DAMAGE BY FIRE OR CASUALTY. If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of such date.
Appears in 2 contracts
Samples: Consent to Sublease (Biofrontera AG), Consent to Sublease (Biofrontera AG)
DAMAGE BY FIRE OR CASUALTY. If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord)such damage. All such repairs made necessary by the negligence any act or willful misconduct omission of Tenant shall be made at the Tenant’s 's expense to the extent that the cost of such repairs does not exceed are less than the deductible amount in Landlord’s 's insurance policy. All repairs to and replacements of Tenant Improvement Work and any property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent additional charges for Operating Expenses and Taxes or a just and proportionate part parts thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty, provided, however, that if Landlord or any mortgagee of the Building shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage solely because of some action or inaction (of which Tenant has reasonable notice and reasonable opportunity to comply) in the course of Landlord's insurance collection on the part of Tenant or an agent or employee of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Tenant shall cooperate in the insurance collection process and sign and certify all reasonable documents necessary in the collection thereof within five (5) business days after receipt of written request from Landlord. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeuregovernment regulation, casualties and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) 30 and sixty (60) 60 days after any casualty, Tenant may inquire of Landlord as to Landlord’s 's estimate of the time period necessary to complete repair of the Premises. Within thirty (30) 30 days after such inquiry, Landlord shall provide Tenant with Landlord’s 's architect’s 's good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) 180 days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) 30 days after Tenant’s delivery 's receipt of Landlord’s 's architect’s 's estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeurecauses beyond the reasonable control of Landlord, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) 180 days from the occurrence of such damage, or (ii) the date given in any Landlord’s 's architect’s 's repair period estimate under the prior paragraph (the later of such dates is referred to below as the “"Outside Restoration Date”"), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused beyond the reasonable control of Landlord as described in the next sentence. Delays beyond Landlord's reasonable control shall mean delays in the making of repairs which are due to government regulation, casualties and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds despite the exercise of all reasonable efforts by Force MajeureLandlord, and other causes beyond the reasonable control of Landlord. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, ; however if the delays continue more than ninety (90) 90 days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If .
(i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term (including extensions thereof) that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s 's reasonable judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to received by Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent additional charges for Operating Expenses and Taxes shall be apportioned as of such date.
Appears in 2 contracts
Samples: Office Lease (Storagenetworks Inc), Office Lease (Storagenetworks Inc)
DAMAGE BY FIRE OR CASUALTY. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not thereby rendered untenantable in whole or in part, Landlord, at its own expense, and subject to the last paragraph of limitations set forth in this Section 6.1Lease, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause such damage to be repaired all damage to and the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Minimum Rent and Additional Rent for Operating Expenses shall not be abated. If, by reason of any damage or a just and proportionate part thereofdestruction, according to the nature and extent to which the Premises shall have been so be rendered unfituntenantable in whole or in part and cannot be repaired and made tenantable within one hundred twenty (120) days after such damage: (i) Landlord, at its option and its own expense, may cause the damage to be repaired and the Minimum Rent and Additional Rent shall be abated until the Premises (except proportionately as to the property which portion of the Premises rendered untenantable while it is untenantable; or (ii) Landlord shall have the right, to be repaired exercised by notice in writing delivered to Tenant within thirty (30) days of the occurrence of such damage or at destruction, to terminate this Lease, whereupon the expense Minimum Rent and Additional Rent shall be adjusted as of Tenantthe date of such termination.
(b) In the event that twenty-five percent (25%) or more of the rentable floor area of the Building shall have been restored as nearly as practicable to be damaged or destroyed by fire or other cause, notwithstanding that the condition in which they were immediately prior to Premises may be unaffected by such fire or other casualty. damage, Landlord shall not have the right, to be liable for delays exercised by notice in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance writing delivered to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within within thirty (30) days after such inquiryoccurrence, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to LandlordLease. If Landlord, having commenced such repair, has not completed Upon the repair giving of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Datenotice, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Minimum Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned adjusted as of such datethe date of termination and This Lease shall thereupon terminate.
Appears in 2 contracts
Samples: Lease Agreement (Macrogenics Inc), Lease Agreement (Macrogenics Inc)
DAMAGE BY FIRE OR CASUALTY. If In the event of damage to or destruction of the Demised Premises or any part thereof shall be damaged by fire or any other insured casualty, thenif the Demised Premises are not made untenantable, subject this Lease shall not be terminated, but the Demised Premises shall be promptly and fully repaired and restored, as the case may be, by Landlord at its own cost and expense unless such damage or destruction is due to or the last paragraph of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee result of the Building) to repair acts or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant, its employees, agents or contractors. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereofDue allowance, according to the nature and extent to which the Premises shall have been so rendered unfithowever, shall be abated until given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays as may result from Government restrictions, and controls on construction, if any, and for strikes, emergencies, and other conditions beyond the Premises (except control of Landlord. It is agreed that in any of the aforesaid events, this Lease shall continue in full force and effect, but if the condition is such so as to make the property which entire Demised Premises untenantable, then unless such damage or destruction is due to be repaired by or at the expense result of the acts or negligence of Tenant) , its employees, agents or contractors, the rental that Tenant is obligated to pay hereunder shall have been restored xxxxx as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualtycasualty until the Demised Premises has been restored by Landlord in a manner suitable for Tenant’s occupancy. Any unpaid or prepaid rent for the month in which said condition occurs shall be prorated. If the Demised Premises are partially damaged or destroyed, then during the period that Tenant may terminate is deprived of the use of the damaged portion of said Demised Premises, Tenant shall be required to pay rental covering only that part of the Demised Premises that it is able to occupy, based on that portion of the total rent that the amount of square foot area remaining that can be occupied bears to the total square foot area of all the Demised Premises covered by this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimateLease. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days during the Term of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date Demised Premises shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty so as to be untenantable, then unless Landlord commences and diligently pursues repairs within NINETY (whether or not insured90) days thereafter, either party hereto, upon written notice to the other party given at any time during following the last thirty expiration on NINETY (3090) months days after said fire or casualty, may terminate this Lease, in which case the rent shall be apportioned and paid to the date of said fire or casualty (unless such damage or destruction is due to or the result of the Term acts or negligence of Tenant, its employees, agents or contractors, in which event Tenant shall not have the option to terminate the Lease). In the event that the cost Landlord elects to repair such damage is reasonably estimated and/or restore the damaged Demised Premises, said repairs and restoration shall be pursued diligently by Landlord. No compensation, claim, or diminution of rent will be allowed or paid, by Landlord, by reason of inconvenience, annoyance, or injury to exceed one-third of the total Annual Fixed Rent payable hereunder for the period business arising from the estimated completion date necessity of repair until repairing the end of the Term, (ii) at any time the Building (Demised Premises or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of Building, however the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof necessity may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of such dateoccur.
Appears in 2 contracts
Samples: Lease (Global Defense Technology & Systems, Inc.), Lease (Global Defense Technology & Systems, Inc.)
