Common use of DAMAGE BY CASUALTY Clause in Contracts

DAMAGE BY CASUALTY. In the event fire or other casualty damages (excluding break-in’s or vandalism) to the Premises or the Building, and the Landlord has adequate insurance coverage, the Landlord shall forthwith repair the damage, provided the repairs can be made within one hundred twenty (120) days from the date of the casualty. During the period of repair, this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time within thirty (30) days after the casualty terminating this Lease as of the date to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the giving of such notice. In the event of the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required to repair any injury or damage by fire or other casualty, or to make any repairs or replacements of any paneling, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed in the Premises by the Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________

Appears in 1 contract

Samples: Commercial Lease Agreement (La Rosa Holdings Corp.)

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DAMAGE BY CASUALTY. 14.1 Tenant shall give immediate written notice to Landlord of any damage caused to the Premises by fire or other casualty. 14.2 In the event that the Premises are damaged or destroyed by fire or other casualty damages insurable under standard fire and extended coverage insurance and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises, except that Tenant shall pay a proportionate share of any commercially reasonable deductible applicable under Landlord’s insurance with respect to any casualty occurring in the Building unless Tenant or another tenant (or the employees, agents, contractors, concessionaires, licensees or subtenant of Tenant or any other tenant) is responsible for such casualty by way of negligence or willful misconduct, in which event the responsible tenant shall pay the entire amount of the deductible upon demand. If the Building shall: (i) be destroyed or substantially damaged by a casualty not covered by Landlord’s insurance; or (ii) be destroyed or rendered untenantable to an extent in excess of fifty percent (50%) of the first floor area by a casualty covered by Landlord’s insurance, then Landlord may elect to either terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Premises as set forth herein. If the Premises or the Common Areas shall be destroyed or rendered untenantable (a) to an extent in excess of fifty percent (50%) of the floor area or (b) during the last twenty-four (24) months of the Term by a casualty, then Tenant may elect to terminate this Lease as hereinafter provided. Should either party elect to terminate this Lease it shall give written notice of such election to the other party within ninety (90) days after the occurrence of such casualty. If neither Landlord nor Tenant elects to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises. In the event of any damage or destruction to the Premises, Tenant shall, upon notice from Landlord, forthwith remove, at Tenant’s sole cost and expense, such portion or all of Tenant’s shelves, bins, machinery and other trade fixtures and all other property belonging to Tenant or Tenant’s licensees from such portion or all of the Premises as Landlord shall reasonably request in order to accomplish such restoration. 14.3 Landlord’s obligation to rebuild and repair under this Article XIV shall in any event be limited to restoring the Premises to substantially the condition in which the same existed prior to the casualty (excluding break-inTenant’s Work and any Alterations) and Tenant agrees that promptly after completion of such work by Landlord, it will proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore its signs, fixtures and equipment and other items of Tenant’s Work as described in Exhibit B. 14.4 Tenant agrees that during any period of reconstruction or vandalismrepair of the Premises it 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, the Rent shall be reduced to such extent as may be fair and reasonable under the circumstances, however, there shall be no abatement of the Percentage Rent. 14.5 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 the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations hereunder shall cease and terminate on the date which is sixty (60) days after delivery of such notice to Tenant. 14.6 The provisions of this Lease, including this Article XIV, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Building, and the Landlord has adequate insurance coverage, the Landlord shall forthwith repair the damage, provided the repairs can be made within one hundred twenty (120) days from the date any statute or regulation of the casualty. During State of California, including, without limitation, Sections 1932(2) and 1933(4) of the period California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of repairan express agreement between the parties, and any other statute or regulation of similar import, now or hereafter in effect, shall have no application to this Lease shall remain in full force and effect except that the Tenant shall be entitled or any damage or destruction to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair all or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time within thirty (30) days after the casualty terminating this Lease as part of the date to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after Premises or the giving of such notice. In the event of the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required to repair any injury or damage by fire or other casualty, or to make any repairs or replacements of any paneling, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed in the Premises by the Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________Building.

Appears in 1 contract

Samples: Lease Agreement

DAMAGE BY CASUALTY. In the event fire or other casualty damages (excluding break-in’s or vandalism) of damage to the Premises Property or the BuildingPremises by casualty which renders the Property, and in whole or in part, or the Premises untenantable, Landlord has adequate insurance coverageshall within ninety (90) days after said casualty notify the Tenant whether or not Landlord elects to reconstruct ("Reconstruction Notice"). If in Landlord's good faith estimation, the Landlord shall forthwith repair the damage, provided the repairs can Premises cannot be made restored within one hundred twenty eighty (120180) days from the date after Landlord receives notice of the casualtydamage, Landlord shall so notify Tenant in Landlord's Reconstruction Notice. During the period of repair, Tenant may terminate this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction by delivery of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time Landlord within thirty (30) days after delivery of Landlord's Reconstruction Notice notifying Tenant that the casualty terminating Premises cannot be restored within one hundred eighty (180) days. If Landlord elects not to reconstruct or if Tenant elects under the preceding sentence to terminate this Lease, this Lease shall be terminated as of the date to of such damage and rents will be specified in such noticeprorated as of that date. If the Lease is not so terminated, which date there shall be not less than thirty (30) days nor more than sixty (60) days after an abatement of rent and additional rent for the giving entire period of time between the date of such noticedestruction and the date on which the Premises shall be placed in tenantable condition. If the Property is partially destroyed by casualty and the damage does not amount to the above extent, Landlord shall repair the Property with all convenient speed and shall have the right to take possession of and occupy, to the exclusion of Tenant, all or any portion of the Property necessary to complete repairs, in which event there shall be an abatement of rent and additional rent as the nature of the damage and its interference with the occupancy of the Premises by Tenant shall warrant. If the Premises are only slightly damaged so as not to cause any material interference with Tenant's occupancy, there shall be no abatement of rent and Landlord shall repair the damage as soon as possible. In the event of the giving any casualty (with or without election to rebuild), Landlord shall have no obligation to replace, rebuild or repair any property of Tenant including alterations by Tenant, but such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent property or alterations shall be paid up to the date of such termination. The Landlord agrees to refund to the replaced, rebuilt or repaired by Tenant any rent theretofore paid for any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required to repair any injury or damage by fire or other casualty, or to make any repairs or replacements of any paneling, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed in the Premises by the Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________as soon as possible.

