall immediately surrender said premises and all interest therein to LESSOR, and LESSEE shall pay rent within said term only to the time of such surrender, provided, however, that LESSOR shall exercise this such option to so terminate this Lease lease by notice in writing delivered to Tenant LESSEE within thirty (30) days after such damage or destruction. Upon such notice, Tenant In case LESSOR shall immediately surrender said Premises and all interest therein to Landlord. If both parties do not so elect to terminate this Leaselease, in such event, this Lease lease shall continue in full force and effect, effect and Landlord the LESSOR shall expeditiously repair the Premisespremises with all reasonable promptitude, placing the same in as good a condition as they were at the time of the damage or destruction, and for that purpose, purpose may enter said Premises. In that event premises and rent shall xxxxx abate in proportion to the extent and duration of untenantablility. untenantability, In either event, Tenant xxxxer event LESSEE shall remove all rubbish, debris, merchandise, furniture, equipment and other of its other personal property property, within five days after the request by Landlordof the LESSOR. If the Premises premises shall be but slightly damaged injured by fire or other casualty, so as not to render the same untenantableuntenantable and unfit for occupancy, then Landlord the LESSOR shall expeditiously repair the same with all reasonable promptitude, and in that case the rent shall still xxxxxnot abate. Except for rent abatement as herein provided, no No compensation or claim shall be made by or allowed to Tenant the LEXXXX by reason of any inconvenience or loss of business annoyance arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damagepremises, at which point tenant however the necessity may terminate this lease completely and xxx for lost business at its sole distractionoccur.
Appears in 1 contract
Samples: Industrial Lease Agreement (Circle Group Internet Inc)
DAMAGE BY CASUALTY. IfIn case the Premises, during the Term or previous theretoany part thereof, the premises shall at any time be destroyed or so damaged by fire or other casualty as to become tenantableunavoidable casualty, so that the same shall be unfit for occupation or use by Tenant for its purposes hereunder, then the Rent hereby reserved, or a fair and just proportion thereof, according to the nature and extent of the damage sustained in loss of occupation of the Premises, shall be suspended, cease to be payable and so continue until said Premises shall be rebuilt or made fit for occupation and use, or if such eventdamage to the Premises or to the Building (regardless of whether the Premises are affected) is to the extent of fifty percent (50%) or more, then this Lease may be terminated at the mutual agreement election of Landlord and tenantor Tenant, notice of which election, if exercised, shall be given in writing within fifteen (15) days from date of casualty. If this Lease is not so terminated within such time period, then Landlord shall terminate be deemed to have agreed to repair and restore the Premises and the Building. The length of time that Landlord shall have to make such repairs hereunder shall in no event exceed a period of six (6) months from the date of casualty. If Landlord fails to complete such damage or destruction. Landlord repairs within said six (6) month period, Tenant shall exercise this have the option (i) to so terminate this Lease as of the date of such casualty by giving written notice in writing delivered to Tenant within Landlord not later than thirty (30) days after such damage said six (6) month period or destruction. Upon such notice, Tenant shall immediately surrender said Premises (ii) to exercise any and all interest therein rights necessary to Landlord. If both parties do not elect cause Landlord to terminate this Leasecomplete such repairs, this Lease shall continue in full force and effectincluding, and Landlord shall expeditiously repair the Premiseswithout limitation, placing the same in as good a condition as they were at the time collection of the damage or destruction, and for that purpose, may enter said Premises. In that event rent shall xxxxx in proportion to the extent and duration of untenantablility. In either event, Tenant shall remove all rubbish, debris, merchandise, furniture, equipment and its other personal property within five days after the request by Landlord. If the Premises shall be slightly damaged by fire or other casualty, so as not to render the same untenantable, then Landlord shall expeditiously repair the same and in that case the rent shall still xxxxx. Except for rent abatement as herein provided, no compensation or claim shall be made by or allowed to Tenant by reason of any inconvenience or loss of business arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damage, at which point tenant may terminate this lease completely and xxx for lost business at its sole distractiondamages.