DAMAGE BY FIRE OR CASUALTY. During the term of this lease Lessor agrees to carry standard form “All Risk” property insurance on the building wherein the premises are situated for full replacement thereof and shall provide Lessee with a certificate of insurance reflecting such coverage, if requested. If the Premises premises or any part a portion thereof shall be damaged destroyed or injured by fire any cause and such destruction or other insured casualtyinjury could reasonably be repaired within 90 days thereafter, thenLessor shall with diligence undertake and substantially complete repairs within 90 days after the happening of such destruction or injury. If Lessee shall be deprived of the occupancy of any portion of the premises due to any destruction or injury but can nevertheless continue to engage in its regular business, subject a rental abatement shall by allowed in proporation to the last paragraph area rendered untenantable and continuing until premises are restored. No rent shall be payable during any period that Lessee is unable to engage in its regular business. If the destruction or injury cannot reasonably be repaired within 90 days after the happening thereof, Lessor shall notify Lessee within 30 days after the happening of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) such destruction or injury whether or not Lessor will repair or rebuild. If Lessor elects not to repair or cause rebuild, this lease shall be terminated. If Lessor shall elect to repair or rebuild, Lessor shall specify the time within which repairs or reconstruction will be repaired all damage to completed and Lessee shall have the Premises (except for damage to leasehold improvements installed by Tenant without option within 30 days after the receipt of such notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect either to terminate this Lease lease and further liability thereunder or to extend the term or renewal term of this lease by notice a period of time equivalent to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date happening of repair such destruction or injury until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage premises are restored to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenanttheir former condition. In the event of any termination, Lessee elects to extend the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end term of the Term lease, Lessor shall restore the premises to their former condition within the time specified in the notice and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes Lessee shall be apportioned as entitled to an abatement of such daterent in the manner hereinbefore described.
Appears in 2 contracts
Samples: Lease Agreement (Mainstreet Bankshares Inc), Lease Agreement (Mainstreet Bankshares Inc)
DAMAGE BY FIRE OR CASUALTY. (a) If the Leased Premises or any part thereof shall be damaged by fire destroyed or other insured casualtydamaged, thenfrom whatsoever cause, subject so as to render them unfit for the last paragraph of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authoritypurposes for which leased, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) if it is reasonably possible to repair such destruction or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than within one hundred eighty (180) days from days, the date Tenant shall not be entitled to surrender possession of the casualtyLeased Premises, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery without the prior written consent of Landlord’s architect’s estimate. If , but Landlord fails shall proceed to commence repairs as soon as is reasonably practicable after such damage, repair the destruction or damage with all reasonable speed and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs shall complete the same within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from days, unless there shall be less than one year remaining in the occurrence term of such damagethis Lease, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant which event Landlord may elect to terminate this Lease the Lease.
(b) If the Leased Premises shall be destroyed or damaged, from whatever cause, so as to render them unfit for the purposes for which leased, and if it is not reasonably possible to repair such destruction or damage within one hundred eighty (180) days, then each party shall have the option, by written notice given to Landlord the other within twenty fifteen (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (3015) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience destruction or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease as of eight (8) days after the giving of such notice, in which event Tenant shall be granted a proportionate rebate and deduction from the manner provided above. If (i) rental payments made and to be made hereunder for the Premises are so damaged by fire or other casualty (whether or period subsequent to said determination and, if such option is not insured) at any time during the last thirty (30) months of the Term that the cost exercised, Landlord shall proceed to repair such the destruction or damage is reasonably estimated with all reasonable speed.
(c) In the event of any damage or destruction to exceed one-third of which the total Annual Fixed Rent payable hereunder above provisions are applicable, Tenant shall be granted a proportionate rebate and deduction from the rental payments made and to be made hereunder, for the period from the estimated completion date of repair such damage or destruction until the end Leased Premises are ready for occupancy by Tenant or until the termination of the TermLease, (ii) at any time corresponding to the Building (or any portion thereof, whether or not including any portion of the PremisesLeased Premises with respect to which Tenant is deprived of normal occupancy and use.
(d) is so damaged by Tenant shall give immediate notice to Landlord in case of fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of such datePremises.
Appears in 1 contract
Samples: Lease Modification Agreement (Federal Data Corp /Fa/)
DAMAGE BY FIRE OR CASUALTY. If In the Premises event of damage to or destruction of the demised premises by fire or any part thereof other casualty, if the demised premises are not made untenantable this Lease shall not be terminated, but the demised premises shall, subject to the provisions of this Section, be promptly and fully repaired and restored as the case may be by Landlord at its own cost and expense. Due allowance, however, shall be given for reasonable time required for adjustment and settlement of insurance claims, and for such other delays beyond Landlord's control. If during the term of this Lease the demised premises shall be so damaged by fire or other insured casualty, then, subject casualty as to the last paragraph of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authoritybe untenantable, and at if Landlord reasonably determines that the expense of Landlord demised premises cannot be repaired within two hundred seventy (but only to 270) days after the extent of insurance proceeds made available to Landlord by any mortgagee date of the Building) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide so certify to Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualtyeither party hereto, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by upon written notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date other party given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on of Landlord's certification, may terminate this Lease, in which such termination notice is received case the rent shall be apportioned and paid to the date of said fire or other casualty. In the event the Landlord elects to repair and/or restore the damaged demised premises, said repairs and restoration shall be pursued diligently by the Landlord. The Outside Restoration Date shall No compensation, claim, or diminution of rent will be extended for up to ninety (90) days on account allowed or paid by Landlord by reason of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant inconvenience, annoyance, or injury to business arising from the business necessity of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire demised premises or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of Building, however the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof necessity may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of such dateoccur.
Appears in 1 contract
Samples: Office Lease (Radio One Inc)
DAMAGE BY FIRE OR CASUALTY. If In the event the Leased Premises or any part thereof shall be damaged destroyed or injured in whole or in part by fire or other insured casualty, then, subject to the last paragraph of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered casualty making it unfit for use and occupation hereunder by reason of such damage occupancy the Annual Fixed Rent and Additional Rent for Operating Expenses rent or a just and proportionate part thereof, thereof according to the nature and extent to which that the Leased Premises shall have been so are rendered unfitunfit for occupancy, shall be suspended or abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) LESSOR shall have been restored the Leased Premises as nearly closely as practicable to the condition in which they were immediately prior original specifications for occupancy thereof by the LESSEE, provided that all insurance proceeds received by the LESSEE for leasehold improvements are used for said purpose and that said proceeds are adequate to such fire or other casualty. Landlord cover the cost of replacing said leasehold improvements, but if the LESSOR shall not be liable for delays in restore the making Leased Premises within the period of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty one hundred twenty (30) and sixty (60120) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days next after the date on which such termination destruction or injury occurred, it being agreed that nothing contained in this paragraph shall obligate the LESSOR to restore the Leased Premises (except where the damage to the Leased Premises is so minor in nature as not to render any part of the Leased Premises untenable), either party may at their option by written notice is received by Landlordto the other party terminate this Lease. The Outside Restoration Date shall be extended for up LESSOR agrees to ninety notify LESSEE in writing of his intent to restore the Leased Premises within ten (9010) days on account of delays caused by Force Majeure. Landlord shall not be liable for from any inconvenience or annoyance to Tenant destruction or injury to the business of Tenant resulting from delays in repairing the damageLeased Premises, however and, if the delays continue more than ninety (90) days beyond the initial Outside Restoration Datesuch notice is not received by LESSEE, Tenant may elect to LESSEE may, at its option, terminate this Lease in by written notice to LESSOR. In the manner provided above. If (i) event LESSOR notifies LESSEE of it intent to rebuild the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the TermLeased Premises, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice LESSOR shall be not less than thirty obligated rebuild within one hundred twenty (30120) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of such dateLESSEE.