Appears in 1 contract

Samples: Lease Agreement (Cobalt Group Inc)

DAMAGE BY CASUALTY. In the event fire or other casualty damages (excluding break-in’s or vandalism) 15.1 Tenant shall give immediate written notice to Landlord of any damage caused to the Demised Premises or the Building, and the Landlord has adequate insurance coverage, the Landlord shall forthwith repair the damage, provided the repairs can be made within one hundred twenty (120) days from the date of the casualty. During the period of repair, this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time within thirty (30) days after the casualty terminating this Lease as of the date to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the giving of such notice. In the event of the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required to repair any injury or damage by fire or other casualty. 15.2 If the Office Building shall be destroyed or damaged in excess of $100,000 by a casualty, then Landlord may elect either to terminate this Lease as hereinafter provided, or to make proceed to rebuild and repair the Demised Premises. Should Landlord elect to terminate this Lease, it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence to rebuild and repair the Demised Premises (and the cost of such repairs in excess of insurance proceeds shall be included in Operating Expenses). 15.3 Landlord's obligation to rebuild and repair under this Article XV shall in any event be limited to restoration to substantially the condition in which the Demised Premises existed prior to the casualty, and shall be further limited to the extent of the insurance proceeds available to Landlord for such restoration, and Tenant agrees that promptly after the completion of such work by Landlord, it will proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore its signs, fixtures, equipment and furnishings. 15.4 During the period from the occurrence of the casualty until Landlord's repairs or replacements of any panelingare substantially completed, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed there shall be no reduction in the Annual Base Rent. 15.5 All damage or injury to the Demised Premises or the Building caused by the act or omission of Tenant. , its employees, agents, invitees, licensees or contractors, shall be promptly repaired by Tenant at Tenant’s Initials: ____________ 10 's sole cost and expense, to the satisfaction of Landlord Initial’s:____________except to the extent covered by insurance [GRAPHIC OMITTED]carried by Landlord; provided, however, Tenant shall pay any deductible under Landlord's policy required to be paid thereunder.

Appears in 1 contract

Samples: Office Lease (Manor Care Inc/New)

DAMAGE BY CASUALTY. In the event fire or other casualty damages (excluding break-in’s or vandalism) 15.1 Tenant shall give immediate written notice to Landlord of any damage caused to the Demised Premises or the Building, and the Landlord has adequate insurance coverage, the Landlord shall forthwith repair the damage, provided the repairs can be made within one hundred twenty (120) days from the date of the casualty. During the period of repair, this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time within thirty (30) days after the casualty terminating this Lease as of the date to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the giving of such notice. In the event of the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required to repair any injury or damage by fire or other casualty. 15.2 If a Building shall be destroyed or damaged in excess of $100,000 by a casualty, then Landlord may elect either to terminate this Lease as hereinafter provided with respect to so much of the Demised Premises as may be located in said Building, or to make proceed to rebuild and repair the Demised Premises. Should Landlord elect to terminate this Lease, it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence to rebuild and repair the Demised Premises (and the cost of such repairs in excess of insurance proceeds shall be included in Operating Expenses). 15.3 Landlord's obligation to rebuild and repair under this Article XV shall in any event be limited to restoration to substantially the condition in which the Demised Premises existed prior to the casualty, and shall be further limited to the extent of the insurance proceeds available to Landlord for such restoration, and Tenant agrees that promptly after the completion of such work by Landlord, it will proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore its signs, fixtures, equipment and furnishings. 15.4 During the period from the occurrence of the casualty until Landlord's repairs or replacements of any panelingare substantially completed, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed there shall be no reduction in the Annual Base Rent. 15.5 All damage or injury to the Demised Premises or the Building caused by the act or omission of Tenant. , its employees, agents, invitees, licensees or contractors, shall be promptly repaired by Tenant at Tenant’s Initials: ____________ 10 's sole cost and expense, to the satisfaction of Landlord Initial’s:____________except to the extent covered by insurance [GRAPHIC OMITTED]carried by Landlord; provided, however, Tenant shall pay any deductible under Landlord's policy required to be paid thereunder.

Appears in 1 contract

Samples: Office Lease (Choice Hotels Holdings Inc)

DAMAGE BY CASUALTY. In 12.1 Tenant shall give immediate notice to Landlord of any damage caused to the event Leased Premises by fire or other casualty damages (excluding break-in’s casualty. 12.2 If at any time during the Lease Term the Leased Premises are damaged by a fire or vandalism) other casualty, Landlord shall notify Tenant within 60 days after such damage as the amount of time Landlord reasonably estimates it will take to restore the Leased Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the Premises other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease nor if Landlord estimates that restoration will xxxx 0 months or the Buildingless, and the Landlord has adequate then, subject to receipt of sufficient insurance coverageproceeds, the Landlord shall forthwith repair promptly restore the damage, provided Leased Premises excluding the repairs can be made within one hundred twenty (120) days improvements installed by Tenant subject to delays arising from the date collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Leased Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Leased Premises are damaged during the last year of the casualtyLease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. During the period of repairrestoration, this Lease Rent shall remain in full force and effect except be abated to the extent that the Tenant Leased Premises are rendered untenable or proportionally to the degree of interruption of Tenant’s business operations at the Leased Premises and, after the period of restoration, Rent shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant reduced in the Premises. If proportion that the repairs cannot be made within area of the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time within thirty (30) days Leased Premises remaining tenable after the casualty terminating this Lease as bears to the area of the date Leased Premises just prior to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the giving of such noticecasualty. In the event any portion of the giving of such notice this Lease shall expire and all interest of Development other than the Tenant in the Leased Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required to repair any injury or damage is damaged by a fire or other casualty, Landlord shall proceed with reasonable diligence to restore, replace or remove the damaged facilities, restoring the Development to make any repairs or replacements good working order. 12.3 Notwithstanding anything herein to the contrary, in the event the holder of any panelingindebtedness secured by mortgage or deed of trust covering the Development requires that the insurance proceeds be applied to such indebtedness, decorationsLandlord shall have the right to terminate this Lease by delivering notice of termination to Tenant within 15 days after such requirement is made known by any such holder, partitionswhereupon all rights and obligations hereunder shall cease and terminate. 12.4 If the insurance policies maintained by Landlord with respect to the Development contain a deductible feature, railingsthen Tenant, ceilings, floor coverings, office fixtures or any other property installed in the Premises by event of a loss to the Leased Premises, shall pay to Landlord, Tenant’s Proportionate Share thereof. Tenant’s Initials: ____________ Proportionate Share of such deductible amount shall be payable to Landlord within 10 days of receipt from Landlord Initial’s:____________of a statement therefore and a payment thereof by Tenant shall be a condition precedent to Landlord’s obligations to repair or restore the Leased Premises as provided above.