Appears in 1 contract
Samples: Real Estate Purchase Contract (Commercial Net Lease Realty Inc)
DAMAGE BY CASUALTY. IfIn case, during the Term term created or previous thereto, the premises hereby let, or the building of which said premises are a part, shall be destroyed or shall be so damaged by fire or other casualty as to become tenantableuntenantable, then in such event, at the mutual agreement option of Landlord the LESSOR, the term hereby created shall cease, and tenant, this Lease lease shall terminate become null and void from the date of such damage or destruction. Landlord destruction and the LESSEE shall immediately surrender said premises and all interest therein to LESSOR, and LESSEE shall pay rent within said term only to the time of such surrender, provided, however, that LESSOR shall exercise this such option to so terminate this Lease lease by notice in writing delivered to Tenant LESSEE within thirty (30) days after such damage or destruction. Upon such notice, Tenant In case LESSOR shall immediately surrender said Premises and all interest therein to Landlord. If both parties do not so elect to terminate this Leaselease, in such event, this Lease lease shall continue in full force and effect, effect and Landlord the LESSOR shall expeditiously repair the Premisespremises with all reasonable promptitude, placing the same in as good a condition as they were at the time of the damage or destruction, and for that purpose, purpose may enter said Premises. In that event premises and rent shall xxxxx in proportion to the extent and duration of untenantablilityuntenantability. In either event, Tenant event LESSEE shall remove all rubbish, debris, merchandise, furniture, equipment and other of its other personal property property, within five days after the request by Landlordof the LESSOR. If the Premises premises shall be but slightly damaged injured by fire or other casualty, so as not to render the same untenantableuntenantable and unfit for occupancy, then Landlord the LESSOR shall expeditiously repair the same with all reasonable promptitude, and in that case the rent shall still not xxxxx. Except for rent abatement as herein provided, no No compensation or claim shall be made by or allowed to Tenant the LESSEE by reason of any inconvenience or loss of business annoyance arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damagepremises, at which point tenant however the necessity may terminate this lease completely and xxx for lost business at its sole distractionoccur.
Appears in 1 contract
Samples: Industrial Lease Agreement (Circle Group Internet Inc)
DAMAGE BY CASUALTY. IfIn case, during the Term or previous thereto, the premises Premises hereby let, or the building of which said Premises are a part, shall be destroyed or shall be so damaged by fire or other casualty as to become tenantableuntenantable, then in such event, at the mutual agreement option of Landlord Landlord, the Term shall cease and tenant, this Lease shall terminate become null and void from the date of such damage or destruction. destruction and Tenant shall immediately surrender said Premises and all interest therein to Landlord, and Tenant shall pay rent within said Term only to the time of such surrender; provided, however, that Landlord shall exercise this such option to so terminate this Lease by notice in writing delivered to Tenant within thirty (30) days after such damage or destruction. Upon such notice, Tenant In case Landlord shall immediately surrender said Premises and all interest therein to Landlord. If both parties do not so elect to terminate this Lease, this Lease shall continue in full force and effect, effect and Landlord shall expeditiously repair the PremisesPremises with all reasonable promptitude, placing the same in as good a condition as they were at the time of the damage or destruction, and for that purpose, purpose may enter said Premises. In that event Premises and rent shall xxxxx in abatx xx proportion to the extent and duration of untenantablilityuntenantability. In either event, Tenant shall remove all rubbish, debris, merchandise, furniture, equipment and other of its other personal property property, within five days after the request by of Landlord. If the Premises shall be but slightly damaged injured by fire or other casualty, so as not to render the same untenantableuntenantable and unfit for occupancy, then Landlord shall expeditiously repair the same with all reasonable promptitude, and in that case the rent shall still xxxxxnot abatx. Except for rent abatement Xxcept as herein providedprovided herein, no compensation or claim shall be made by or allowed to Tenant by reason of any inconvenience or loss of business annoyance arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damagePremises, at which point tenant however the necessity may terminate this lease completely and xxx for lost business at its sole distractionoccur.