Appears in 1 contract
Samples: Lease Agreement (Presstek Inc /De/)
DAMAGE BY FIRE OR CASUALTY. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not thereby rendered untenantable in whole or in part, Landlord, at its own expense, and subject to the last paragraph of limitations set forth in this Section 6.1Lease, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause such damage to be repaired all damage to and the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Minimum Rent and Additional Rent for Operating Expenses shall not be abated. If, by reason of any damage or a just and proportionate part thereofdestruction, according to the nature and extent to which the Premises shall have been so be rendered unfituntenantable in whole or in part and cannot be repaired and made tenantable within one hundred twenty (120) days after such damage: (i) Landlord, at its option and its own expense, may cause the damage to be repaired and the Minimum Rent and Additional Rent shall be abated until the Premises (except proportionately as to the property which portion of the Premises rendered untenantable while it is untenantable; or (ii) Landlord shall have the right, to be repaired exercised by notice in writing delivered to Tenant within thirty (30) days of the occurrence of such damage or at destruction, to terminate this Lease, whereupon the expense Minimum Rent and Additional Rent shall be adjusted as of Tenantthe date of such termination.
(b) In the event that twenty-five percent (25%) or more of the rentable floor area of the Building shall have been restored as nearly as practicable to be damaged or destroyed by fire or other cause, notwithstanding that the condition in which they were immediately prior to Premises may be unaffected by such fire or other casualty. damage, Landlord shall not have the right, to be liable for delays exercised by notice in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance writing delivered to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within within thirty (30) days after such inquiryoccurrence, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to LandlordLease. If Landlord, having commenced such repair, has not completed Upon the repair giving of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Datenotice, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Minimum Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned adjusted as of such datethe date of termination and this Lease shall thereupon terminate.
(c) Any portion of the Building that cannot be repaired within one hundred twenty (120) days, Tenant has the right to cancel that portion of lease space.
Appears in 1 contract
DAMAGE BY FIRE OR CASUALTY. If the Premises shall be partially damaged by fire or other casualty insured under Tenant's insurance policies, and if Tenant's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Tenant may, except as otherwise provided herein, promptly repair and restore those portions of the Premises necessary for the reasonable operation of Tenant's business and the beneficial use and enjoyment of the Premises by Tenant (or those portions of the improvements constructed by Tenant upon the Premises) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Tenant if by reason of such occurrence:
(i) the Premises are rendered wholly untenantable; (ii) the Premises are damaged in whole or in part as a result of a risk which is not covered by Tenant's insurance policies; (iii) Tenant's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the Premises are damaged in whole or in part during the last three (3) years of the Term; (v) the buildings and other improvements located upon the Premises are damaged to an extent of fifty percent (50%) or more of the fair market value thereof, or (vi) Tenant, in its sole discretion, determines that the Premises are not suitable for Tenant's business, then Tenant may, in its sole discretion, elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Landlord within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate immediately. Tenant shall vacate and surrender the Premises to Landlord within sixty (60) days after receipt of such notice of termination. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease immediately as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, and trade fixtures located upon the Premises to substantially that condition existing prior to their damage or destruction. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the premises have been substantially repaired and restored to a tenantable condition, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof shall be not so damaged by fire or other insured casualty, then, subject to the last paragraph of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of during any governmental authority, and at the expense of Landlord (but only such period to the extent of insurance proceeds made available to Landlord by any mortgagee of reasonably practicable from the Building) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense standpoint of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the 's business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of such datemanagement.
Appears in 1 contract
Samples: Ground Lease (Ap Eagle Finance Corp)
DAMAGE BY FIRE OR CASUALTY. If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Buildingbuilding) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements such damage, provided, however, in respect of such alterations, additions and improvements, originally made or installed by Tenant without notice at Tenant's expense, as shall have been damaged by such fire or other casualty and which are insured by insurance policies required to andbe maintained hereunder, if required by this Leasethat the repairs to such Tenant's alterations, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant additions and improvements shall be made performed by Landlord but at the Tenant’s Xxxxxx's expense to the extent that the cost of such repairs does alterations, additions and improvements were not exceed the deductible amount in required under this Lease to be insured by policies maintained by Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove Tenant's Removable Property shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage damage, the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualtyprovided, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiryhowever, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event that if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition mortgagee of the Building shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of any act or a portion thereof) shall negligence on the part of Tenant or the employees, licensees or invitees of Tenant, resulting in Landlord’s judgment some violation of applicable law, the terms of any insurance policy required to be requiredretained hereunder, or (iii) at the terms of this Lease, or because of any time damage act or negligence on the part of Tenant or the employees, licensees or invitees of Tenant, resulting in a failure to cooperate with Landlord or any mortgagee of the Building occurs by fire or other insured casualty and any mortgagee shall refuse in connection with Xxxxxxxx's efforts to permit make its insurance proceeds to be utilized for claim, the repair or replacement cost of repairing such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice damage shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term paid by Xxxxxx and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes there shall be apportioned as of such date.no abatement
Appears in 1 contract
Samples: Lease (Cascade Communications Corp)
DAMAGE BY FIRE OR CASUALTY. If (a) In the event of damage to or destruction of the Premises or any part thereof shall be damaged by fire or any other insured casualtycasualty (“Casualty”), thenthe central or base Building mechanical, electrical and plumbing systems of the Building and all Building Standard Improvements located within the Premises shall, subject to the last paragraph provisions of this Section 6.119, be promptly and fully repaired and restored by Landlord at its own cost and expense, provided adequate insurance proceeds are available. Due allowance, however, shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances be given for the time required for adjustment and regulations settlement of any governmental authorityinsurance claims, and at for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, emergencies and other conditions beyond the expense reasonable control of Landlord (but only to the extent of insurance proceeds made available to Landlord by Landlord. It is agreed that in any mortgagee of the Building) to aforesaid events, this Lease shall continue in full force and effect, without abatement of Rent. Tenant shall promptly repair or cause to be repaired all damage to the Premises and restore, at Tenant’s sole expense, Txxxxx’s Property, Tenant’s Leasehold Improvements (except for damage to leasehold improvements installed the central or base Building mechanical, electrical and plumbing systems of the Building and Building Standard Improvements), and Alterations made by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct on behalf of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the their condition in which they were existing immediately prior to such fire their damage or other casualty. destruction.
(b) If as a result of a Casualty more than one-half (1/2) of the Rentable Area of the Building is rendered untenantable (or if Landlord shall not be liable for delays in reasonably estimates that the making damage exceeds 25 percent of any such repairs which are due to Force Majeurethe replacement cost of the Building as reasonably estimated by Lxxxxxxx), nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and Landlord, within sixty (60) days after any casualtyfrom the date of such Casualty, Tenant may inquire of Landlord as terminate this Lease by notice to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty Tenant, specifying an effective date, not less than twenty (3020) nor more than forty (40) days after the giving of such inquirynotice, Landlord on which the Term shall provide Tenant with Landlord’s architect’s good faith estimate expire as fully and completely as if such date were the date herein originally fixed for the expiration of the time Term. If Landlord terminates this Lease pursuant to complete this Section 19(b), Rent shall be apportioned as of the date of such repairs termination.
(c) If the Premises are damaged as a result of a Casualty and if such estimate (the damage to the Premises is so extensive that the Premises are substantially untenantable and the repair and/or restoration work which shall Landlord is obligated to perform hereunder cannot be non-binding) shall be more than substantially completed within one hundred eighty (180) days from the date such work is commenced (as determined by Landlord, in the exercise of its reasonable discretion), within sixty (60) days from the casualtydate of such Casualty, then Tenant Landlord may terminate this Lease by notice given to Landlord within thirty Tenant, specifying an effective date, not less than twenty (3020) nor more than forty (40) days after Tenant’s delivery the giving of Landlord’s architect’s estimatesuch notice, on which the Term shall expire as fully and completely as if such date were the date originally fixed for the expiration of the Term. If Landlord fails terminates this Lease pursuant to commence repairs this Section 19(c), Rent shall be apportioned as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair date of such damage by the later of fire or other casualty.