Appears in 1 contract

Samples: Lease Agreement (Omega Protein Corp)

DAMAGE BY CASUALTY. 13.1 Tenant shall give immediate written notice to Landlord of any damage caused to the Premises by fire or other casualty. 13.2 In the event the Premises are damaged or destroyed by fire or other casualty damages (excluding break-in’s insured or vandalism) insurable under standard fire and extended coverage insurance and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence, and at its cost and expense, to rebuild and repair the Premises as set forth in Section 13.3 hereof. Tenant shall pay on demand all costs and expenses which exceed the cost incurred by Landlord in meeting its obligation to rebuild the Building Shell as provided in Section 13.3 below. If the building in which the Premises are located is damaged or destroyed by fire or other casualty so as to render un-tenantable more than 25% of the Buildingentire Floor Area of such building, then Landlord may elect either to terminate this Lease or proceed to rebuild and repair the Landlord has adequate insurance coverage, the Premises. Landlord shall forthwith repair the damage, provided the repairs can be made give written notice to Tenant of such election within one hundred twenty (120) 60 days from after the date of the casualty, and, if it elects to rebuild and repair, shall proceed to do so with reasonable diligence and at its sole cost and expense as set forth herein. Notwithstanding the foregoing, if such restoration is reasonably estimated to take longer than 180 days following the date of the casualty to complete, then Tenant shall have the right to terminate this Lease by written notice to Landlord. 13.3 Notwithstanding any provisions herein to the contrary, Xxxxxxxx’s obligation to rebuild and repair under this Article XIII shall be limited to construction of the Building Shell. Further, Landlord shall have no obligation to repair and rebuild the Premises unless and until insurance proceeds are made available therefor. Promptly after completion by Landlord of such construction Tenant will proceed with due diligence, and at its sole cost and expense, to rebuild, restore and repair its signs, fixtures, equipment and other items and to restore the Premises to a condition similar to its condition prior to the casualty, and promptly re-open for business. 13.4 During the any period of repairreconstruction or repair of the Premises, this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing continue in full force and effect, but except that all Rent shall be abated for the rent length of time necessary for the reconstruction or repairs as provided in Section 13.3, in proportion to the amount of Floor Area of the Premises rendered unusable; provided, that such abatement shall not extend the Lease Term. If the damage to the Premises is caused by the gross negligence or willful misconduct of Tenant or its Permitees, however, no item of Rent shall xxxxx. 13.5 In the event the Lease is terminated pursuant to this Article XIII, Tenant shall, prior to such termination, pay and/or assign to Landlord any insurance proceeds received or to be proportionately reduced as above stated, or (2) give notice received by Tenant with respect to damage to any leasehold improvements in the Premises. 13.6 Notwithstanding anything in this Lease to the contrary, neither Landlord nor Tenant at shall be liable (by way of subrogation or otherwise) to the other party (or to any time within thirty (30insurance company insuring the other party) days after the casualty terminating this Lease as for any loss or damage to any of the date property of Landlord or Tenant, as the case may be, to be specified the extent such loss or damage is covered (or would have been covered) by insurance required under this Lease, even though such loss or damage might have been caused by the negligence of the Landlord or Tenant or their respective employees, agents, servants or invitees. Nothing herein shall relieve either party from damages resulting from malicious or intentional acts of such party, its agents, representatives or employees. 13.7 Notwithstanding anything in such noticethis Article 13 (or elsewhere in this Lease) to the contrary, which date either party shall be not less than thirty (30) days nor more than have the right to terminate this Lease, within sixty (60) days after the giving of such notice. In the event of the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required to repair any injury or damage by fire or other casualty, if any such fire or to make any repairs or replacements other casualty occurs during the last eighteen (18) months of any paneling, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed in the Premises by the Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________Term of this Lease.

Appears in 1 contract

Samples: Lease Agreement (Neoleukin Therapeutics, Inc.)