Appears in 1 contract
Samples: Commercial and Industrial Lease Agreement (Glacier Corp)
DAMAGE BY CASUALTY. IfThroughout the term of this Lease, during Lessor shall maintain commercial property insurance policy with a special broad causes of loss from (formerly known as "all risk" insurance) covering the Term Building (including the Premises), with an agreed amount endorsement, in an amount not less than the full replacement cost of the Building, subject to a customary deductible limit not greater than $10,000.00. The proceeds of such insurance shall be received in trust and applied to the repair and reconstruction of the Building (including repairs to the Premises). In case the Premises or previous thereto, the premises Building shall be destroyed or shall be so damaged by fire or other casualty as to become tenantableuntenantable, then in such event, at the mutual agreement of Landlord and tenant, all rent otherwise accruing under this Lease shall terminate xxxxx until the damage is repaired or restored and, if this Lease shall be terminated in the manner provided below, from the date of such damage or destruction. Landlord shall exercise this option to so terminate this Lease by notice in writing delivered to Tenant within thirty (30) days after such damage or destruction. Upon such notice, Tenant destruction and Lessee shall immediately surrender said the Premises and all interest therein to LandlordLessor, and Lessee shall pay Rent only to the time of such fire or casualty. If both parties do Notwithstanding the above, Lessor shall be obligated to rebuild the Building (including the Premises) to the extent that insurance proceeds (together with the so-called "deductible") will cover the cost of the rebuilding and restoration. In the event Lessor has not elect to terminate started rebuilding within three (3) months of damage or completed construction within seven (7) months of damage, Lessee, at Lessee's option, may cancel this LeaseLease provided such damage was not caused by Lessee. In case this Lease is not so terminated, this Lease shall continue in full force and effect, effect and Landlord the Lessor shall expeditiously repair the PremisesBuilding and the Premises with all reasonable promptness, placing the same in as good a condition as they were at the time of the damage or destruction, and for that purpose, purpose may enter said Premises. In that event such event, rent shall xxxxx in proportion to the extent and duration of untenantablilityuntenantability. In either event, Tenant Lessee shall remove all rubbish, debris, merchandise, furniture, equipment and other of its other personal property property, within five ten (10) days or less after the request by Landlordof the Lessor. If the Premises shall be but slightly damaged injured by fire or other casualty, so as not to render the same untenantableuntenantable and unfit for occupancy, then Landlord the Lessor shall expeditiously repair the same with all reasonable promptness, and in that case the rent shall still not xxxxx. Except for rent abatement as herein provided, no No compensation or claim shall be made by or allowed to Tenant the Lessee by reason of any inconvenience or loss of business annoyance arising from the necessity of repairing any portion of the building Building or the Premises, however this necessity may occur. Notwithstanding anything to the contrary herein set forth, but provided that Lessor maintains the insurance required under this Paragraph 1 2, Lessor shall not be obligated to repair or restore the Premises unless landlord does or the Building if the damage or destruction is due to an uninsured casualty or to the extent that any Mortgagee applies proceeds of insurance to reduce its loan balance and the remaining proceeds available to Lessor plus the "deductible" amount and any self insured amounts are not begin repairs in xxxxxxx within one week of damage, at which point tenant may terminate this lease completely and xxx sufficient to pay for lost business at its sole distractionsuch repair or restoration.
Appears in 1 contract
Samples: Commercial Lease Agreement (KVH Industries Inc \De\)
DAMAGE BY CASUALTY. IfIn case, during the Term term created or previous thereto, the premises hereby let, or the building of which said premises are a part, shall be destroyed or shall be so damaged by fire or other casualty as to become tenantableuntenantable, then in such event, at the mutual agreement option of Landlord the LESSOR, the term hereby created shall cease, and tenant, this Lease lease shall terminate become null and void from the date of such damage or destruction. Landlord destruction and the LESSEE shall immediately surrender said premises and all interest therein to LESSOR, and LESSEE shall pay rent within said term only to the time of such surrender, provided, however, that LESSOR shall exercise this such option to so terminate this Lease lease by notice in writing delivered to Tenant LESSEE within thirty (30) days after such damage or destruction. Upon such notice, Tenant In case LESSOR shall immediately surrender said Premises and all interest therein to Landlord. If both parties do not so elect to terminate this Leaselease, in such event, this Lease lease shall continue in full force and effect, effect and Landlord the LESSOR shall expeditiously repair the Premisespremises with all reasonable promptitude, placing the same in as good a condition as they were at the time of the damage or destruction, and for that purpose, purpose may enter said Premises. In that event premises and rent shall xxxxx abate in proportion to the extent exxxxx and duration of untenantablilityuntenantability. In either event, Tenant event LESSEE shall remove all rubbish, debris, merchandise, furniture, equipment and other of its other personal property property, within five days after the request by Landlordof the LESSOR. If the Premises premises shall be but slightly damaged injured by fire or other casualty, so as not to render the same untenantableuntenantable and unfit for occupancy, then Landlord the LESSOR shall expeditiously repair the same with all reasonable promptitude, and in that case the rent shall still xxxxxnot abate. Except for rent abatement as herein provided, no No compensation or claim shall clxxx xhall be made by or allowed to Tenant the LESSEE by reason of any inconvenience or loss of business annoyance arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damagepremises, at which point tenant however the necessity may terminate this lease completely and xxx for lost business at its sole distractionoccur.