(d) If (i) one hundred eighty (180) the Premises shall be rendered untenantable for more than 30 days from by a Casualty during the occurrence last six months of such damagethe Term as determined by Landlord, in the exercise of its reasonable discretion, or (ii) the repair and/or restoration work that Landlord is obligated to perform hereunder with respect to any Casualty during the last six months of the Term cannot be substantially completed within 30 days from the date given such work is commenced, as determined by Landlord, in any Landlord’s architect’s repair period estimate under the prior paragraph exercise of its reasonable discretion, then (the later of in either such dates is referred to below as the “Outside Restoration Date”), Tenant case) Landlord may elect to terminate this Lease by upon notice to Landlord Tenant given within ninety (90) days after such Casualty specifying an effective date, not less than twenty (20) days of the Outside Restoration Date, the termination to be effective not less nor more than thirty forty (3040) days after the date giving of such notice, on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though fully and completely as if such effective termination date were the date originally stipulated in Section 1.1 fixed for the end expiration of the Term and the Annual Fixed Term. If Landlord terminates this Lease pursuant to this Section 19(d), Base Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of the date of such datefire or casualty.
(e) The proceeds payable under all fire and other hazard insurance policies maintained by Landlord on the Building shall belong to and be the property of Landlord, and Tenant shall not have any interest in such proceeds. Tenant agrees to look to its own fire and hazard insurance policies in the event of damage to Tenant’s Property or any non-Building Standard Leasehold Improvements in the Premises (including without limitation such portions of the Tenant Improvements that constitute Non-Building Standard Improvements).
(f) No compensation, claim or diminution of Base Rent and Additional Rent will be allowed or paid by Landlord by reason of inconvenience, annoyance, or injury to business arising from the necessity of repairing the Premises or any other portion of the Building, however, the necessity may occur. Further, notwithstanding the provisions of this Section 19, in the event Landlord becomes obligated to make repairs to the Premises hereunder, such repairs shall be only to the central or base Building mechanical, electrical and plumbing systems of the Building and Building Standard Improvements located within the Premises, and not to any Alterations, non-Building Standard Leasehold Improvements and/or Tenant’s Property. At Landlord’s sole option, Landlord may repair and restore, on Tenant’s behalf, all (or any portion) of the non-Building Standard Leasehold Improvements and Alterations in Premises that Tenant is required to repair and restore pursuant to Section 19(a) hereof, in which case, Tenant shall make all of its insurance proceeds available to Landlord for such use; provided, however, that in no event shall Landlord be required to spend more on any such repair or restoration than the amount of insurance proceeds Landlord actually receives from Tenant. Landlord may require Tenant to pay Landlord a reasonable fee to reimburse Landlord for overhead and administrative costs and expenses incurred in connection with any such repair or restoration undertaken or supervised by Landlord. Replacements of Tenant’s Property, any non-Building Standard Leasehold Improvements or any Alterations within the Premises by Tenant shall be of at least comparable quality to the items damaged or destroyed.
Appears in 1 contract
Samples: Lease (Wellgistics Health, Inc.)
DAMAGE BY FIRE OR CASUALTY. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not thereby rendered untenantable in whole or in part, Landlord, at its own expense, and subject to the last paragraph of limitations set forth in this Section 6.1Lease, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause such damage to be repaired all damage to and the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Minimum Rent and Additional Rent for Operating Expenses shall not be abated. If, by reason of any damage or a just and proportionate part thereofdestruction, according to the nature and extent to which the Premises shall have been so be rendered unfituntenantable in whole or in part and cannot be repaired and made tenantable within one hundred twenty (120) days after such damage: (i) Landlord, at its option and its own expense, may cause the damage to be repaired and the Minimum Rent and Additional Rent shall be abated until the Premises (except proportionately as to the property which portion of the Premises rendered untenantable while it is untenantable; or (ii) either party shall have the right, to be repaired exercised by or at the expense of Tenant) shall have been restored as nearly as practicable notice in writing delivered to the condition in which they were immediately prior other within thirty (30) days of the occurrence of such damage or destruction, to terminate this Lease, whereupon the Minimum Rent and Additional Rent shall be adjusted as of the date of such termination. NexImmune, Inc 0000 Xxxxxxx Xxxx Lease Agreement (b) In the event that twenty-five percent (25%) or more of the rentable floor area of the Building shall be damaged or destroyed by fire or other cause, notwithstanding that the Premises may be unaffected by such fire or other casualty. Landlord damage, either party shall not have the right, to be liable for delays exercised by notice in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury writing delivered to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within other within thirty (30) days after such inquiryoccurrence, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to LandlordLease. If Landlord, having commenced such repair, has not completed Upon the repair giving of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Datenotice, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Minimum Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned adjusted as of such datethe date of termination and this Lease shall thereupon terminate.
Appears in 1 contract
Samples: Lease Agreement (NexImmune, Inc.)
DAMAGE BY FIRE OR CASUALTY. If the demised premises is damaged by fire, the elements or other casualty which is actually then covered by the Landlord's fire and extended coverage insurance policies in force on the demised premises, the Landlord (at its cost) shall diligently and promptly repair all damage to and restore the demised premises to its condition just prior to the damage. However, in no event shall the rentals or any other amounts payable by Tenant under this Lease xxxxx or be reduced as a result of any fire or other casualty or damage of any kind to the Premises or to Tenant's equipment, trade fixtures, merchandise or personal property; it being agreed that Tenant shall rely on its policies of casualty and business interruption insurance for all such losses or loss of income from any part thereof such occurrences, and Tenant shall have no right to any diminution in rent nor any claims against Landlord in any such events. Landlord's restoration work under this paragraph shall be damaged by fire or other insured casualty, then, subject limited to the last paragraph of this Section 6.1premises as originally tendered to Tenant (reasonable wear and tear excepted), Landlord herein called "Landlord's Restorations"; it being agreed that Tenant at its own expense shall proceed with diligencerepair and replace all alterations and leasehold improvements, subject to then applicable statutesfixtures, building codes, zoning ordinances furnishings and regulations of any governmental authority, and at the expense of Landlord (but only equipment installed by or for Tenant. Notwithstanding anything herein contained to the extent of insurance proceeds made available to Landlord contrary, all damage tot he Premises caused by Tenant or any mortgagee of the Building) to repair or cause to Tenant Parties shall be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made promptly by and at the sole expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of such date.