DAMAGE BY CASUALTY. 15.1 Tenant shall give immediate written notice to Landlord of any damage caused to the Demised Premises by fire or other casualty. 15.2 In the event that the Demised Premises shall be damaged or destroyed by fire or other casualty damages insured under standard fire and extended coverage insurance and Landlord does not elect to terminate this lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense (excluding break-in’s to the extent that insurance proceeds are reasonably available for application to such costs and expenses provided that Tenant shall reimburse Landlord for any such costs and expenses for which Tenant may be liable, pursuant to Article [XIII] above or vandalismotherwise) to the Premises or the Building, rebuild and the Landlord has adequate insurance coverage, the Landlord shall forthwith repair the damage, provided Demised Premises. In the repairs can event (a) the building in which the Demised Premises are located shall be made within one hundred twenty destroyed or substantially damaged by a casualty not covered by Landlord's insurance or (120b) days from the date such building shall be destroyed or rendered untenantable to an extent in excess of fifty percent (50%) of the casualty. During the period of repair, this Lease shall remain in full force and effect except that the Tenant shall be entitled to first floor area by a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on casualty covered by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above statedlandlord's insurance, or (2c) the holder of a mortgage, deed of trust or other lien on the Demised Premises at the time of the casualty elects, pursuant to such mortgage, deed of trust or other lien, to require the use of all of part of Landlord's insurance proceeds in satisfaction of all or part of the indebtedness secured by the mortgage, deed of trust or other lien, then Landlord may elect either to terminate this lease or to proceed to rebuild and repair the Demised Premises. Landlord shall give written notice to the Tenant at any time of such election within thirty (30) days after the casualty terminating this Lease as of the date to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the giving occurrence of such notice. In casualty and if it elects to rebuild and repair shall proceed to do so with reasonable diligence and at its sole cost and expense. 15.3 Landlord's obligation to rebuild and repair under this Article [XV] shall in any event be limited to restoring (a) the event of the giving of such notice this Lease shall expire and all interest of the Tenant in the Demised Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required to repair any injury or damage by fire or other casualty, or to make any repairs or replacements of any paneling, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed in the Premises by the Tenant. Tenant’s Initials: __substantially __________ 10 Landlord Initial’s:____________the condition in which the same existed prior to such casualty, exclusive of any alterations, additions, improvements, fixtures and equipment installed [by] Tenant, or, if applicable, (b) Landlord's Work, as described in Exhibit D, to substantially the same condition in which the same existed prior to the casualty. Tenant agrees that promptly after completion of such work by Landlord, Tenant will proceed with reasonable diligence and at Tenant's sole cost and expense to restore, repair and replace all alterations, additions, improvements, fixtures, signs and equipment installed by Tenant or, if an Exhibit D is attached hereto, all items of Tenant's Work as described in Exhibit D, as the case may be. 15.4 Tenant agrees that during any period of reconstruction or repair of the Demised Premises it will continue the operation of its business within the Demised Premises to the extent practicable. During the period from the occurrence of the casualty until Landlord's repairs are completed, the minimum guaranteed rental shall be reduced to such extent as may be fair and reasonable under the circumstances; however, there shall be no abatement of the percentage rental and other charges provided for herein.

Appears in 1 contract

Samples: Building Lease (Care Group Inc)

DAMAGE BY CASUALTY. In Should a substantial portion of the event Leased Premises, or of the Property, be substantially damaged by fire or other casualty, Landlord may elect to terminate this Lease. When such fire or casualty damages (excluding break-in’s or vandalism) to renders the Leased Premises or the Buildingsubstantially unsuitable for its intended use, a just and the Landlord has adequate insurance coverage, the Landlord shall forthwith repair the damage, provided the repairs can be made within one hundred twenty (120) days from the date proportionate abatement of the casualty. During the period of repair, this Lease shall remain in full force and effect except that the Tenant rent shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day periodFurther, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time within thirty (30) days after such fire or other casualty, Landlord shall give written notice to Tenant with respect to whether or not Landlord will restore the casualty terminating Leased Premises. Tenant may elect to terminate this Lease as of if either (a) Landlord notifies Tenant that Landlord has elected not to restore the date Leased Premises, or (b) Landlord elects to be specified in such notice, which date shall be not less than thirty restore but fails to restore the Leased Premises to a condition substantially suitable for its intended use within two hundred seventy (30270) days nor more than sixty after such fire or casualty. However, Tenant's failure to give such notice of termination within five (605) days after the giving date on which the right to terminate ripens under either (a) or (b) above shall constitute a waiver of such noticeright by Tenant. In Landlord will seek to have the first mortgagee of the Property, if any, provide for application of hazard insurance loss proceeds to the repair or reconstruction of the Leased Premises upon any hazard loss. Subject to the mortgagee (if any) of the Property making the hazard loss insurance proceeds available for such restoration and to Landlord's receipt of such proceeds for that purpose, if Landlord elects to repair, reconstruct, or cause to be repaired or reconstructed, such damage or destruction, Landlord shall not be required to expend, in connection with such repair or reconstruction, any amount exceeding the amount of casualty insurance proceeds actually received by Landlord. Notwithstanding the foregoing, in the event of such mortgagee shall not make the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid insurance Loss proceeds available for any period of time subsequent to the date of termination. Notwithstanding anything to the contraryrepair or restoration, the Landlord shall not be required to repair any injury or damage by fire or other casualtyreconstruct the Leased Premises and shall notify Tenant within thirty (30) days next following such hazard loss, or to make any repairs or replacements of any panelingits election in this respect and thereupon, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed Tenant shall have the termination rights described above in the Premises by the Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________this Section.

Appears in 1 contract

Samples: Office Lease (Carematrix Corp)

DAMAGE BY CASUALTY. In Should a substantial portion of the event Leased Property, or of the Property, be substantially damaged by fire or other casualty, Landlord may elect to terminate this Lease. When such fire or casualty damages (excluding break-in’s or vandalism) to renders the Premises or the BuildingLeased Property substantially unsuitable for its intended use, a just and the Landlord has adequate insurance coverage, the Landlord shall forthwith repair the damage, provided the repairs can be made within one hundred twenty (120) days from the date proportionate abatement of the casualty. During the period of repair, this Lease shall remain in full force and effect except that the Tenant rent shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day periodFurther, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time within thirty (30) days after such fire or other casualty, Landlord shall give written notice to Tenant with respect to whether or not Landlord will restore the casualty terminating Leased Property. Tenant may elect to terminate this Lease as of if either (a) Landlord notifies Tenant that Landlord has elected not to restore the date Leased Property, or (b) Landlord elects to be specified in such notice, which date shall be not less than thirty restore but fails to restore the Leased Property to a condition substantially suitable for its intended use within one hundred eighty (30180) days nor more than sixty after such fire or casualty. However, Tenant's failure to give such notice of termination within five (605) days after the giving date on which the right to terminate ripens under either (a) or (b) above shall constitute a waiver of such noticeright by Tenant. In Landlord will seek to have the first mortgagee of the Leased Property, if any, provide for application of hazard insurance loss proceeds to the repair or reconstruction of the Leased Property upon any hazard loss. Subject to the mortgagee (if any) of the Leased Property making the hazard loss insurance proceeds available for such restoration and to Landlord's receipt of such proceeds for that purpose, if Landlord elects to repair, reconstruct, or cause to be repaired or reconstructed, such damage or destruction, Landlord shall not be required to expend, in connection with such repair or reconstruction, any amount exceeding the amount of casualty insurance proceeds actually received by Landlord. Notwithstanding the foregoing, in the event of such mortgagee shall not make the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid insurance loss proceeds available for any period of time subsequent to the date of termination. Notwithstanding anything to the contraryrepair or restoration, the Landlord shall not be required to repair any injury or damage by fire or other casualtyreconstruct the Leased Property and shall notify Tenant within thirty (30) days next following such hazard loss, or to make any repairs or replacements of any panelingits election in this respect and thereupon, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed Tenant shall have the termination rights described above in the Premises by the Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________this Section.