Appears in 1 contract
Samples: Industrial Lease Agreement (Circle Group Internet Inc)
DAMAGE BY CASUALTY. (a) If, during the Term or previous thereto, the premises Premises or the building of which said Premises are a part shall be destroyed or so damaged by fire or other casualty as to become tenantableuntenantable, then in such event, at the mutual agreement option of Landlord and tenantLessor, this Lease shall terminate from the date of such damage or destruction. Landlord Lessor shall exercise this option to so terminate this Lease by notice in writing delivered to Tenant Lessee within thirty (30) days after such damage or destruction. Upon such notice, Tenant Xxxxxx shall immediately surrender said Premises and all interest therein to LandlordLessor, and Xxxxxx shall pay rent only to the time of such damage or destruction. If both parties do Lessor does not elect to terminate this Lease, this Lease shall continue in full force and effect, and Landlord Lessor shall expeditiously repair the Premises, placing the same in as good a condition as they were at the time of the aDsogwoondloaadcoenddfirtioomn ahstttph:e/y/wwewrewa.ttidthyefotirmmeso.cfotmhe damage or destruction, and for that purpose, may enter said Premises. In that event rent shall xxxxx in proportion to the extent and duration of untenantablility. In either event, Tenant shall remove all rubbish, debris, merchandise, furniture, equipment and its other personal property within five days after the request by Landlord. of
(b) If the Premises shall be slightly damaged by fire or other casualty, so as not to render the same untenantable, then Landlord Lessor shall expeditiously repair the same and in that case the rent shall still not xxxxx. Except for rent abatement as herein provided, no compensation or claim shall be made by or allowed to Tenant Lessee by reason of any inconvenience or loss of business arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damage, at which point tenant may terminate this lease completely and xxx for lost business at its sole distractionPremises.
Appears in 1 contract
Samples: Commercial Lease Agreement
DAMAGE BY CASUALTY. If, during the Term or previous thereto, the premises (A) Tenant shall be destroyed or so damaged by give prompt notice to Landlord in case of any fire or other damage or casualty to the Premises or the Building. If
(i) the Building shall be damaged to the extent that in Landlord’s reasonable judgment, repairing such damage or destruction would not be economically feasible;
(ii) the Building shall be damaged as a result of a risk which is not covered or any portion thereof shall require that the insurance proceeds under the policies referred to become tenantablein Section 3. (B) hereof be used for other than repairing, replacing and rebuilding such damage, then in such event, at the mutual agreement of any event Landlord and tenant, this Lease shall terminate from the date of such damage or destruction. Landlord shall exercise this option to so may terminate this Lease by notice in writing delivered to Tenant given within thirty ninety (3090) days after such damage event. In the event this Lease is terminated as provided above in this Section 21: (i) the entire proceeds of the insurance provided for in Section 3. (B) hereof shall be paid by the insurance company or destructioncompanies directly to Landlord and shall belong to, and be the sole property of, Landlord; (1) the portion of proceeds of the insurance provided for in Section 3. Upon such notice(B) which is insuring equipment, fixtures and other items, which by the terms of the Lease, belong to the Landlord by whatever cause shall be paid by the insurance company or companies directly to Landlord, and shall belong to, and be the sole property of, Landlord;
(iii) Tenant shall immediately surrender said vacate the Premises in accordance with this Lease
(iv) All Rent shall be apportioned and paid to the date on which possession is relinquished or the date of such damage, whichever last occurs; and
(v) Landlord and Tenant shall be relieved from any and all interest therein to Landlordfurther liability or last obligation hereunder except as expressly provided in this Lease. If both parties do not elect Tenant hereby waives any and all rights to terminate this LeaseLease that it may have, this Lease shall continue in full force and effect, and Landlord shall expeditiously repair the Premises, placing the same in as good a condition as they were at the time by reason of the damage or destruction, and for that purpose, may enter said Premises. In that event rent shall xxxxx in proportion to the extent and duration of untenantablility. In either eventPremises by fire, Tenant shall remove all rubbishflood, debris, merchandise, furniture, equipment and its other personal property within five days after the request by Landlord. If the Premises shall be slightly damaged by fire earthquake or other casualty, so as pursuant to any presently existing or hereafter enacted statute or pursuant to any other law.