Appears in 1 contract
DAMAGE BY FIRE OR CASUALTY. If During the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph term of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord)BBI agrees to carry fire and extended coverage insurance on the Building wherein the premises are situated for full replacement thereof in the amount of $2,000,000 and shall provide Lessor with a certificate of insurance reflecting such coverage with a loss payable clause to said Lessor and BBI as their interests may appear. All such repairs made necessary by As a part of the negligence or willful misconduct insurance coverage, BBI shall carry rental loss insurance coverage in the amount to cover the rent for a minimum duration of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenanttwelve (12) months. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, demised premises shall be abated until the Premises (except as to the property which is to destroyed or damaged by any cause and such destruction or damage could reasonably be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than within one hundred eighty (180) days from after the date happening of such destruction or damage, then BBI shall not be entitled to surrender possession of the casualtydemised premises, then Tenant may terminate nor shall BBI’s liability to pay rent under this Lease by notice given to Landlord cease; but in the event of such destruction or damage, Lessor shall with due diligence substantially complete such repairs and restoration within one hundred eighty (180) days after the happening of such destruction or damage. If such destruction or damage cannot reasonably be repaired within one hundred eighty (180) days after the happening thereof, Lessor shall notify BBI within thirty (30) days after Tenant’s delivery the happening of Landlord’s architect’s estimatesuch destruction or damage whether or not the Lessor will repair or rebuild. If Landlord fails Lessor elects not to commence repair or rebuild, this Lease shall terminate effective as of the date of destruction or damage. If Lessor shall elect to repair or rebuild, Lessor shall specify the time within which repairs as soon as is reasonably practicable after such damageor construction will be completed, and such failure is not due to Force MajeureBBI shall have the option, and in any event if Landlord does not commence repairs by notifying Lessor within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up receipt of Lessor’s notice, to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect either to terminate this Lease in and further liability hereunder or to extend the manner provided above. If (i) the Premises are so damaged term hereof by fire or other casualty (whether or not insured) at any a period of time during the last thirty (30) months of the Term that the cost equivalent to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date happening of repair such destruction or damage until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage premises are restored to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenanttheir former condition. In the event BBI elects to extend the term of any terminationthis Lease, Lessor shall with due diligence restore the Term shall expire as though such effective termination date were premises to their former condition within the date originally stipulated time specified in Section 1.1 for the end of the Term notice and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes BBI shall be apportioned as entitled to an equitable abatement of such daterent. If this Lease is terminated by reason of destruction or damage or rent is required to be abated, Lessor shall refund any rent paid in advance and any unearned charges.
Appears in 1 contract
Samples: Lease (RBC Bearings INC)
DAMAGE BY FIRE OR CASUALTY. If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section 6.1, Landlord shall proceed with diligence, subject to then then, applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the BuildingLandlord) to repair or cause to be repaired all such damage. Landlord shall commence such repairs within three (3) months of such damage and proceed with diligence to the Premises complete such repairs, but if Landlord has not completed such repairs within twelve (except for 12) months of such damage to leasehold improvements installed Tenant may terminate this Lease by Tenant without notice to and, if required by this Lease, approval by Landlord)Landlord within ten (10) days of the expiration of such twelve month period. All such repairs made necessary by the negligence any act or willful misconduct omission of Tenant shall be made at the Tenant’s 's expense to the extent that the cost of such repairs does not exceed are less than the deductible amount in Landlord’s 's insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses additional rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty, provided, however, that if Landlord or any mortgagee shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeuregovernment regulation, casualties and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If .
(i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months 18 35 of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building Premises (or any portion thereof, whether or not including any portion of the Premises) is are so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building Premises (or a portion thereof) shall in Landlord’s 's judgment be by required, or (iii) at any time damage to the Building Premises occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to received by Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent additional charges for Operating Expenses and Taxes shall be apportioned as of such date. Notwithstanding the foregoing, in the event Landlord elects to terminate this Lease pursuant to this paragraph, Landlord shall reimburse Tenant for the unamortized amount of Tenant's share of the construction costs referred to in Article III.
Appears in 1 contract
Samples: Sublease (Altarex Corp)
DAMAGE BY FIRE OR CASUALTY. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not thereby rendered untenantable in whole or in part, Landlord, at its own expense, and subject to the last paragraph of limitations set forth in this Section 6.1Lease, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause such damage to be repaired all damage to and the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Minimum Rent and Additional Rent for Operating Expenses shall not be abated. If, by reason of any damage or a just and proportionate part thereofdestruction, according to the nature and extent to which the Premises shall have been so be rendered unfituntenantable in whole or in part and cannot be repaired and made tenantable within ninety (90) days after such damage: (i) Landlord, at its option and its own expense, may cause the damage to be repaired and the Minimum Rent and Additional Rent shall be abated until the Premises (except proportionately as to the property which portion of the Premises rendered untenantable while it is untenantable; or (ii) Landlord or Tenant shall have the right, to be repaired exercised by notice in writing delivered to the other within thirty (30) days of the occurrence of such damage or at destruction, to terminate this Lease, whereupon the expense Minimum Rent and Additional Rent shall be adjusted as of the date of such termination. In the event substantially all of the Premises are rendered untenantable for the business of the Tenant as a result of a casualty or other event not due to Tenant’s acts or omissions and the Premises cannot be substantially restored for the business use of the Tenant within ninety (90) days of such event, Tenant shall have been restored as nearly as practicable the right to terminate this Lease upon delivery of written notice to Landlord no later than thirty (30) days following such event.
(b) In the condition in which they were immediately prior to event that twenty-five percent (25%) or more of the rentable floor area of the Building shall be damaged or destroyed by fire or other cause, notwithstanding that the Premises may be unaffected by such fire or other casualty. damage, Landlord and Tenant shall not have the right, to be liable for delays exercised by notice in the making of any such repairs which are due writing delivered to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within other party within thirty (30) days after such inquiryoccurrence, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to LandlordLease. If Landlord, having commenced such repair, has not completed Upon the repair giving of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Datenotice, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Minimum Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned adjusted as of such datethe date of termination and this Lease shall thereupon terminate.
Appears in 1 contract
Samples: Lease Agreement (Macrogenics Inc)
DAMAGE BY FIRE OR CASUALTY. If During the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph term of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by LandlordLandlord agrees to carry standard form "All Risk" property insurance (or the insurance industry equivalent). All such repairs made necessary by , including loss of rents insurance, on the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If Property wherein the Premises or any part thereof shall have been rendered unfit are situated and all improvements therein for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises one hundred percent (except as to the property which is to be repaired by or at the expense of Tenant100%) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord full replacement thereof and shall provide Tenant with Landlord’s architect’s good faith estimate a certificate of insurance reflecting such coverage. Tenant shall reimburse Landlord for the time to complete premium for such repairs and if insurance. Landlord shall make demand for reimbursement from Tenant for such estimate (insurance premium costs which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then paid by Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimateits receipt thereof. Each such demand for reimbursement shall be accompanied by a copy of the insurance premium invoice for which reimbursement is requested. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, the Premises or a portion thereof shall be destroyed or injured by any cause insurable by standard policies of 'All Risk" insurance or its equivalent and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs destruction or injury could reasonably be repaired within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. thereafter, Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than with diligence undertake and substantially complete repairs within ninety (90) days beyond after the initial Outside Restoration Datehappening of such destruction or injury. If Tenant shall be deprived of the occupancy of any portion of the Premises due to any destruction or injury but can nevertheless continue to engage in its regular business, a rental abatement shall be allowed in proportion to the area rendered untenantable and continuing until the Premises are restored. No rent shall be payable during any period that Tenant may is unable to engage in its regular business. If the destruction or injury cannot reasonably be repaired within ninety (90) days after the happening thereof, Landlord shall notify Tenant within twenty-one (21) days after the happening of such destruction or injury whether or not Landlord will repair or rebuild. If Landlord elects not to repair or rebuild, this Lease shall be terminated. If Landlord shall elect to repair or rebuild, Landlord shall specify the time within which repairs or reconstruction will be completed and Tenant shall have the option within twenty-one (21) days after the receipt of such notice to elect either to terminate this Lease in and further liability thereunder or to extend the manner provided above. If (i) the Premises are so damaged term or renewal term of this Lease by fire or other casualty (whether or not insured) at any a period of time during the last thirty (30) months of the Term that the cost equivalent to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date happening of repair such destruction or injury until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage Premises are restored to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenanttheir former condition. In the event Tenant elects to extend the term of any terminationthe Lease, Landlord shall restore the Term Premises to their former condition within the time specified in the notice and Tenant shall expire as though such effective termination date were be entitled to an abatement of rent in the manner hereinbefore set forth. Tenant shall remove the debris and repair and replace the property which may be removed by it upon surrender of the Premises. Landlord shall remove the debris and repair and replace the building and the interior of the Premises. If this Lease is terminated by reason of damage or destruction, Landlord shall refund all prepaid rentals and unearned charges, pro rated to the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of such datetermination.