Appears in 1 contract

Samples: Facility Lease (Carematrix Corp)

DAMAGE BY CASUALTY. In Should a substantial portion of the event Leased Property, or of the Property, be substantially damaged by fire or other casualty damages (excluding break-in’s casualty, Landlord or vandalism) Tenant may elect to the Premises or the Buildingterminate this Lease, and where such fire or casualty renders the Leased Property reasonably unsuitable for its intended use, a just and proportionate abatement of rent shall be made. Further, within thirty (30) days after such fire or other casualty, Landlord shall give written notice to Tenant with respect to whether or not Landlord will restore the Leased Property and the estimated time to complete such repair. Tenant may elect to terminate this Lease if either (a) Landlord notifies Tenant in writing that Landlord has adequate insurance coverageelected not to restore the Leased Property, (b) Landlord elects to restore but fails to restore the Landlord shall forthwith repair the damage, provided the repairs can be made Leased Property to a condition reasonably suitable for its intended use within one hundred twenty (120) days from after such fire or casualty, or (c) Landlord fails to make reasonable, good faith efforts to commence restoring the date of the casualty. During the period of repair, this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made Leased Property within the one hundred twenty (120) day perioddays after such fire or casualty. However, the Landlord shall have the option Tenant's failure to either give such notice of termination within ten (1) repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time within thirty (3010) days after the casualty terminating this Lease as date on which the right to terminate ripens under either (a), (b), or (c) above shall constitute a waiver of such right by Tenant. Landlord will seek to have the first mortgagee of the date Leased Property, if any, provide for application of hazard insurance loss proceeds to the repair or reconstruction of the Leased Property upon any hazard loss. Subject to the mortgagee (if any) of the Leased Property making the hazard loss insurance proceeds available for such restoration and to Landlord's receipt of such proceeds for that purpose, if Landlord elects, to repair, reconstruct, or cause to be specified repaired or reconstructed, such damage or destruction, Landlord shall not be required to expend, in connection with such noticerepair or reconstruction, which date shall be not less than thirty (30) days nor more than sixty (60) days after any amount exceeding the giving amount of such noticecasualty insurance proceeds actually received by Landlord. In Notwithstanding the foregoing, in the event of such mortgagee shall not make the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid insurance loss proceeds available for any period of time subsequent to the date of termination. Notwithstanding anything to the contraryrepair or restoration, the Landlord shall not be required to repair any injury or damage by fire or other casualtyreconstruct the Leased Property and shall notify Tenant within thirty (30) days next following such hazard loss, or to make any repairs or replacements of any panelingits election in this respect and thereupon, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed Tenant shall have the termination rights described above in the Premises by the Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________this Section.

Appears in 1 contract

Samples: Lease (Giga Information Group Inc)

DAMAGE BY CASUALTY. In the event fire the Leased Premises or other casualty damages (excluding break-in’s or vandalism) to the Premises or the Building, and the Landlord has adequate insurance coverage, the Landlord shall forthwith repair the damage, provided the repairs can be made within one hundred twenty (120) days from the date parts of the casualty. During the period of repair, this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation while such repairs Building are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time within thirty (30) days after the casualty terminating this Lease as of the date to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the giving of such notice. In the event of the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required to repair any injury or damage damaged by fire or other casualty, Landlord, unless it elects to terminate this Lease as provided hereafter, shall repair the damage with reasonable dispatch after notice thereof. The obligation of Landlord hereunder shall not include any leasehold improvements which were not Landlord's original responsibility. Repair by Landlord for any damage caused by carelessness, negligence or improper conduct of Tenant, its agents, employees, visitors or licensees shall not prejudice any right of Landlord or its insurer. If the Leased Premises is so damaged by fire or other casualty that they are untenantable but are, nevertheless, repaired by Landlord, the rent shall be adjusted for the time during which and the extent to make which the Leased Premises may have been untenantable. If such repairs are delayed because of Tenant's failure to adjust Tenant's own insurance claim or because of Tenant's failure to remove its damaged property, no reduction shall be made beyond a reasonable time allowed for such adjustment or removal. If the fire or casualty to the Leased Premises is caused by carelessness, negligence, or improper conduct by Tenant, or its agents, employees, visitors or licensees, then, notwithstanding such damage, Tenant shall be liable for the rent, during the unexpired portion of the term of this Lease, without abatement, unless Landlord elects to terminate this Lease as provided hereafter. If Landlord, in its uncontrolled discretion, shall decide within a reasonable time after any repairs fire or replacements of any panelingother casualty (even though the Leased Premises may not have been affected by such fire or casualty), decorationsnot to repair, partitionsrebuild or reconstruct the Building containing the Leased Premises, railingsthen, ceilingsupon written notice given by Landlord to Tenant, floor coverings, office fixtures or any other property installed in the Premises by the Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________this Lease shall terminate on a date specified

Appears in 1 contract

Samples: Lease Agreement (Community Central Bank Corp)