(B) If all or any portion of the Building is damaged by fire, flood, earthquake or other casualty and this Lease is not to render terminated in accordance with the same untenantableprovisions of Section 21 (A), then Landlord shall expeditiously repair all insurance proceeds under the same and policies referred to in Section 3. (B) hereof that case the rent shall still xxxxx. Except for rent abatement as herein provided, no compensation are recovered on account of any such damage by fire or claim casualty shall be made available for the payment of the cost of repair, replacing and rebuilding and as soon as practicable after such damage occurs Landlord shall, using the proceeds provided for by Section 3. (B) hereof, repair or allowed rebuild the Building and other portions of the Premises or such portion hereof to its condition immediately prior to such occurrence to the extent the cost therefore is fully funded by insurance proceeds. Alternatively, at Landlord’s option, Landlord may require that Tenant perform such repairs, in which case, Landlord shall make available to Tenant, insurance proceeds received by Landlord-In no event shall be obligated to repair or replace Tenant’s movable trade fixtures or other personal property. In addition, Tenant shall, using the remaining proceeds of the insurance proceeds from policies provided for in Section 3 (B) hereof, repair, restore and replace Tenant’s movable trade fixtures, personalty and equipment. If the aforesaid insurance proceeds under the insurance provided for in Section 3 (B) hereof shall be less the cost of repairing or replacing Tenant’s movable trade fixtures, equipment and personalty, or other items required to be insured by Tenant pursuant to Section 3 (B) hereof, Tenant shall pay the entire excess cost thereof, and if such insurance proceeds shall be greater than the cost of such repair, restoration, replacement or building, the excess proceeds shall belong to, and be the property of Tenant.
(C) In the event of any repair or rebuilding pursuant to the provisions of Section 21 hereof, then only to the extent Landlord receives rental insurance proceeds equal to the Rent due during the period the Building and other portions of the Premises are undergoing repairs and Tenant’s use is precluded, there shall be abated an equitable portion of the Basic Rent during the existence of such damage, based upon the portion of the Premises which is rendered untenantable and the duration thereof Landlord shall not be liable or obligated to tenant to any extent whatsoever by reason of any inconvenience fire or loss other casualty damage to the Premises, or any damages suffered by Tenant by reason thereof, or the deprivation of business arising from the necessity Tenant’s possession of repairing all or any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damage, at which point tenant may terminate this lease completely and xxx for lost business at its sole distractionPremises.
Appears in 1 contract
DAMAGE BY CASUALTY. If, during 16.1 Tenant shall give immediate written notice to Landlord of any damage to the Term or previous thereto, the premises shall be destroyed or so damaged Premises by fire or other casualty.