Appears in 1 contract
DAMAGE BY FIRE OR CASUALTY. If During the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph term of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by LandlordLandlord agrees to carry standard form "All Risk" property insurance (or the insurance industry equivalent). All such repairs made necessary by , including loss of rents insurance, on the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If Property wherein the Premises or any part thereof shall have been rendered unfit are situated and all improvements therein for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises one hundred percent (except as to the property which is to be repaired by or at the expense of Tenant100%) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord full replacement thereof and shall provide Tenant with Landlord’s architect’s good faith estimate a certificate of insurance reflecting such coverage. Tenant shall reimburse Landlord for the time to complete premium for such repairs and if insurance. Landlord shall make demand for reimbursement from Tenant for such estimate (insurance premium costs which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, then paid by Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimateits receipt thereof. Each such demand for reimbursement shall be accompanied by a copy of the insurance premium invoice for which reimbursement is requested. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, the Premises or a portion thereof shall be destroyed or injured by any cause insurable by standard policies of "All Risk" insurance or its equivalent and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs destruction or injury could reasonably be repaired within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. thereafter, Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than with diligence undertake and substantially complete repairs within ninety (90) days beyond after the initial Outside Restoration Datehappening of such destruction or injury. If Tenant shall be deprived of the occupancy of any portion of the Premises due to any destruction or injury but can nevertheless continue to engage in its regular business, a rental abatement shall be allowed in proportion to the area rendered untenantable and continuing until the Premises are restored. No rent shall be payable during any period that Tenant may is unable to engage in its regular business. If the destruction or injury cannot reasonably be repaired within ninety (90) days after the happening thereof, Landlord shall notify Tenant within twenty-one (21) days after the happening of such destruction or injury whether or not Landlord will repair or rebuild. If Landlord elects not to repair or rebuild, this Lease shall be terminated. If Landlord shall elect to repair or rebuild, Landlord shall specify the time within which repairs or reconstruction will be completed and Tenant shall have the option within twenty-one (21) days after the receipt of such notice to elect either to terminate this Lease in and further liability thereunder or to extend the manner provided above. If (i) the Premises are so damaged term or renewal term of this Lease by fire or other casualty (whether or not insured) at any a period of time during the last thirty (30) months of the Term that the cost equivalent to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date happening of repair such destruction or injury until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage Premises are restored to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenanttheir former condition. In the event Tenant elects to extend the term of any terminationthe Lease, Landlord shall restore the Term Premises to their former condition within the time specified in the notice and Tenant shall expire as though such effective termination date were be entitled to an abatement of rent in the manner hereinbefore set forth. Tenant shall remove the debris and repair and replace the property which may be removed by it upon surrender of the Premises. Landlord shall remove the debris and repair and replace the building and the interior of the Premises. If this Lease is terminated by reason of damage or destruction, Landlord shall refund all prepaid rentals and unearned charges, pro rated to the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of such datetermination.
Appears in 1 contract
DAMAGE BY FIRE OR CASUALTY. If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord)such damage. All such repairs made necessary by the negligence any act or willful misconduct omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Tenant hereby covenants and agrees to cooperate fully with adjustment, collection, and recovery of insurance proceeds, which obligation shall survive termination of this Lease, and further provided that Tenant shall indemnify the Indemnified Parties from any and all loss, cost, damage or expense arising from Tenant’s action or inaction in connection with Tenant’s failure to cooperate with such adjustment, collection, and recovery of insurance proceeds, and if Tenant fails to cooperate with such adjustment, collection, and recovery of insurance proceeds, there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeuregovernment regulation, casualties and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds despite the exercise of all reasonable efforts by Landlord, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) Within 30 days after any the occurrence of a casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) 180 days from the date of the casualty, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) 30 days after Tenant’s delivery receipt of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeurecauses beyond the control of Landlord, and in any event if Landlord does not commence repairs within sixty (60) days of after the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) 180 days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of after the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused beyond the reasonable control of Landlord as described in the next sentence. Delays beyond Landlord’s reasonable control shall mean delays in the making of repairs which are due to government regulation, casualties and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds despite the exercise of all reasonable efforts by Force MajeureLandlord, and other causes beyond the reasonable control of Landlord. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) 90 days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situationsituation not to exceed one hundred twenty (120) days, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to received by Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent additional charges for Operating Expenses and Taxes shall be apportioned as of such date.
Appears in 1 contract
Samples: Sublease (BG Medicine, Inc.)
DAMAGE BY FIRE OR CASUALTY. If (a) In the event any improvements on or forming part of the Demised Premises or Building are damaged or destroyed, partially or totally, from any part thereof shall be damaged by fire or other insured casualty, then, subject to cause whatsoever at any time during the last paragraph Term of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval Tenant shall, at its own cost and expense, restore and repair the damaged or destroyed portions of the Demised Premises or Building in conformity with the provisions of this Lease. In restoring and repairing the damaged portions of the Demised Premises, Tenant shall repair, restore, and rebuild the improvements to at least as good condition as existed immediately prior to such damage or destruction and this Lease shall continue in full force and effect. Such repair, restoration and rebuilding (all of which are herein called "repair") shall be commenced within a reasonable time after such damage or destruction (not to exceed ninety (90) days after the casualty) and shall be subject to all the provisions of this Lease relating to construction work by Landlord)Tenant and shall be pursued diligently to completion. All such repairs made necessary by the negligence There shall be no abatement of Rent or willful misconduct of any other obligation of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage or destruction.
(1) If at any time during the Annual Fixed Rent last two (2) Lease Years of the Initial Term of this Lease or during any Renewal Term the buildings and Additional Rent for Operating Expenses improvements constructed on the Demised Premises are damaged or a just and proportionate part thereof, according destroyed to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to that it would not reasonably be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty within ninety (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (3090) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualtydamage occurs, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by giving written notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account after the occurrence of delays caused such damage or destruction provided Tenant pays to Landlord that portion of the insurance proceeds which are received by Force Majeurereason of such casualty which do not exceed the value of the Building prior to the casualty. For the purposes of the preceding sentence, such insurance proceeds shall not include any business interruption insurance proceeds.
(2) In the event this Lease is terminated pursuant to this Section, Tenant will raze and remove all of the damaged improvements and restore such areas to a clean, level and grassed area. If the Lease is not terminated, Tenant shall be obligated to rebuild, restore and repair the damaged or destroyed portions of the Demised Premises as set forth in Section 18(a).
(3) The effective date of termination of this Lease shall be the date that Tenant surrenders to Landlord the Demised Premises in conformity with the provisions of this Lease, and pays in full all Rent accrued and due under the Lease as of such date. If Tenant shall terminate this Lease pursuant to this Section, all Rent payable by Tenant to Landlord hereunder shall be prorated as of the termination date, and Landlord shall make an equitable refund of any Rent paid by Tenant in advance and not be liable for yet earned.