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DAMAGE BY CASUALTY. In the event fire or other casualty damages (excluding break-in’s or vandalism) to the Premises or the BuildingBuilding are damaged by fire or other casualty, and the Landlord has adequate insurance coverage, the Landlord shall forthwith repair the damage, provided the repairs can be made within one hundred twenty eight (120180) days from the date of casualty and provided the casualtyLandlord receives insurance proceeds adequate to pay for the cost of the repairs. During the period of repair, this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation Rent and other monetary obligations while such repairs are being made. The proportionate reduction of rent is such sums are to be based upon the extent to which the making damage or casualty materially affects the ability of such repairs shall interfere with the business carried on by the Tenant in to use the PremisesPremises for the Permitted Use. If the Landlord determines that the repairs cannot be made within the one hundred twenty eighty (120180) day period, or if insurance proceeds are not available to cover the cost of said repairs, the Landlord shall have the option to either (1i) to repair or restore such damage, this Lease continuing in full force and effect, effect but the rent Rent to be proportionately reduced as above stated, or (2ii) give notice to the Tenant at any time within thirty one hundred and. twenty (30120) days after the date of the casualty terminating this Lease as of the date to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the giving of such noticeLease. In the event of the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified specified. in such notice and rent Rent and other sums, as abated or reduced, shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for applicable to any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required required. to repair any injury or damage by fire or other casualty, or to make any repairs or replacements of any paneling, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed in the Premises by the Tenant. Tenant’s Initials: ____________ 10 In the event that Landlord Initial’s:____________elects to repair or restore the damage to the Premises an such repairs or restoration are not completed within two hundred ten (210) days from the date of casualty, Tenant may, at its option cancel this Lease.

Appears in 1 contract

Samples: Lease Agreement (Empire Financial Holding Co)

DAMAGE BY CASUALTY. In the event fire or other casualty damages (excluding break-in’s or vandalism) to the Premises or the BuildingBuilding are damaged by fire or other casualty, and the Landlord has adequate insurance coverage, the Landlord shall forthwith repair the damage, provided the repairs can be made within one hundred twenty eight (120180) days from the date of casualty and provided the casualtyLandlord receives insurance proceeds adequate to pay for the cost of the repairs. During the period of repair, this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation Rent and other monetary obligations while such repairs are being made. The proportionate reduction of rent such sums is to be based upon the extent to which the making damage or casualty materially affects the ability of such repairs shall interfere with the business carried on by the Tenant in to use the PremisesPremises for the Permitted Use. If the Landlord determines that the repairs cannot be made within the one hundred twenty eighty (120180) day period, or if insurance proceeds are not available to cover the cost of said repairs, the Landlord shall have the option to either (1) to repair or restore such damage, this Lease continuing in full force and effect, effect but the rent Rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time within thirty one hundred and twenty (30120) days after the date of the casualty terminating this Lease as of the date to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the giving of such noticeLease. In the event of the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent Rent and other sums, as abated or reduced, shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for applicable to any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required to repair any injury or damage by fire or other casualty, or to make any repairs or replacements of any paneling, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed in the Premises by the Tenant. Tenant’s Initials: ____________ 10 In the event that Landlord Initial’s:____________elects to repair or restore the damage to the Premises any such repairs or restoration are not completed within two hundred ten (210) days from the date of casualty, Tenant may, at its option cancel this Lease.

Appears in 1 contract

Samples: Lease Agreement (International Assets Holding Corp)

DAMAGE BY CASUALTY. In 15.1 Tenant shall give immediate written notice to Landlord of any damage caused to the event Demised Premises by fire or other casualty. 15.2 If any part of the Building or Property are rendered untenantable by fire or other casualty damages as determined by Landlord’s in its sole discretion, Landlord may elect: (excluding break-in’s or vandalismi) to the Premises or the Building, and the Landlord has adequate insurance coverage, the Landlord shall forthwith repair the damage, provided the repairs can be made within one hundred twenty (120) days from the date of the casualty. During the period of repair, this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time within thirty (30) days after the casualty terminating terminate this Lease as of the date of the fire or casualty by notice to be specified in such notice, which date shall be not less than thirty Tenant within ninety (30) days nor more than sixty (6090) days after the giving fire or casualty loss or (ii) to repair, restore or rehabilitate the Building or Property at Landlord’s expense with reasonable diligence. 15.3 Landlord’s obligation to rebuild and repair under this Article XV shall in any event be limited to restoration to substantially the condition in which the Demised Premises (exclusive of the items designated as Tenant’s Work as described in Exhibits B & C) existed prior to the casualty, and shall be further limited to the extent of the insurance proceeds available to Landlord for such restoration, and Tenant agrees that promptly after the completion of such notice. In the event work by Landlord, it will proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore its signs, fixtures, equipment and other items of the giving of such notice this Lease shall expire and all interest of the Tenant’s Work as described in Exhibit B & C. 15.4 Tenant in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for that during any period of time subsequent reconstruction or repair of the Demised Premises it will continue operation of its business within the Demised Premises to the date extent practicable. During the period from the occurrence of terminationthe casualty until Landlord’s repairs are substantially completed, the Annual Base Rent shall be reduced to such extent as may be fair and reasonable under the circumstances. Notwithstanding anything However, there shall be no abatement of the Tenant’s Proportionate Share of Taxes and Insurance or other charges provided herein. 15.5 All damage or injury to the contraryDemised Premises or the Building caused by the act or omission of Tenant, its employees, agents, invitees, licensees or contractors, shall be promptly repaired by Tenant at Tenant’s sole cost and expense, to the satisfaction of Landlord except to the extent covered by insurance carried by Landlord; provided, however, Tenant shall not be pay any deductible under Landlord’s policy required to repair any injury or damage by fire or other casualty, or to make any repairs or replacements of any paneling, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed in the Premises by the Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________be paid thereunder.

Appears in 1 contract

Samples: Commercial Lease (Authentec Inc)