16.2 If the Premises shall be: (a) destroyed or substantially damaged by a casualty as not covered by Landlord's insurance required to become tenantablebe carried under this Lease; (b) destroyed or rendered untenantable to an extent in excess of fifty percent (50%) of the floor area of the Premises by a casualty covered by Landlord's insurance (or which would have been covered had Landlord maintained the insurance required hereunder); or (c) damaged in the last two years of the Term of the Lease and the cost of reconstruction is reasonably expected to exceed one year's Minimum Rental, then in such event, at the mutual agreement of Landlord and tenant, this Lease shall terminate from the date of such damage or destruction. Landlord shall exercise this option to so terminate this Lease by notice in writing delivered to Tenant within thirty (30) days after such damage or destruction. Upon such notice, Tenant shall immediately surrender said Premises and all interest therein to Landlord. If both parties do not may elect to terminate this Lease, . Tenant shall also have the right to terminate this Lease shall continue in full force the event so much of the Premises is damaged or destroyed that Tenant cannot reasonably use any material part of the Premises for its permitted use and effect, and Landlord shall expeditiously repair the Premises, placing the same in as good a condition as they were at cannot be reasonably repaired and restored within One Hundred Eighty (180) days following the time date of the damage or destruction, and for that purpose, may enter said Premises. In that event rent shall xxxxx in proportion to or if within the extent and duration last year of untenantablility. In either event, Tenant shall remove all rubbish, debris, merchandise, furniture, equipment and its other personal property the Term within five Ninety (90) days after following the request by Landlorddate of destruction or damage. If the Premises is so damaged or destroyed and neither Landlord nor Tenant elects to terminate this Lease, Landlord shall proceed with reasonable diligence to rebuild and repair the Premises. Should Landlord or Tenant elect to terminate this Lease it shall give written notice of such election to the other party within Sixty (60) days after the occurrence of such casualty, in which event this Lease shall terminate upon the 31st day after receipt of such notice and neither party shall have any further obligations hereunder accruing after such termination. In the event of any damage or destruction to the Premises, Tenant shall, upon notice from Landlord, remove, at Tenant's expense, such portion or all of Tenant's shelves, bins, equipment, trade fixtures and other property of Tenant from such portion of the Premises as Landlord shall request.
16.3 Landlord's obligation to rebuild and repair under this Article 16 shall be slightly damaged by fire or other casualty, so as not limited to render restoring Landlord's Work to substantially the condition in which the same untenantableexisted prior to the casualty. Promptly after completion of such work by Landlord, and following Tenant's receipt of all required permits, approvals and licenses (which Tenant shall obtain as soon as reasonably possible), Tenant will proceed with reasonable diligence to rebuild, repair and restore its signs, fixtures and equipment and other items of Tenant's Work. Promptly after completion of such work by Landlord, Tenant will proceed with reasonable diligence to rebuild, repair and restore its signs, fixtures and equipment and other items of Tenant's Work.
16.4 During any repair of the Premises, Tenant will continue the operation of its business within the Premises to the extent practicable. During the period from the occurrence of the casualty until Landlord's repairs are completed, Rent shall be reduced to such extent as may be fair and reasonable under the circumstances, and the Breakpoint shall be equitably adjusted. Any dispute under this Section 16.4 regarding the amount of Rent to be reduced which is not resolved by the parties within 30 days or such longer period as the parties may agree shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The arbitration proceedings shall be conducted in Cincinnati, Ohio. Within 15 days after the initiation of arbitration, each party shall select one person to act as an arbitrator, and the two selected shall select a third within 10 days after their appointment; provided, however, that if either person fails to select a qualified and willing arbitrator within such 15 day period, the arbitrator selected by the other party shall, if qualified and willing and selected within such 15 day period, be the sole arbitrator, and if two qualified and willing arbitrators are selected within such 15 day period but are then unable or fail to agree upon a third arbitrator within such 10 day period, then the American Arbitration Association shall select the third arbitrator. The arbitrators must have experience in retail leasing, and at least one of the arbitrators (if more than one) shall be an attorney. The arbitrator shall award to the prevailing party, as determined by the arbitrators, all of its costs and fees, including arbitrator's fees, witness fees, attorneys' and other out of pocket expenses incurred in connection with the arbitration proceeding.
16.5 If the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall expeditiously repair the same and in that case the rent shall still xxxxx. Except for rent abatement as herein provided, no compensation or claim shall be made by or allowed to Tenant by reason of any inconvenience or loss of business arising from the necessity of repairing any portion of the building or the Premises unless landlord does not begin repairs in xxxxxxx within one week of damage, at which point tenant may terminate this lease completely and xxx for lost business at its sole distractionLease by delivering written notice of termination to Tenant.
Appears in 1 contract
Samples: Lease Agreement (Smith & Wollensky Restaurant Group Inc)