(c) Except as otherwise provided in Section 18(b), Tenant hereby waives any inconvenience or annoyance and all rights provided by law to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in upon the manner provided above. If (i) the Premises are so damaged by fire partial or other casualty (whether or not insured) at any time during the last thirty (30) months total destruction of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereofDemised Premises, whether now existing or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of such datehereinafter enacted.
Appears in 1 contract
Samples: Lease Agreement (Silver Diner Development Inc /Md/)
DAMAGE BY FIRE OR CASUALTY. If the Premises or any part thereof shall be the Building are damaged by fire or other insured casualty, then, subject to the last paragraph of this Section 6.1, Landlord shall proceed with diligenceforthwith repair the same, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All provided such repairs made necessary by the negligence or willful misconduct of Tenant shall can be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises forty-five (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (18045) days from the date of such damage under the casualtylaws and regulations of the federal, then Tenant may terminate state, county and municipal authorities having jurisdiction thereof. In such event, this Lease shall remain in full force and effect except that, if the damage is not the result of the negligence, passive or active, or willful misconduct of Tenant or its agents or invitees, Tenant shall be entitled to a proportionate reduction of rent while such repairs to be made hereunder by notice given Landlord are being made. Said Proportionate reduction shall be based upon the extent to which the making of such repairs to be made hereunder by Landlord shall interfere with the business carried on by Tenant in the Premises. Within fifteen (15) days from the date of such damage, Landlord shall notify Tenant whether or not such repairs can be made within forty- five (45) days from the date of such damage and Landlord's determination thereof shall be binding on Tenant. If such repairs cannot be made within forty-five (45) days from the date of such damage, Landlord shall have the option, exercisable at any time within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair date of such damage by the later either to (a) notify Tenant of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not 's intention to repair such damage, then and in any of such events, which event this Lease shall continue in full force and effect and the Term hereof may rent shall be terminated at the reduced as provided herein; or (b) notify Tenant of Landlord's election to terminate this Lease of Landlord by a notice from Landlord to Tenant within sixty (60) daysdate specified in such notice, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination which date pursuant to such notice shall be not less than thirty (30) nor more than ninety (90) days after the day on which such termination notice is delivered to Tenantin given. In the event that such notice to terminate is given by Landlord, this Lease shall terminate on the date specified in such notice. In case of such termination, if the damage giving rise to such termination is not the result of the negligence, passive or active, or willful misconduct of Tenant or its agents or invitees, the rent shall be reduced by a proportionate amount based upon the extent to which said damage interfered with the business carried on by Tenant in the Premises, and the Tenant shall pay such reduced rent up to the date of termination. Landlord shall refund to Tenant, if Tenant is not then in default, any rent previously paid for any period of time subsequent to such date of termination. The repairs to be made hereunder by Landlord shall not include, and Landlord shall not be required to repair, any damage by fire or other cause to the property of Tenant or any repairs or replacements of any terminationpaneling, decorations, railing, floor coverings, or any alterations, additions, fixtures or improvements installed on the Term shall expire as though such effective termination date were Premises by or at the date originally stipulated in Section 1.1 for the end expense of the Term and the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of such dateTenant.
Appears in 1 contract
DAMAGE BY FIRE OR CASUALTY. If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee the insurer or a mortgagee, if any, of the Building, so long as Landlord shall maintain that insurance required pursuant to Section 4.3.1 and Section 4.3.2) to repair or cause to be repaired all damage to the portion of the Premises (except for damage which is not to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the considered Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policyProperty. All repairs to and replacements of property which Tenant is entitled to remove Tenant’s Property shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, except if such damage arose due to any gross negligence or willful misconduct of Tenant or any sublessee or any of their employees, agents, managers, officers, directors, members, trustees, independent contractors or invitees or any person acting under Tenant or any sublessee, the Annual Fixed Rent and Additional Rent for Landlord’s Taxes and Landlord’s Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and Within sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualty, provided the Premises are not damaged due to any gross negligence or willful misconduct of Tenant or any sublessee or any of their employees, agents, managers, officers, directors, members, trustees, independent contractors or invitees or any person acting under Tenant or any sublessee, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery receipt of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety sixty (9060) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety sixty (9060) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. Notwithstanding the foregoing, if the Premises and/or the Building are damaged due to any gross negligence or willful misconduct of Tenant or any sublessee or any of their employees, agents, managers, officers, directors, members, trustees, independent contractors or invitees or any person acting under Tenant or any sublessee, then Tenant shall have no rights to terminate the Lease under this paragraph. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty eighteen (3018) months of the Term that and the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a material portion thereof) shall in Landlord’s judgment be required; provided, however, in order to exercise such right Landlord shall be obligated to terminate all similarly-situated tenants, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 for the end of the Term and the Annual Fixed Rent and Additional Rent for Landlord’s Operating Expenses and Landlord’s Taxes shall be apportioned as of such date.
Appears in 1 contract
Samples: Lease Agreement (Pegasystems Inc)
DAMAGE BY FIRE OR CASUALTY. If In the event the Building or Premises or any part thereof shall be damaged by fire or other insured casualtycasualty during the Term, then, subject to the last paragraph of this Section 6.1, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord :
(but only to the extent of insurance proceeds made available to Landlord by any mortgagee a) if more than twenty-five percent (25%) of the BuildingBuilding (excluding the Basement) to repair or cause to be repaired all damage to the Premises (except for damage to leasehold improvements installed by Tenant without notice to and, if required by this Lease, approval by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been damaged so rendered unfit, shall be abated until the Premises (except as to render the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and sixty (60) days after any casualty, Tenant may inquire of Landlord as to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty (30) days after such inquiry, Landlord shall provide Tenant with Landlord’s architect’s good faith estimate of the time to complete such repairs and if such estimate (which shall be non-binding) shall be more than one hundred eighty (180) days from the date of the casualtysame untenantable, then Tenant may terminate this Lease by notice given to Landlord within thirty (30) days after Tenant’s delivery of Landlord’s architect’s estimate. If Landlord fails to commence repairs as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by giving written notice to Landlord. If Landlord, having commenced such repair, has not completed the repair of such damage by the later of (i) one hundred eighty (180) days from the occurrence of such damage, or (ii) the date given in any Landlord’s architect’s repair period estimate under the prior paragraph (the later of such dates is referred to below as the “Outside Restoration Date”), Tenant may elect to terminate this Lease by notice to Landlord within twenty (20) days of the Outside Restoration Date, the termination to be effective not less than thirty (30) days after the date on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) daysdays after the date of such fire or casualty, provided that Landlord shall not terminate this Lease pursuant to this clause (a) unless Landlord terminates the leases of all other tenants in the Building which it has the right to terminate.
(b) if this Lease is not so terminated, Landlord shall proceed with all due diligence to repair, restore or rehabilitate the Building and Premises but excluding, without limitation, all alterations, additions and improvements made by Tenant, to substantially their former condition immediately prior to such longer period as is damage or destruction (except that with respect to the Basement such restoration shall be required only to complete arrangements with any mortgagee regarding such situationthe extent necessary to permit legal occupancy thereof and the remainder of the Premises), following such at Landlord's expense.
(c) If the Premises or a portion thereof, are rendered untenantable by fire or other casualty; the effective termination date pursuant to such notice , there shall be not less than thirty (30) days after an equitable abatement of Rent to the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Section 1.1 extent and for the end period of time during which the Premises or portion thereof, are untenantable provided that in no event shall Tenant be entitled to any such abatement as it relates to the Basement. If the restoration of the Term Building and Premises is not substantially completed within 270 days of the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as occurrence of such datedamage, Tenant shall have the right to terminate this Lease by written notice to Landlord.