DAMAGE BY CASUALTY. 13.1 Tenant shall give immediate written notice to Landlord of any damage caused to the Premises by fire or other casualty. 13.2 In the event the Premises are damaged or destroyed by fire or other casualty damages (excluding break-in’s insured or vandalism) insurable under standard fire and extended coverage insurance and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence, and at its cost and expense, to rebuild and repair the Premises as set forth in Section 13.3 hereof. If the building in which the Premises is located is damaged or destroyed by fire or other casualty so as to render untenantable more than 15% of the entire Floor Area of such building, then Landlord may elect either to terminate this Lease or proceed to rebuild and repair the Premises. Landlord shall give written notice to Tenant of such election within 60 days after the occurrence of such casualty, and, if it elects to rebuild and repair, shall proceed to do so with reasonable diligence. 13.3 Notwithstanding any provisions herein to the contrary, Landlord's obligation to rebuild and repair under this Article XIII shall be limited to construction of the Building Shell, normal wear and tear excepted. Further, Landlord shall have no obligation to repair and rebuild the Premises unless and until insurance proceeds are made available therefor by all mortgagees of Landlord and all insurance companies with policies on the Premises or the Buildingbuilding in which the Premises are located. Promptly after completion by Landlord of such construction Tenant will proceed with due diligence, and at its sole cost and expense, to rebuild, restore and repair its signs, fixtures, equipment and other items and to restore the Landlord has adequate insurance coveragePremises to a condition similar to its condition prior to the casualty, the Landlord shall forthwith and re-open for business. 13.4 During any period of reconstruction or repair the damage, provided the repairs can be made within one hundred twenty (120) days from the date of the casualty. During the period of repairPremises, this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing continue in full force and effect, but except that Minimum Rent shall be abated for the rent to be proportionately reduced length of time necessary for the reconstruction or repairs by Landlord as above statedprovided in Section 13.3, or (2) give notice in proportion to the amount of Floor Area of the Premises rendered unusable; provided that such abatement shall not operate to extend the Lease Term. If the damage to the Premises is caused by the negligence or willful misconduct of Tenant at or its Permitees, no Rent shall xxxxx. To the extent not prohibited by applicable law, Tenant waives the provisions of any time within thirty (30) days after the casualty terminating rule of law or statute now or hereafter in force giving Tenant any right to terminate this Lease as or xxxxx Rent hereunder or claim partial or total (constructive or actual) eviction because of the date to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the giving of such notice. fire or other casualty. 13.5 In the event of the giving of Lease is terminated pursuant to this Article XIII, Tenant shall prior to such notice this Lease shall expire and all interest of the termination pay and/or assign to Landlord any insurance proceeds received or to be received by Tenant with respect to damage to any leasehold improvements in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for any period of time subsequent to the date of termination. Premises. 13.6 Notwithstanding anything herein to the contrary, neither Landlord nor Tenant shall be liable (by way of subrogation or otherwise) to the other party (or to any insurance company insuring the other party) for any loss or damage to any of the property of Landlord or Tenant, as the case may be, to the extent such loss or damage is covered by insurance even though such loss or damage might have been caused by the negligence of the Landlord or Tenant or their respective employees, agents, servants or invitees. Nothing herein shall relieve either party from damages resulting from malicious or intentional acts of such party, its agents, representatives, employees or invitees. 13.7 Notwithstanding anything herein to the contrary, in the event of damage to the Building or the Premises (i) to such an extent that the remaining Term of this Lease is not be required sufficient, in Landlord’s reasonable judgment, to repair any injury or damage by fire or other casualtyamortize the cost of reconstruction, or (ii) insurance proceeds received by Landlord are not sufficient (in Landlord’s judgment) to make any repairs or replacements of any paneling, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed in restore the Premises by to its condition immediately prior to the Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________casualty or damage, or

Appears in 1 contract

Samples: Lease Agreement

DAMAGE BY CASUALTY. 15.1. Tenant shall give immediate written notice to Landlord of any damage caused to the Demised Premises by fire or other casualty. 15.2. If the Building shall (i) be destroyed or substantially damaged by a casualty not covered by Landlord's insurance; (ii) be destroyed or rendered untenantable to an extent in excess of fifty percent (50%) of the first floor area by a casualty covered by Landlord's insurance; or (iii) be damaged to such extent that the remaining term of this Lease is not sufficient to amortize the cost of reconstruction, then Landlord may elect either to terminate this Lease as hereinafter provided or to proceed to rebuild and repair the Demised Premises. Should Landlord elect to terminate this Lease, it shall give written notice of such election to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord should not elect to terminate this Lease, Landlord shall proceed with reasonable diligence and at its sole expense to rebuild and repair the Demised Premises. In the event fire or other casualty damages Landlord elects to rebuild and repair the Demised Premises and in Landlord's reasonable discretion the time in which to perform such work will exceed one hundred eighty (excluding break-in’s or vandalism180) to the Premises or the Buildingdays, and the Landlord has adequate insurance coverage, the then Landlord shall forthwith repair the damage, provided the repairs can be made within one hundred twenty (120) days from the date notify Tenant of the casualty. During the period of repair, this Lease shall remain in full force same and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either terminate the Lease provided Tenant notifies Landlord of Tenant's election to terminate the Lease within ten (110) days of receiving Landlord's notice. 15.3. Landlord's obligation to rebuild and repair or restore such damage, under this Lease continuing ARTICLE XV shall in full force and effect, but any event be limited to restoration to substantially the rent to be proportionately reduced condition in which the Demised Premises (exclusive of the items designated as above stated, or (2Tenant's Work as described in EXHIBITS B-1 AND C) give notice existed prior to the casualty, and shall be further limited to the extent of the insurance proceeds available to Landlord for such restoration, and Tenant at any time within thirty (30) days agrees that promptly after the casualty terminating this Lease as of the date to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the giving completion of such noticework by Landlord, it will proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore its signs, fixtures, equipment and other items of Tenant's Work as described in EXHIBITS B-1 AND C. 15.4. In the event of the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for that during any period of time subsequent reconstruction or repair of the Demised Premises it will continue operation of its business within the Demised Premises to the date extent practicable. During the period from the occurrence of terminationthe casualty until Landlord's repairs are substantially completed, the Annual Base Rent shall be reduced to such extent as may be fair and reasonable under the circumstances. Notwithstanding anything However, there shall be no abatement of the Tenant's Proportionate Share of Operating Expenses, Taxes or other charges provided herein. 15.5. All damage or injury to the contraryDemised Premises or the Building caused by the act or omission of Tenant, its employees, agents, invitees, licensees or contractors, shall be promptly repaired by Tenant at Tenant's sole cost and expense, to the satisfaction of Landlord except to the extent covered by insurance carried by Landlord; provided, however, Tenant shall not be pay any deductible under Landlord's policy required to repair any injury or damage by fire or other casualty, or to make any repairs or replacements of any paneling, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed in the Premises by the Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________be paid thereunder.