Appears in 1 contract
Samples: Lease Agreement (Syratech Corp)
DAMAGE BY FIRE OR CASUALTY. If
(a) In the event of damage to or destruction of the Premises or any part thereof shall be damaged by fire or any other insured casualtycasualty (“Casualty”), thenthe central or base Building mechanical, electrical and plumbing systems of the Building and all Building Standard Improvements located within the Premises shall, subject to the last paragraph provisions of this Section 6.119, be promptly and fully repaired and restored by Landlord at its own cost and expense, provided adequate insurance proceeds are available. Due allowance, however, shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances be given for the time required for adjustment and regulations settlement of any governmental authorityinsurance claims, and at for such other delays as may result from government restrictions, and controls on construction, if any, and for strikes, emergencies and other conditions beyond the expense reasonable control of Landlord (but only to the extent of insurance proceeds made available to Landlord by Landlord. It is agreed that in any mortgagee of the Building) to aforesaid events, this Lease shall continue in full force and effect, without abatement of Rent. Tenant shall promptly repair or cause to be repaired all damage to the Premises and restore, at Tenant’s sole expense, Xxxxxx’s Property, Tenant’s Leasehold Improvements (except for the central or base Building mechanical, electrical and plumbing systems of the Building and Building Standard Improvements), and Alterations made by or on behalf of Tenant in the Premises to their condition existing immediately prior to their damage to leasehold improvements installed by Tenant without notice to and, or destruction.
(b) If as a result of a Casualty more than one-half (½) of the Rentable Area of the Building is rendered untenantable (or if required by this Lease, approval Landlord reasonably estimates that the damage exceeds 25 percent of the replacement cost of the Building as reasonably estimated by Landlord). All such repairs made necessary by the negligence or willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs does not exceed the deductible amount in , Landlord’s insurance policy. All repairs to and replacements of property which Tenant is entitled to remove shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage the Annual Fixed Rent and Additional Rent for Operating Expenses or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to the property which is to be repaired by or at the expense of Tenant) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty. Landlord shall not be liable for delays in the making of any such repairs which are due to Force Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. Between thirty (30) and within sixty (60) days after any casualtyfrom the date of such Casualty, Tenant may inquire of Landlord as terminate this Lease by notice to Landlord’s estimate of the time period necessary to complete repair of the Premises. Within thirty Tenant, specifying an effective date, not less than twenty (3020) nor more than forty (40) days after the giving of such inquirynotice, Landlord on which the Term shall provide Tenant with Landlord’s architect’s good faith estimate expire as fully and completely as if such date were the date herein originally fixed for the expiration of the time Term. If Landlord terminates this Lease pursuant to complete this Section 19(b), Rent shall be apportioned as of the date of such repairs termination.
(c) If the Premises are damaged as a result of a Casualty and if such estimate (the damage to the Premises is so extensive that the Premises are substantially untenantable and the repair and/or restoration work which shall Landlord is obligated to perform hereunder cannot be non-binding) shall be more than substantially completed within one hundred eighty (180) days from the date such work is commenced (as determined by Landlord, in the exercise of its reasonable discretion), within sixty (60) days from the casualtydate of such Casualty, then Tenant Landlord may terminate this Lease by notice given to Landlord within thirty Tenant, specifying an effective date, not less than twenty (3020) nor more than forty (40) days after Tenant’s delivery the giving of Landlord’s architect’s estimatesuch notice, on which the Term shall expire as fully and completely as if such date were the date originally fixed for the expiration of the Term. If Landlord fails terminates this Lease pursuant to commence repairs this Section 19(c), Rent shall be apportioned as soon as is reasonably practicable after such damage, and such failure is not due to Force Majeure, and in any event if Landlord does not commence repairs within sixty (60) days of the casualty, Tenant may elect to terminate this Lease by notice to Landlord. If Landlord, having commenced such repair, has not completed the repair date of such damage by the later of fire or other casualty.
(d) If (i) one hundred eighty (180) the Premises shall be rendered untenantable for more than 30 days from by a Casualty during the occurrence last six months of such damagethe Term as determined by Landlord, in the exercise of its reasonable discretion, or (ii) the repair and/or restoration work that Landlord is obligated to perform hereunder with respect to any Casualty during the last six months of the Term cannot be substantially completed within 30 days from the date given such work is commenced, as determined by Landlord, in any Landlord’s architect’s repair period estimate under the prior paragraph exercise of its reasonable discretion, then (the later of in either such dates is referred to below as the “Outside Restoration Date”), Tenant case) Landlord may elect to terminate this Lease by upon notice to Landlord Tenant given within ninety (90) days after such Casualty specifying an effective date, not less than twenty (20) days of the Outside Restoration Date, the termination to be effective not less nor more than thirty forty (3040) days after the date giving of such notice, on which such termination notice is received by Landlord. The Outside Restoration Date shall be extended for up to ninety (90) days on account of delays caused by Force Majeure. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing the damage, however if the delays continue more than ninety (90) days beyond the initial Outside Restoration Date, Tenant may elect to terminate this Lease in the manner provided above. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Annual Fixed Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the Term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is delivered to Tenant. In the event of any termination, the Term shall expire as though fully and completely as if such effective termination date were the date originally stipulated in Section 1.1 fixed for the end expiration of the Term and the Annual Fixed Term. If Landlord terminates this Lease pursuant to this Section 19(d), Base Rent and Additional Rent for Operating Expenses and Taxes shall be apportioned as of the date of such datefire or casualty.
(e) The proceeds payable under all fire and other hazard insurance policies maintained by Landlord on the Building shall belong to and be the property of Landlord, and Tenant shall not have any interest in such proceeds. Tenant agrees to look to its own fire and hazard insurance policies in the event of damage to Tenant’s Property or any non-Building Standard Leasehold Improvements in the Premises (including without limitation such portions of the Tenant Improvements that constitute Non-Building Standard Improvements).
(f) No compensation, claim or diminution of Base Rent and Additional Rent will be allowed or paid by Landlord by reason of inconvenience, annoyance, or injury to business arising from the necessity of repairing the Premises or any other portion of the Building, however, the necessity may occur. Further, notwithstanding the provisions of this Section 19, in the event Landlord becomes obligated to make repairs to the Premises hereunder, such repairs shall be only to the central or base Building mechanical, electrical and plumbing systems of the Building and Building Standard Improvements located within the Premises, and not to any Alterations, non-Building Standard Leasehold Improvements and/or Tenant’s Property. At Landlord’s sole option, Landlord may repair and restore, on Tenant’s behalf, all (or any portion) of the non-Building Standard Leasehold Improvements and Alterations in Premises that Tenant is required to repair and restore pursuant to Section 19(a) hereof, in which case, Tenant shall make all of its insurance proceeds available to Landlord for such use; provided, however, that in no event shall Landlord be required to spend more on any such repair or restoration than the amount of insurance proceeds Landlord actually receives from Tenant. Landlord may require Tenant to pay Landlord a reasonable fee to reimburse Landlord for overhead and administrative costs and expenses incurred in connection with any such repair or restoration undertaken or supervised by Landlord. Replacements of Tenant’s Property, any non-Building Standard Leasehold Improvements or any Alterations within the Premises by Tenant shall be of at least comparable quality to the items damaged or destroyed.
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Samples: Lease (Assure Holdings Corp.)