Appears in 1 contract

Samples: Commercial Lease (Streamline Com Inc)

DAMAGE BY CASUALTY. 14.1 Tenant shall give immediate written notice to Landlord of any damage caused to the Premises by fire or other casualty. 14.2 In the event that the Premises shall be damaged or destroyed by fire or other casualty damages (excluding break-in’s or vandalism) and Landlord does not elect to terminate this lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises or the BuildingPremises, and the Landlord has adequate insurance coverage, the Landlord this lease shall forthwith repair the damage, provided the repairs can be made within one hundred twenty (120) days from the date of the casualty. During the period of repair, this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing continue in full force and effect, but . If the rent Premises or the portion of the Shopping Center in which the Premises are located shall (i) be destroyed or damaged materially by a casualty not covered by Landlord's insurance; or (ii) be destroyed or rendered untenantable to such an extent that in the opinion of Landlord the Premises or the Shopping Center cannot economically be proportionately reduced as above statedrendered tenantable by a casualty covered by Landlord's insurance, or (2iii) be damaged to such extent that the remaining Lease Term is not sufficient to amortize the cost of reconstruction, then Landlord may elect either to terminate this lease as hereinafter provided or to proceed to rebuild and repair the Premises. Should Landlord elect to terminate this lease it shall give written notice of such election to the Tenant at any time within thirty ninety (3090) days after the casualty terminating occurrence of such casualty, and this Lease lease shall terminate as of the date to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the giving of such notice. In If Landlord should not elect to terminate this lease, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Premises; provided, however, that in the event any trustee, beneficiary, secured party or mortgagee under a deed of trust, security agreement or mortgage on the Shopping Center should require that the insurance proceeds be used to retire the mortgage debt, or in the event any lessor under a ground or master lease affecting the Shopping Center should terminate said lease as a result of any such casualty, Landlord shall have no obligation to rebuild and this lease shall terminate upon notice to Tenant. 14.3 Landlord's obligation to rebuild and repair under this Article 14 shall in any event be limited to restoring the Premises to substantially the condition same were in at the Commencement Date, excluding all signs, fixtures, equipment or furniture of Tenant and any alterations, additions or improvements to the Premises made by Tenant, whether prior to or after the Commencement Date. Tenant agrees that promptly after completion of such work by Landlord, it will proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore its signs, fixtures, furniture and equipment and any alterations, additions or improvements to the Premises made by Tenant. 14.4 Provided that the casualty did not occur by reason of any act of neglect of Tenant or Tenant's agents, employees or contractors, during the period from the occurrence of the giving of such notice this Lease shall expire and all interest of casualty until Landlord's repairs are completed, the Tenant in the Premises shall terminate on the date so specified in such notice and rent Rental shall be paid up reduced to such extent as may be fair and reasonable under the date of such terminationcircumstances. The Landlord agrees to refund to the Tenant any rent theretofore paid for any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required to repair any injury or damage by fire or other casualty, or to make any repairs or replacements of any paneling, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed in the Premises by the Landlord: [SIGNATURE] ----------- Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________[SIGNATURE] -----------

Appears in 1 contract

Samples: Lease Agreement (Murray Income Properties I LTD)

DAMAGE BY CASUALTY. In the event fire or other casualty damages (excluding break-in’s or vandalism) 14.1 Tenant shall give immediate written notice to Landlord of any damage caused to the Demised Premises or the Building, and the Landlord has adequate insurance coverage, the Landlord shall forthwith repair the damage, provided the repairs can be made within one hundred twenty (120) days from the date of the casualty. During the period of repair, this Lease shall remain in full force and effect except that the Tenant shall be entitled to a proportionate reduction in its rent obligation while such repairs are being made. The proportionate reduction of rent is to be based upon the extent to which the making of such repairs shall interfere with the business carried on by the Tenant in the Premises. If the repairs cannot be made within the one hundred twenty (120) day period, the Landlord shall have the option to either (1) repair or restore such damage, this Lease continuing in full force and effect, but the rent to be proportionately reduced as above stated, or (2) give notice to the Tenant at any time within thirty (30) days after the casualty terminating this Lease as of the date to be specified in such notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the giving of such notice. In the event of the giving of such notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and rent shall be paid up to the date of such termination. The Landlord agrees to refund to the Tenant any rent theretofore paid for any period of time subsequent to the date of termination. Notwithstanding anything to the contrary, the Landlord shall not be required to repair any injury or damage by fire or other casualty. 14.2 In the event that the Demised Premises shall be damaged or destroyed by fire or other casualty insurable under standard fire and extended coverage insurance and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Demised Premises. If the building in which the Demised Premises are located shall (i) be destroyed or substantially damaged by a casualty not covered by Landlord’s insurance; or (ii) be destroyed or rendered untenantable to make an extent in excess of twenty-five percent (25%) of the first floor area by a casualty covered by Landlord’s insurance, Landlord or Tenant may elect to terminate the Lease by providing written notice. 14.3 Landlord’s obligation to rebuild and repair under this Article XIV as to any improvements constructed by Landlord as set forth in Exhibit C shall in any event be limited to restoring the Demised Premises to substantially the condition in which the same existed prior to the casualty, and shall be further limited to the extent of the insurance proceeds available to Landlord for such restoration, and Tenant agrees that promptly after completion of such work by Landlord, it will proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore its sign, fixtures, and equipment within the Demised Premises. 14.4 Tenant agrees that during any period of reconstruction or repair of the Demised Premises it will continue the operation of its business within the Demised Premises to the extent practicable. Provided the casualty was not caused by the negligence or willful misconduct of Tenant, its agents, employees, contractors or invitees, during the period from the occurrence of the casualty until Landlord’s repairs or replacements are substantially completed, the Minimum Guaranteed Rental, Common Area Maintenance, Taxes and Insurance shall be reduced proportionately based on the ratio that the portion of any paneling, decorations, partitions, railings, ceilings, floor coverings, office fixtures or any other property installed in the Premises by which may be used following such casualty bears to the Tenant. Tenant’s Initials: ____________ 10 Landlord Initial’s:____________rentable area of the Premises immediately prior to the casualty.

Appears in 1 contract

Samples: Lease Agreement (AnythingIT, Inc.)

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